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Li Dongmei

Elements Capital, WI Harper Lead $17.5M Series B Round In Chinese Biopharma Firm

XW Laboratories Inc., a Chinese biopharmaceutical research and development company focused on neurological disorders, has raised US$17.5 million in a series B financing led by Elements Capital and WI Harper. New investo KTB Network, and all existing investors KPCB China, Johnson & Johnson Innovation and WuXi Venture, also participated.

Hong Kong Launches $256M Venture Capital Matching Fund To Fuel Local Innovation

Hong Kong’s Innovation and Technology Commission (ITC) has launched a HK$2 billion (US$256 million) co-investment scheme in a bid to stimulate private investment in local innovation and technology start-ups. Venture capital funds can apply to become co-investment partners of the Hong Kong government to back start-ups in series A and B round across all technology sectors, according to an official announcement today.

Google Inks $1.1 Billion Deal Investing In Taiwan’s Smartphone Maker HTC

Alphabet subsidiary Google announced today that it has signed a US$1.1 billion agreement with Taiwanese smartphone maker HTC Corporation, in which certain HTC employees – many of whom are already working with Google to develop Pixel smartphones – will join Google. HTC will receive US$1.1 billion in cash from Google as part of the transaction. Separately, Google will receive a non-exclusive license for HTC intellectual property.

SoftBank Vision Fund Eyes $500M Investment In ZhongAn Insurance’s US$1.5B IPO

SoftBank Vision Fund, a US$93 billion investment fund backed by SoftBank Group Corp with a significant commitment from Saudi Arabia’s sovereign wealth fund, is considering a US$500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co., Ltd. ZhongAn Online is China’s first Internet-only insurer jointly established by Alibaba Group, Tencent Holdings and Ping An Insurance in 2013. The company is geared toward raising US$1.5 billion in an IPO in Hong Kong at …

China Sees Outbound M&A Deal Value Drop 43% To $142 Billion

Chines outbound mergers and acquisitions (M&A) deal value declined to US$80.7 billion year-to-date, down 43% from US$141.6 billion during the same period last year, as the Chinese government’s efforts to curb capital outflow continue to pressure China’s outbound deal-making.

China Is Reportedly Considering Banning Initial Coin Offerings

The Chinese central bank and regulators are considering banning initial coin offerings (ICOs) in the country, in the belief that the increasingly popular financing method may be illegal as defined by relevant securities laws, according to Caixin Magazine citing insiders at relevant institutions.

Qiming Leads $30M Round In Chinese AI Start-Up Abcfintech

Abcfintech, a Chinese AI services provider targeting the financial services sector, has raised a total of US$30 million through an angel round and a series A round. Chinese venture capital firm Qiming Venture Partners led the round, with Source Code Capital, SIG Asia Investment and Welight Capital also participating, according to a company announcement.

China’s Baidu Plans To Launch Self-Driving Cars In Two Years

Baidu Inc. said it plans to roll out a partially self-driving car by the second half of 2019 with its new partner, Chinese state-owned carmaker Anhui Jianghuai Automobile (JAC). Mass production will begin once the cars obtain necessary government approvals, the companies announced in Shanghai yesterday. The move comes after Baidu’s partnership with its former collaborator BMW AG fell apart a year after the pair said they planned to work together to bring the German automaker’s self-driving vehicles to China …

Ex Baidu Chief Scientist Andrew Ng To Raise $150M AI Fund

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.

China’s Venture, PE Sector Slows In July As Investors Remain Cautious

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.

China’s Central Bank Rejects Alibaba, Tencent’s Push For Cashless Society

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.

China Goes Cashless With Consumers Spending $5.5 Trillion Via Mobile Payments, 50 Times More Than Americans

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.