China Money Network’s DealShot provides detailed information on venture capital and private equity deals in China on a daily basis. Here you can find out where Chinese investors have been investing their money in at around 5pm each workday.
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 …
Ant Financial and Samsung Group have led a US$40 million series A+ round in Beijing-based artificial intelligence start-up DeePhi Tech.
China’s Qudian Inc., a provider of online consumer credit products backed by Ant Financial, has completed a listing on the New York Stock Exchange, raising approximately US$900 million.
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 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.
Chinese online micro-credit provider Qudian Inc. has filed a prospectus to raise up to US$750 million in an initial public offering on the New York Stock Exchange, according to an SEC filing.
Following the just released iPhone X’s cool face ID feature, Ant Financial Services Group said it is allowing customers to use face scan to unlock and pick up packages at smart courier cabinets in Shanghai.
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 …
U.S. President Donald Trump has blocked a Chinese-backed investor from buying American chip maker Lattice Semiconductor Corp., only the fourth time in a quarter century that a U.S.president has banned a foreign takeover of an American firm on national security grounds.
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).
Shenzhen, once a hotbed of technology innovation and home to seven Fortune Global 500 companies, is losing out in the race to becoming China’s Silicon Valley.
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.
Financing of Chinese co-working space industry continues to accelerate as leading players battle for market share.
Citybox, a Chinese smart vending machine operator backed by Alibaba’s Ant Financial and its personal credit rating service Sesame Credit, has raised a US$15 million series A round from GGV Capital, Yunqi Partners, Blue Lake Capital and Zhen Fund.
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 …
An investor consortium backed by Alibaba Group’s founder Jack Ma has agreed to acquire the Hong Kong and Macau operations of U.S. insurer Massachusetts Mutual Life Insurance Co., also known as MassMutual, for HK$13 billion (US$1.7 billion).
Chinese Internet giant Alibaba Group Holding Ltd. has unveiled plans to establish a regional headquarters in Xi’an city to support the growth of western China and the country’s One Belt One Road initiative.
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.
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.
McDonald’s Corporation’s China business, now under new ownership of CITIC Ltd. and Carlyle Group, is planning to drive double-digit sales growth in each of the next five years and to increase the number of its restaurants to 4,500 from 2,500 currently.
In a move to strengthen oversight of online financial activities, the People’s Bank of China (PBoC) has required all third-party payment institutions to channel transactions via a newly established central clearing platform.
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.
IDG Capital is reportedly in talks to lead a new funding round in Meituan-Dianping, China’s largest on-demand local services provider.
Baidu Waimai, the food delivery unit of Chinese search engine company Baidu Inc., is rumored to be in merger talks with Ele.me, a food ordering mobile app backed by Alibaba Group Holding Ltd. and Ant Financial.
Despite being an export powerhouse, Chinese products have largely been run-of-the-mill stuff like cloth, shoes and toys. Change is on its way, however, and it’s coming on two wheels in the form of bike sharing.
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.
China’s largest co-working space operator UrWork has completed a RMB200 million (US$29 million) investment round from Beijing Aikang Group, a Chinese conglomerate in the healthcare, real estate and investment businesses.
China’s largest e-commerce firm Alibaba Group Holding Ltd. said it has established a new company-wide committee to implement its strategy for the future and upgrade the group’s various business units.
Asian alternative investment management firm PAG and China-focused private equity firm Primavera Capital Group have led a RMB800 million (US$117 million) series C round in Dashu Finance, a Shenzhen-based online lender of unsecured loans to small and micro enterprises that traditionally could not secure funding from banks.
Ant Financial Services Group, the financial affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has announced a partnership with the city of Fuzhou to build what it called a "cashless society", according to state media reports.