Nina Xiang




China Huarong Chairman Lai Xiaomin Is Investigated For Severe Disciplinary Breaches

The Chinese State Commission of the Central Commission for Discipline Inspection has disclosed that Lai Xiaomin, party secretary and chairman of China Huarong Asset Management Co., Ltd., was suspected of serious violation of laws and regulations and is currently undergoing disciplinary review and investigations, China’s Xinhua News Agency reported.

Cynthia Zhang: Toutiao Easily Worth More Than Tech Giant Baidu

At first glance, the investment strategy of veteran private equity manager Cynthia Zhang appears risky. As founder of recently launched private equity firm FutureX Capital, Zhang plans to make mid-to-late stage investments in promising Chinese tech stars, whose valuations are perhaps the highest in the world.

Meituan Dianping Rumored To Buy Chinese Bike Sharing Firm Mobike For $3.7B

Chinese group-buying and location-based services firm Meituan Dianping is reportedly in talks to buy bike sharing firm Mobike for US$3.7 billion, according to Chinese media reports citing insiders. Both Meituan and Mobike did not respond inquiries from China Money Network to confirm the news. Insiders say that the two parties are likely to announce the deal soon, but the talks could still fall apart. Last month, Meituan was reportedly leading a new financing round in Mobike. Meituan is rumored to …

Chinese Crypto Crowd Scrambles For Token Issuances As ICO Ice Age Approaches

The mood at a blockchain conference in Seoul, South Korea attended mostly by the Chinese crypto crowd this week was a mixture of euphoria, unease and desperation. The plummeting prices of major cryptocurrencies – Bitcoin was down roughly 35% this year – coupled with stricter government oversight and collapsed projects, is casting dark clouds over new token issuances. "The market condition has weakened significantly from the peak last fall," said the head of a new blockchain project that is in …

Foxconn Unit Obtains A-Share IPO In Record Time As Beijing Aims To Keep New Economy Firms Listed In China

An Internet and industrial business subsidiary of Taiwanese consumer electronics firm Hon Hai Precision Industry Co. (Foxconn) has obtained approval from Chinese regulators for an A-share IPO in record time. The unit, Foxconn Industrial Internet Co., was approved for an IPO in China in just 36 days, compared to a usual wait time of one to two years or longer.

FBI Prosecutes Chinese AI Scientist As Sino-US Tech Rivalry Escalates

For the hundreds of thousands Chinese scientists trained overseas returning home, there is now a more palpable concern when making this increasingly popular career move. As the FBI accused a top Chinese AI expert for fraud last week, the action was interpreted by China as part of a "technology cold war" waged by the U.S. against the country and its top scientists.

China To Scrap Presidential Term Limits Allowing Xi Jinping To Stay On, People’s Reaction Mixed

China’s Communist Party (CCP) has proposed revising the country’s constitution that would allow President Xi Jinping to continue serving as the country’s leader with no limits on terms. CCP said in an announcement via state-owned media outlets today that it will remove the provision that states Chinese President and Vice President "shall serve no more than two consecutive terms" from the constitution. There were over a dozen other proposed changes, but the key action is clearly the deleting of the …

China’s Insurance Regulator To Take Over Troubled Anbang, Chairman Wu Xiaohui Prosecuted For Alleged Economic Crime

China’s insurance regulator has decided to takeover Anbang Insurance Group, a once high-flying insurance company headed by Wu Xiaohui, ex-husband to the granddaughter of former Chinese paramount leader Deng Xiaoping. In a statement posted on the China Insurance Regulatory Committee (CIRC), Wu Xiaohui, Anbang’s ex-chairman, has been prosecuted for alleged economic crimes by a court in Shanghai.

IPO Strips Huami Of Its Unicorn Status; More Unicorn Downgrades To Come?

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.

Tencent, Suning, JD.Com And Sunac To Invest $5.4B In Dalian Wanda Commercial In Retail Offensive

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.

Beijing Report Exposes Serious Fraud In How Non-Performing Loans Are Handled In China

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.

After Government Crackdown, Toutiao To Build Largest Content Screening Team With Communist Party Members Preferred

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.

China’s Bike-Sharing War Far From Over As Hellobike Raises $500M This Month To Escalate Competition

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.