China has allowed wholly foreign-owned enterprises to raise capital and invest in private companies and the stock markets domestically, in a move that will open up the Chinese markets to foreign private fund managers. In an announcement published by the China Securities Regulatory Commission (CSRC), qualified wholly foreign-owned enterprises and joint ventures can apply for […]
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Human bodies can live up to 250 years. Afterwards, brains can be transferred to computers, allowing eternal life in a digital heaven. And this will happen during your lifetime. Such is the belief of Wang Jun, former chief executive of Chinese genome sequencing firm BGI and founder of iCarbonX, a start-up that raised RMB1 billion […]
Despite horrid pollution and congestion, Chinese cities might become “smarter” than any other city in the world. That’s the conclusion of a Ernst & Young research report on China’s machine-to-machine (M2M) market, which means direct communication between connected devices such as smart meters, smart grids and smart cities. China’s M2M market is already leading the […]
A well-known start-up with venture backing from Alibaba Group Holdings and New Horizon Capital is in the process of liquidation, potentially signaling the beginning of a wave of bankruptcies for venture-backed start-ups in China. Tao.117go.com, a two-year-old online customized travel package platform with founders from Alibaba and Ctrip, hoped to create a 24-hour online convenience […]
China’s largest classified ads site 58.com Inc. says it has completed a swap of its shares in Mighty Talent Ltd., a China-based short-term and vacation rental platform owned by Ganji, with bigger rival Tujia.com International. As a result, 58.com has divested all its 65.7% stake in Mighty Talent Ltd., also known as Mayi, in exchange […]
An investment vehicle owned by Zheng Nanyan, a Chinese hospitality tycoon and co-founder of Chinese budget hotel chain 7 Days Group Holdings, has proposed to take Qunar Cayman Islands Ltd. private. Ocean Management Ltd., an entity solely owned by Zheng, offered US$30.39 for each of Qunar’s American Depositary Receipt (ADR), representing a 15% premium to […]
Over 75% of China’s netizens have ordered food online or via mobile apps, up from 35% two years ago, says a new research report by Tencent Holdings Ltd. In comparison, the penetration rate for online food delivery in the U.S. is at around 5%, according to a recent Morgan Stanley research report. The convenience of […]
A new wave of Internet finance is raging across university campuses in China. More and more female students are borrowing money with nude photos or videos as collateral. Any female students can apply for quick loans ranging RMB500 (US$76) to RMB50,000 (US$7,603) if she supplies all the documents, including nude photos or videos while holding […]
Ant Financial Services Group, the financial services arm of Alibaba Group Holdings Ltd., has joined other investors to back a newly approved mutual insurance association, according to state media reports. The Xinmei Life Mutual Insurance Association, one of the three mutual insurance associations ever to win approval by the Chinese insurance regulator, plans to focus […]