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As of Tuesday morning, rainstorms since Friday had battered four cities in Shaanxi, forcing the relocation of 290 people.

As part of the group’s strategy to rebuild the Kappa brand, Zhang has taken charge of overseeing destocking measures over the past few years. In the first half of this year, China Dongxiang had got rid of some “defective goods” left over from 2015 and earlier. Products worth approximately 140 million yuan were involved, resulting in a one-off decline in the sportswear producer’s gross profit margin by some 2.3 percentage points.

As of June, the number of mobile internet user has reached 723.61 million, increasing from 419.97 million in 2012. In 2015, the number of apps installed on mobile phones on average was 38, and in big cities this figure was as high as 46, far ahead of 33 in the US and world's average of 26.

As lending company Huayingkailai Asset Management Co Ltd, the major investor in the transit elevated bus project, is suspected of illegal fundraising amid the suspension of the high-profile project, experts are raising concerns over fraudsters luring unsuspecting investors with false promises of huge returns from innovative and entrepreneurial projects.

As one of the few companies that focuses on digital financing, Qupital is a relatively new alternative lending solution.