Alibaba Doubles Down On Tech Research To Serve 2 Billion Customers Globally

Chinese Internet giant Alibaba Group Holding Ltd. plans to double down on technology research and development to strengthen its core competence and support its vision of serving two billion people in the future. The e-commerce company unveiled its grand plan at its inaugural tech summit, called "New Technology, New Future" held at its Hangzhou headquarters on March 9, with over 5,000 engineers in attendance. Jack Ma, Alibaba’s executive chairman, reiterated his expectation that Alibaba will become the world’s fifth-largest "economy" …

Saudi Arabia, SoftBank’s $100B Global Tech Fund Nears First Closing

SoftBank Group Corp. and Saudi Arabia’s sovereign wealth fund will achieve the first closing of their planned US$100 billion joint global technology fund by the end of this month, according to media reports. The first closing of the so-called Vision Fund will likely exceed US$80 billion, but timing and the size of the first closing may still change, said the reports. Last October, the two announced the launch of the massive technology fund, disclosing that the London-based fund will be …

Kai-Fu Lee: BAT And VCs Will Drive More China Merger Deals

In this episode of China Money Podcast, guest Kai-Fu Lee, founder of US$500 million-under-management early stage venture firm Innovation Works, spoke to our host Nina Xiang. Dr. Lee shared his views on why he is bullish long-term on Chinese start-ups in the O2O (online-to-offline) and P2P (peer-to-peer) lending space, and what is driving mergers between technology rivals. He stopped short though from offering predictions on specific merger deals that might soon happen. Be sure to listen to the full interview …

Xiaomi Hires DST’s Shou Zi Chew As CFO

Beijing-based smartphone maker Xiaomi Inc. has hired DST Investment Management Ltd’s partner Shou Zi Chew as chief financial officer, according to media reports. The Hong Kong-based Chew played a key role in DST’s participation in Xiaomi’s financing round. In December 2014, Xiaomi completed over US$1 billion new round of financing led by All-Stars Investment Ltd., with Hopu Investment Management, DST, Singapore sovereign wealth fund GIC, and Yunfeng Capital participating.

IDG, Matrix Join $20M Series A Round In OlymTech

OlymTech Corporation, a China-based IT solution service provider for logistics companies, has raised approximately US$20 million in its series A financing round from IDG Capital Partners, Matrix Partners and Yunqi Partners, according to a company announcement. Founded in 2002 by IT and logistics professionals from the Silicon Valley and China, OlymTech provides cloud-based IT solutions for a international freight and logistics services providers.

Morningside, IDG Inject $10M In AllMoilize’s Series B Round

Beijing-based AllMobilize Limited, a Chinese start-up focused on automatic mobile adaptation for businesses, has completed around US$10 million series B round of financing from Morningside Ventures and IDG Capital Partners, according to Chinese media reports. Founded in 2012, AllMobilize’s services have helped over 300,000 businesses to create website and platforms for various mobile devices. No information is available for the company’s previous funding rounds.

Venture-Backed InnoLight Technology Files For US IPO

Suzhou, Jiangsu province-based cloud computing optical transceivers maker InnoLight Technology Corporation, backed by Google Capital and Lightspeed China Partners, has filed for an initial public offering on the NASDAQ, according to a securities filing. The company plans to raise US$100 million, which is a preliminary estimate of the size of the float used only to calculate registration fees. In September 2014, Google’s investment arm and Lightspeed China Partners led a US$38 million series C financing in the company.

Tsinghua Unigroup Acquires 15.2% Of 500.Com For $123.8M

Shenzhen-based Chinese sports lottery firm 500.com Limited says that Chinese technology conglomerate Tsinghua Unigroup Co., Ltd. has agreed to invest approximately US$123.8 million in exchange for a 15.2% stake of the company, according to a company announcement. Tsinghua Unigroup, majority owned by Tsinghua Holdings Co., Ltd., which is in turn 100% owned by Tsinghua University, will purchase 63.5 million newly issued class A ordinary shares of 500.com at US$1.95 per share, a 1.4% discount to the average closing trading price …

Baidu Makes Multi-Million Investment In Taboola

Chinese Internet search engine Baidu Inc. has made a multi-million U.S. dollar strategic investment in Taboola, an online content discovery platform, according to a company announcement. NASDAQ-listed Baidu plans to bring Taboola’s "You May Also Like" discovery services to the Chinese market, where mobile is the number one way people go online. Baidu’s investment follows Taboola’s US$117 million series E round of financing announced in February.

Trustbridge Leads $16M Series A Round In Jide Technology

Beijing-based Chinese Android tablet maker Jide Technology Co., Ltd. has completed a RMB100 million (US$16 million) series A funding round led by Trustbridge Partners, according to Chinese media reports. Taiwanese electronics manufacturer Foxconn Technology Group and Chinese e-commerce firm JD.com Inc. also participated. Founded in 2014, Jide develops a tablet product named Remix, which aims to fulfill almost all of users’ computing needs and combine the functions of a tablet and a laptop.

China’s Face++ Completes $25M Series B+ Financing Round

Beijing-based face recognition technology firm Face++ has completed US$25 million series B+ round of financing led by undisclosed investors, according to Chinese media reports. Founded in 2012, Face++, operated by Megvii Inc and Beijing Kuangshi Technology Co., Ltd., provides free application programming interface (API) and software development kit (SDK) of face detection, recognition and analysis. It received angel investment from Legend Star, a Chinese incubator program launched by Legend Holdings. In 2013, Face++ raised several million U.S. dollar series A …

Legend Capital Leads $100M Series C In UCloud

Shanghai-based cloud computing service provider UCloud has completed US$100 million series C round of financing led by Legend Capital, according to a company announcement. VMS Legend Investment Fund, DCM, Bertelsmann Asia Investments, and GX Capital also participated. The company says it will use the proceeds on technology development, hiring new talents, marketing, and expanding into international markets.

Classified Ads Site Baixing.Com Completes $100M Series D Round

Shanghai-based Chinese classified advertising website Baixing.com has received US$100 million series D financing from undisclosed investors, according to unverified Chinese media reports. Representatives at Baixing.com did not respond to inquiries to confirm the news. The proceeds will be used to enhance user experience and customer service, team-building and continued platform development, especially on mobile Internet.

Chinese Smartphone Maker Meizu Receives $320M Financing

Zhuhai city, Guangzhou province-based Chinese smartphone maker Meizu Telecom Equipment Co., Ltd. has raised RMB2 billion (US$320 million) of financing cumulatively from an undisclosed financial investor, according to Chinese media reports. Representatives of Meizu did not reply to inquiries to confirm the news, but the report says this is the only external investment the company has received so far. Founded in 2003, Meizu shipped around two million phones in 2013 with revenue of RMB5 billion (US$810 million). The company is …

Hopu, GIC Participate In $1B New Financing Round For Xiaomi

Beijing-based Chinese smartphone maker Xiaomi Inc. has completed over US$1 billion new round of financing led by All-Stars Investment Ltd., an investment firm founded by former Morgan Stanley China media and Internet analyst Richard Ji, according to a person familiar with the situation. Xiaomi could not be reached for confirmation of the news. Chinese private equity firm, Hopu Investment Management, DST Global, Singapore sovereign wealth fund GIC, and Yunfeng Capital also participated in the round, which values the company at …

Tiger Global Cuts Losses On Qihoo 360 Position

New York-based investment firm Tiger Global Management LLC has sold its equity holdings of New York Stock Exchange-listed Chinese security software firm Qihoo 360 Technology Co. Ltd., cutting losses on a stock that has seen its prices drop significantly during the past four months, according to the firm’s disclosure documents. On August 15, Tiger Global disclosed that it held 960,000 shares of Qihoo 360 with a recorded total value of US$88.36 million. The stock closed at US$99.93 on the news …