Chinese bike sharing firm ofo rode into North America yesterday with a debut in Seattle, as the company expands globally in tight competition with rival Mobike.
Alibaba Group Holding Ltd. has led a US$1.1 billion investment in one of Indonesia's top three e-commerce firms, PT Tokopedia, as the Chinese tech firm seeks to solidify its dominant position in the Southeast Asian market.
Antengene Corporation, a Chinese clinical-stage biopharmaceutical company, has raised US$21 million in a series A financing round led by Qiming Venture Partners. Chinese investment firms TF Capital and HG Capital, as well as Tigermed Investment, also participated in the deal.
Chinese investment and advisory firm RJ Capital Group has teamed up with Shenzhen-based conglomerate Tempus Holdings to launch a new US$300 million investment fund to back companies benefiting from the trend of consumer upgrade in China.
KKR says it has opened an office in Shanghai, marking the firm’s third office in Greater China following Beijing and Hong Kong and its eighth in Asia Pacific. The move highlights the U.S. private equity giant's confidence in the future of the Chinese economy.
Chinese Internet portal Sina Corp said it would establish an Online Finance Fund with a target fundraising size of US$500 million to invest in Chinese fintech companies.
McDonald's Corporation's China business, now under new ownership of CITIC Ltd. and Carlyle Group, is planning to drive double-digit sales growth in each of the next five years and to increase the number of its restaurants to 4,500 from 2,500 currently.
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Alibaba Group Holding Ltd. is in talks to lead a financing round of as much as US$500 million in one of Indonesia's top three e-commerce firms PT Tokopedia, as the Chinese tech firm seeks to solidify its dominant presence in Southeast Asia.
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 …
It seems that every technology company in China wants to be an artificial intelligence firm. The latest to join the club is Lenovo Group Ltd., until recently the world's largest personal computer maker.
Lenovo Capital and Incubator Group, the venture capital arm of Chinese tech firm Lenovo Group Ltd., has led a RMB20 million (US$3 million) series A round in Imsight Medical, a start-up developing artificial intelligence-assisted medical imaging analysis tools.
China inked a total of 163 outbound deals worth US$43 billion during the first half, down 65% in terms of total deal value compared to the same period last year, as the nation's tightened capital control measures dampened Chinese overseas investment.
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved a loan of US$329 million to build access roads to approximately 4,000 villages in the Indian state of Gujarat.
Cassia Investments, a Hong Kong-based consumer-focused private equity firm, has partnered with Italian fashion entrepreneur Alessandro Bastagli to acquire luxury brand Shanghai Tang from Swiss luxury group Compagnie Financiere Richemont, the firm announced today.
WM Motor, an electric vehicle start-up founded by the former China head of Volvo Car Corporation, has made a strategic investment in Hellobike, a bike-sharing start-up focused on mid-size cities across China.
Amidst an ongoing liquidity crisis, the founder of Chinese tech conglomerate LeEco has sold his stake in Menlo Park, California-based electric vehicle company Lucid Motors.
The Chinese government continues to crack down live video streaming portals and mobile apps, closing another 11 apps due to concern over pornographic content, the Ministry of Culture said in an official announcement yesterday.
IFC, a member of the World Bank Group, has reached agreements to raise US$500 million for an innovative program to mobilize funds from institutional investors for infrastructure projects in emerging markets.
Artificial intelligence (AI) could accelerate China’s economic growth rate from 6.3% to 7.9% before 2035, by transforming the nature of work and opening new sources of value and growth, says Accenture in a new report.
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 …
iCarbonX, an artificial intelligence-enabled health data mining start-up in China, has participated in a US$8.4 million series B financing round in U.S. healthcare company HealthLoop, with an eye to integrate the American firm's patient-generated data to its own data mining efforts.
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.
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.
Wang Wei, chairman and founder of Chinese express delivery firm SF Express, yesterday shared his thoughts on possible missed business opportunities resulting from his insistence on being one of the most private billionaires in China.
Bigger, a start-up incubator and co-working space company backed by Chinese real estate developer Modern Land China Co., Ltd., has completed a US$18 million series A financing round led by an investment unit of property developer Hongfu Group.
U.S. electric vehicle manufacturer Tesla Motors Inc. is close to signing an agreement with the city of Shanghai to produce electric cars in China for the first time, according to media reports citing insiders.
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.
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 …
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.
China's three technology giants, Baidu, Alibaba and Tencent, commonly referred to as the BAT, spent a total US$112.5 billion on 174 acquisitions since 2012, and are on course to set a new deal record this year, according to data tracker MergerMarket.