Tencent Holdings Ltd. has agreed to invest HK$2.86 billion (US$367 million) in China International Capital Corp Ltd (CICC) for a 4.95% stake in the company. At the same time, the two parties said they have agreed to establish a strategic partnership in a range of services and products leveraging Tencent’s financial technology and CICC’s wealth management capabilities, according to a joint announcement.
Banyan Capital has led a RMB1 billion (US$152 million) series B round in QianBaoCard.com, a Shanghai-based local shopping online to offline (O2O) platform.
Tencent Holdings Ltd. has signed a strategic partnership agreement with Guangzhou Automobile Group Co., Ltd. to discuss possible cooperation in automobile e-commerce, automobile insurance and new energy vehicles, according to a statement issued by Guangzhou Automobile Group.
Chinese bike rental company Youon Bike said one of its subsidiaries has agreed to raise RMB810 million (US$123 million) from eight investors including a unit of Ant Financial. The proceeds will be used to finance its wholly-owned subsidiary Jiangsu Yonganxing Low Carbon Technology Co. to further expand in the GPS-powered station-less bike sharing operations, according to a security filing.
Fenfenzhong, a Beijing-based online procurement platform for restaurants, has raised RMB110 million (US$16.7 million) in a series A round from China’s National Small and Medium-size Enterprises Development Fund, a direct investment vehicle of the National SMEs Development Fund. THG Ventures, a venture capital arm of Tsinghua Holdings, also participated in the round, according to local media.
Chinese online micro-credit provider Qudian Inc. has filed a prospectus to raise up to US$750 million in an initial public offering on the New York Stock Exchange, according to an SEC filing.
Two major Chinese Bitcoin exchanges Huobi.com and Okcoin.cn announced Friday night that they will cease trading by the end of September. The news comes after Internet finance regulators in Beijing ordered all cryptocurrency exchanges in that city to issue notices to cease trading, according to local media.
BTC China, one of China’s largest Bitcoin exchanges, has announced that it will close down at the end of September amid reports that Beijing is considering shutting all local cryptocurrency exchanges. The news has sent Bitcoin prices in China down as much as 30%.
Following the just released iPhone X’s cool face ID feature, Ant Financial Services Group said it is allowing customers to use face scan to unlock and pick up packages at smart courier cabinets in Shanghai.
U.S. President Donald Trump has blocked a Chinese-backed investor from buying American chip maker Lattice Semiconductor Corp., only the fourth time in a quarter century that a U.S.president has banned a foreign takeover of an American firm on national security grounds.
Asian private equity fund-of-funds manager Asia Alternatives has reached a final close of over US$1.8 billion for its fifth fund, Asia Alternatives Capital Partners V, LP, and several other vehicles. The new funds will focus on building a diversified Asian private equity portfolio with an emphasis on top-performing local Asian fund managers, the firm said today in an announcement. Asia Alternatives Capital Partners V, along with its parallel fund Asia Alternatives Capital Partners V (ERISA), LP, closed on US$1.515 billion …
In this episode of China Money Podcast, Gobi Partners managing partner Ken Xu speaks to our host Nina Xiang. Xu discusses what he sees as the next technology frontier markets in China, and how Gobi is investing in the artificial intelligence, Internet of Things (IoT) and new infrastructure-themed industries. You can read a Q&A and watch a short video of the interview. Don’t forget to subscribe to China Money Podcast for free in the iTunes store, or subscribe to …
JD Capital, one of the largest domestic Chinese private equity funds with RMB31.45 billion (US$4.8 billion) under management, is among 83 private investment funds named by the China Securities Regulatory Commission as breaking certain regulatory guidelines in a recent disciplinary procedure.
An agriculture insurance joint venture between Ant Financial Services Group and China United Insurance Holding Co. has received a green light from China’s insurance regulator, making it the first agriculture technology company co-established by an insurer to achieve regulatory approval from the China Insurance Regulatory Commission (CIRC).
Chinese iPhone enthusiasts are clamoring to be the first in line to buy the soon to be release iPhone 8. But to get ahead of the crowd they will have to pay a steep price.
Since the first GPS-positioned, smartphone-enabled shared bikes were placed on the streets of Shanghai in December 2015, the so-called bike sharing sector has shed its training wheels and expanded with incredible speed in China.
GTJA Investment Group, a Shenzhen-based private equity firm focused on the healthcare sector in China, has led a US$30 million series B round in Wellem, a pediatric clinic franchise operator currently running 11 branches in China.
Organizing chat groups on WeChat, one of the most common forms of multiparty digital communications in China, could soon be a high risk activity. China’s Cyberspace Administration issued new rules last week tightening control over WeChat groups and other such digital platforms, in a move that could make WeChat group chat organizers legally liable for any false information disseminated within their groups.
China has been working on a timetable to end the productions and sales of traditional gasoline-fueled cars, in a move to promote green vehicles and tackle the country’s grave pollution problems, the vice minister of Industry and Information Technology Xin Guobin said in an auto industry event in Tianjin over the weekend.
Alibaba Group has been expanding its offline footprint at a breathless pace in recent years, buying mall operator Intime Retail, acquiring stakes in supermarket chains Lianhua and Sanjiang, and launching its own Hema Supermarkets.