Mainland China

China is strengthening its oversight on Chinese overseas transactions under new rules announced by the State Administration of Foreign Exchange (SAFE) on Friday.

Sports lottery provider 500,com Ltd. is buying a 40.65 percent stake in MelcoLot Ltd. for approximately HK$322.2 million (US$41.3 million) through a share purchase agreement, according to a press release from the lottery operator on Tuesday.

Sports lottery service provider 500.com Ltd, today announced that it is acquiring approximately 93 percent of outstanding shares of The Multi Group Ltd. for a total consideration of EUR49.8 million (US$56 million) in cash.

Moody’s Investor Service downgraded China’s credit rating on Wednesday from Aa3 to A1, saying it expects an erosion in the financial strength of the economy in the coming years.

China appears to be ratcheting up its campaign against corruption once again ahead of the Chinese Communist Party Congress later this year, a leading risk consultancy firm has warned.

Mainland China lottery sales in April totalled CNY38.2 billion (US$5.5 billion), representing a rise of 9.6 percent year-on-year, according to data from the Ministry of Finance.

The controlling shareholder of lottery service provider Melcolot Ltd is reportedly in talks for the possible sale of its stake in the company, a filing from MelcoLot states.

The Philippines embassy in China reportedly recorded a 200 percent increase in visa applications from Chinese tourists and businessmen looking to visit the Philippines.

Lottery service provider AGTech Holdings posted a sixteen-fold widened loss for the three months ending March 31, 2017.

Tony Tong, co-founder of Pacific Finance Services Limited, and vice chairman of MGIA, has been elected as the vice chairman of the China Credit Management Association.

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