500 Startups, the Silicon Valley startup accelerator, announced yesterday that it is partnering with cryptocurrency exchange Huobi’s incubator wing, Huobi Labs, to help support Blockchain projects and potentially initial coin offerings (ICOs).
Huami Corporation, a Chinese manufacturer of low-cost wearable devices backed by smartphone maker Xiaomi, raised a smaller-than-expected US$110 million in a public float on the New York Stock Exchange today. The offering, which was less than the hoped for US$150 million, gives Huami a market valuation of US$690 million, much lower than its previously rumored US$1 billion price tag.
China’s 200 million children under the age of 14 have a new lesson to learn: censorship.
China officially has five electric vehicle companies valued at US$1 billion or more, as China Money Network has learned that Byton, an EV start-up rooted in China, is currently seeking a new financing round at a minimum valuation of US$1.2 billion.
Tencent Holdings Ltd. has teamed up with investors including Suning Holdings Group, long-time partner JD.com Inc. and Chinese property developer Sunac China Holdings Group to acquire around 14% of Dalian Wanda Commercial Properties Co. for approximately RMB34 billion (US$5.4 billion), the Chinese social networking and gaming giant said today.
A top official at China’s largest rocket research and manufacturing institution said in a recent speech that what SpaceX has done makes him “feel old” and there is much to learn from the American space company.
A report released recently under the guidelines of China’s State Council has detailed serious fraud in how some non-performing loans (NPL) are handled in China. By highlighting the illegal activities taking place in China’s booming NPL market, Beijing is signaling an increased focused on stamping out corruption in the market and what measures it will likely take to correct the problem in 2018.
China wants to buy more than just beef and soybeans from the United States. The world’s second largest economy also eagerly wishes to greatly increase the import of American technology.
After the Chinese government took actions to strengthen oversight of news aggregation and personal recommendation platform Toutiao, the US$20 billion company is implementing changes to appease regulators. The latest: hire thousands more human content overseers – with preferences for members of China’s Communist Party – to build the largest content screening team in China.
Chinese bike sharing firm Hellobike said it has raised RMB1 billion (US$152 million) in a D2 financing round led by Fosun Group and GGV Capital. The news came three weeks after the bike company raised US$350 million in a series D1 round, putting the company’s fundraising total to just over a half billion U.S. dollars in the past month and placing it in a strong position to compete with industry leaders Mobike and ofo.
For global alternative investment manager Bain Capital, the first closing of its Asian credit fund at US$557 million came at the right moment. Bain Capital Credit, the credit affiliate of the firm with more than US$35 billion in assets under management globally, is building a war chest in Asia for the first time to tap into maturing distressed debt investment opportunities emerging across the region.
To merge or not to merge? This is a question now beyond the control of the two companies most expected to combine in China at the moment: bike sharing unicorns Mobike and ofo.
Tencent Holdings Ltd. and JD.com, Inc. said the two plan to invest an aggregate of approximately US$863 million in cash in Vipshop Holdings Ltd. (NYSE:VIPS), a Chinese online discount retailer, as Tencent intensifies its entry into the retail space in direct competition to chief rival Alibaba Group.
China’s Baidu Inc has teamed up with China Life Insurance Co., Ltd. to jointly launch a RMB14 billion (US$2.12 billion) investment fund to back companies in the mobile Internet, artificial intelligence, fintech and other advanced technology sectors.
Imagine walking your child to school, then discovering an hour later that you and your child’s image has been featured on state news simply because you happened to walk past a store that was just robbed. This type of invasive news coverage has just become reality in China thanks to a partnership between tech giant Alibaba Group and Chinese state newswires Xinhua News Agency.
This winter, people in Beijing and other major cities in China noticed more blue-sky days. This was a welcome sign of progress, until news reports surfaced about rural residents suffering freezing temperatures in their homes because coal-powered heaters have been banned while natural gas heaters, which were supposed to replace coal heaters, had not yet been installed.
The year 2017 will be remembered as a record setter for the Chinese private equity and venture capital industry, as the number of IPO exits secured by PE/VC firms this year almost doubled from a year ago. In fact, the number of IPO exits in 2017 is equals to half of all IPO exits recorded in the six years from 2011 to 2016.
Chinese private equity firm CDH Investments has reaching a first closing of RMB3.2 billion (US$484 million) for its fifth mezzanine fund, Ning Hu, a managing director at CDH Investments told local Chinese medial.
Chinese electric vehicle maker WM Motor confirms that Baidu Inc. and its investment arm Baidu Capital have joined a financing round in the Shanghai-based start-up, WM Motor’s founder and CEO Freeman Shen told China Money Network in a private message.
Yao Song, founder of upstart Chinese artificial intelligence (AI) start-up DeePhi Tech, has a nickname: “Boss Yao”. The 25-year-old Tsinghua University graduate has been on a winning streak so far. After securing a victory at a national physics competition championship, Yao was admitted into China’s top university to study electrical engineering without having to take the university entrance exam. While at Tsinghua, he chaired a prominent student science association and organized innovation competitions on campus.
Matrix Partners China, a joint venture fund between U.S. venture capital firm Matrix Partners and its Chinese partners, has revealed its biggest investment mistakes and lessons learned since being founded in 2008, offering insights into how even the smartest investors can miss great opportunities.
When you are Jack Ma, you never think small. The founder and executive chairman of Chinese technology giant Alibaba Group Holding Ltd. says he thinks that Yunfeng Capital, the private equity fund he co-founded, will one day rival the most powerful money managers in the world.
A year after its foundation and having raised RMB400 million (US$58 million) in venture funding at a RMB1 billion (US$140 million) valuation, Chinese bike sharing start-up Bluegogo has collapsed, with its founder nowhere to be found and perhaps up to RMB1 billion worth of user deposits unaccounted for.
For Jonathan Larsen, an 18-year Citi veteran, joining China’s Ping An Insurance (Group) Co. was like an army general being asked to lead a small, elite squad. As Global Head of Retail Banking and Mortgages at Citi, Larsen oversaw a global team of 80,000 employees. But when he joined Ping An this May as Chief Innovation Officer and CEO of the US$1 billion Ping An Global Voyager Fund, the team was just him and his assistant on his first day.
Chinese personalized news app Toutiao has injected US$50 million in Live.me, a popular live streaming platform among young adults in the U.S. and a unit of Chinese mobile Internet company Cheetah Mobile Inc.
China’s National Development and Reform Commission (NDRC) issued new draft guidelines on outbound investments and deals this morning, seeking public comments on a comprehensive regulatory framework that could further restrain Chinese companies’ already shrinking overseas investments.
RMB denominated private equity and venture funds continue to grow in size and importance, while U.S. dollar funds have seen their role in China’s private investment markets decline. Despite new data indicating that U.S. dollar funds will be further marginalized, there are signs that a very different group of players are setting up or showing renewed interests in establishing offshore U.S. dollar funds to deploy Chinese capital globally.
China’s healthcare sector is seeing a flood of new capital from from non-professional investors such as Chinese coal mining and factory bosses, according to James Huang, a managing partner at Kleiner Perkins Caufield & Byers (KPCB) China, who focuses on life sciences. As a result, valuations have become excessive, forcing more experienced investors to adopt new strategies to get ahead of the “dumb money.”
IDG Capital’s name appeared in a curious press release today. “Secoo: IDG Capital Will Continue to Support Undervalued Secoo After Restrictions Are Lifted,” it reads. Secoo Holding Ltd, a Chinese luxury e-commerce retailer that raised around US$140 million in a NASDAQ IPO last month, has seen its share price nearly halve during the past three weeks after shares began trading on September 22. The company’s ADR closed at US$6.97 apiece on October 12, compared to its IPO price of US$13 …
When China’s largest footwear retailer Belle International was delisted from the Hong Kong Stock Exchange in July following a US$6.8 billion take-private deal, the news was greeted with melancholy. “The Official Fall Of The King Of Shoes”, read one headline, catching the sentiment of the time.
“I’ve never seen two Chinese guys comparing (car) engines (like people do in Europe),” says Freeman Shen, founder of Chinese electric vehicle start-up WM Motor Technology Co., Ltd. “China doesn’t have a long driving culture…the car is more a tool for people to get from point A to B.”