China has a shot at playing a leading role in the worldwide race to build connected cars, because Chinese consumers are young and keen to adopt advanced smart technologies, says a report released by PricewaterhouseCoopers. Roughly 30% of China’s population were born between 1980 and 1990. Almost two-thirds of Chinese customers shop online once a […]
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LeEco founder and chief executive Jia Yueting must had a tough two weeks. Last week, LeEco could not show its anticipated electric smart car for its U.S. debut because the truck carrying “the car of the future” got into an accident while driving to the press conference. It was revealed this week that a construction […]
Chinese online education firm iTutorGroup, backed by Alibaba Group Holding Ltd. and other venture investors, has appointed Tang Zhengrong as its chief technology officer (CTO), responsible for developing and leading technology tactics for the start-up. The online education firm previously raised a US$200 million series C round from GIC, the Russia-China Investment Fund, Goldman Sachs […]
Two years after China started pushing for a nationwide policy of “Mass Entrepreneurship and Innovation”, the country has witnessed a jump in the number of new start-ups. But the government-driven campaign risks the danger of turning into a political movement potentially causing massive waste of capital and resources. Chinese Premier Li Keqiang initially raised the […]
China Oceanwide Holdings Group Co., Ltd., a Beijing-based financial holding company founded by Chinese billionaire Lu Zhiqiang (pictured), has agreed to acquire struggling U.S. mortgage and long-term care insurance firm Genworth Financial, Inc. for about US$2.7 billion, the companies announced. China Oceanwide will pay US$5.43 per share in cash for New York Stock Exchange-listed Genworth, […]
Chinese state-owned investment firms AVIC Capital and CITIC Capital have joined other private equity investors to commit US$850 million toward Tencent Holdings Ltd’s acquisition of Finnish game developer Supercell. China’s CITIC Bank Corp and Chinese bad debt manager China Cinda Asset Management also joined the consortium formed by Tencent for the purpose of the deal. […]
China Life Insurance Co. Ltd. has led an investor consortium to acquire a stake of a portfolio of U.S. hotels worth roughly US$2 billion from private investment firm Starwood Capital Group. China’s largest insurance company will serve as the lead investor to the investor group, which includes unnamed sovereign wealth funds and other investors. The […]
Since China’s securities regulator issued a draft rule to tighten control on reverse merger listings in June, the number of canceled back-door listings in the country has increased dramatically. The prices of shell companies, however, have risen as a result. In the four months between June to September, a total of 150 listed companies have […]
China’s venture capitalists remain cautious during the third quarter, having inked 84 venture deals with total deal value of US$3.9 billion during the third quarter. Despite a slight increase in deal numbers, total deal value dropped 32% quarter-on-quarter, signaling continued sluggishness in Asia’s dominate venture market. The findings are part of a new report released […]
Less than two months after Didi Chuxing struck a Uber China acquisition to establish itself as the absolute ride sharing leader in the country, new start-ups are mushrooming left and right trying to take away users as strict new regulations threaten to put Didi under intense pressure. Everbright Financial Leasing Co., Ltd. today said it […]