Former Autodesk Director Wang Lifeng Joins 51HiTech As CTO

Wang Lifeng, a visual technology expert who previously worked as a director at Autodesk Software (China) Co., Ltd., and a researcher at Microsoft Corporation, has joined 51HiTech, a Beijing-based virtual reality and augmented reality start-up as chief technology officer, according to the firm’s announcement on its WeChat account.

China’s Huawei Tests 5G Network In Canada Despite Calls For Ban In US

Huawei may be facing a virtual sales ban in the United States, due to alleged security concerns, but that hasn’t stopped the Chinese company from launching tests of its 5G wireless technology just north of the border in Canada. On Wednesday, Huawei unveiled an urban trial of 5G wireless-to-the-home services in Vancouver, in partnership with Canadian carrier Telus. The trial is believed to be the first of its kind in North America. “This trial represents continued progress toward the launch of 5G, …

IPO Strips Huami Of Its Unicorn Status; More Unicorn Downgrades To Come?

Huami Corporation, a Chinese manufacturer of low-cost wearable devices backed by smartphone maker Xiaomi, raised a smaller-than-expected US$110 million in a public float on the New York Stock Exchange today. The offering, which was less than the hoped for US$150 million, gives Huami a market valuation of US$690 million, much lower than its previously rumored US$1 billion price tag.

China Gets Low Marks On Autonomous Vehicle Preparedness Ranking

China will need to upgrade its regulatory framework and infrastructure before it becomes a leader in the autonomous vehicles space, according to a study by KPMG. In the report, China came 16th on a list of 20 nations in terms of readiness for autonomous vehicles, just below Spain, but ahead of Brazil, Russia and India.

Apple To Build Second Chinese Data Center In Inner Mongolia

Apple Inc will build a data center in Ulanqab City in north China’s Inner Mongolia Autonomous Region, its second data center in China. The news comes shortly after Apple announced a agreement to hand over its iCloud data storage services in mainland China to a state-owned company in Guizhou due to regulatory concerns.

Tencent Built Its Empire With 600 Deals In Six Years, Now It Wants To Bury Alibaba

China Money AI is our news writing robot. These articles are edited by humans Tencent has invested over RMB100 billion (US$16 billion) in more than 600 companies during the past six years to build an empire worth over US$500 billion, making it the sixth biggest company in the world. Now the Chinese social networking and gaming giant is eyeing the next battlefield it plans to win: the core retail business of its arch rival Alibaba Group.

China’s Baidu Rumored To Raise $2B Round For Financial Unit

China’s tech giant Baidu Inc. is seeking a new funding round of up to US$2 billion for its wholly-owned finance unit to push into the financial services sector and compete with Alibaba Group Holding Ltd and Tencent Holdings Ltd, according to media reports citing insiders.

China Said Planning New Crackdown On Digital Currencies

The Chinese government is planning additional steps to crack down on cryptocurrency speculation in that country, according to domestic media reports. A series of new regulatory measures will be taken in the coming weeks against initial coin offerings (ICO) and virtual currency transactions conducted in China and abroad, including the possible banning and disposal of domestic and foreign virtual currency exchange websites and related businesses, according to the Financial Times of the People’s Bank of China (PBOC), and reported on …

Chinese Bitcoin Mining Industry Moves Overseas After Regulatory Crackdown

China Money AI is our news writing robot. These articles are edited by humans In recent years, Li Jiacheng, a young businessman in Fujian, has been doing business in Myanmar and Africa. As Bitcoin prices skyrocketed, a new project entered his horizons: Myanmar has a hydropower station near the border with Yunnan province in China that has cheap power to supply bitcoin mining.

Baidu Venture Capital Raises US$317M For Artificial Intelligence Focused Fund

Baidu Venture Capital (BV), the early-stage investment unit of Baidu Inc. focused on artificial intelligence investments, has completed the first closing of its second RMB fund, having raised nearly RMB2 billion (US$317 million), according to a WeChat post by the firm. Together with BV’s first RMB fund and a US dollar fund, the firm has total assets under management of around RMB3 billion (US$476 million), the company said. External investors joined the fund for the first time as limited partners, …

China Renaissance’s Bao Fan Calls Cryptocurrency "Highly Speculative"

On January 30, at China Renaissance Group’s 2018 New Year Media Communication Conference, Bao Fan, founder and CEO of China Renaissance Group, shared his views on the 2017 capital markets, blockchain and market competition. Below is an edited summary of his speech that originally appeared on Touzirenshuo’s Wechat channel. China Money Network is authorized to republish the post. It felt like 2017 went especially fast, in the blink of an eye. Indeed, 2017 was a triumphant year for our industry. …