China Market Intelligence
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Daily Wrap: 19th CPC Party Congress Opens, Foxconn USD1.5bn Fund
The 19th Conmunist Party of China (CPC) National Congress opened today with general secretary Xi Jinping delivering a report which shed light on China’s future development. Xi said China’s socialism has entered into a “new era”. He laid out a two-stage development plan from the next three decades. From 2020 to 2035, China should grow into a top innovation country with large middle-class population; from 2035 to 2050, China should become a strong and modern country, with leading global influence. In the report, he also mentioned CPC will work on national anti-corruption legislation. On today’s markets, SHCOMP rebounded +0.29%, to 3381.79, SICOM lifted 0.07% to 11,282.75, and CSI 300 increased 0.79% at 3,944.16. The Hang Seng Index edged up 0.05% today at 28,711.760.
UnionPay to Launch Quickpass Payment Service in Greece
UnionPay said on October 18 that it inked a payment deal with Greece’s Piraeus Bank to introduce its contactless payment service QuickPass to over 50,000 local merchants by the end of 2017. The agreement will see QuickPass service debut in South Europe. Overseas, UnionPay QuickPass is accepted at over 600,000 POS machines in Hong Kong, Singapore, Australia, Canada, Russia and several other countries and regions.
BMW to Debut First High-voltage Battery Facility in China
BMW’s [BMW:GR] high voltage battery plant will open on October 24, becoming the first luxury car maker to build such a facility in the Mainland, said Yicai on October 18. The facility is based at joint venture BMW-Brilliance Auto’s (BBA) Shenyang engine plant, and will supply high-voltage battery packs for BMW’s upcoming 530Le iPerformance model.
Orient Hontai PE Firm to Acquire Spain’s Imagina
Private equity firm Orient Hontai has agreed to acquire a major stake in the Spanish sports rights group Imagina for USD1bn, according to Reuters citing Imagina founder and chairman Jaume Roures on October 17. Roures said that three shareholders from Imagina have agreed to sell their shares, in total a 54% stake, to the China-based PE firm. However, the deal still requires approval from the Mainland government, and if everything goes well, the deal is expected to be closed in early 2018.
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