What is the most popular app in China? You’re probably thinking WeChat. Though that might still be true, WeChat now has a serious challenger whose meteoric rise has taken China by storm (and WeChat’s owner Tencent by surprise). That is Douyin (抖音, literally “shaking sound” in Chinese), one of the most popular short video apps in China, as well as worldwide. It is owned by ByteDance (a.k.a Toutiao), an AI-driven media company in China and one of the world’s most …
China’s tech giants are waging a price war over smart speakers. But that’s ok with Chang Le, co-founder of Beijing-based start-up SoundAI, who sees it as a sign of market strength. Baidu just released its lower-end smart speaker Xiaodu at a special discount price of RMB89 (US$13.9), the same as Alibaba’s smart speaker Tianmao Jingling (Tmall Genie), and little more than JD.com’s Dingdong, which is selling at a discounted RMB79 (US$12). Chang says the price war is completely understandable because every …
Chinese social media giant Tencent Holdings Ltd. is leading a deal to acquire as much as 10% stake in Korean game developer Bluehole Inc. for more than US$500 million, according to a Wall Street Journal report citing insiders.
Despite the current market slumps, Chinese cryptocurrency practitioners still believe a bull market is in store because of the growing size of capital that is readying themselves to enter into the space.
China’s largest online search engine Baidu Inc. is preparing for its Chinese Depository Receipts (CDR) issuance application, likely to become the first Chinese company that has listed overseas to return to the domestic A-share market, according to Chinese local media citing insiders.
Chinese used car auction platform Tiantianpaiche has received US$100 million strategic investment Autohome, a Chinese automobile online platform, according to Tiantianpaiche’s announcement on its official WeChat account.
China’s securities regulator China Securities Regulatory Commission (CSRC) has issued trial rules for issuance and trading of Chinese Depositary Receipts (CDRs), similar to ADRs in the U.S.
The government of Guizhou Province, China, has announced plans to establish a RMB3 billion (US$470 million) industrial fund to boost big data development.
Chinese social media giant Tencent Holdings Ltd and automaker Zhejiang Geely Holding Group have won a joint bid to obtain a 49% stake in High Speed Network Technology Company, which provides WiFi and technology services to high-speed rail customers across China.
Chinese private equity fund Green Harbor Investment has led a RMB800 million (US$125 million) series D round in Nanjing-based customer-to-business used car auction platform Chezhibao.
Tiger Global Management has led a US$70 million series B+ round in Chinese long-term apartment leasing firm Danke, according to Danke’s announcement.
Chinese Internet and online gaming company NetEase, Inc. (NASDAQ: NTES) has acquired a minority stake in American video game developer Bungie Inc., the company announced today.
In this episode of China Money Podcast, listen to all the news headlines in the week of May 27 to June 1, 2018 with host Nina Xiang. Topics covered include China Money Network’s freshly released China VC Tracker for the month of May, how Chinese AI company SenseTime raised US$1.2 billion in a two-month period, and how the battle to gain an upper hand in omni-channel retail continues between Tencent and Alibaba. Be sure to subscribe to China Money Podcast …
Chinese venture capital activity saw a jump in the number of announced deals but total deal value dropped significantly last month from April because of the lack of mega deals. In May, 284 VC deals were announced worth an aggregate US$6.38 billion, compared to 209 deals worth US$15.59 billion in April, according to China Money Network’s China VC Tracker released today. China VC Tracker is produced based on proprietary data collected by China Money Network.
Alibaba’s financial services unit Ant Financial has invested RMB2.06 billion (US$321 million) in bike sharing firm Hellobike, valuing the latter at US$1.47 billion and giving birth to a new unicorn company in China, according to Shanghai-listed Yonou Bike’s security filing.
Chinese tech giant Alibaba Group Holding Ltd. has led a US$300 million series D round in Xiaohongshu, a social recommendation app for cross-border shopping, valuing the firm at over US$3 billion.
Finally, one Chinese electric vehicle company has reached the critical moment of delivering its vehicles to face the real-life tests and inspections by consumers. NIO, a Shanghai-based EV unicorn with a reported valuation of between US$3 billion to US$5 billion, delivered its first batch of NIO ES8, a seven-seater electric SUV, today in Shanghai, NIO announced today.
In a move that further threatens Chinese e-commerce giant Alibaba Group Holding’s dominance in omni-channel retail, Chinese conglomerate Dalian Wanda Group will join tech giant Tencent Holdings Ltd. to set up an Internet technology firm to strengthen its position in retail, according to Wanda’s announcement.
Chinese incubator and venture capital firm Sinovation Ventures has invested RMB37.5 million (US$5.8 million) in return for a 3% stake in a unite of Tencent-backed Chinese fresh produce retailer Yonghui Superstores.
Chinese electric vehicle company NIO, backed by Tencent Holdings Ltd., has filed confidentially for a planned U.S. initial public offering, according to media reports citing insiders.
China’s Internet giant Tencent Holdings Ltd has invested RMB1.27 billion (US$199.24 million) in an affiliate of Shenzhen Stock Exchange-listed DHC Software Co., Ltd., according to DHC’s security filing.
China’s internet giant trio Alibaba Group Holding, Tencent Holdings Ltd, and Baidu Inc, known as the BAT, have joined some prominent state-owned investors to pick up stakes in Foxconn Industrial Internet Co.’s RMB27.1 billion (US$4.3 billion) initial public offering.
In this episode of China Money Podcast, listen to all the news headlines in the week of May 21-25, 2018 with host Nina Xiang. Topics covered include two massive healthcare VC rounds, including Sequoia Capital and Yunfeng Capital’s US$260 million investment in biomed firm Brii Bio, and Ally Bridge Group’s US$300 million investment in Tencent-backed cancer detection start-up Grail. In addition, there are lots of insights from China’s official blockchain report. Be sure to subscribe to China Money Podcast for …
Chinese social media giant Tencent Holdings Ltd. will use blockchain technology to help local tax bureaus fight tax evasion.
Hong Kong-based life science focused investment firm Ally Bridge Group announced that it has led a US$300 million round for Tencent-backed Grail, Inc., a healthcare company whose mission is to detect cancer early, when it can be cured.
NewsDog, an Indian news aggregation and personal recommendation mobile app operator, has completed a US$50 million series C round led by Chinese tech giant Tencent Holdings Ltd.
China’s Ministry of Industry and Information Technology expects that after robust growth in the country’s blockchain industry, 2018 will prove to be another blockbuster year for the sector with record amount of capital injected into blockchain, according to an industry report published by the ministry today.
The Research Center for Blockchain of Tsinghua University’s Fintech Institute was unveiled over the weekend. The research center was jointly established with donations from Chinese venture capital firm Gaorong Capital, Tencent Holdings Ltd., and other entities.
BMW China Services Ltd. has received two self-driving road test licenses from Shanghai regulators, making it the first foreign automaker to gain such permits, according to the official website of Shanghai Municipal People’s Government.
Tencent Holdings has received a license to road test smart, Internet connected vehicles in the city of Shenzhen, as the Chinese social media giant’s autonomous vehicle ambitions accelerate.
Chinese conglomerate Dalian Wanda Group has agreed to sell a 5.11% stake in an online travel agency for RMB1.18 billion (US$186.12 million) to Overseas Chinese Town (Asia) Holdings Limited ("OTC"), a Chinese developer and operator of commercial properties, including theme parks and malls.