Social media giant Tencent Holdings is in advanced negotiations to invest US$100 million in Mumbai-based online fantasy sports platform Dream11, according to Indian media.
China’s Shopping Spree For UK Healthcare Assets Continues With DNAFit Deal
Alibaba-backed genetic testing and digital health company Prenetics has acquired UK-based consumer genetic testing firm DNAFit, the latest in a series of Chinese investments in U.K healthcare assets.
NetEase Online Education Platform Youdao Completes Series A Round, Reaching A Unicorn Valuation
NetEase Youdao, an online education subsidiary of China’s second-largest game publisher NetEase, has completed its series A round of funding with a valuation of US$1.1 billion led by Mooc-CN Education, with participation by Legend Capital.
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 Tops World Electric Car Sales For Third Straight Year
China’s new energy car sales have topped the world for the third consecutive year, with 777,000 such cars sold in 2017, representing 54.7% of the world’s total sales, according to a report by state-owned media People.cn .
Alibaba Accelerates Autonomous Driving Research, Following In Footsteps Of Baidu And Tencent
Alibaba Group Holding Ltd. is accelerating its research and development of autonomous driving technology, and is looking to recruit more than 50 people to build up its team, people familiar with the matters told China Money Network.
Hellobike Raises $700M Round From Ant Financial And Fosun
Chinese bike sharing firm Hellobike has raised a new financing round of US$700 million from existing investors including Ant Financial and Fosun Group, as well as seven new investors, according to Chinese local media.
China Issues National Autonomous Vehicle Rules In Bid To Catch US
China has released its first national guidelines on road tests for autonomous vehicles, a key step in a wider effort to promote development of the technology. The U.S., which is currently well ahead of China in terms of AV testing, currently depends on regulations at the state level.
Tencent, Changan Automobile Launch Connected Vehicle Platform Joint Venture
Chinese Internet giant Tencent Holdings Ltd. has set up a joint venture with Chinese automobile manufacturer Changan Automobile Co., Ltd. to co-develop autonomous driving technologies and connected vehicle platforms.
Former Alibaba Executive Kangming Deng Joins Auto Retail Services Platform Chehaoduo
Chehaoduo, a Chinese auto retail services platform formerly known as Guazi, announced today that Alibaba Group senior vice president Kangming Deng has joined the company as executive president and deputy chairman of the board of directors.
Chinese Orthopaedic Implant Maker AK Medical Buys Britain’s JRI Orthopaedics For $24M
Chinese orthopaedic implant company AK Medical Holdings Limited has announced the acquisition of JRI Orthopaedics Limited, a U.K. firm that designs, manufactures and supplies orthopaedic implants and related instruments, from Orthopaedic Research UK for £16.73 million (US$23.7 million).
Alibaba-backed Electric Vehicle Maker Xiaopeng Plans $2.7B Funding For Expansion
Alibaba-backed Chinese electric vehicle maker Xiaopeng Motors plans to raise RMB17 billion (US$2.7 billion) this year to expand its business, its CEO He Xiaopeng said in an interview at the Boao Forum in China.
CMB Leads $65M Series C Round In Chinese Biotech Firm Biocytogen
CMB International Capital Corporation Ltd, a wholly-owned subsidiary of China Merchants Bank, has led a RMB410 million (US$65 million) series C round in Beijing Biocytogen Co., Ltd., a gene targeted animal model and service supplier.
Chinese Car Rental Firm eHi Car To Be Taken Private By CEO-Led Consortium For $938M
Chinese car rental company eHi Car Services Limited (NYSE: EHIC) announced that it has entered into a definitive agreement to be taken private by a consortium led by eHi Car’s CEO, Ray Ruiping Zhang, for US$937.5 million.
Meituan Confirms $3.7B Mobike Acquisition To Strengthen Its Mobility Offerings
Wang Xing, CEO of Chinese group-buying and location-based services firm Meituan Dianping, has confirmed Meituan’s acquisition of bike sharing firm Mobike in an internal letter reported by local media.
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.
Chinese IoT Firm G7, Logistics Firm GLP Teams Up With NIO Capital To Form Autonomous Trucks JV
Chinese Internet-of-Things (IoT) firm G7 and logistics firm GLP have teamed up with NIO Capital, a private equity fund backed by Chinese electric vehicle maker NIO focused on investment in the new energy vehicle industry chain, to form a technology joint venture developing smart trucks.
Ctrip Expands To Ride Hailing As Latest New Entrant To Crowded Sector
Chinese online travel service provider Ctrip.com International, Ltd. (NASDAQ: CTRP) has obtained a ride hailing license from Tianjin Municipal Transportation Commission to operate ride hailing business nationwide, the company said in an official statement.
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.
Walmart Opens First Smart Supermarket In China With Support From Tencent And JD.Com
American retailer Walmart Inc. has opened its first smart supermarket in Shenzhen, China equipped with the logistics support of the country’s second largest retailer JD.com and Tencent’s mobile payment system, according to an official WeChat post.
First Tencent Autonomous Vehicle Spotted As Chinese AV War Intensifies
Tencent Holding Ltd. appears to be making good on its promise to compete against rival Baidu in the field of autonomous vehicles.
China-backed EV Maker SF Motors Unveils Two Models For US Production
The list of China-backed electric vehicle (EV) manufacturers operating in Silicon Valley has a new member, as SF Motors unveiled two new EV models at a launch event in California last week.
Alibaba’s Mapping Unit AutoNavi Declares War On Didi Via Launch Of Carpooling Business
Alibaba’s mapping unit, AutoNavi Holdings Ltd. also known as Gaode Map, has launched its own carpooling business, starting in Chengdu and Wuhan initially with plans to roll out nationally.
Airbnb China To Share Host Information With Chinese Government
Airbnb has emailed its hosts in China that the company will start sharing host information with the Chinese government to comply with local laws and regulations as soon as March 30th.
SF Express To Use Drones for Delivery In China’s Remote Regions
SF Express, one of China’s biggest express delivery companies, announced its subsidiary Jiangxi Fengyu Shuntu Technology Co. Ltd. has secured China’s first experimental drone operating license from the East China Regional Administration of the Civil Aviation Administration of China (CAAC).
Uber Sells Southeast Asia Business In Exchange For 27.5% Stake Of Grab
U.S. ride hailing leader Uber announced that it will be withdrawing from the Southeast Asia market. Singapore-based Grab Taxi, Southeast Asia’s largest ride hailing company, is acquiring Uber’s ride share and food delivery businesses in the region, the company announced.
Failing To Pay Deposits, Chinese Bike-sharing Start-up Xiaoming Bike Plans Bankruptcy
Chinese consumers have another way to lose money, by paying deposits to bike sharing startups that go belly up. The latest example is Chinese bike-sharing firm Xiaoming Bike, which plans to file for bankruptcy after failing to pay back customer deposits.
Beijing Issues First License to Test Autonomous Cars Despite Fatality In US
Beijing has issued its first licence for testing autonomous vehicles on city roads, just days after the first known fatal accident involving an AV and a pedestrian in the U.S.
Chinese EV Firm CHJ Automotive Secures $473M, Teams Up With DiDi Chuxing
Chinese electric vehicle start-up CHJ Automotive announced the completion of a series B investment round worth RMB3 billion (US$473 million), led by Matrix Partners China and a new energy vehicle under Shougang Fund, an investment platform backed by state-held steel company Shougang Group.
China’s 17Zuoye Education Platform Gets $250M From Temesk, Following $200M Investment From Toutiao
China’s online education platform 17Zuoye, owned by Sunny Education Inc., continues to be a magnet for investors. The latest investment is a US$250 million Series E round in led by Singaporean investment fund Temasek. The deal follows a $200 million investment by AI-driven news aggregation company Toutiao on March 7.
KKR Launches One-Stop Digital Marketing Company Cue & Co. In China
KKR today announced the launch of a multi-brand digital marketing company in China, as the global investment firm aims to create a consolidated marketing platform in the segmented Chinese digital marketing space.