Two of China's leading online education companies, backed by a who's-who of top venture capital firms, are embroiled in an ugly public relations fight involving pornography, alleged hacking and threatened legal action. The episode has caused an outcry from investors and industry participants, with the latest being Baidu Inc., an investor and former parent of one company, releasing a statement with harsh words for all involved. The facts are still unclear, yet it seems certain that both firms are destined to lose their reputation, credibility and perhaps their valuations.
There have been a lot of discussions on China's rising prowess in artificial intelligence, on how the Chinese are catching up or even surpassing the U.S. in leading the world's most important future technology trend. The concerns are so real that the U.S. government is reportedly looking to strengthen scrutiny of Chinese investments in American AI companies.
Chinese bike sharing company ofo and Japan's SoftBank Commerce & Services Corp. have reached a basic agreement to collaborate on the deployment of ofo's global bike sharing business in Japan.
If you pay any attention to China's venture capital and technology world, the phrase "consumer upgrade" has likely jumped out at you a few times. To outsiders, the description may appear awkward. But in china, it is arguably the most important investment theme of the age.
In late July, I did a tour of Mobike’s headquarters in Beijing – and I had a fascinating talk with founder Hu Weiwei and VP of International Expansion Chris Martin. It was a fantastic experience and I left with a much better appreciation of the rocket-ship ride the company has been on. I am writing up three (more serious) business articles on the bike-sharing business from this experience. But here is a summary of my trip – and then five big things I learned.
Tmall, Alibaba Group Holding Ltd's business-to-customer e-commerce platform, has invested US$300 million in Yiguo.com, a fresh produce e-commerce platform.
GIC Private Ltd., Singapore's sovereign wealth fund, has led a US$220 million series D round in Dianrong, a Shanghai-based peer-to-peer lending platform.
SK Holdings, the holding company of South Korea’s second-largest conglomerate SK Group, has agreed to acquire a 11.77% stake in e-Shang Redwood (ESR), a pan-Asian logistics warehouse operator, for US$333.3 million.
Despite being an export powerhouse, Chinese products have largely been run-of-the-mill stuff like cloth, shoes and toys. Change is on its way, however, and it’s coming on two wheels in the form of bike sharing.
TVB Venture, a wholly owned subsidiary of Hong Kong-based Television Broadcasts Ltd. (TVB) said today that it has entered into a TV co-financing joint venture with Beverly Hills based film and television production company Imagine Entertainment.
Zhang Peifeng, chairman of ShenZhen Grand Electronics Co., Ltd., a New Third Board-listed consumer electronics maker, has led a RMB500 million (US$80 million) series B round in iqianbang.com, a Beijing-based person-to-business fundraising platform.
Tasley Pharma, a pharmaceutical company backed by Shanghai Stock Exchange-listed Tasley Holding Group, has led a US$20 million series E round in PegBio Co. Ltd., a Chinese innovative drug developer.
Baidu Inc., China's largest search engine, has signed an agreement with the government of Shanxi province to integrate artificial intelligence into city management. The project, designed to create "smart cities" and help the Northern province upgrade its industrial base, is another step in Baidu's campaign to position itself as an artificial intelligence company.
Ucar Group, a ride hauling service unit launched by Chinese rental car company Car Inc., has received RMB2.4 billion (US$350 million) strategic investment from People's Insurance Company of China Holdings Co., bringing the company's total fundraising this year to RMB7 billion (US$1 billion).
Fosun Kinzon Capital, the venture capital arm of Shanghai-based conglomerate Fosun Group, has changed its name to Fosun RZ Capital.
China's Dalian Wanda Group, whose chairman Wang Jianlin previously declared ambitions to outsmart U.S. entertainment giant the Walt Disney Co., has given up the fight by selling the company's tourism projects and hotel assets.
China Growth Capital has led a series A round worth tens of millions of RMB in Sunrate, a financial technology company focused on providing cross-border payment and exchange-rate risk-management solutions.
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.
"Look, they are stopping traffic for us," I told my fellow passengers, pointing to a Dalian city police car driving in front of our beige mini-bus.
Mason Financial Holdings Ltd., a Hong Kong-listed financial services company, has agreed to acquire an 80% stake in Australian baby formula distributor Blend and Pack Pty Ltd. for A$80 million (US$61 million).
CMC Capital Partners, a venture capital and private equity firm founded by former president of Shanghai Media Group Li Ruigang, has raised US$600 million for its second U.S. dollar-denominated fund at its hard cap.
Hong Kong-listed China Harmony New Energy Auto Holding Ltd. has completed a spin-off of an after-sales unit, which has reached agreements to received RMB280 million (US$41 million) from a few strategic investors, according to a disclosure filing.
Beijing-based Huodongxing.com, an Eventbrite-like platform where organizers plan, promote and sell tickets to their events online, has raised a series A+ round worth tens of million RMB from Tencent Holdings Ltd., co-working space start-up UrWork and Japanese human resources firm Recruit Holdings Co., Ltd.
Qicheng Venture Capital, an investment fund backed by Chinese e-commerce giant JD.com Inc. has made a strategic investment in brick-and-mortar fresh produce chain store operator Qiandama.
Chinese conglomerate Gome Holdings Group has led a RMB216 million (US$31 million) series C round in iKongjian, a home renovation online-to-offline (O2O) start-up.
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 …
Zhang Lei, founder and CEO at Hillhouse Capital, has donated RMB300 million (US$43 million) to his alma mater Renmin University of China to establish an education fund.
Nervous investors dumped shares and bonds of Dalian Wanda Group Co. today, as reports of elevated regulatory scrutiny regarding the company's overseas borrowings caused widespread panic. Shares of Fosun International, named as one of a number of companies whose overseas debt is being investigated by regulators, also tumbled, along with its pharmaceutical unit.
Juewei Food Co., a Chinese food retailer best known for its marinated duck necks and chicken feet, said it has agreed to establish a joint venture industry fund with food delivery app Ele.me to invest in companies operating in the catering industry.
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.