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szdaily -> Business/Markets -> 
News Bites
    2021-05-14  08:53    Shenzhen Daily

Danone finalizes sale of stake in Mengniu

DANONE said Thursday that it has finalized the sale of its approximately 9.8 percent stake in Chinese dairy company China Mengniu Dairy Co. with gross proceeds amounting to HK$15.4 billion (US$1.98 billion).

Danone said the majority of the proceeds will be returned to shareholders through a share buyback program whose details will be disclosed upon initiation. The sale was launched Wednesday via an accelerated bookbuilding process after Danone converted its indirect stake in Mengniu into a direct holding earlier this year.

Self-driving startup WeRide raises new funds

WERIDE, a China-based autonomous driving startup backed by Nissan, Renault and Mitsubishi Motors, said it raised “hundreds of millions” of dollars in a funding round that it said valued the firm at US$3.3 billion.

WeRide, which is testing vehicles in California, as well as in China’s southern city of Guangzhou, where it is headquartered, and the central city of Zhengzhou, did not disclose details on the size of the funding. Investors taking part in the latest funding round include IDG Capital and Homeric Capital.

Trip.com focuses on ‘personalized’ domestic travel

TRAVEL company Trip.com Group expects a surge in demand for outbound travel from China once COVID-19 restrictions ease, but in the meantime is focusing on “personalized” packages for domestic tourism, its CEO said Wednesday.

Travel within China, which has severely restricted international travel, rebounded to pre-pandemic levels in terms of number of trips taken during the five-day May Day holiday that began May 1, but revenue lagged levels in 2019 before the pandemic. Jane Sun, CEO of Trip.com, the country’s biggest online travel services company, said Chinese tourists are more inclined to travel in smaller groups with family or close friends, instead of with dozens of strangers. “They are also more interested in choices that are more personalized and flexible,” she said.

Commercial banks’ nonperforming loan ratio down

DOMESTIC commercial banks’ bad loan ratio declined in the first quarter, data from the banking regulator showed.

The nonperforming loan ratio of commercial banks stood at 1.8 percent at the end of the first quarter, down 0.04 percentage points from the data seen at the end of last year, the China Banking and Insurance Regulatory Commission said.

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