Andrew Ng (pictured), former vice president and chief scientist at Baidu Inc., has stayed busy since leaving the Chinese search engine in March. After launching online courses on artificial intelligence (AI), Ng's latest move is to raise a US$150 million venture capital fund to back AI start-ups.
The much anticipated use of shared bikes as advertising platforms is here: Mobike has partnered with Shanghai Disney to promote deals at the amusement park's official store in the city.
Venture capital deals in China saw a sharp slowdown in July as investors remain cautious in deploying capital to start-ups and companies. A total of 173 venture capital deals were recorded last month, down 21% from June, and 53% from July 2016. A total of US$2.6 billion was raised in July, a decline of 14% month-on-month, and 24% from a year earlier, according to data released by ChinaVenture.
Alibaba and Tencent wanted to kill cash. But their dreams of a cashless society may get crushed first. Concerned about the declining use of China's fiat currency and alarmed by reports of merchants refusing the RMB as payment, the People's Bank of China has taken action to ban, or at least limit the use of the word "cashless" in promotional materials published by digital payment giant Alibaba's Ant Financial.
Chinese Internet giant Tencent Holdings Ltd. has joined a US$300 million financing round in smartphone and smart device start-up Essential Products, which was founded by the inventor of mobile operating system Android, Andy Rubin (pictured).
Chinese venture capital firm Qiming Venture Partners has led a US$20 million financing round in New Horizon Health, a Chinese precision health start-up focused on developing early-stage cancer screening technologies.
Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw both its active mobile payment accounts and average daily payment transactions exceed 600 million, according to a new report released by Tencent Research Institute, The Chongyang Institute for Financial Studies at Renmin University of China, and research firm Ipsos.
Chinese co-working space operator UrWork says it has completed a RMB1.2 billion (US$179 million) pre-C financing round from a group of Chinese investors, which will help fuel its expansion in China and beyond.
Chinese smartphone and smart device maker Xiaomi Inc. says its wholly owned subsidiary Xiaomi Hong Kong has signed a three-year US$1 billion syndicated loan agreement with a group of banks to fuel its globalization and open more offline stores.
Chinese bike rental firm Mobike extended its footprint in Europe today with trial launches in the Italian cities of Florence and Milan. The move follows the Shanghai-based company's previous international expansions into Singapore, the United Kingdom and Japan.
China's Didi Chuxing and SoftBank Group Corp. have agreed to invest up to US$2 billion to lead a current financing round in Grab, Southeast Asia's largest ride-hauling operator, in the single largest financing round in the history of Southeast Asia.
Chinese e-commerce leader JD.com Inc will see revenue expand by 1,000%, while its employee head count will fall by one third over the next ten years due to the use of artificial intelligence technology, says company founder and CEO Richard Liu.
Chinese start-ups continue to redefine investor imagination and break new venture fundraising records. Xingtang miniKTV, a three-month-old company operating self-serving karaoke boxes in Chinese cities, has raised US$15 million from investors including Matrix Partners China, Vertex Ventures China, GSR Ventures and DCM.
Apple Inc has named Isabel Ge Mahe (pictured), currently vice president of its wireless technologies, as vice president and managing director of Greater China, reporting to CEO Tim Cook and COO Jeff Williams.
Rapid Medical, an Israeli company focused on the development of neurovascular interventional devices, has completed a US$9 million series B financing to advance the commercialization of the company's minimally invasive stroke treatment and prevention products.
Chinese gene sequencing giant BGI Genomics Co., Ltd. today completed an initial public offering on the ChiNext board in Shenzhen, raising around RMB1.7 billion (US$250 million). The successful IPO comes after the company previously failed to list in the U.S. and Hong Kong, as well as an unsuccessful bit to achieve an A-share float via a reverse merger.
Warburg Pincus has led a US$60 million series B financing round in Geek+, a Beijing-based logistics robot developer whose technology, similar to Amazon's Kiva robot, is designed to improve automation at warehouses. Existing shareholders including Volcanics Venture also participated in the round, which is the largest single round of fundraising in the logistics robot industry globally to date, says Warburg in an announcement. The new round follows a RMB100 million (US$14 million) series A+ round in Geek+ led by Vertex Venture Holdings Ltd, a wholly-owned subsidiary of Singapore's Temasek Holdings, in March. Founded in 2015, Geek+ provides one-stop intelligent logistics robot solutions enabled by artificial intelligence and robot technologies. Its solutions cover storage, order picking, material handling and parcel sorting. The robot can perform a wide range of functions such as order division and consolidation, intelligent inventory replenishment and products return, SKU correlation analysis, robots routes optimization, automated collision and congestion control, and dynamic shelf optimization. "As the AI technologies are maturing, we are seeing increasing market demand and new applications. In particular, the traditional, capital-intensive and labor-intensive logistics industry provides huge market potential for AI technologies," said Jericho Zhang, principal of Warburg Pincus. "With the rapid development of China's …
A fund managed by the Chinese Academy of Sciences Holdings Co., Ltd. has led a RMB150 million (US$22 million) round in Shanghai Slamtec Co., Ltd., a Chinese company providing affordable and high-performance laser sensor solutions for robots in auto localization and navigation.
China's Dalian Wanda Group, whose chairman Wang Jianlin previously declared ambitions to outsmart U.S. entertainment giant the Walt Disney Co., has given up the fight by selling the company's tourism projects and hotel assets.
Tencent Holdings Ltd. has agreed to invest RMB450 million (US$66 million) in the smart TV unit of China's biggest television maker, TCL Corp. The deal is Tencent's latest investment in the smart TV sector as the technology giant seeks to replicate its dominance in mobile phones content in a broader distribution channel.
Mason Financial Holdings Ltd., a Hong Kong-listed financial services company, has agreed to acquire an 80% stake in Australian baby formula distributor Blend and Pack Pty Ltd. for A$80 million (US$61 million).
Qicheng Venture Capital, an investment fund backed by Chinese e-commerce giant JD.com Inc. has made a strategic investment in brick-and-mortar fresh produce chain store operator Qiandama.
Global private equity giant Warburg Pincus has led a US$64 million investment round in Trax, a Singapore-based computer vision company that aims to provide in-store execution, market intelligence and data solutions for retailers and other companies.
Alibaba Group Holding Ltd. said it plans to invest approximately US$1 billion to increase its stake in Southeast Asian e-commerce platform Lazada to approximately 83% from 51% previously, highlighting the Chinese online shopping giant's ambition to deepen its global expansion.
An investor consortium led by AGIC Capital, an Asia-Europe cross-border growth equity firm founded by former Deutsche Bank executive Henry Cai, has agreed to acquire U.S. pharmaceutical firm the Ritedose Corporation from private equity firm Olympus Partners.
Sina Inc.-backed Weibo, China's equivalent of Twitter, and AcFun, a venture-backed video sharing platform, are among companies being required by regulators to immediately shut down their online video sharing and streaming operations because they have not obtained proper licenses.
Chinese multi-brand apparel group Shanghai La Chapelle Fashion Co., Ltd., backed by Legend Capital, Goldman Sachs and other investors, have received approval from Chinese security regulators to list on domestic Chinese stock exchanges three years after it completed an IPO in Hong Kong.
Chinese search giant Baidu, Inc. has launched a new smartphone app that leverages the company’s facial recognition technology to add emoji-like expressions and animations to people's photos.
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo's deposit price remains significantly less than the RMB299 deposits required by rival Mobike.
JD.com Inc. this weekend launched a robot delivery service at multiple universities across China, as the e-commerce firm continues to invest in the application of technology in its logistics and delivery services.
Jiangsu Suning Bank Co., Ltd., a private online bank backed by Suning Commerce Group Co., Ltd., officially launched Friday, as the Chinese retailer continues its diversification into financial services.