Recent IPOs Prove Chinese Companies Lie About VC Funding Rounds

As more Chinese companies go public it’s becoming increasingly clear that many of them have lied about the level of funding they received as private companies, and thus their pre-IPO valuations. The latest example is Rong360 Inc., once listed on China Money Network’s China Unicorn List with a US$1 billion valuation. The company is planning a U.S. listing for its wholly-owned subsidiary Jianpu Technology Inc., raising up to US$200 million, according to its IPO prospectus filed with the U.S. Securities …

Baidu’s Newest Gadget Translates Speech In Near Real-Time

CT Weekly is a newsletter summarizing major recent developments in China’s tech sector published by China Tech Insights, an industry research project established by Tencent Online Media Group. China Money Network is re-publishing the newsletter under an agreement with China Tech Insights. Baidu’s newest gadget translates speech in near real-time Baidu, China’s biggest search engine, has unveiled a translation device on Sept.19. The portable gadget, which weighs as much as a smartphone, was revealed Tuesday at the 16th Machine Translation …

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).

Warburg Pincus Acquires 49% Of Fortune SG From Societe Generale

Warburg Pincus has acquired a 49% stake in asset management company Fortune SG from Societe Generale. The deal sees Societe Generale exit from Fortune, a joint venture it established in 2003 in partnership with a unit of Baosteel Group, creating one of China’s first sino-foreign joint venture fund management companies. No financial details were disclosed.

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 …

China’s Central Bank Rejects Alibaba, Tencent’s Push For Cashless Society

Alibaba and Tencent wanted to kill cash. But their dreams of a cashless society may get crushed first. Concerned about the declining use of China’s fiat currency and alarmed by reports of merchants refusing the RMB as payment, the People’s Bank of China has taken action to ban, or at least limit the use of the word "cashless" in promotional materials published by digital payment giant Alibaba’s Ant Financial.

Will Investors Pouring Billions Into Chinese Used-Car O2O Firms Get Run Over?

Investors are again throwing money at China’s online used-car e-commerce market. After a decade of massive new car sales, the Chinese used car market is growing fast and potential profits abound. But with the market highly fragmented and rival online-to-offline players burning cash faster than buyers can drive cars off the lot, one can’t help wondering if this market is about to crash, and which investors will get hurt.

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.