China’s $20B News Leader Toutiao Under Siege By Government and Rivals

Watching a stern Mark Zuckerberg testify before the U.S. Congress is a reminder how China’s tech companies, despite differences in economic structure and technological sophistication, follow similar trajectories with their American counterparts. Toutiao, China’s biggest personalized news app with a US$20 billion valuation, is experiencing a similar crisis these days as government and competitors attack its core business model.

China’s CICC Capital Leads $286M Round In Concord Medical Services Subsidiary

Chinese specialty hospital management solution provider Concord Medical Services Holdings Limited (NYSE: CCM), has announced that CICC Capital Management Company Limited, a wholly-owned subsidiary of China International Capital Corporation Limited, will lead a strategic investment of between RMB1.5 billion (US$238.5 million) and RMB1.8 billion (US$286.16 million) in Concord Medical’s subsidiary Beijing Meizhong Jiahe Hospital Management Co., Ltd. 

Another Chinese EV Maker Raises Massive Funding Round At Unicorn Valuation

Another Chinese electric vehicle maker has raised a massive funding round at unicorn valuation, making China the top country by far in producing electric vehicle (EV) unicorns. China is now the only country with EV manufacturing start-ups with valuations of US$1 billion or more. Moreover, China has six EV unicorns with combined valuation of nearly US$20 billion, compared to zero such firms in the U.S. or anywhere else.