Shenzhen logistics firm mulls listing

ZONGTENG Group, a Chinese logistics service provider backed by GLP Pte, is weighing an initial public offering (IPO) as early as next year, people with knowledge of the matter said.

The Shenzhen-headquartered company has held discussions with banks about a potential IPO on the mainland or in Hong Kong that could raise at least US$500 million, the people said. Zongteng Group could pursue a private funding round before an IPO, one of the people said. Founded in Fuzhou in 2009, the company operates about 30 warehouses and transfer hubs globally, serving more than 15,000 e-commerce merchants worldwide, according to its website. It currently has more than 3,500 employees in more than 40 branches, the website shows.

Honda to launch new EV brand in China

JAPAN’S Honda Motor will launch a new electric vehicle (EV) brand in China next year, it said Wednesday, and will only launch battery electric, hydrogen fuel-cell or petrol-electric hybrid vehicles in the country from 2030.

Known for its fuel-efficient internal-combustion engines, Honda sold over 1.6 million vehicles in China last year. The new brand will be called “e:N Series” and it plans to roll out 10 models with partners GAC and Dongfeng Motor over the next five years, Honda said.

Binance to halt Chinese yuan trading

BINANCE will stop the use of the Chinese yuan on its peer-to-peer trading platform, the latest move by major global cryptocurrency exchanges to cut their ties with Chinese mainland investors following an intense crackdown on the sector.

Binance, one of the world’s largest exchange by trading volumes, said in a Wednesday statement it will remove the Chinese yuan section of its consumer-to-consumer platform Dec. 31 this year, and Chinese mainland users will have their accounts switched to “withdraw only mode.”

Bank loans rise less than expected

NEW bank lending in China accelerated in September from the previous month but fell short of expectations, as the central bank tries to bolster the economic recovery even as it keeps an eye on rising debt and bubble risks.

Chinese banks extended 1.66 trillion yuan (US$257.69 billion) in new yuan loans in September, up from 1.22 trillion yuan in August, People’s Bank of China data showed Wednesday. The tally was also lower than 1.9 trillion yuan a year earlier.