For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped for. The key words “artificial intelligence”, “big data” and “innovation” were highlighted and emphasized repeatedly in the otherwise laborious three-hour address.
The Chinese government announced a new policy directive to further encourage innovation in new drug development and medical device yesterday, making significant changes to existing policies to spur an already thriving healthcare sector in the country.
China’s social media platforms Baidu and Weibo have joined the Chinese government’s campaign to strengthen online censorship before next months’ Communist Party Congress, when China’s top government officials will be elected.
Hong Kong’s Innovation and Technology Commission (ITC) has launched a HK$2 billion (US$256 million) co-investment scheme in a bid to stimulate private investment in local innovation and technology start-ups. Venture capital funds can apply to become co-investment partners of the Hong Kong government to back start-ups in series A and B round across all technology sectors, according to an official announcement today.
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.
In a blow to China’s cash-burning bike sharing companies, the city of Beijing has banned commercial advertisement on bicycles deployed in the city, according to regulatory guidance released last week.
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.
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).
Lyu Ruifeng (pictured), 62, former deputy mayor of Shenzhen from 2004 to 2015, is under investigation for alleged bribery, the People’s Procuratorate of Jiangmen, Guangdong Province, said yesterday. The case could be one of the most serious corruption probes of a top government official in the southern city that aspires to be China’s Silicon Valley.
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.
The People’s Bank of China and six other state regulators today jointly announced a complete ban on initial coin offerings (ICOs) in China, in perhaps the harshest measures ever taken against a new fundraising activity.
Chinese Internet giant Alibaba Group Holding Ltd. has unveiled plans to establish a regional headquarters in Xi’an city to support the growth of western China and the country’s One Belt One Road initiative.
Chinese car maker Beijing Automotive Group’s (BAIC Group) electric vehicle business unit, BAIC BJEV, has raised a RMB11.1 billion (US$1.6 billion) series B round from 14 investors, including state-owned enterprises China Cinda Asset Management Co., Ltd. and Zhongji Investment, a firm co-founded by the Hebei provincial government.
Chinese smartphone maker Smartisan Technology Co., Ltd., founded by Chinese Internet celebrity and English teacher Luo Yonghao, has raised a RMB1 billion (US$140 million) new funding round led by entities backed by the government of Chengdu.
In a move to strengthen oversight of online financial activities, the People’s Bank of China (PBoC) has required all third-party payment institutions to channel transactions via a newly established central clearing platform.
Six Chinese blockchain industry associations have jointly issued a protocol to better manage and control financial risks for initial coin offering (ICO) in China, in the country’s first voluntary framework to regulate the development of one of the hottest areas in financial technology.
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 …
Qingdao Ronghai State-Owned Asset Management Company, an investment entity owned by the state-owned asset management office of Licang district in Qingdao city, has led a RMB200 million (US$29 million) series A round in Hairongyi.com, a financial technology start-up backed by Haier Financial Holdings.
Sweden may not be the most populous of nations, with just 9.8 million people. But the country that brought us the the Nobel Prize for science has given birth to a disproportionately high number of tech giants. Skype, the Internet calling service bought by Mcirosoft, digital music service Spotify, popular mobile game Candy Crush and Minecraft developers King and Mojang, are all Swedish entities.
The Russian Direct Investment Fund (RDIF) and China Development Bank (CDB) have agreed to establish a RMB68 billion (US$10 billion) China-Russia RMB Investment Cooperation Fund, as part of China’s One Belt One Road initiative to improve connectivity between Eurasian countries.
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.
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.
Sina Inc.-backed Weibo, China’s equivalent of Twitter, and AcFun, a venture-backed video sharing platform, are among companies being required by regulators to immediately shut down their online video sharing and streaming operations because they have not obtained proper licenses.
China’s securities regulator has offered exemptions to venture capital and private equity firms from new measures restricting how quickly shareholders can offload their stakes in newly listed companies.
Chinese sovereign wealth fund China Investment Corporation (CIC) is poised to buy Blackstone’s European logistics business Logicor for more than €12 billion (US$13.4 billion). If completed, it will be the largest ever European real estate deal in terms of value.
The Chinese government has introduced new policies to encourage the listing of qualified high-growth technology companies located outside major cities, in another move to foster innovation and accelerate the country’s transition to technology-led growth.
The Beijing Municipal Bureau of Financial Work is considering tighter regulations over the management of deposits collected by bike sharing companies, in order to protect consumers and reduce financial risk in the industry.
China Investment Corporation (CIC), with US$814 billion under management, opened a representative office in New York city last Friday as the Chinese sovereign wealth fund moves to expand its global reach and investment capabilities.