Lenovo Group Ltd. has teamed up with China Electronics Standardization Institution to launch an Industrial Big Data Application Alliance to support the utilization of industrial big data.
Chinese snack-bar focused checkout-free convenience store operator Xiaoe Weidian has raised a RMB200 million (US$30 million) series B round from Zijue Capital, Haikong Capital, Hainan province government and Zhongguancun Science Park.
China’s largest ride sharing firm Didi Chuxing is reportedly expanding into Mexico as soon as first quarter next year, to push its global expansion strategy and to compete head-to-head with its river Uber Technologies Inc.
Seven of China’s ten biggest outbound M&A deals of 2017 were in the logistics, energy and mining sectors, reflecting Beijing’s year-long crackdown on what is considers “unsound” overseas investments. This marks a sea change from 2016, when eight of the ten biggest cross-border M&A deals were in the technology, entertainment and tourism sectors.
Vion Technology Inc., a Chinese artificial intelligence firm specializing in machine vision, has raised a US$20 million series B round from Samsung Electronics, Swiss automation company ABB, Chinese venture firm Tsing Capital and Hong Kong-based investment firm Waterwood.
Chinese artificial intelligence start-up SenseTime has signed a long-term development agreement with Japanese car manufacturer Honda to build smart artificial intelligent cars with autonomous driving.
Accenture PLC, a global management consulting and professional services company, has appointed Wei Zhu, formerly managing director of Standard Chartered Private Equity (SCPE), as chairman and geographic unit managing director for Accenture Greater China, effective January 1, 2018.
For China venture capitalists, 2017 was a big deal year. While overall VC activity kept the robust pace of a record 2016, the year of 2017 witnessed a large number of record-setting mega deals that defined the growth trajectory of China’s tech sector and made headlines worldwide.
Chinese bike sharing firm Hellobike has raised a US$350 million series D round from Alibaba Group Holding Ltd’s financial services affiliate Ant Financial, electric vehicle developer WM Motor, Chengwei Capital and bike manufacturer Fujita.
A Chinese electric vehicle sharing start-up PonyCar has raised RMB250 million (US$37 million) in a series C round led by Zhihe Chuxing. This is the third financing round completed by the 13-month-old company, which has raised RMB550 million (US$83 million) in total since its founding last October.
Chinese venture capital firm SBCVC has led a RMB200 million (US$30 million) series B round in 12 Sigma Technologies, a San Diego-headquartered medical imaging firm founded by a team of Chinese scientists.
Global investment manger Coatue Management LLC has led a US$177 million series D round in Kuaikan Manhua, a Chinese online and mobile platform for original comic art work targeting young viewers.
In a sign of increasing scrutiny on Chinese acquisitions in the U.S., a Chinese buyer said it is refiling its applications to a U.S. foreign deal oversight body in order to add mitigation measures to secure U.S. government approval.
The world’s largest consumer drone maker DJI has vehemently denied accusations from U.S. Immigration and Customers Enforcement (I.C.E) that the company’s drones have been collecting sensitive data on American infrastructure and sending it back to the Chinese government.
Alibaba Group Holding Ltd. has reportedly invested RMB1.5 billion (US$227 million) in SenseTime, a Beijing-based Chinese artificial intelligence company specializing in facial and image recognition technology and its application.
Hong Kong-based real estate private equity firm Gaw Capital Partners and a consortium of partners including Goldman Sachs have won a bid to acquire a retail portfolio comprising 17 shopping centers in Hong Kong from Link Asset Management Ltd for HK$23 billion (US$3 billion).
Chinese Internet giant Baidu Inc. and smartphone maker Xiaomi Inc. have entered into a partnership leveraging the two companies’ strengths in artificial intelligence (AI) and Internet of Things (IoT).
Entrepreneurs, start-ups and companies are drawn to the flexible, vibrant and energizing atmosphere at naked Hub co-working space in Hong Kong, the newest and hippest shared work place in the metropolitan. “Hubbers”, what naked Hub calls its tenants, found the work environment that comes with bright yellow bean bags and unlimited free beer an ideal place for networking, business cooperation at affordable prices.
The U.S. has charged employees of a Chinese Internet security firm with hacking and stealing high-tech trade secrets, including satellite systems technology, following an investigation by the FBI, Naval Criminal Investigative Service and Air Force Office of Special Investigations.
The child abuse scandal at RYB Education Inc. (NYSE:RYB) reduced its stock price by nearly 40% last week, just three months after the company’s New York Stock Exchange IPO. The collapse has cost the company’s top ten institutional investors, including China’s largest private equity fund Hillhouse Capital and well-known investment management firm Greenwoods Asset Management, a combined US$52 million on paper. But the losses might have been avoided if investors had taken into account some inherent weaknesses in RYB’s business …
Hong Kong-based online mobile lending start-up WeLab, backed by investors including Credit Suisse Group AG, local tycoon Li Ka-Shing and Alibaba Hong Kong Entrepreneurs Fund, is planning an initial public offering on the Hong Kong Stock Exchange.
China Reform Holdings Co., Ltd. has led a RMB670 million (US$101 million) new funding round in 3D Medicines, a Chinese healthcare firm developing precision medicine for cancer treatment.
Preceptis Medical Inc., a U.S.-based pediatric surgical technologies developer, has reached the initial closing of its series B financing round led by a group of unnamed Chinese private investors.
Asian alternative investment management group PAG has acquired a super-majority controlling interest in China’s most popular online dating site, Zhenai, which is 20% owned by U.S.-based Match.com.
An artificial intelligence enabled robot has passed the written test of China’s national medical licensing examination for the first time, marking another milestone in the quest for AI technology to match or surpass human intelligence. Named Xiaoyi, the robot developed by Tsinghua University and Chinese information technology firm iFlytek, achieved a score of 456, 96 points higher than the required mark of 360 points, according to a company announcement.
Chinese smartphone maker, Xiaomi Inc., has said it will invest as much as US$1 billion in 100 Indian start-ups with Shunwei Capital, a venture capital firm founded by Xiaomi’s founder Lei Jun, in next five years.
China Money Network’s Special Situations Team brings you the latest installment in our “Industry Specialist” series, sitting down with Bill Sims, a Managing Director for Cybersecurity, Investigations & Business Intelligence Asia Pacific Stroz Friedberg to discuss the current cybersecurity challenges facing Chinese companies and foreign investors in the country. China is home to the world’s largest group of Internet users. However, the country is behind the curve in terms of cybersecurity. The number of cyber attacks on Chinese and Hong …
Shouqi Limousine & Chauffeur, a Chinese ride-booking app backed by Beijing-based automobile company Shouqi Group, has raised a RMB700 million (US$105 million) series B+ round from NIO Capital, Baidu Inc. and Silk Road Huachuang Beijing Co., Ltd.
Tiger Management Corp. has led a US$120 million D3 round in Yunmanman, a freight transportation and logistics mobile app operator in China, according to Chinese media reports.
Chinese Internet retail giant Alibaba Group Holding Limited has formed a strategic alliance with French retailer Auchan Retail S.A. and Ruentex Group to pursue new opportunities in China’s food retail sector. As part of the strategic alliance, Alibaba will invest a total of HK$22.4 billion (US$2.88 billion) to obtain an aggregate 36.16% stake in Sun Art Retail Group Ltd., a Chinese hypermarket operator listed on the Hong Kong Stock Exchange. Alibaba is buying the stake from from Ruentex, for around …
Automotive manufacturer Volkswagen AG has said it will invest over US$12 billion by 2020 with its Chinese partners to launch as many as 40 new electric and hybrid vehicle models in China by 2025. The first of the new models could enter the Chinese market as early as next year, Jochem Heizmann, the head of Volkswagen China, told reporters yesterday. The investment is part of Volkswagen’s broader electric vehicle plans. Two months ago, the company said it aims to invest …