Luckin Coffee raises $150m in latest financingre seen at a stor

Chinese coffee chain Luckin Coffee has completed its new financing round of $150 million (1 billion y

uan), lifting the firm’s valuation to an estimated $2.9 billion, news portal NetEase reported on Thursday.

Global fund manager BlackRock-controlled private equity participated in the financing by investing $125 million.

Last year, Luckin Coffee completed its two financing rounds worth $400 billion with inve

stors including Singapore’s sovereign wealth fund GIC, Joy Capital and China International Capital Corp Ltd.

The coffee chain founded in 2017 had 2,073 stores in 22 Chinese cities

by the end of 2018, and plans to build 2,500 more in 2019. The firm aims to overtake its rival

Startbucks in store and cup numbers in China, said Luckin Coffee’s founder Qian Zhiya at a news conference in January.

www.qchen.cn

The 40-year-old Wang Xing, chairman and CEO of M

eituan Dianping, China’s leading on-demand online service provider, is the youngest among China’s 10 most powerful businesspeople, according to the list.

Dong Mingzhu, chairwoman of Gree Electric Appliances, a major home appliances maker

based in Zhuhai, Guangdong province, is the only woman entrepreneur on the top 10 ranking, placing seventh.

Xu Jiayin (Hui Ka Yan), chairman of China’s property developer Evergrande Gro

up, and Lei Jun, founder of smartphone maker Xiaomi Group, also made the top 10.

The China Consumers Association said Wednesday that financial servi

ces in automobile sales should be clearly priced and forced transactions eliminated.

The association held a discussion Wednesday morning on the issues of fina

ncial service fees in automobile sales and car buyers’ difficulties defending their rights.

The discussion concluded that car dealers fabricate required ite

ms to increase consumers’ payments and fail to provide receipts or other certificates.

When disputes over quality arise, consumers often experience difficulties negotiating with dealers or lodging complaints.

www.sxyslm.cn

It is the duty of car dealers to deliver qualified autom

obile products, and those who refuse to bear responsibility or compensate consumers for

unqualified automobiles violate the law and will be punished, said the China Consumers Association.

The discussion heard that some dealers force consumers to purchase insurance or ask for financial serv

ice fees without issuing invoices, both illegal acts that should be severely punished according to the law, the association said.

During the discussion an unnamed womaen complained that she was sold a defective Mercedes-Benz car.

The woman said the engine of the CLS300 she bought from Xi’an, Shaanxi province dealership Lizh

ixing Co developed problems soon after she bought it March 27, but she failed to get a refund or exchange.

She also said she was asked to pay a “financial service fee” of 15,000 yuan to an employee without knowing what the money was for.

aiguo58.cn

It was such a huge temptation that I studied like cra

 to get such scores. I got extremely high marks in the end, but my father failed to keep his pro

mise because the family could not afford the tickets to go to Nanjing,” Zhou said.

“Visiting the bridge had been my dream for many years. Now, my two sisters and I have all m

oved to Nanjing, the provincial capital. It’s a happy coincidence that my family lives near the bridge.”

Lu Andong, a professor with Nanjing University’s School of Architecture and Urban Planning, said the bridge repres

ents the collective memory of several generations and has special meaning for Chinese.

“It employed the country’s most advanced technologies and talented workers when

it was built. It was unique in stimulating cohesion and pride in the whole country,” Lu said.

In 1960, the bridge featured in the Guinness Book of World Records as the world’s longest with dual road and rail functions.

wjdynjl.cn

The male turtle, thought to be more than 100 years

old, has poor sperm motility and its genitals were damaged. Since it could not naturally impr

egnate the female, experts had undertaken four insemination procedures since 2015.

“It’s a disastrous loss for the protection of the species,” said Liu Nonglin, chief engineer of the Chinese Association of Zoolog

ical Gardens. “The experts had researched former insemination surgeries, consulted colleagues and made the best

surgery and rescue plan. The team even experimented on three male and two female large-sized Asian turtles usi

ng the same surgical procedures. But the tragedy happened even though the surgery was well planned.”

More than 1 meter in length and weighing more than 100 kilograms, Yangtze giant softshell turtles are the world’s largest freshw

ater turtles. Besides the one male left in China, two other animals, whose sex is unknown, have been observed in the wild in Vietnam.

“Artificial insemination surgery for the turtle requires procedures

such as anesthesia, blood sampling and sperm extraction,” Wen Cheng, a turtle expert with

International Union for Conservation of Nature, was quoted by Lifeweek.com.cn as saying.

shanghaijiaoche.cn

Slower rise in Chinese studying overseas pose for phot

The number of Chinese studying abroad grew at a slower rate in 2018 compared with 2017, as more students have come to realize

that overseas study does not necessarily guarantee a well-paid job on foreign shores, or back home, education experts said.

In 2018, 662,100 Chinese went abroad to study, up 8.83 percent from a year earlier, w

hile the growth rate was 11.7 percent in 2017, according to the Ministry of Education.

Ran Wei, vice-president of New Channel International Education

Group, said that while one should not read too much into the lower growth rate last year because of the la

rge base in 2017, the major motivation for Chinese students going abroad seems to be evolving.

The main driver now for enrolling in offshore schools is to make re

sumes more attractive for job searches back in China rather than seeking a new life abroad.

shangwuhua.cn

However, experts believe an overseas education sho

uld not be viewed purely from the perspective of return on investment, because the experience can help students develop valuable, nonacademic skills.

China will continue to significantly relax market access, and create

a more attractive investment and business environment, Finance Minister Liu Kun has said.

Liu made the remarks when attending a ministerial-level luncheon durin

g the 99th Development Committee meeting held by the World Bank and the Inter

national Monetary Fund on April 12 and 13 in Washington, D.C., according to China’s Ministry of Finance.

Vice-Finance Minister Zou Jiayi attended a ministerial-level meeting and gave a speech.

The finance minister said that with international development and cooperation facing severe challenges, the World

Bank as the world’s most important multilateral development institution should adhere to the principle of mult

ilateralism, support all parties in jointly supporting the rules-based multilateral trade system, firmly follow the purpose of serving all member coun

tries, and adopt differentiated, targeted aid strategies based on their respective national conditions.

www.shangzili.cn

es for exNo shutdown of smartphone business

Image-editing app developer Meitu Inc stated, in response to previous reports, that it was

not true the company planned to shut down its smartphone business by the middle of this year.

Meitu would cooperate with Xiaomi to launch a new smartphone marking the beginning of a new area

. The cooperation with Xiaomi will represent the start of technological enhancement and scale devel

opment, said Meitu’s spokesman, accepting an interview with Shanghai Securities News on Monday.

On November 19, the company and Chinese smartphone maker Xia

omi reached a global strategic cooperation arrangement that gave exclusive license to X

iaomi to use Meitu smartphone brand, image-related technologies and certain smart hardware products for 30 years.

The first smartphone made and marketed by Xiaomi with image and camera provide

d by Meitu will be launched by middle of this year, according to Chinese news outlet Jiemian.

The firm will continue to handle after-sales service of previously sold Meitu brand smartphones.

galerialamanai.cn

Intl professionals’ exchange conference wraps up in Shen

More than 3,000 cooperation intentions were reached between Chinese government dep

artments and professional organizations, training agencies and overseas talent at the 17th Conf

erence on International Exchange of Professionals, which wrapped up in Shenzhen on Monday.

Over 1,500 enterprises, including well-known companies like Tencent, Huawei, Pin

gan, Vanke and BYD, presented talent with nearly 40,000 job opportunities at the conference.

The employers received more than 180,000 res

umes from job-seekers. More than 30,000 people reached preliminary agreements on employment.

As a platform on which international professionals and talent gather to exchange

ideas and explore development opportunities, the conference also features international cooperation.

Several high-level entrepreneurial programs, including [email protected] China, and the Ch

ina (Shenzhen) Innovation & Entrepreneurship International Competition, were held during the event.

njlfb.com

A number of entrepreneurs from across the world

 showed their innovative ideas, hoping to gain acc

ess to potential investors, mentors and business partners through the platform.

Wang Zhigang, minister of Science and Technology, said China

will further open up and strengthen international coop

eration in technological fields to promote a favorable environment for global talent.

The two-day event, with an exhibition area of 70,000 square meters, attracted more

than 4,000 professional organizations, training agencies, universities, tec

hnology enterprises and human resource agencies from 52 countries and regions across the world.

About 110,000 visitors were at the conference.China uses high-tech measures for cultural heritage protection

www.njlfwklt.com