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Nina Xiang




Ugly Fight Between Chinese Online Education Firms Enrages Investors

Two of China's leading online education companies, backed by a who's-who of top venture capital firms, are embroiled in an ugly public relations fight involving pornography, alleged hacking and threatened legal action. The episode has caused an outcry from investors and industry participants, with the latest being Baidu Inc., an investor and former parent of one company, releasing a statement with harsh words for all involved. The facts are still unclear, yet it seems certain that both firms are destined to lose their reputation, credibility and perhaps their valuations.

Will VC Craze For Cashier-Free Stores Spark Retail Revolution?

In case you haven't heard, the next "big thing" after bike sharing has arrived. Welcome to the age of cashier-free convenience stores, the latest craze among venture capitalists in China. Since the launch of Amazon Go, the U.S. e-commerce giant's retail store that requires no cashiers and no check-out, the concept has been quickly adopted in China and taken to a whole new level.

Swedish Minister Says Chinese Investors Welcome In Home Of Nobel Prize

Sweden may not be the most populous of nations, with just 9.8 million people. But the country that brought us the the Nobel Prize for science has given birth to a disproportionately high number of tech giants. Skype, the Internet calling service bought by Mcirosoft, digital music service Spotify, popular mobile game Candy Crush and Minecraft developers King and Mojang, are all Swedish entities.

China's Wanda, Fosun See Shares Plunge After Reported Regulator Scrutiny

Nervous investors dumped shares and bonds of Dalian Wanda Group Co. today, as reports of elevated regulatory scrutiny regarding the company's overseas borrowings caused widespread panic. Shares of Fosun International, named as one of a number of companies whose overseas debt is being investigated by regulators, also tumbled, along with its pharmaceutical unit.

FountainVest, Tencent, CITIC Capital To Reap Billions In Profit From Focus Media Share Sale

A number of investors in Focus Media Information Technology Co., Ltd. are likely to reaped billions of U.S. dollars in profits after they offload their shares in the Chinese outdoor advertising company that was taken private in 2013 and re-listed in China two years later. According to a disclosure filing yesterday, Chinese private equity firm FountainVest Partners, Tencent Holdings Ltd. and CITIC Capital plan to sell their interests in Focus Media totaling around 14% of the company’s outstanding shares. The news prompted shares of the Shenzhen Stock Exchange-traded company to drop as much as 10%. Gio2 Hong Kong Holdings Ltd., a unit controlled by Chinese private equity firm FountainVest Partners, plans to sell up to 591 million shares, or a 6.77% stake of the company and all of its holdings. Power Star Holdings (Hong Kong) Ltd., a vehicle controlled by Tencent, CITIC Capital and other investors, plan to sell 648 million shares, or 7.41% of the company and all of its holdings. The units said they plan to sell the shares in the next six months and will adjust its pace based on market conditions. The two shareholders’ interests in the company saw their lock-up restrictions expire in December 2016, …

China's Bike Rental Firms Mobike, ofo Are Raising Nearly $1 Billion In Fresh Funding

As city streets in China become a theater for the current venture capital-fueled bike rental start-up frenzy, the two biggest bike rental companies in the country, Shanghai-based Mobike and Beijing-based ofo, are both raising massive new financing rounds totaling nearly US$1 billion. Mobike is raising a new round worth several hundred million U.S. dollars, which would be its series E round 14 months after its official launch. The round would value the young start-up at as much as US$3 billion. While at the same time, ofo is looking to raise a maximum of US$500 million at US$3 billion in valuation, according to Chinese media reports citing insiders. Both Mobike and ofo did not immediately respond to inquiries from China Money Network to comment on the reports. "The company is growing rapidly, and investment risks have actually been lowered because of its expanding scale," said Julian Cheng, managing director and co-head of China at Warburg Pincus, which is a major investors in Mobike, told Chinese media in a recent interview. Cheng said that Chinese bike rental companies are addressing a massive market, which could be as many as 80 million bicycles on the streets if taking China's public bicycle totals as …

Muddy Waters Reveals Short Position In Chinese Furniture Maker Man Wah Holdings

Shares of Chinese furniture maker Man Wah Holdings Ltd. fell 10% in Hong Kong after short seller Muddy Waters founder Carson Block announced a short position in the company and said that "there is no pixie dust" in the companies' sofas. According to its filings, Hong Kong-headquartered Man Wah is more profitable than U.S. tech giant Apple Inc., but the only explanation for the outlier profitability is fraud, Block said at the Sohn Conference in Hong Kong today, while displaying a photo of a destroyed sofa made of wood, glue and foam.

Airbnb China Said In Deal Talks With Local Rival Tujia.Com

There are signs that what happened to Uber in China might be repeated by another U.S. tech giant: Airbnb. Airbnb China, established in 2015 by the US$31 billion home-rental platform to conquer the world's second largest online travel market in terms of digital travel sales, is reportedly in deal talks with its chief Chinese rival: Tujia.com. While few details are available on how such a deal would be structured, it could come in the form of an investment or strategic partnership, according to Chinese media reports citing insiders. In an email to China Money Network, Airbnb spokesperson Nick Papas stated that the news report were "false," without providing further elaboration. Tujia.com has already been acquiring smaller Chinese rivals. In October 2016, Tujia.com acquired the vacation rental businesses of China's largest online travel agency Ctrip and its Qunar.com unit. Four months earlier, it swallowed up vacation rental platform Mighty Talent Ltd., owned by Ganji, in a share swap transaction. These deals were partly driven by Neil Shen, founding managing partner of Sequoia Capital China, who is an investor in Mighty Talent and one of the co-founders of Ctrip. Sequoia Capital China was one of two venture capital firms Airbnb Inc. partnered …

China Should Follow Saudi Arabia By Setting Up Joint Funds For US Infrastructure Investment

The Public Investment Fund (PIF) of Saudi Arabia teamed up with U.S. private equity giant Blackstone Group yesterday to launch a new investment vehicle dedicated to infrastructure development, primarily in the U.S. Anchored by a US$20 billion contribution by PIF, the two plan to raise another US$20 billion from other investors and leverage up their dry powder to US$100 billion.

SF Express, Baidu Waimai Rumored To Be In Deal Talks

Baidu Inc.'s food delivery unit, Baidu Waimai, is rumored to be in deal talks with delivery giant SF Express. According to the rumors, the two companies may jointly establish a new company to operate the food delivery business and significantly expand its reach via SF Express' vast network. SF Express may also acquire a stake in Baidu Waimai, according to reports.

China Money Network Launches Its China Unicorn Ranking With 102 Firms Worth $435B

We live in the age of unicorns. Since the term was coined in 2013 by venture capitalist Aileen Lee to describe start-ups valued at US$1 billion or more, unicorns have multiplied with incredible speed. The unicorn, symbolizing the statistical rarity of such successful ventures, has become almost commonplace. With 193 unicorns globally worth US$664 billion in total*, unicorns also reflect the rise of private capital and investor euphoria over the promise of technology, especially in China.

Tencent Music Group Plans IPO At $10 Billion Valuation

Tencent Music Entertainment Group, a subsidiary of Chinese technology investment giant Tencent Holdings Ltd., has started selecting investment banks to pursue an initial public offering at an estimated valuation of as much as US$10 billion, according to media reports citing insiders.