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Chinese Bike Rental Firm Youon’s Subsidiary Raises $123M From Ant Financial And Others

Chinese bike rental company Youon Bike said one of its subsidiaries has agreed to raise RMB810 million (US$123 million) from eight investors including a unit of Ant Financial. The proceeds will be used to finance its wholly-owned subsidiary Jiangsu Yonganxing Low Carbon Technology Co. to further expand in the GPS-powered station-less bike sharing operations, according to a security filing.

SoftBank Vision Fund Eyes $500M Investment In ZhongAn Insurance’s US$1.5B IPO

SoftBank Vision Fund, a US$93 billion investment fund backed by SoftBank Group Corp with a significant commitment from Saudi Arabia’s sovereign wealth fund, is considering a US$500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co., Ltd. ZhongAn Online is China’s first Internet-only insurer jointly established by Alibaba Group, Tencent Holdings and Ping An Insurance in 2013. The company is geared toward raising US$1.5 billion in an IPO in Hong Kong at …

Ant Financial’s Agriculture Insurance Joint Venture Gets Regulatory Green Light

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).

Chinese Innovation QR Code Mobile Payment Wants To Conquer The World

China is going cashless, no doubt. Chinese consumers spent a total of US$5.5 trillion via mobile payment platforms last year, or simply put, it was about 50 times more than their American counterparts (around US$112 billion), according to data from Forrester Research and iResearch. The credit of the country’s multi-trillion dollar mobile payment market goes to China’s third-party QR code-scanning mobile payment platforms, led by WeChat Pay and Alipay. Statistics show that from 2013 to 2016, the number of transactions …

Chinese Bike Rental Firm Youon Completes $87M Shanghai IPO

Chinese bike rental company Youon Bike, backed by Ant Financial and Shenzhen Capital Group, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB581 million (US$87 million). It is the first stock market listing by any of the dozens of bike sharing companies in China.

Ant Financial Invests In Chinese FinTech Start-Up VFinance

Ant Financial Services Group, the financial services affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has made a strategic investment in VFinance, a Shanghai-based start-up providing digital financial infrastructure solutions to enterprises in China.

Ant Financial Enters Malaysian Market Via 7-Eleven Partnership

Ant Financial Services Group, the financial affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has entered the Malaysian market via a partnership with U.S. based convenience store chain 7-Eleven. Under the agreement, 2,100 7-Eleven stores in Malaysia will accept payments using Ant Financial’s third-party online payment service Alipay.

Check Out The Coolest Tech Company Headquarters In China

The rise of China’s technological prowess is reflected in the size of its tech companies: Tencent is among the world’s top ten biggest company by market value, while Alibaba completed the world’s biggest IPO two years ago when it listed in New York.

Chinese Bike Sharing Company Youon Bike Makes Second Bid for Shanghai IPO

Jiangsu province-based bike sharing company Youon Bike is making another try for an initial public offering on the Shanghai Stock Exchange, seeking to raise RMB598 million (US$86 million) by issuing 24 million shares. An earlier application was rejected in 2015. Founded in 2010, Youon Bike received an undisclosed amount of money from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., and IDG Capital. However, Youon plans to end the funding, according to its IPO prospectus. The company …

Ant Financial, IDG Invest In Chinese Bike Sharing Company Youon Bike

Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has teamed up with Chinese venture firm IDG Capital and Shenzhen Capital Group Co., Ltd to invest in a series A financing round in Youon Bike, a Jiangsu province-based bike sharing company, according to Chinese media reports. No financial details were disclosed. Founded in 2010, Youno claims that it has deployed over 800,000 bikes in 210 cities in China and has over 16 million users. The company has partnered …

Ant Financial Makes $200M Strategic Investment In South Korean’s Kakao Pay

Ant Financial Services Group, the financial services affiliate of Alibaba Group Holdings Ltd., has agreed to make a US$200 million strategic investment in Kakao Pay, a mobile payment solution provider of South Korean-based messaging platform company Kakao Corp., according to Ant and Kakao’s joint announcement.