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.
Shenzhen-based supply chain financial services provider Linklogis has raised a RMB200 million (US$29 million) series B round from Tencent Holdings Ltd., China Merchants Venture Capital Management Co., Ltd. and Bertelsmann Asia Investments.
Chinese Internet giant Tencent Holdings Ltd. has joined a US$300 million financing round in smartphone and smart device start-up Essential Products, which was founded by the inventor of mobile operating system Android, Andy Rubin (pictured).
Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw both its active mobile payment accounts and average daily payment transactions exceed 600 million, according to a new report released by Tencent Research Institute, The Chongyang Institute for Financial Studies at Renmin University of China, and research firm Ipsos.
Chinese logistics big data company G7, backed by Tencent Holdings, has hired Julian Ma (pictured), a former vice president at Tencent, as its president to lead the company's expansions.
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.
China's Internet giant Tencent Holdings Ltd. has agreed to make a strategic investment worth GBP17.7 million (US$23.2 million) in Frontier Developments plc, a British video games developer listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange.
Tencent Holdings Ltd. has agreed to invest RMB450 million (US$66 million) in the smart TV unit of China's biggest television maker, TCL Corp. The deal is Tencent's latest investment in the smart TV sector as the technology giant seeks to replicate its dominance in mobile phones content in a broader distribution channel.
A number of Chinese private equity firms have acquired stakes in Tencent-backed Since Times, a mobile game developer listed on the Shenzhen Stock Exchange's New Third Board, according to a company announcement.
China Literature Ltd., an online literature platform operated by Tencent Holdings, has filed an IPO prospectus to list on the Hong Kong Stock Exchange. No financial details were disclosed. But the company, formerly known as China Reading Ltd., is reportedly seeking US$800 million via the float.
Beijing-based Huodongxing.com, an Eventbrite-like platform where organizers plan, promote and sell tickets to their events online, has raised a series A+ round worth tens of million RMB from Tencent Holdings Ltd., co-working space start-up UrWork and Japanese human resources firm Recruit Holdings Co., Ltd.
Chinese Internet giant Tencent Holdings Ltd. has led a US$27 million series B round in Satellogic, a satellite data solution provider headquartered in Palo Alto, California. The deal mark's Tencent's third investment in U.S.-based space technology companies in little over a year.
Wang Wei, chairman and founder of Chinese express delivery firm SF Express, yesterday shared his thoughts on possible missed business opportunities resulting from his insistence on being one of the most private billionaires in China.
A number of investors in Focus Media Information Technology Co., Ltd. are likely to reaped billions of U.S. dollars in profits after they offload their shares in the Chinese outdoor advertising company that was taken private in 2013 and re-listed in China two years later. According to a disclosure filing yesterday, Chinese private equity firm FountainVest Partners, Tencent Holdings Ltd. and CITIC Capital plan to sell their interests in Focus Media totaling around 14% of the company’s outstanding shares. The news prompted shares of the Shenzhen Stock Exchange-traded company to drop as much as 10%. Gio2 Hong Kong Holdings Ltd., a unit controlled by Chinese private equity firm FountainVest Partners, plans to sell up to 591 million shares, or a 6.77% stake of the company and all of its holdings. Power Star Holdings (Hong Kong) Ltd., a vehicle controlled by Tencent, CITIC Capital and other investors, plan to sell 648 million shares, or 7.41% of the company and all of its holdings. The units said they plan to sell the shares in the next six months and will adjust its pace based on market conditions. The two shareholders’ interests in the company saw their lock-up restrictions expire in December 2016, …
Wanda Cinema Line Corp., the film division of Chinese conglomerate Dalian Wanda Group, has teamed up with Tencent Holdings' gaming, film and online reading units to co-develop, bundle and cross-promote intellectual property (IP), the firms announced overnight.
Chinese companies are behind nine of the ten most lucrative mobile games in the Apple app store globally in terms of gaming revenue in May, an unprecedented dominance of the global gaming industry, according to a new report from data tracker App Annie.
Jiangsu Suning Bank Co., Ltd., a private online bank backed by Suning Commerce Group Co., Ltd., officially launched Friday, as the Chinese retailer continues its diversification into financial services.
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company's total fundraising this year to nearly US$1 billion.
Element AI, a Canadian artificial intelligence company backed by China's Tencent Holdings Ltd., has raised US$102 million in new funding from a number of Canadian and Asian funds and investors.
Chinese Internet giant Tencent Holdings Ltd. has led a US$145.5 million C round financing in Futu Securities, an online brokerage platform serving Chinese investors trading U.S. and Hong Kong-listed stocks.
China's three technology giants, Baidu, Alibaba and Tencent, commonly referred to as the BAT, spent a total US$112.5 billion on 174 acquisitions since 2012, and are on course to set a new deal record this year, according to data tracker MergerMarket.
Tencent Holdings Ltd. has made a RMB300 million (US$44 million) strategic investment in Coocaa, the Internet TV division of Chinese TV maker Skyworth Digital Holdings Ltd., in exchange for a 7.7% stake.
Global private equity giant Warburg Pincus has led a US$120 million new funding round in Yuanfudao, a K-12 online learning and teaching platform in China formerly known as Yuantiku, in the largest investment deal to date in the K-12 online learning sector in China.
Tencent Youtu Lab, a machine learning-focused artificial intelligence lab operated by Tencent Holdings Ltd., has added Jia Jiaya (pictured), a professor and computer vision scientist at The Chinese University of Hong Kong, to join its team.
Yixin Capital, an online automobile financing platform backed by Tencent Holdings Ltd, Baidu Inc., JD.com and BitAuto Holdings Ltd, has raised a RMB4 billion (US$580 million) new funding round.
Chinese technology giant Tencent Holdings Ltd. has made a US$90 million investment in Pocket Gems, a San Francisco-based mobile games and interactive entertainment developer, following up its initial investment in 2015.
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.
Chinese Internet giant Tencent Holdings Ltd. has led a US$54 million funding round in Smule, a San Fransisco-based mobile music app developer. Existing investors including Adams Street Partners, American venture capital firm Bessemer Ventures, Franklin Templeton Investments and early-stage venture capital firm Shasta Ventures also participated in the round. The deal values the start-up at US$604 million post-money, according to media reports citing insiders. “Tencent believes that music is universal and Smule is pioneering a new and unique way for people to create and engage with music. Our investment in Smule will expand our exposure to the promising potential of the digital music market,” said Poshu Yeung, Tencent’s vice president of international business. Tencent also operates a Karaoke platform similar to Smule, named WeSing. Smule was founded in 2008 by a Chinese American musician and app designer Ge Wang, and Jeffrey Smith, who also founded Tumbleweed Communications Corp. The company's products include Magic Piano, a popular music creation app, and Sing! Karaoke, a mobile karaoke app. It claims that it has 52 million monthly active users creating over 20 million songs every day. In 2016, Smule recorded revenue of US$101 million, up 54% year-on-year, and its monthly active users increased …
Sea Ltd., a Singaporean online game developer formerly known as Garena Interactive Holding Ltd, has raised a US$550 million funding round from investors, including Chinese investment firm Hillhouse Capital.
Chinese tech giant Tencent Holdings Ltd. has led a US$1.2 billion financing round in Go-Jek, a motorbike on-demand ride-hauling operator in Indonesia, according to media reports citing insiders.