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.

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. …

VC Fund Offers $155M To Lure Chinese Scientists Away From Silicon Valley

In recent years, many talented Chinese scientists have abandoned Silicon Valley to seek greater opportunities at home with local tech firms. Now they will have an added incentive as Chinese venture capital firm Shenzhen Green Pine Capital Partners has launched a RMB1 billion (US$155 million) fund to help overseas Chinese scientists start businesses in the southern city of Shenzhen.

Beijing Considers Policies To Potentially Ban Bitcoin Mining In China

Chinese regulators are rumored to take another forceful action toward the Bitcoin industry, potentially asking bitcoin mining companies in China to exit the business soon. This is another and final major blow to China’s Bitcoin industry after Beijing closed all Bitcoin exchanges and banned initial coin offerings last fall.

2017 In Review: China Leads World After Minting 22 New Unicorns Worth $37.3B

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.

China’s Uber-Like Trucking Unicorns Merge As Sharing Economy Consolidates

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.

Jonathan Larsen Explains How Chinese Insurance Giant Ping An Wants To Invest $1B In Global Tech Start-Ups

For Jonathan Larsen, an 18-year Citi veteran, joining China’s Ping An Insurance (Group) Co. was like an army general being asked to lead a small, elite squad. As Global Head of Retail Banking and Mortgages at Citi, Larsen oversaw a global team of 80,000 employees. But when he joined Ping An this May as Chief Innovation Officer and CEO of the US$1 billion Ping An Global Voyager Fund, the team was just him and his assistant on his first day.