Shanghai Beat

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  Eudora Wang 4:29 pm on October 12, 2018 Permalink  

  Alibaba Merges Ele.me And Koubei To Compete With Meituan 

  

  Chinese e-commerce giant Alibaba Group Holding Limited said today it is merging its food delivery unit Ele.me and in-store consumption, to compete with Meituan Dianping for dominance in China’s growing on-demand services market. Alibaba will set up a "local services company" combining Ele.me and Koubei, said the company in an internal letter to staff. According […]

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  Eudora Wang 12:19 pm on October 11, 2018 Permalink  

  China’s Huawei Launches Self-Developed AI Chips To Boost Cloud Computing Business 

  

  Huawei Technologies Co., Ltd., world’s largest telecom-equipment maker, unveiled two new artificial intelligence (AI) chips on Wednesday that will power its servers and boost its nascent cloud-computing business. The two chipsets, namely Ascend 910 and Ascend 310, were revealed at the company’s industry forum Huawei Connect 2018 conference in Shanghai, marking the first time for Huawei to […]

  China’s Huawei Launches Self-Developed AI Chips To Boost Cloud Computing Business appeared first on China Money Network.

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  Peter Peng 8:40 am on October 10, 2018 Permalink  

  Tesla’s Top Investor Baillie Gifford Takes 11.4% Stake In Chinese EV firm NIO 

  

  Investment management firm Baillie Gifford & Co., the second largest investor in Tesla, has taken an 11.44% stake in Chinese electric vehicle automaker NIO, according to a regulatory filing on Tuesday. The U.K.-based Baillie Gifford disclosed that it owns 85.3 million NIO shares, which were valued at US$515 million as of Monday closing. The latest disclosure […]

  Tesla’s Top Investor Baillie Gifford Takes 11.4% Stake In Chinese EV firm NIO appeared first on China Money Network.

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  Eudora Wang 3:54 pm on October 5, 2018 Permalink  

  Tencent, KKR To Purchase Minority Stake Worth $175M In Philippine Fintech Firm Voyager Innovations 

  

  Chinese internet giant Tencent Holdings Limited and global investment firm KKR & Co Inc are acquiring a minority stake in the financial technology arm of Philippines’ PLDT Inc, Voyager Innovations, for a total of US$175 million-worth new shares. The deal, expected to complete all transaction within the fourth quarter of 2018, is the largest investment to date in a Philippine technology company, said PLDT in a statement on Thursday. The parent company will retain a majority stake in Voyager Innovations. Upon the …

  Tencent, KKR To Purchase Minority Stake Worth $175M In Philippine Fintech Firm Voyager Innovations appeared first on China Money Network.

  Read the original article: China Money Network

   
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  Eudora Wang 3:18 pm on October 4, 2018 Permalink  

  Tencent, Hillhouse Capital Seal $145M Strategic Investment Deal With Chinese Dime Store Chain MINISO 

  

  Chinese low-cost and variety store chain MINISO announced that it has entered into a RMB1 billion (US$145 million) strategic investment agreement with the country’s internet giant Tencent Holdings Limited and investment management firm Hillhouse Capital Group. MINISO sealed the strategic investment in pursuit of trilateral cooperation, said the company in a statement on October 1. This is the first time Chinese dime store firm has introduced external financing since its inception in 2013. The Guangzhou-based company, known as an imitator of …

  Tencent, Hillhouse Capital Seal $145M Strategic Investment Deal With Chinese Dime Store Chain MINISO appeared first on China Money Network.

  Read the original article: China Money Network

   
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  Eudora Wang 12:08 pm on October 3, 2018 Permalink  

  Tencent’s Online Music Unit Tencent Music Files For $1B US IPO 

  

  Tencent Music Entertainment Group, the online music division of China’s largest social-media firm Tencent, has filed on Tuesday for a US$1 billion initial public offering (IPO) in the US. The company plans to raise as much as US$1 billion, in what could be one of the largest US IPO by a Chinese company. The offering size set by the music streaming site is likely a placeholder, according to its regulatory filing with the US Securities and Exchange Commission. Depending on the …

  Tencent’s Online Music Unit Tencent Music Files For $1B US IPO appeared first on China Money Network.

  Read the original article: China Money Network

   
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  Eudora Wang 4:00 pm on September 26, 2018 Permalink  

  China’s Lenovo Sets Up JV With California-Based Hybrid Cloud Data Services Provider NetApp 

  

  Chinese technology company Lenovo Group Ltd. announced the establishment of a joint venture in China with California-based hybrid cloud data services company NetApp, Inc. to deliver storage products and data management solutions for the country’s customers. The joint venture’s products will be localized and tailor-made to meet China’s specialized requirements and distinct cloud ecosystem, said Yang Yuanqing, chairman and chief executive officer of Lenovo at Lenovo Tech World 2018 on September 26. The new company is expected to be operational in the …

  China’s Lenovo Sets Up JV With California-Based Hybrid Cloud Data Services Provider NetApp appeared first on China Money Network.

  Read the original article: China Money Network

   
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  Eudora Wang 12:47 pm on September 26, 2018 Permalink  

  Xiaomi-Backed Viomi Technology Raises $103M On Nasdaq Debut 

  

  Viomi Technology Co. Ltd., a Xiaomi-backed seller of internet-connected home appliances, has raised about US$102.6 million on its debut at the US stock market. The company offered 11.4 million American depository shares (ADSs) at US$9 apiece, the lower end of its target price range of US$9 to US$11 per share, said the company’s website. According to its prospectus filed in late August, the company had planned to raise up to US$150 million in its US IPO. Founded in 2014, Guangdong-based Viomi Technology develops an Internet of …

  Xiaomi-Backed Viomi Technology Raises $103M On Nasdaq Debut appeared first on China Money Network.

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  Eudora Wang 3:43 pm on September 20, 2018 Permalink  

  Alibaba’s AI Unit To Launch Hospitality Robots In October 

  

  Alibaba A.I. Labs, an artificial intelligence (AI) division of Chinese e-commerce giant Alibaba Group Holding Ltd., announced today that it will launch service robots for the hospitality sector in the coming October to raise its stakes in the booming AI industry. According to the official announcement, the labs’ service robots will be able to handle tasks from delivering meals to taking laundry to guests. Guests can talk to the robot via voice command, touch and hand gesture. The responses are driven by AliGenie, a …

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  Eudora Wang 12:33 pm on September 20, 2018 Permalink  

  Alibaba Sets Up Chip Subsidiary Via In-House Merger 

  

  Alibaba Group Holding Ltd. has announced the setting up of a dedicated chip subsidiary and is aiming to launch its first self-developed artificial intelligence (AI) inference chip next year which will be used for autonomous driving, smart cities and logistics. The new subsidiary, Pingtouge, will make customized AI chips and embedded processors to support the firm’s push into fast-growing cloud and Internet of Things (IoT) business, said the company at a Wednesday event in Hangzhou. The company plans to release its first indigenous AI …

  Alibaba Sets Up Chip Subsidiary Via In-House Merger appeared first on China Money Network.

  Read the original article: China Money Network