Ant Financial Services Group is known as China’s biggest and most valuable financial technology company, but the man who’s in charge of the Alibaba Group’s financial affiliate remains a deeply mysterious non-public figure. Eric Jing, 44, a veteran Alibaba executive and head of Alibaba’s Alipay unit since 2009, rarely talks to the media or speaks […]
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A total of 304 venture and private equity deals with aggregate deal value of US$5.9 billion took place in July, down 136% and 198% year-on-year, respectively, according to new data released by ChinaVenture. The numbers are also disappointing considering that 327 deals with US$10.3 billion total deal value were recorded in June, a lower comparison […]
China announced new rules to tighten regulation of the country’s P2P (peer-to-peer) lending sector, imposing a strict lending cap to lenders on the country’s 2,349 P2P platforms. As previously reported by China Money Network, individual lenders can lend up to RMB200,000 (US$29.976) on a single P2P platform, while lending no more than RMB1 million (US$150,000) […]
CAR Inc., China’s largest car rental firm, says it is ready for price war with Didi Chuxing, after the Beijing-based ride share giant announced plans to launch its own online car rental business on Monday. Charles Zhengyao Lu (pictured), chairman of Hong Kong-listed CAR Inc., told Chinese reporters yesterday that his company will “adjust” prices […]
China’s private health insurance market will surge five-fold to RMB1.1 trillion (US$167 billion) by 2020, from RMB241 billion (US$36.7 billion) in 2015, as middle-class and wealthy Chinese look for an alternative to the public insurance system, says a new report released by the Boston Consulting Group. The fastest growth is expected in reimbursement policies, which […]
Chinese investors poured a record US$1.1 billion across 21 deals into digital health start-ups, including those in the mobile fitness, patient-doctor communication and online drug store sectors, according to data from CB Insights. The total investment value has already surpassed that for the whole year of 2015, and the number is projected to reach US$2.2 […]
LeEco’s smart car business has taken a solid step forward, as the company and the Zhejiang provincial government jointly announced plans to build a car plant and an automobile tourism destination with an expected RMB20 billion (US$3 billion) total investment. The project, to be located in a mountainous area named Moganshan in Zhejiang in eastern […]
Didi Chuxing, China’s largest ride share company, says it has launched its own online car rental business through an asset-light model in cooperation with existing leasing companies, says a company announcement. This is DiDi’s latest step to build upon its taxi and car hauling services, following previous expansions into auto repair and online car sales. […]
Chinese regulators are considering new rules to cap P2P (peer-to-peer) lending in order to control risk and protect investors, eight months after it initiated a campaign to “clean up” faulty P2P lenders, according to Chinese media reports. An individual lender can provide loans of no more than RMB200,000 (US$29.976) on one P2P platform, and can […]