China | Pixr8 News

14Aug By Gauri SinghNo Comments

FUNDING

WeWork’s Rival Ucommune Raises $43.5 Million in Series C Funding

One of Wework China’s rivals Ucommune, the company that was earlier called UrWork has secured $43.5 million in Series C funding round. This round was led by real estate-focused investment firms Prosperity Holdings and RK Properties. According to the reports, the post-money valuation of the company has reached $1.8 billion. The total amount of funds raised by the company from various investors as of now totals to around $450 million. "This new round of funding cements ucommune's position as the absolute leading co-working space provider in Asia," said Dr. Mao Daqing, ucommune founder and chairman. "Through this partnership with RK Properties and Prosperity Holdings, we seek to further upgrade our integrated coworking experience through tapping into the community synergy and the potentia...

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

14Aug By Gauri SinghNo Comments

Market

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

A Chinese electric car maker Nio has announced its filing to go public on the New York Stock Exchange. The company through this initial public offering (IPO) is looking to raise $1.8 billion. With this, Nio has become the first Chinese automaker to seek a listing in the U.S. This news comes at a time when Elon Musk is looking forward to taking Tesla private. The company seems to represent new competition to automaker Tesla. "We are generally targeting to launch a new model every year in the near future as we ramp up our business," the company stated. The initial public offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JP Morgan Chase & Co., Bank of America Corp., Deutsche Bank AG, Citigroup Inc., Credit Suisse Group AG and UBS Group AG. The company applied to l...

13Aug By Gauri SinghNo Comments

CHINA

China’s Coal Import Increases by 49% in July

The coal imports in China witnessed a considerable rise in the month of July that hit a record high in four and a half years. This happened because the demand for coal-fired electricity increased during the summer as mentioned in the reports. Talking about the figures, China imported 29 million tons of coal in July. According to the data from the General Administration of Customs, the import has been up 49 percent year-on-year, the highest monthly volume since January 2014. "The authorities have vowed to ensure coal supplies and keep prices running smoothly during the peak season, therefore checks on imports could not be tightened in the short term," said Cheng Gong, a coal analyst at Zheshang Securities. The value of imports increased 63 percent year-on-year to 17.9 billion yuan ($2....

6Aug By Gauri SinghNo Comments

CHINA

Google Plans to Launch Cloud Services in China with Tencent & Others

The largest technology company Google is in advanced talks with Tencent Holdings Ltd, Inspur Group and other Chinese firms for the purpose of offering its cloud services in China as reported by people familiar with the development. The talks about this matter started in the early months of 2018 and the technology giant reduced partnership candidates to three companies in March. However, it is certainly not clear whether the plans will be a success or not in the wake of increasing trade conflicts between China and the United States. Google had already taken an exit from China's search engine market in 2010, but now it has been actively finding out methods to re-enter China, where many of its products are blocked by regulators. Through the local partnership, Google has an objecti...

Xiaomi to Utilize a Part of IPO Funds in Indian Operations

6Aug By Gauri SinghNo Comments

BUSINESS

Xiaomi to Utilize a Part of IPO Funds in Indian Operations

The Chinese smartphone giant Xiaomi is reportedly planning to invest a part of the capital it raised from its recent IPO, into its Indian operations. The purpose behind this move is to build the ecosystem of internet services, make more startup investments and build India-specific IoT devices as stated by company’s India head Manu Kumar Jain. Along with this, the smartphone maker is also expecting to foray into the premium smartphone space in India which is currently being led by another Chinese giant OnePlus. “Some part of the global expansion money will be spent in India,” Jain stated in his first press interaction following the IPO. “We have had a great journey for smartphones, powerbanks and for Mi.com in India, but we can do a lot more on internet services, startup investments and...

Dutch Brewer Heineken to Acquire Stake in China’s CR Beer

4Aug By Gauri SinghNo Comments

ACQUISITION

Dutch Brewer Heineken to Acquire Stake in China’s CR Beer

Dutch premium brewer Heineken which is the world’s second-largest beer maker is reportedly acquiring 40 percent stake in China’s CR Beer Co Ltd (China Resources Beer). According to the statement of CR Beer, the deal is worth $3.1 billion, and post-acquisition, Amsterdam-based Heineken will have a greater access to the network of China's premium beer space and a better understanding of the Chinese market. CR Beer is the largest brewer in China and is known for manufacturing the best-selling Snow Beer brand. This purpose of the company behind this deal is to further develop and enhance the high-end market of beer in China. With the help of Heineken's international distribution network, the brewer will be able to boost up the growth of Snow Beer and other brands in the international ...

Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

2Aug By Gauri SinghNo Comments

USA

Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

Elon Musk, the well-known entrepreneur who is the CEO of Tesla has announced that his electric car company won’t be raising cash by selling stock. Along with this he also stated that the investment in the new factory to be set up in China is expectedly to be done through a local debt from the bank. Provided that Tesla is burning cash to boost up development of its Model 3 sedan, various investors raised up a query that how will the company continue to fund its operations. To this, the company responded that it is on the path of reaching profitability by improving margin and cutting costs. However, Tesla reported on Wednesday that its quarterly loss rose to $742.7 million which was earlier $401.4 million in the same period last year. In the third quarter, the founder has planned to ma...

Chinese Player OnePlus Tops the Indian Premium Smartphone Space

31Jul By Gauri SinghNo Comments

Tech

Chinese Player OnePlus Tops the Indian Premium Smartphone Space

OnePlus, the premium Chinese smartphone maker has successfully become more prominent has topped the Indian premium smartphone market battle, beating Samsung and Apple. With the predominant Chinese players in the smartphone market ranging from Rs 10,000 to 20,000, this news signals the start of Chinese dominance in the premium segment as well. OnePlus has emerged as a leader in the Rs 30,000-plus Indian smartphone market, where earlier, players like Samsung and Apple took a lead. “The launch of the new model -- OnePlus 6, the one-model-a-year strategy, strong partnership with Amazon, whereby we leverage their resources, and offline expansion in partnership with Croma, and the five offline and one experience stores has helped us connect with the Indian consumers,” said OnePlus India gene...

28Jul By AnkitaNo Comments

CHINA

China’s WeWork Secures $500 Million In a Fresh Funding Round

The Chinese subsidiary of coworking space, WeWork has raised a US$500 million Series B funding round led by Trustbridge Partners, Temasek, SoftBank Group, SoftBank Vision Fund and Hony Capital, according to the reports. WeWork's big raise comes days after Hong Kong’s Campfire pulled in $18 million and Awfis in India raised $20 million. The company launched into China two years ago and currently, it covers Beijing, Shanghai and Chengdu with nearly 40 locations. It consists of 20,000 members, and it is also active in Hong Kong (Greater China). The new capital comes from Trustbridge Partners, Singapore’s Temasek, SoftBank, SoftBank’s Vision Fund and Hony Capital. WeWork said it’ll be used for expansion into six new cities: those are Shenzhen, Suzhou, Hangzhou, Chengdu, Nanjing, and Wuh...

25Jul By Gauri SinghNo Comments

CHINA

Facebook Establishes Subsidiary in China Despite Toughened Censorship

The social media major Facebook has established a subsidiary in China, where its sites have remained blocked in the country’s restrictive markets. A subsidiary is being set up for the purpose of creating an ‘innovative hub’ to support and encourage local start-ups and developers. The subsidiary called Lianshu Science & Technology has been registered in the central Chinese city of Hangzhou and was set up with a registered capital of $30 million. According to the reports, the filing listed Facebook Hong Kong Ltd and no other entities as a shareholder. Zhang Jinghai has been named as the new company's legal representative, on the other hand, David Kling and Susan Taylor are appointed as directors. A Facebook representative stated that the new subsidiary is expected to give birth to ...

FAW-Volkswagen Launches E-Commerce Platform to Adapt to the Digital Era

24Jul By Gauri SinghNo Comments

CHINA

FAW-Volkswagen Launches E-Commerce Platform to Adapt to the Digital Era

FAW-Volkswagen Automotive CO., a large-sized joint venture car manufacturer in China has announced the launch of its official e-commerce platform. The platform was unveiled in Beijing on Friday, with the aim of meeting the digital demands of its customers. This online platform will enable the customers to go through, select, buy and even sell cars. It will offer all the accurate and valuable information about the cars to the customers. Also, there will be a smart product recommendation based on big data. With the help of Tencent Cloud infrastructure and FAW's own financial risk control model, an online credit system will be used which will allow customers to receive credit approvals and feedback within five minutes. The company’s general manager of FAW-Volkswagen Sales Co Dong Xiu...

China To Set Up a Financial Firm in UAE’s Abu Dhabi

21Jul By Gauri SinghNo Comments

MIDDLE EAST

China To Set Up a Financial Firm in UAE’s Abu Dhabi

China will be setting up a state-owned financial service firm in United Arab Emirates (UAE) Abu Dhabi's financial hub. This firm will provide lending facilities to Chinese companies operating in the emirate's industrial zone. Abu Dhabi Global Market (ADGM) stated that the company has been approved by its Financial Services Regulatory Authority for conducting the regulated activities of offering and arranging credit through the ADGM platform. According to the reports, the firm aims to provide strategic investment and financial assistance to Chinese enterprises as a part of the Belt and Road Initiative. East China's Jiangsu provincial government-owned ‘The Industrial Capacity Co-operation Financial Group Limited’ (ICCFG) will be the very first of such Chinese financial services firm...