Briefly

Travel agencies post $102b revenue

Travel agencies earned revenue of nearly 710.34 billion yuan ($102.66 billion) last year, according to the Ministry of Culture and Tourism. Travel services accounted for nearly 516.57 billion yuan of the revenue and a profit of nearly 23.33 billion yuan, said a report on domestic travel agencies released by the ministry.

Ant Group files for IPOs in HK, Shanghai

Ant Group, an affiliate of Alibaba, filed initial public offering documents in Shanghai and Hong Kong on Tuesday, according to filings received by bourses in both cities. The fintech giant will sell no less than 10 percent of its total capital post-issuance, split between Hong Kong and Shanghai's STAR Market, which was established last year to attract local high-tech firms. Ant announced a concurrent IPO plan last month and has since kicked off a process for what is likely to be the largest fundraising in global finance.

Vale sets up grinding hub JV in Zhoushan

Brazilian mining giant Vale SA said it has teamed up with Ningbo Zhoushan Port Group to set up a new high-grade iron ore grinding hub in eastern Zhejiang province. The Vale Shulanghu Grinding Hub, located in the Shulanghu Ore Transfer Terminal in Zhoushan, Zhejiang province, will have three production lines and an annual capacity of 3 million metric tons of ground iron ore fines, Vale said in a statement.

Xinhua - China Daily