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Chen was convicted of accepting more than 275 million yuan ( million) in bribes, in a ruling announced by the Xiamen Intermediate People's Court.
Chengtong Oriental will hold a 60 percent stake in the company and Shanghai J. Sagacity will hold 20 percent. The remaining 20 percent will be held by other investors comprising social capital and management groups.
Chen Qihua said it's a good sign that the industry, which used to attract hot money, has cooled down after years of market adjustments. The phasing out of inefficient companies can "ensure the sustainable development of the industry", he said.
Chicago is the first city in the United States to launch Chinese New Year celebrations in the name of a municipal government, and 2018 will be the fifth year for the city to mark the Chinese New Year.
Chen Xiao, an official with the city's border control office, said the city had established a shopping street for border trade commodities and a pilot duty-free shopping mall, with tourists allowed buying duty-free products worth up to 8,000 yuan (,252) every day in border trade.
来源：资阳报