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.

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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.

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Revolutionary leader Sun Yat-sen once suggested that

an underwater tunnel should be built to connect the railways in Nanjing

, but his dream was not realized for about 100 years. In 1929, Sun’s casket was transpor

ted to Pukou district along the Tientsin-Pukow Railway before being ferried to downtown Nanjing.

In 1930, John Alexander Low Waddell, a 76-year-old Canadian who was a

traffic consultant to the Chinese government, said the Yangtze in Nanjing was too deep and

was flowing too fast to construct a bridge, according to the Academy of Sociology.

The government launched large-scale investigations in 1936 and 1946 before dropping the pla

n. In 1956, the State Council, China’s Cabinet, proposed constructing the Nanjing Yangtze River Bridge.

To test the bridge’s load-bearing capacity, Xu Shiyou, who comma

nded the Nanjing Military Region, ordered an armored regim

ent to drive 118 amphibious tanks on the newly built structure at 8 am on Sept 25, 1969.

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The tanks lined up, were kept 50 meters apart and stre

ched for 10 km, making it a memorable scene for a generation.

In October 2016, the bridge was closed for repairs after being open for almost 50 years. The 100,000 vehicles it carried each day far

exceeded its designed capacity of 8,000, causing many cracks to appear in the structure. It has been repaired 12 times since 2002.

Other problems it faced included falling mortar and metal fatigue.

The government decided to spend more than 1.1 billion yuan ($164 million) on the repairs.

The structure’s original concrete deck was replaced by a steel one, which is lighter and h

as greater durability. The replacement work was carried out above the 27,000-volt railway line. Any falling mater

ial, even a screw, would have caused a power failure and disrupted services on the busy Beijing-Shanghai Rail

way. Workers had to erect scaffolding and protective nets when no trains were passing.

The diameter of the lamp bases on the bridge were reduced by 5 ce

ntimeters, making the sidewalk wider and more convenient for pedestrians.

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According to experts, standing only on the right side

of the escalator causes uneven wear on the mechanism because of the u

neven load. Wear and tear on the right side is significantly more than on the left, resulti

ng in a slight tilt of the escalator, which cannot be fixed through regular maintenance.

Experts also warned that walking on escalators in itself is always dangerous.

The height of an escalator step – around 21 centimeters – is highe

r than that of a standard stair, which is around 16 cm. Passengers may miss a step.

Lesley Strawderman, a professor at Mississippi State University, said in an article last m

onth in Quartz, a news organization in the United States, that restricting people to one side of an es

calator limits the amount of space available to commuters and just slows everyone down.

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A report released in August by the Center for China and

 Globalization said about a third of graduate returnees to China with four-year degre

es currently earn less than 6,000 yuan ($893) a month, while 25 percent make between 6,000 and 8,000 yuan.

For students graduating with four-year degrees from China’s top 100 schools, monthly

salaries range between 6,000 and 9,000 yuan, according to a Guangming Daily report.

The salaries awaiting returnees to China are paltry compared with the high cost of overseas stu

dy, which has risen to an average 300,000 yuan per year for tuition, room and board, the CCG report said.

According to the 2018 Report on Chinese Students’ Overseas Study released by New Oriental Vision Overseas Consulting Co an

d Kantar Millward Brown, about 78 percent of Chinese students abroad planned to work in China either right af

ter graduation or after working overseas for a while, compared with 58 percent in 2016.

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The number of Chinese students abroad returning ho

 home soon after graduation totaled 519,400 in 2018, up 8 percent from the previous year, the ministry said.

A total of 5.86 million Chinese studied abroad from 1978 to the end of 2018. More than 4.32 million co

mpleted their studies, and more than 3.65 million returned to China soon after completing their studies, it said.

The return rate soon after graduation was around 80 percent last

year. In 1987, the return rate was about 5 percent, and in 2007 it stood at 30.6 percent.

Ran said more people are returning to China because they are finding it difficult to land job

s overseas, while at the same time the domestic employment market is becoming more appealing.

Chu Zhaohui, a researcher at the National Institute of Education Sciences, said finding a job in Chi

na has not been easy in recent years because of the rising number of students graduating from domestic universities.

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The World Bank, Malpass said, is willing to work con

A capacity building platform designed for community-level healthcar

e services was officially launched on Apr 15 by the National Health Commission (NHC).

The report delivered at the 19th National Congress of the Communist Party of China points ou

t that community-level healthcare services should be improved and the work of general practitioners strengthened.

The NHC launched a capacity building and training program for community level talents i

n 2018, and prepared to establish capacity building platform combining online and offline efforts.

Talent team building is the key component to enhancing commu

nity level healthcare services, said Wang Hesheng, NHC deputy director.

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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.

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Consultancy IDC estimates the country will pour in bill

ion into the sector this year. This makes it the third-largest market behind the US and Western Europe.

Beijing has homed in on a series of policies to advance 3D printers. In the past, the Min

istry of Industry and Information Technology, the industry regulator, had released the National 3D Printing Indus

try Development Plan (2015-2016), which established goals for the sector’s innovation and commercialization.

Separately, the ministry came up with a second action plan later in December 2017 to give a further boost. In its latest move, it included the

sector in the nation’s strategic emerging industries list, heralding massive opportunities for related companies.

But the technology itself has experienced challenges over time. At the early stage, most of the 3D printers were used for rapid pr

ototyping – meaning, mimicking early-stage product mock-ups. Commercialization was not imminent.

 

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