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Jillian Yue

China Aims To Lead The World In AI, Core AI Sector To Reach RMB1 Trillion By 2030

China's State Council issued a "New Generation Artificial Intelligence Development Plan" yesterday, outlining how the country will create the world's leading AI industry, with a target value of RMB1 trillion (US$148 billion) by 2030. In the document, Beijing spelled out three steps to reach its goal of turning China Inc. into China AI. The first step is for China's AI industry to maintain an advanced position in terms of AI technology and applications, and for the AI sector to become an important growth engine for the economy. The core AI industry will grow to RMB150 billion by 2020, in turn driving growth of related sectors to RMB1 trillion. The second step is for China's AI basic theory to achieve major breakthroughs, and for some Chinese AI technology and application to lead the world before the year of 2025. By then, China's core AI sector should be as large as RMB400 billion, and driving other industries to the scale of RMB5 trillion. The final step will see China lead the world in terms of AI theory, technology and applications by 2030, and for the country to become a major innovation center globally. China's core AI industry will be worth over RMB1 …

China's A-Share IPO Market Hit Record With 247 IPOs Raising $18.3 Billion In First Half

China's A-share IPO market posted the strongest first half in ten years, with up to 247 companies having floated their shares on the Shanghai and Shenzhen stock exchanges during the first six months. Total IPO fundraising stood at RMB125.4 billion (US$18.3 billion), which is more than four times over the same period last year. The number of A-share IPOs during the first half is the highest in 10 years, and has already surpassed the number of IPOs for the full year of 2016, according to a new KPMG report. "The consumer markets and industrials sectors led in terms of funds raised. This is in line with the government’s desire to deleverage companies within both sectors due to their heavy reliance on bank borrowings," said Charles Wan, a partner at KPMG China. "The technology sector continues to play a big part in A-share IPOs with a 20% market share." IPOs were approved at an accelerated pace for most of the first half, although the approval rate has gone down to 81% in the second quarter from around 90% in the final quarter last year. KPMG expects IPO activity to continue to be strong in the second half of the year as …

JD.Com Invests $397M In UK Luxury Fashion E-Commerce Firm Farfetch

Chinese e-commerce giant JD.com Inc. has invested US$397 million in London-based luxury fashion online retail platform Farfetch to become one of the largest shareholders of the U.K. firm. The deal is part of a strategic partnership aimed at bringing luxury fashion products to Chinese consumers.

Mobike To Expand Bike Rental Services To Japan

Leading Chinese bike-sharing company Mobike says it has established a Japanese subsidiary, Mobike Japan Ltd., in Fukuoka city, with plans to begin services in that city later this year. The move comes after the company expanded into Singapore in March and announced plans to launch services in the U.K. later this month.

China's Largest Online Ticketing Firm Maoyan Plans IPO

Maoyan, China's largest mobile ticketing platform, which is controlled by Beijing-based television and film company Enlight Media, expects to turn a profit this year and has plans to pursue an initial public offering, Enlight Media's founder and chairman Wang Changtian said over the weekend.

China's GP Capital Leads $29M Series B Round In Plastic Surgery Chain BeauCare Clinics

GP Capital, a Shanghai-based investment firm backed by state-owned Shanghai International Group, has led a RMB200 million (US$29 million) series B financing round in BeauCare Clinics, a Beijing-headquartered plastic surgery clinic franchise. "Plastic surgery and beauty medical services is one of fastest-growing niche markets in the healthcare services industry," said Fan Yan, a managing partner at GP Capital. "There isn't a lot of private clinic operators in China like BeauCare Clinics that has an innovative business model, a strong brand and capabilities to scale quickly." GP Capital invested via its dedicated healthcare fund, which was established in 2015 and reached a final closing of RMB687 million (US$101 million) later that year, according to an announcement. China’s cosmetic surgery industry is expected to double in market size by 2019, reaching RMB800 billion (US$116.3 billion), making it the third largest in the world behind the U.S. and Japan, according to HSBC estimates. Founded in 2013, BeauCare Clinics currently operates over 30 plastic surgery and beauty clinics in over ten cities across China. The company plans to expand its clinic total to over 50 this year. Its clinics performs various surgeries including nose reconstruction, face lift, eyelid reshaping, breasts lift, skin whitening, laser …

Chinese Bike Rental Firm Mobike Launches Services In The UK

Shanghai-based smart bike rental firm Mobike today announced it will launch its service in the British cities of Manchester and Salford later this month, marking the multi-billion dollar start-up's first operation outside of Asia and the beginning of further expansion in Europe.