Weekly snapshot of China's local business news

0 Comment(s)Print E-mail Xinhua, October 5, 2019
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BEIJING, Oct. 5 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- Changan Ford

Changan Ford Automobile Co. Ltd., a joint venture between China's Changan Automobile and American automaker Ford, plans to launch 18 new automobile models by the end of 2021, including 5 new energy vehicles in the Chinese market.

Established in southwest China's municipality of Chongqing in 2001, Changan Ford sold 378,000 units in 2018, down 54.4 precent from a year earlier. Experts attributed the sales downturn to a lack of new models from 2016 to 2018.

To tackle the downturn, Ford Motor said it will accelerate the localization of new models of Ford and Ford luxury brand Lincoln. The first Lincoln SUV model will be put into production in Changan Ford this year, and the new Ford explorer model will also be made in China in 2020.

-- Second CIIE

The second China International Import Expo (CIIE) scheduled for Nov. 5 to 10 in Shanghai will see the number of participating companies, new products and technologies as well as the exhibition area all surpassing that of the first held last year.

Over 3,000 enterprises from about 150 countries and regions have signed up for this year's CIIE. Many products, technologies and services, including solid and construction waste treatment equipment, will debut at the second CIIE.

-- Transsion

Shenzhen-based Transsion Holdings went public on China's sci-tech innovation board, known as STAR market, on Monday.

With three mobile phone brands -- TECNO, itel and Infinix, the company is a smart device and mobile internet service provider for consumers in emerging markets and has been among the most popular smartphone brands in Africa.

Transsion issued 80 million shares Monday at the price of 35.15 yuan (about 5 U.S. dollars). Its shares surged 64.44 percent on its first trading day.

-- UnionPay

Chinese card payment giant China UnionPay had extended its services to 176 countries and regions.

Merchants in countries including Bosnia and Herzegovina and Chile began to accept UnionPay cards for the first time, the company said in a statement this week.

The Shanghai-based financial service provider, now accepted by over 28 million merchants around the globe, has so far issued over 120 million cards in 57 foreign countries and regions, including Bahrain and Madagascar.

-- Alipay

Alipay and its local wallet partners served more than 1.2 billion users across the world by the end of June, according to Alipay, China's leading online payment platform.

The number climbed 20 percent in half a year, as it announced in early January that its users topped 1 billion globally.

Alipay has created nine local versions of "Alipay" tailored for various global markets by opening up technology to local partners.

Consumers from the Chinese mainland can use Alipay in 56 overseas markets, according to Alipay. Enditem

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