Uber sells Chinese business to Didi Chuxing

Taxi-booking app Uber has agreed to sell its business in China to rival Didi Chuxing.Uber's China business will retain its separate branding, and Uber's global business will receive a 5.9% stake in the combined company, Didi Chuxing said.

Uber China launched in 2014 but so far has failed to make any profit.The two companies have been fierce competitors for years, but Didi Chuxing dominates the market.Didi Chuxing says it provides more than than 14 million journeys a day and claims to have 87% of the market share in China.

The company is backed by Chinese internet giants Tencent and Alibaba, and has also invested in Uber's rival US taxi-booking service Lyft.

Big losses

"Funding their China dreams was becoming too expensive for Uber," Duncan Clark, chairman of Beijing-based consultancy BDA, told the BBC.

"Many saw it as an obstacle to their own IPO (Initial Public Offering)."

Uber has been struggling to break into the Chinese market despite having Chinese search engine Baidu as an investor.In February, the company admitted it was losing more than $1bn a year in China, spending huge sums to subsidise discounted fares.

Uber chief executive Travis Kalanick said that "as an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart".

"Getting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term."

"One thing to watch carefully is how quickly consumers feel the impact as subsidies are withdrawn," Mr Clark added.The fierce rivalry had led both companies to heavily subsidise their journeys. The merger is likely to see fewer such subsidies.

Source <> http://www.bbc.com/news/36938812

Fosun to buy KKR-backed Indian drugmaker for $1.4 billion

The first major move by the Shanghai Fosun Pharmaceutical Group Co Ltd has agreed to buy Gland Pharma - backed by KKR & Co LP - for about $1.4 billion.The deal which moves by the Fosun group since Guo Guangchang, founder of flagship holding firm Fosun International Ltd and one of China's best-known entrepreneurs, briefly went missing late last year.

The acquisition would also underscore a positive outlook for drugmakers in India, which is a major global supplier and counts the United States as its largest export market, helped by lower manufacturing and labour costs.Gland Pharma, based in the southern city of Hyderabad, owns four factories from where it supplies a variety of injectables – widely used medicines administered through vials, syringes, bags and pumps, which are harder to make than regular medicines.

Moody's Indian associate ICRA expects patents to expire on about $16 billion worth of injectables in the United States over four years through 2019, offering a growth opportunity for Indian suppliers. ICRA estimates the U.S. injectables market to grow at about 10 percent annually over five years.

Gland Pharma's founders and U.S. private equity firm KKR, who jointly hold roughly 96 percent of the drugmaker, will sell almost all of their stake to Fosun, said the person, who was not authorised to speak on the matter ahead of an announcement and so declined to be identified.

Source From : http://in.reuters.com/article/gland-pharma-m-a-fosun-pharma-idINKCN10809Z

Chevrolet launched its new model in china

Chevrolet launched the 2017 Chevrolet Cruze in China earlier this week. The Cruze in China is now identical to the North American-spec model. The 2017 Chevrolet Cruze is available in seven trim levels, with prices starting at RMB 1,09,900 (INR 11,02,784.71) and going up to RMB 1,69,900 INR (17,04,850.98).

The older Chevrolet Cruze measured 4,567 mm in length, 1,786 mm in width and 1,454 mm in height, and had a wheelbase of 2,662 mm. The 2017 Chevrolet Cruze measures 4,666 mm (+99 mm) in length, 1,807 mm (+21 mm) in width and 1,460 mm (+6 mm) in height, and has a wheelbase of 2,700 mm (+38 mm). The new Cruze is bigger in every major aspect, but Chevrolet isn’t adding the ‘XL’ suffix to the name, as reported earlier.

The 1.4-litre turbocharged four-cylinder petrol engine now produces 110 kW (147 hp) and 240 Nm (+5 Nm) of torque, and is paired to a 7-speed dual-clutch automatic transmission. The 1.5-litre naturally aspirated four-cylinder petrol engine, like before, develops 84 kW (112 hp) and 146 Nm of torque. However, instead of a 5-speed manual transmission or a 6-speed automatic transmission, this unit can now be linked to a 6-speed manual transmission or a 6-speed automatic transmission.

The second-gen Chevrolet Cruze is one of five new models to be launched by GM India in the next two years. The other four new models are the new Chevrolet Trailblazer (facelift), next-gen Chevrolet Beat, Chevrolet Essentia compact sedan and Chevrolet Beat Activ.

Source : http://indianautosblog.com/2016/07/2017-chevrolet-cruze-launched-china-238126

Intel to Manufacture 3D NAND in China

Intel Corp will invest up to $5.5 billion in manufacturing semiconductors in China, stepping up efforts to improve ties with Beijing as it seeks new revenue streams while demand for its core computer processing chips falters.

The U.S. firm said it would convert a facility in Dalian, its first plant in China, for memory chip production. It didn't disclose a time period for the investment, but said it will start making advanced memory chips that can store data without using up power, called 3D NAND chips, in second-half 2016.

The move follows a flurry of deals in the global semiconductor industry, highlighting growing importance of the memory chips used to store data in increasingly popular mobile devices. Researcher TrendForce predicts China will consume $6.67 billion worth of NAND chips this year, or 29 percent of global NAND industry revenue.

Building a chip industry of its own has been deemed of strategic importance by China in its drive to modernize its economy. Intel's new investment follows a deal last year to buy 20 percent stake of two mobile chipmakers owned by state-backed Tsinghua Holdings Co Ltd.

Intel's latest move raises concerns that new memory supply from the chipmaker could undercut margins for leading industry players like South Korea's Samsung Electronics Co Ltd and SK Hynix Inx, and Japan's Toshiba Corp.

source: reuters

China importers and exporters, China importers directory, China exporters directory

Selling of goods and services from home country to other country markets in international trade is referred as exports. The party who does exports is known as exporter.  China is the country which exports large amount of manufactured goods than any other country in the world. It is the largest exporting country and 2nd largest importing country in the world. China has nearly INR24 trillion foreign exchange reserves which is largely derived from exports. It is the top country in forex reserves. 
Exports in China increased from $. 1.9 trillion in April to $. 1.9 trillion in May 2014. It reaches all time high. The major exports from china are electro mechanical products. China exporters do more exports of labour-intensive products like clothing, foot wear, furniture, textiles, bags, plastic products and toys. Nowadays they started exporting hig-tech products also. Main partners of Chinaexporters are Europe Union, USA, Japan, South Korea and ASEAN.
At the same time imports in China declined from INR6.7 trillion to INR6.5 trillion in May 2014. This shows that their balance of payment is always in positive position.   China is one of the biggest consumers  of commodities among all other countries in the world. Among all other commodities the country consume crude oil the most. China importers do more imports on iron ore, copper, aluminium, and soyabeans. And the country's main import partners are ASEAN, Japan, European Union, Taiwan and South Korea.
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