Wellcome changes tack

The Wellcome Trust, the world's second-biggest medical charity and an early backer of Alibaba Group Holding Ltd, is nearing a sale of about $300 million in venture-capital fund stakes to Lexington Partners Inc, according to a person with knowledge of the matter.

IN BRIEF (Page 18)

Foreign phones set to 'disconnect'

China's growing security concerns over overseas-made smartphones will translate into business opportunity for local vendors, analysts said on Monday.

Ex-head of shoe firm denies theft

The former chief executive of embattled Germany-listed Chinese shoe manufacturer Ultrasonic AG has resurfaced in China to deny absconding with millions of dollars of company money, telling local media he had been traveling and lost his phone.

UnionPay International builds global web of services

As more Chinese customers venture abroad, the bank card's network expands, reports Wu Yiyao in Shanghai.

Expert says impasse on WTO must be broken

China will suffer substantially if the global multilateral trade negotiation mechanism collapses, a senior official of the World Trade Organization said recently.

What's news

LME Clear likely to accept renminbi as collateral

Traditional lenders feel the heat as P2P firms gain ground

Peer-to-peer lending companies are expected to pose a strong challenge to traditional lenders in China, as they continue to attract more customers and enterprise clients with lower financing costs, experts said.

Microsoft's Xbox gets hit by Monday blues

Launch postponed indefinitely as company says it needs more time to iron out glitches

Nissan, Dongfeng come together for Infiniti

Japanese automaker Nissan Motor Co said on Monday that it has set up a joint venture with Dongfeng Auto Motor Corp to manufacture and market its luxury brand Infiniti in China.

Opening for pork exports to Russia as Shuanghui units get official nod

Two subsidiaries of Henan Shuanghui Investment and Development Co have gained access to the Russian market, after its parent company - WH Group Ltd, the world's largest pork producer - acquired US pork producer Smithfield Foods Inc and bought a stake in Campofrio Food Group SA of Spain, the largest pan-European packaged meat products company, last year.

SoftBank shares fall after Alibaba lists in New York

Proxy buying loses steam as more investors take direct market route