Chinese tech giant Tencent Holdings Ltd. plans to buy a 5% stake in Shanghai Stock Exchange-listed Yonghui Superstores, in a move to compete against rival Alibaba Group Holding Ltd. in the new retail space.
Imagine walking your child to school, then discovering an hour later that you and your child’s image has been featured on state news simply because you happened to walk past a store that was just robbed. This type of invasive news coverage has just become reality in China thanks to a partnership between tech giant Alibaba Group and Chinese state newswires Xinhua News Agency.
Lenovo Group Ltd. has teamed up with China Electronics Standardization Institution to launch an Industrial Big Data Application Alliance to support the utilization of industrial big data.
China’s largest ride sharing firm Didi Chuxing is reportedly expanding into Mexico as soon as first quarter next year, to push its global expansion strategy and to compete head-to-head with its river Uber Technologies Inc.
Chinese artificial intelligence start-up SenseTime has signed a long-term development agreement with Japanese car manufacturer Honda to build smart artificial intelligent cars with autonomous driving.
China continued to be a breeding ground for tech unicorns in 2017, with 22 private companies receiving a valuation of US$1 billion or more for the first time. The 2017 vintage unicorns boast a total valuation of US$37.3 billion, accounting for more than a third of the total newborn unicorns worldwide, and 38% in terms of valuation, China Money Network‘s data shows.
Yao Song, founder of upstart Chinese artificial intelligence (AI) start-up DeePhi Tech, has a nickname: “Boss Yao”. The 25-year-old Tsinghua University graduate has been on a winning streak so far. After securing a victory at a national physics competition championship, Yao was admitted into China’s top university to study electrical engineering without having to take the university entrance exam. While at Tsinghua, he chaired a prominent student science association and organized innovation competitions on campus.
A Chinese electric vehicle sharing start-up PonyCar has raised RMB250 million (US$37 million) in a series C round led by Zhihe Chuxing. This is the third financing round completed by the 13-month-old company, which has raised RMB550 million (US$83 million) in total since its founding last October.
German fintech start-up NAGA Group, which is backed by Chinese conglomerate Fosun International Limited, has launched an initial coin offering of its crypto-currency NGC Token, aiming to raise US$30 million.
The world’s largest consumer drone maker DJI has vehemently denied accusations from U.S. Immigration and Customers Enforcement (I.C.E) that the company’s drones have been collecting sensitive data on American infrastructure and sending it back to the Chinese government.
Baidu Inc. may be China’s most innovative tech company. That could eventually make it China’s most successful tech company, or its greatest failure.
Alibaba Group Holding Ltd. has reportedly invested RMB1.5 billion (US$227 million) in SenseTime, a Beijing-based Chinese artificial intelligence company specializing in facial and image recognition technology and its application.
Chinese Internet giant Baidu Inc. and smartphone maker Xiaomi Inc. have entered into a partnership leveraging the two companies’ strengths in artificial intelligence (AI) and Internet of Things (IoT).
Entrepreneurs, start-ups and companies are drawn to the flexible, vibrant and energizing atmosphere at naked Hub co-working space in Hong Kong, the newest and hippest shared work place in the metropolitan. “Hubbers”, what naked Hub calls its tenants, found the work environment that comes with bright yellow bean bags and unlimited free beer an ideal place for networking, business cooperation at affordable prices.
The U.S. has charged employees of a Chinese Internet security firm with hacking and stealing high-tech trade secrets, including satellite systems technology, following an investigation by the FBI, Naval Criminal Investigative Service and Air Force Office of Special Investigations.
After years of explosive growth, China’s vast sharing economy is entering consolidation mode. The latest merger news comes from Chinese Uber-like truck logistics leaders Yumanman and Huochebang, both valued at US$1 billion on China Money Network’s China Unicorn Ranking. The deal may herald more mega-mergers in the sharing space due to intense competition and overlapping business models.
Chinese online micro lender Qudian Inc. (NYSE:QD) has been told by by Ant Financial, the financial affiliate of Alibaba Group (NYSE:BABA), to drastically reduce the amount of interest it charges its customers. From November 30, all Qudian transactions on Ant Financial’s Alipay consumer interface will be limited to an effective annualized rate of 24%, including interest, fees and charges. Alipay is Qudian’s largest source of business.
An artificial intelligence enabled robot has passed the written test of China’s national medical licensing examination for the first time, marking another milestone in the quest for AI technology to match or surpass human intelligence. Named Xiaoyi, the robot developed by Tsinghua University and Chinese information technology firm iFlytek, achieved a score of 456, 96 points higher than the required mark of 360 points, according to a company announcement.
Chinese smartphone maker, Xiaomi Inc., has said it will invest as much as US$1 billion in 100 Indian start-ups with Shunwei Capital, a venture capital firm founded by Xiaomi’s founder Lei Jun, in next five years.
China Money Network’s Special Situations Team brings you the latest installment in our “Industry Specialist” series, sitting down with Bill Sims, a Managing Director for Cybersecurity, Investigations & Business Intelligence Asia Pacific Stroz Friedberg to discuss the current cybersecurity challenges facing Chinese companies and foreign investors in the country. China is home to the world’s largest group of Internet users. However, the country is behind the curve in terms of cybersecurity. The number of cyber attacks on Chinese and Hong …
When you are Jack Ma, you never think small. The founder and executive chairman of Chinese technology giant Alibaba Group Holding Ltd. says he thinks that Yunfeng Capital, the private equity fund he co-founded, will one day rival the most powerful money managers in the world.
Tiger Management Corp. has led a US$120 million D3 round in Yunmanman, a freight transportation and logistics mobile app operator in China, according to Chinese media reports.
Chinese Internet retail giant Alibaba Group Holding Limited has formed a strategic alliance with French retailer Auchan Retail S.A. and Ruentex Group to pursue new opportunities in China’s food retail sector. As part of the strategic alliance, Alibaba will invest a total of HK$22.4 billion (US$2.88 billion) to obtain an aggregate 36.16% stake in Sun Art Retail Group Ltd., a Chinese hypermarket operator listed on the Hong Kong Stock Exchange. Alibaba is buying the stake from from Ruentex, for around …
Automotive manufacturer Volkswagen AG has said it will invest over US$12 billion by 2020 with its Chinese partners to launch as many as 40 new electric and hybrid vehicle models in China by 2025. The first of the new models could enter the Chinese market as early as next year, Jochem Heizmann, the head of Volkswagen China, told reporters yesterday. The investment is part of Volkswagen’s broader electric vehicle plans. Two months ago, the company said it aims to invest …
Chinese humanoid robot maker Ubtech Robotics is raising a US$400 million series C round led by tech giant Tencent Holdings Ltd. with participation from investors whose identities are unknown at this moment. The Shenzhen-headquartered company has been raising this round at least from six months ago, and the final numbers may still change, according to people familiar with the matter.
China continues to dominate the fintech landscape, accounting for 5 of the top 10 fintech companies globally in 2017, according to a report by KPMG and H2 Ventures, which compiles a list of the year’s best fintech innovators from around the world.
Beijing-based fintech company 9f Group has raised a massive new funding round from Cinda International Holding Ltd, a subsidiary of state-owned China Cinda Asset Management Co., Ltd., Focus Media Information Technology’s Chairman Jiang Nanchun, video game developer Youzu Interactive’s chairman Lin Qi and an unnamed Chinese industry fund.
Shanghai Pharmaceuticals Holding Co., Ltd., a Chinese pharmaceutical manufacturer and healthcare services provider, has agreed to acquire New York Stock Exchange-listed healthcare services firm Cardinal Health’s China business for US$1.2 billion.
U.S. semiconductor company Qualcomm Inc. has made an undisclosed amount of investment in SenseTime, a Beijing-based Chinese artificial intelligence company specialized in face recognition technology and its applications.
Chinese automotive manufacturer Zhejiang Geely Holding Group, the parent company of Volvo Cars, has agreed to acquire the operations and assets of Terrafugia Inc., a U.S.-based firm developing flying cars.
Stefan Krause (pictured), the former chief financial officer of embattled Chinese electric vehicle company Faraday Future, accused the Chinese company for defamation surrounding the reasons of his recent departure from the company. The news could further erode investor confidence and reduce the chance for the company to raise much-needed capital to maintain its operations.