BEIJING, June 29 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- SUNING BUYS CARREFOUR CHINA STAKE

Chinese retailer giant Suning.com has signed an agreement to buy a controlling stake in Carrefour China.

Suning International Group Co., Ltd., a wholly-owned subsidiary of Suning.com, will invest 4.8 billion yuan (about 700 million U.S. dollars) to buy an 80 percent equity interest in Carrefour China.

Tian Rui, vice president of Suning.com, said the transaction is expected to integrate Suning.com's online-to-offline retail model and logistics network with Carrefour China's strong supply chain and experience in retailing fast-moving consumer goods.

-- HUAWEI OWNS 80,000 PATENTS

Huawei had a total of 87,805 patents worldwide, including 11,152 granted by the U.S. authorities, by the end of 2018 after spending 10-15 percent of its revenue on research and development (R&D) annually, the tech giant said.

In the development of the 5G network alone, Huawei had invested over 2 billion U.S. dollars by the end of 2018, "more than the total 5G investment from all major equipment vendors in the United States and Europe."

Huawei has received 50 contracts on 5G commercial services from 30 countries and regions, and shipped more than 150,000 5G base stations worldwide, it said.

-- ZTE OBTAINS 25 5G CONTRACTS

Chinese telecommunications company ZTE Corporation said it had obtained 25 commercial 5G contracts globally.

The company has cooperated with 60 mobile operators in the field of 5G, partnering with firms including China Telecom, China Mobile, China Unicom, Orange, Telefonica, Italy's Wind Tre and Indonesia's Telkomsel.

-- NIO RECALLS 4,803 VEHICLES

Chinese electric vehicle maker Nio Inc. will 4,803 automobiles from the Chinese market starting Thursday.

The recall involves 4,803 NIO ES8 crossovers with battery boxes manufactured between April 2 and Oct. 19, 2018. The defective battery boxes carrying the NEV-P50 module might lead to fires in extreme cases, posing safety risks.

-- COTTON FUTURES TO OPEN TO OVERSEAS TRADERS

China's Zhengzhou Commodity Exchange said it will promote the introduction of qualified overseas traders in the trading of cotton futures.

As the world's largest producer, consumer and exporter of textile, China listed cotton futures on the exchange in June 2004 to help cotton-related enterprises hedge the price risk. Enditem

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