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.
Juewei Food Co., a Chinese food retailer best known for its marinated duck necks and chicken feet, said it has agreed to establish a joint venture industry fund with food delivery app Ele.me to invest in companies operating in the catering industry.
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike.
Looking at China Money Network’s China Unicorn Ranking of 102 companies worth a combined US$435 billion, three waves of technology investment jump out. Financial technology is a past wave in terms of opportunity, artificial intelligence is a present wave, while education and healthcare are waves that are only now gaining strength.
Alibaba Group Holding Ltd. and its financial services affiliate Ant Financial plan to lead a US$1 billion funding round in Ele.me, a Chinese food ordering mobile app, which will value the start-up at US$5.5 billion to US$6 billion post-money, according to media reports citing insiders.
Beijing Xingpai Group, a Chinese conglomerate engaged in the sports, real estate and investment businesses, has led a RMB800 million (US$116) investment round in co-working space start-up UrWork and 5Lmeet, both founded by Mao Daqing, a former real estate executive at China Vanke Co., Ltd.
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.
It’s hard to predict which new products will take off and which will flop. The Segway was launched in 2001 to much media interest, but quickly became the subject of ridicule and fell into obscurity. Fifteen years later, the “hoverboard” – essentially a Segway without handlebars – somehow became one of the most sought-after Christmas gifts, with hundreds of factories in China churning out the two-wheeled trendsetter.
Alibaba Group Holding Ltd. has signed a memorandum of understanding with the Trade Development Authority of Pakistan to foster growth of exports by small and medium sized enterprises in Pakistan through its e-commerce platforms, in another step in Alibaba’s international push.
Yum China Holdings Inc, backed by Chinese private equity firm Primavera Capital Group and Ant Financial Services Group, has agreed to acquire a controlling interest in online food delivery company Daojia.com.cn to better serve its Pizza Hut and KFC customers.
BAT, a term used to describe the three dominant Chinese Internet giants Baidu, Alibaba and Tencent, could soon become JAT, as the value of search engine Baidu Inc. looks likely to be overtaken by JD.com Inc.
Beijing, China, May 9, 2017 /ChinaNewswire.com/ – China Money Network, the trusted news platform on China for millions of global investors, today launches its China Unicorn Ranking 2017, the most complete and up-to-date list of Chinese private companies valued at US$1 billion or more. With 102 unicorns, a term used to describe the statistical rarity… Read More
We live in the age of unicorns. Since the term was coined in 2013 by venture capitalist Aileen Lee to describe start-ups valued at US$1 billion or more, unicorns have multiplied with incredible speed. The unicorn, symbolizing the statistical rarity of such successful ventures, has become almost commonplace. With 193 unicorns globally worth US$664 billion in total*, unicorns also reflect the rise of private capital and investor euphoria over the promise of technology, especially in China.
Chinese co-working space company Urwork has agreed to merge with peer New Space, a Beijing-based incubator and co-working space firm. The transaction is the first merger deal in the crowded co-working industry in China.