BEIJING, Sept. 7 (Xinhua) -- The following are highlights of China's key local business news from the past week.
NetEase Inc. and Alibaba Group Holding Ltd. have reached strategic cooperation, with Alibaba's acquisition of NetEase's import e-commerce platform Kaola.
According to the deal, Alibaba agreed to acquire Kaola for 2 billion U.S. dollars. In another agreement, Alibaba, as the lead investor, participated in a round of financing of 700 million dollars for NetEase's Cloud Music.
China's iconic sedan brand Hongqi sold 52,000 cars from January to August this year, marking a 231-percent rise year on year.
The brand under China's leading automaker FAW Group is now selling six models, including two sedans, two SUVs, an EV and a customized limousine.
Contemporary Amperex Technology Co. Ltd. (CATL), China's leading automotive lithium-ion battery maker, has reached a battery supply agreement with the Bosch Group.
CATL had concluded a long-term strategic cooperation agreement with Bosch, a global supplier of technology and services, under which it will supply battery cells for Bosch's 48-volt battery system globally.
Shenzhen, a southern tech hub in Guangdong Province, will realize full 5G coverage by August 2020.
According to the local government, a total of 15,000 5G base stations will be built by the end of 2019. By August 2020, the city will have full 5G coverage with 45,000 5G base stations.
The Shanghai municipal government said it will set price ceilings on hotels, public parking lots and car hailing services during the upcoming second China International Import Expo (CIIE).
The price limit measures will be in effect for 20 days from Oct. 26 to Nov. 14. During the period, the prices of hotel rooms should not surge over the highest price between Oct. 1 and Nov. 30 last year.