Tencent Holdings Ltd. has agreed to acquire a controlling stake in music streaming company China Music Corporation to create a dominant player in China’s online-music market, the company announced. The deal values China Music Corp., or Haiyang Yinyue in Chinese, at roughly US$2.7 billion. Tencent will combine its QQ Music with the company’s Kugou and […]
Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.
…
China’s Internet-of-Things (IoT) market is to grow at 41.1% compound annual growth rate and reach US$121 billion by 2022, according to a new research report by MarketsandMarkets. The major drivers behind the expansion of IoT hardware, software, platform, services and applications include growing demand for smartphone and other connecting devices, increasing Internet penetration, rising industrial […]
Greater China-focused hedge funds were up a marginal 0.03% during June and lost 6.03% year-to-date, outperforming the CSI 300 Index, which fell 15.47% year-to-date, according to data released by Eurekahedge. Asia ex-Japan hedge fund managers gained 0.45% during the month but are down 1.95% year-to-date. North American hedge fund managers lead the performance among developed […]
In China, dozens of online travel start-ups have failed or are inching toward collapse, sending blows to venture capitalists who have bet hundreds of millions of U.S. dollars in the online travel sector bubble. Tao.117go.com, branded as Taozailushang in Chinese, an online customized travel package platform with backing from Alibaba Group Holdings, Redpoint Ventures, Softbank […]
Around 57% of Chinese limited partners (LPs) plan to maintain its allocations to private equity, compared to last year’s 34%. Only 4% of LPs plan to reduce its private equity allocations, significantly less than last year’s 22%, according to a new report released by ChinaVenture. Corporations continue to dominate the LP landscape in China, taking […]
Ant Financial has made an undisclosed strategic investment in iGoldenBeta, a smart beta securities platform backed by Chinese fund manager Harvest Fund. Ant Financial and Harvest Fund said they would work closely to bring smart beta investments, which aims to beat the market using a rules based and low-cost approach, to millions of Chinese investors. […]
Half of China’s ten biggest unicorns, or start-ups valued at US$1 billion or above, are financial technology firms. Alibaba-affliated Ant Financial is the biggest unicorn in the country, worth a whopping US$60 billion, followed by peer Lufax at US$18.5 billion, according to a new report by iResearch. JD Capital-backed P2P (peer-to-peer) lending platform Jiedaibao, China’s […]
Over 200 industry M&A funds co-established by private equity firms and listed companies have been announced in China since 2014, but around 60% of which have not proceeded to raise money or make investments. In the month of June alone, a total of 43 M&A funds in the so-called PE+ListCo format have been announced, including […]
China International Capital Corp (CICC) is in merger talks with rival China Investment Securities, a brokerage unit of China Central Huijin Investment, according to Chinese media reports. The move is aimed at expanding CICC’s retail businesses and to pave way for the Chinese securities firm’s long-planned potential domestic IPO. China Central Huijin also holds a […]
The IPO market remained tough during the second quarter, as 59 Chinese companies completed initial public offerings globally during the past three months, down 57.86% year-on-year. Aggregate fundraising from these IPOs reached RMB25.5 billion, down 85.64% year-on-year, according to data from ChinaVenture. (Bars are total fundraising value and dots are numbers of IPOs) Thirty-seven Chinese […]