IN BRIEF (Page 24)

Alibaba buys stake in Lazada for $1b

Alibaba Group Holding Ltd has taken a controlling stake in Southeast Asian online shopping major Lazada Group SA for roughly $1 billion. The acquisition will beef up the Chinese internet giant's presence in one of the world's most-populated areas, where e-commerce is booming. Alibaba will spend about $500 million to buy newly issued equity in Lazada and the rest will be spent on acquiring shares from existing holders such as British retailer Tesco Plc.

CRRC seeks additional railcar business in US

High-speed locomotive maker China Railway Rolling Stock Corp is eyeing contracts in more cities in the United States, including New York, Los Angeles and Philadelphia, after winning a $1.3 billion railcar deal in Chicago last month. CRRC is also bidding for a subway project in Los Angeles and a double-deck train contract in Philadelphia, Yu said, according to Bloomberg. Chicago Transit Authority last month ordered 846 railcars from CSR Sifang America, a unit of CRRC, its second US deal in 18 months.

Nuclear giant plans Malaysia regional office

China General Nuclear Power Corp, the country's largest nuclear operator in terms of capacity, plans to set up its regional headquarters in Malaysia to push business in Southeast Asian countries, CGN said on April 12. The nuclear giant has become the biggest foreign direct investor in Malaysia after it completed an equity purchase deal with Malaysian energy company Edra Global Energy to buy 13 clean-energy projects in Malaysia, Egypt, Pakistan and the United Arab Emirates.

Didi joins with Lyft for network in US

China's largest mobile transportation service provider Didi Kuaidi, launched a ride-hailing service in the United States on April 12 through collaboration with Lyft Inc. Didi Kuaidi's Chinese users traveling to the US now will be able to request rides using the Didi Kuaidi app to access the driver network of Lyft, the second-largest ride-hailing app in the US with almost 200 major cities, including San Francisco, Los Angeles and New York. Didi Kuaidi said Lyft users will be able to use similar services from Didi Kuaidi's network when traveling in China.

HNA adds to M&A with Gategroup deal

China's HNA Group Co Ltd has agreed to buy Swiss airline catering firm Gategroup Holding AG for $1.5 billion in cash, as the aviation and shipping conglomerate steps up its global expansion. The deal adds to a string of overseas acquisitions for privately owned HNA, which includes plans announced in February to buy US-listed electronics distributor Ingram Micro Inc for $6 billion, and the $2.5 billion purchase of Irish aircraft lessor Avolon Holdings Ltd last year.

BYD seeks greater brand recognition

BYD Co will make improving its brand image the top priority for the Chinese electric-car maker, as Tesla Motors' success in attracting a large number of reservations for its new Model 3 underscored the importance of star appeal.

Uniqlo forecasts gains after Hong Kong dip

Fast Retailing Co Ltd, the Japanese clothing retailer and operator of the Uniqlo casual clothing brand, expects improved same-store sales growth in Hong Kong in the second half. That came as the firm, which listed in Hong Kong in March 2014, slashed its net profit forecast last week by nearly half. Pan Ning, executive vice-president of Fast Retailing, said that for the six months ended on Feb 29, stores in Hong Kong recorded a "single-digit percentage" decline in sales, but he believes things will be better in the next six months, local media reported.

Oculus VR to enter mainland, reports say

Oculus VR LLC, a virtual-reality company backed by Facebook Inc, is reportedly preparing to enter the Chinese mainland market, an achievement its parent company has not realized. Less than a month after Facebook CEO Mark Zuckerberg visited Beijing to attend a high-profile business forum hosted by the government, a local newspaper reported on April 8 that Oculus will kick off a VR online store as soon as this year. The California-based Oculus, acquired by Facebook in 2014 for $2 billion, did not respond to emails from China Daily for comment.

Wal-Mart to open 60 new stores by 2017

Wal-Mart China will open 60 new stores in China by 2017 as part of efforts to integrate its hypermarkets, membership stores and online platform, the company's chairman, Greg Penner, said. In addition to growing its physical presence, Wal-Mart is also focusing on enhancing its online stores and building stronger digital relations with Chinese customers, he said.

Rosatom expands ventures with China

Rosatom, the Russian State Atomic Energy Corp, opened a regional center in Beijing on April 12, according to a senior official of the company. "We are looking to expand our business in China, a market with huge potential for growth in the nuclear industry, and the activities of the regional center are designed to help strengthen our cooperation with the country," said Alexander Merten, president of Rosatom International Network.

Volvo plans driverless car tests on roads

Volvo AB aims to launch an experiment involving self-driving cars in China in which up to 100 such cars could be deployed, the Swedish automaker said on April 7. The planned experiment will have local drivers test the cars on public roads in everyday conditions, Volvo said in a statement. It will be conducted in limited driving situations such as on expressways and highways, executives said.

Freight train links Wuhan with France

A direct freight train linking Wuhan in Central China's Hubei province and Lyons in France began operation on April 6. The train, loaded with mechanical, electronic and chemical products, will exit China through Alataw Pass in the Xinjiang Uygur autonomous region and pass through Kazakhstan, Russia, Belarus, Poland and Germany before reaching its destination. It will take 16 days to complete the 11,300-kilometer journey, slashing the usual 50 to 60 days to transport goods from Wuhan to France by sea.

(China Daily European Weekly 04/15/2016 page24)