Briefly

Merger creates big logistics group

A new State-owned logistics group came into being on Monday with the merger of several companies. These include China Railway Materials Group Corp and four branches of China Chengtong Holdings Group Ltd. The State-owned Assets Supervision and Administration Commission of the State Council, China's top State-owned assets regulator, holds a 38.91 percent stake in the newly formed group. China Chengtong holds an identical stake.

AI firm SenseTime plans Hong Kong IPO

Chinese mainland artificial intelligence company SenseTime Group aims to raise up to HK$5.98 billion ($767.7 million) from its IPO in Hong Kong, financial news outlet Caixin reported on Monday. According to the term sheet Caixin obtained, the company plans to sell 1.5 billion primary shares within a price range of HK$3.85 to HK$3.99 each. SenseTime did not comment on the deal's launch.

High-speed railway set to spur economy

A 246-kilometer high-speed railway (HSR) in Central China's Hunan province opened to traffic on Sunday. It links the top-rated Wulingyuan Scenic Spot in Zhangjiajie city in the north and Huaihua city in the south. Zhangjiajie-Jishou-Huaihua HSR, built by State-owned China Tiesiju Civil Engineering Group Co Ltd, can also help improve the north-south fast railway transportation in central and western China. Construction of the HSR line began on Dec 18, 2016 with an investment of 39 billion yuan ($5.6 billion). Trains on this route could reach speeds of up to 350 kilometers per hour.