Alibaba’s third-party mobile payment platform Alipay has been fined RMB180,000 (US$28,535) for inadequate customer rights protection, publishing misleading advertising and improper data protection, according to an administrative penalty notice from People’s Bank of China, Hangzhou branch.
China has announced tariffs of up to 25% on 128 U.S. imports worth US$3 billion, in retaliation to U.S. duties on steel and aluminium, further escalating the ongoing Sino-U.S. trade war.
Alibaba’s mapping unit, AutoNavi Holdings Ltd. also known as Gaode Map, has launched its own carpooling business, starting in Chengdu and Wuhan initially with plans to roll out nationally.
Alibaba’s financial affiliate Ant Financial Services Group has reached a strategic partnership with Norwegian telecommunications company Telenor Group to invest US$184.5 million for a 45% stake in Telenor Microfinance Bank (TMB), a microfinance bank in Pakistan and a subsidiary of Telenor Group.
China’s bike-sharing firm ofo announced that it has raised US$866 million in equity and debt capital in a funding round led by Alibaba Group Holding Ltd. The deal increases Alibaba’s control over the company and further distances ofo from its major shareholder Didi Chuxing.
The Hong Kong Securities and Futures Commission (SFC) has banned Zurich-based UBS Group AG from sponsoring initial public offerings (IPOs) on the Hong Kong Stock Exchange for 18 months. The ban comes just as the Hong Kong exchange is preparing for a surge of IPOs, especially by tech companies.
Chinese video streaming app Inke is reportedly seeking an initial public offering in Hong Kong after a failed attempt last year to complete a back-door A-share listing in China.
In a sign of financial distress derived from shareholder disagreements, bike sharing company Ofo has mortgaged its own bicycles in order to receive two loans worth RMB1.77 billion (US$280 million) from Alibaba’s affiliates, according to data from the National Enterprise Credit Information Publicity System.
CNHTC, the parent company of Chinese heavy-duty commercial vehicle manufacturer Sinotruk (Hong Kong) Limited, and UQM Technologies, a Colorado-based developer and manufacturer of electric motors, have withdrawn their application for investment approval to the Committee on Foreign Investment in the United States (CFIUS), the companies said.
Chinese internet giant Tencent Holdings is making another major investment in the Indian online entertainment sector, with a US$115 million stake in music streaming app Gaana.
Chinese tech giant Alibaba Group is reported to have inked a deal to buy food delivery service Ele.me in what is seen as a major step towards reinforcing its position in the on-demand local services market in a deal worth around US$9.5 billion.
American semiconductor and electronics manufacturer Xcerra Corporation and China’s Hubei Xinyan Equity Investment Partnership have cancelled their proposed merger after failing to receive approval from the Committee on Foreign Investment in the United States (CFIUS), the companies announced today.
China’s largest e-commerce company Alibaba Group is in talks to buy a minority stake Dailyhunt, an Indian news aggregator and e-bookstore backed by Chinese personal news recommendation app Toutiao, according to Indian media.
The U.S. Securities and Exchange Commission ("SEC") decision to block a Chinese-led investor group from buying the Chicago Stock Exchange ends a two-year campaign to turn the small , 136-year old exchange into a venue for international IPOs. It also marks the latest in a string of blocked deals involving Chinese companies trying to buy major U.S. assets.
Alibaba’s Ant Financial is working with China Construction Bank and online real estate agency Lianjia to launch a blockchain-based apartment rental platform in China’s Xiongan New Area.
A unit of Ant Financial Services Group has agreed to invest RMB200 million (US$31.5 million) in a Chinese smart parking company to jointly expand and accelerate the deployment of smart parking operations throughout China.
Chinese tech giant Tencent Holdings Ltd has opened up its artificial intelligence images platform to the public, essentially offering basic image and facial recognition capabilities for free. The move raises the question if start-ups focused on providing facial recognition services would still be commercially viable.
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.
Ant Financial, the financial services arm of Alibaba Group Holding Ltd., has invested US$200 million in Indian food delivery firm Zomato Media Private Ltd.
Alibaba Group Holding Ltd. reported quarterly results today and said that it has agreed to a 33% stake in Ant Financial to end the current profit-sharing arrangement between the parent company and its financial services affiliate.
China recorded US$40 billion in venture capital investment deals in 2017, a 14.3% increase from US$35 billion in 2016, buoyed by a flurry of massive investment in artificial intelligence and automobile technologies in the fourth quarter, according to a report by KPMG.
China’s direct investment in the United States dropped by 35% in 2017 to US$29 billion in completed deals, and the value of newly announced Chinese acquisitions in the U.S. dropped by 90% compared to 2016, due to regulatory hurdles from both countries, according to a report by Rhodium Group, a research consultancy based in New York.
Chinese state-owned semiconductor manufacturing supplier Naura Microelectronics Equipment Co., Ltd announced that it had completed a US$15 million acquisition of U.S. company Akrion Systems LLC, a supplier of surface preparation for solar and semiconductor devices.
China wants to buy more than just beef and soybeans from the United States. The world’s second largest economy also eagerly wishes to greatly increase the import of American technology.
Chinese tech giant Alibaba Group Holding Ltd. is reported to have bought a US$3 billion stake in bike sharing firm ofo from GSR Ventures.
Chinese tech giant Baidu Inc., Alibaba’s financial affiliate Ant Financial and Beijing Bytedance Telecommunications Co., Ltd., the operator of Chinese personalized news app Toutiao, have been summoned to answer question by China’s Ministry of Industry and Information Technology as they have failed to fully disclose the collection of personal data from users of their mobile apps, according to the government’s website.
Kr Space, a Chinese co-working space spinoff from technology, media and entrepreneurial services company 36Kr, has completed a new financing round of RMB600 million (US$92 million).
The Cyberspace Administration of China has reprimanded Jack Ma’s Ant Financial over a default setting on its Alipay mobile payment platform that gave corporate partners access to user credit data, according to the regulator’s website.
Ant Financial Services Group and MoneyGram announced that they have mutually agree to terminate their merger deal after both companies failed to obtain the required approval from the Committee on Foreign Investment in the United States (CFIUS)
Chinese bike sharing firm Hellobike said it has raised RMB1 billion (US$152 million) in a D2 financing round led by Fosun Group and GGV Capital. The news came three weeks after the bike company raised US$350 million in a series D1 round, putting the company’s fundraising total to just over a half billion U.S. dollars in the past month and placing it in a strong position to compete with industry leaders Mobike and ofo.
China’s largest co-working office space operator UrWork, founded in 2015, has raised a RMB300 million (US$45 million) series C financing round at RMB9 billion (US$1.3 billion) valuation. The new financing round came four months after the two-year-old start-up raised a RMB1.2 billion (US$179 million) pre-C round in August.