China has released its first national guidelines on road tests for autonomous vehicles, a key step in a wider effort to promote development of the technology. The U.S., which is currently well ahead of China in terms of AV testing, currently depends on regulations at the state level.
Chinese social media-based e-commerce firm Pinduoduo is reported to have raised a US$3 billion investment round led by Tencent Holdings, at a valuation of US$15 billion.
Chinese President Xi Jinping struck a conciliatory tone as he made his first public comments on trade tensions with the U.S., indicating that China could lift limits of foreign investment in China’s automobile and aircraft industries.
An earlier version of this story first appeared on Tribune Interactive. The long-predicted China-U.S. trade war is here. The U.S. government under Donald Trump on Tuesday listed US$50 billion worth of Chinese exports that could be hit with 25% tariffs, ranging from electric cars to education material and medicine. China quickly retaliated with a list of similar duties on key U.S. imports including soybeans, planes, cars, beef and chemicals. The tariffs won’t go into effect right away. The U.S. said it …
The U.S. government under Donald Trump has published a list of about 1,300 Chinese exports that could be hit with 25% tariffs. The tariffs would apply to about US$50 billion worth of goods, ranging from electric cars to education material.
Tencent Holding Ltd. appears to be making good on its promise to compete against rival Baidu in the field of autonomous vehicles.
iQiyi, Inc., the online-video unit of Chinese tech giant Baidu Inc. fell sharply in its first day of trading on the Nasdaq Thursday, falling 13.61% to close at US$15.55, versus its IPO price of US$18. The decline came despite a strong performance by other tech companies on the day.
Chinese online video streaming company Bilibili Inc. launched on the Nasdaq market Wednesday, having raised roughly US$483 million at a valuation of more than US$3 billion. It marks the fourth Chinese company to list shares in the U.S. in a week, raising close to a billion dollars in aggregate despite extreme market volatility.
U.S. ride hailing leader Uber announced that it will be withdrawing from the Southeast Asia market. Singapore-based Grab Taxi, Southeast Asia’s largest ride hailing company, is acquiring Uber’s ride share and food delivery businesses in the region, the company announced.
Beijing has issued its first licence for testing autonomous vehicles on city roads, just days after the first known fatal accident involving an AV and a pedestrian in the U.S.
One of the most significant financial relationships between China and the U.S. has come to an end with the news that China’s sovereign wealth fund China Investment Corp (CIC) has sold its stake in U.S. private equity firm Blackstone Group LP.
Min Luo, founder and CEO of Chinese online consumer lending firm Qudian Inc. says he will not receive a salary or bonus until his company reached a market capitalization of US$100 billion. The NYSE-traded company currently has a market capitalization of US$5.54 billion, after falling nearly 50% from it initial public offering in October.
Chinese banks are becoming increasingly important players in the global economy. But by doing so they have greatly increased their exposure to global financial risk. It also means China will have to play a larger, more challenging role in the event of future economic upheaval.
Another wave of initial public offerings by Chinese companies is about to hit the U.S. markets. But before investors jump in, it’s worth noting that last year’s crop of made-in-China IPOs has been a money loser, erasing nearly a billion dollars worth of shareholder money.
The Chinese government is catching up with its automakers in the effort to produce road-tested autonomous vehicles. The city of Shanghai issued licenses to auto makers on Thursday that allow testing of self-driving vehicles on public roads for the first time. One licence went to Shanghai-based SAIC Motor Corp Ltd, and the other went to electric vehicle start-up NIO. Chinese companies have been among the most aggressive developers of autonomous vehicle technology, with companies like NIO, SAIC, Baidu and JingChi …
China’s troubled airline-to-hotel conglomerate HNA Group is planning to sell "part or all" of its US$1.4 billion stake in U.S. hotel company Park Hotels & Resort Inc., according to a regulatory filing by the hotel chain. "The Reporting Persons have determined to pursue a sale, through one or more registered public offerings, of some or all of the Common Stock that the Reporting Persons currently hold," Park Hotels stated in its filing. "The exact timing, manner and terms of any …
Corporate Chinese maybe under pressure from its government to slow down overseas investment. But that isn’t stopping Fosun Group, led by Guo Guangchang, which in little over a week has agreed to acquire nearly a quarter of a billion dollars in foreign assets.
Chinese tech giant Alibaba Group is reported to have inked a deal to buy food delivery service Ele.me in what is seen as a major step towards reinforcing its position in the on-demand local services market in a deal worth around US$9.5 billion.
Chinese online apartment rental platform Danke Apartment has raise US$100 million in a B round led by CMC Capital and Banyan Capital, with proceeds used to fund the company’s expansion.
Huawei may be facing a virtual sales ban in the United States, due to alleged security concerns, but that hasn’t stopped the Chinese company from launching tests of its 5G wireless technology just north of the border in Canada. On Wednesday, Huawei unveiled an urban trial of 5G wireless-to-the-home services in Vancouver, in partnership with Canadian carrier Telus. The trial is believed to be the first of its kind in North America. “This trial represents continued progress toward the launch of 5G, …
Chinese tech giant Baidu Inc. has formally proposed listing its online-video unit iQiyi in the U.S. in an initial public offering likely to value the company at up to US$10 billion.
Alibaba Group Holding Ltd. will invest around RMB5.45 billion (US$865 million) for a 15% strategic stake in Beijing Easyhome Furnishing Chain Store Group Co., Ltd. as part of its "New Retail" business model, the company announced Sunday.
Cryptocurrency issuer Ripple has got its foot in the door of the Chinese market by signing a partnership agreement with LianLian International, a Hong Kong-based payment services provider. The deal comes despite the Chinese government’s ongoing efforts to shut down cryptocurrency trading and transactions in that nation.
China will need to upgrade its regulatory framework and infrastructure before it becomes a leader in the autonomous vehicles space, according to a study by KPMG. In the report, China came 16th on a list of 20 nations in terms of readiness for autonomous vehicles, just below Spain, but ahead of Brazil, Russia and India.
Cheetah Mobile Inc., a Beijing-based mobile internet company listed on the NYSE, has release a mobile cryptocurrency wallet app called SafeWallet. It’s the latest example of how Chinese companies are cashing in on the digital money boom, despite China’s ban on cryptocurrency trading and initial coin offerings (ICOs).
China can expect to see a rising number of bond defaults in 2018, including the likelihood of a first ever default by a local government financing vehicle (LGFV), according to a report by S&P Global Indices.
China’s successfully cloning of two long-tailed macaques may raise ethical concerns given the potential for the technology being used one day to clone humans. But for the scientists involved, it marks a milestone in China’s multi-billion dollar effort to rival the U.S. and the European Union in biomedical research. It also makes good business sense.
It’s not often that the U.S. imposes steep tariffs on imports and Chinese companies get to celebrate. But that’s exactly what’s happened when Donald Trump announced a 30% import tariff on solar energy panels today.
Nvidia Corp. has been on a Chinese deal-making binge over the last few months, especially related to autonomous vehicles. In August, the U.S. graphics chip maker led a series B round in TuSimple, an autonomous truck technology startup with offices in Beijing and San Diego. Under the agreement, Nvidia acquired a 3% stake in TuSimple, which in turn will use Nvidia’s artificial intelligence computing platform for self-driving vehicles, Drive PX 2, in its trucks. In September, Nvidia participated in a …
Jia Yueting, the founder of troubled Chinese technology conglomerate LeEco, has been placed on a national list of defaulters after failing to comply with a court order related to unpaid debts, according to Chinese media reports.
Lu Wei, the former head of China’s powerful Internet regulator, the Cyberspace Administration of China, is under investigation for suspected corruption, according to statements (in Chinese) issued by the ruling Communist Party’s disciplinary agency.