Meituan Dianping Rumored To Buy Chinese Bike Sharing Firm Mobike For $3.7B

Chinese group-buying and location-based services firm Meituan Dianping is reportedly in talks to buy bike sharing firm Mobike for US$3.7 billion, according to Chinese media reports citing insiders. Both Meituan and Mobike did not respond inquiries from China Money Network to confirm the news. Insiders say that the two parties are likely to announce the deal soon, but the talks could still fall apart. Last month, Meituan was reportedly leading a new financing round in Mobike. Meituan is rumored to …

China’s Qingdao Doublestar Buys Control Of South Korea’s Kumho Tire For $597M

China’s Qingdao Doublestar Co. Ltd. has agreed to invest 646.3 billion won (US$597.4 million) for a 45 percent stake in South Korea’s Kumho Tire Co. Inc. According to a statement filed with the Shenzhen stock exchange, a unit of its controlling shareholder, Doublestar Group, will buy 129.3 million ordinary shares in Kumho Tire, becoming the controlling shareholder in the troubled South Korean tire maker. The deal, which follows months of on-again, off-again negotiations, will likely face stiff opposition from Korean …