CHINA | Pixr8 News

19Jan By AnkitaNo Comments

CHINA

China May Allow Foreign Company’s and Startups to Launch IPOs

China may allow foreign companies to launch IPOs on its stock exchanges and issue corporate bonds, the government said, after President Xi Jinping promised the world his country was committed to opening its markets. The State Council, China's Cabinet, issued a notice yesterday saying it had granted approval in principle for foreign companies to launch IPOs and issue corporate debt and other financing instruments in order to "support the widening of foreign companies' financing channels". The announcement was the latest in a series of broad liberalisation pledges from China as it braces for the incoming administration of US President-elect Donald Trump. Trump has repeatedly blamed China, and globalisation, for the loss of millions of US jobs, raising fears of a trade war between the w...

6Jan By reutersNo Comments

CHINA

China’s ZTE to Slash About 3,000 Jobs: Sources

Chinese telecom equipment maker ZTE, which is facing US trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, company sources said. The sources said the Shenzhen-based company, one of the world's biggest telecoms gear makers, is axing about 5 percent of its 60,000 global workforce. Its global handset operations will shed 600 jobs, or 10 percent of the total, with the cuts concentrated in China, where it has been losing market share. "Cuts in the handset business in China will be beyond 20 percent," said a senior executive who has been briefed on the lay-offs, which are scheduled to be completed within the first quarter. A local manager in one of the company's overse...

Alibaba Paid $3.41 Billion in Taxes, Creates 30 Million Jobs

4Jan By AnkitaNo Comments

CHINA

Alibaba Paid $3.41 Billion in Taxes, Creates 30 Million Jobs

China's e-commerce giant Alibaba paid a total of USD 3.41 billion in taxes in 2016 and created 30 million jobs, the company said. Alibaba led merchants operating on its platforms, upstream manufacturers and logistics companies to pay at least 200 billion yuan in taxes last year and created more than 30 million jobs, it said. The company has also catalysed new business such as outsourcing of customer service, product photography, quality testing, e-shop design, recruitment and training for e-commerce, it said in a statement. There are over 45,000 such service providers on Alibaba's shopping platforms, Taobao and Tmall, the company said, adding those service providers had registered 142-per cent growth in income year on year as of September 30. Alibaba and its financial branch paid ...

2Jan By AdityaNo Comments

CHINA

A Tweet That Shake Twitter Business in China

Twitter's manager for China, whose appointment just eight months ago sparked controversy, has announced her resignation but welcomed the growing number of Chinese advertisers even though the service is blocked by Beijing. Kathy Chen, appointed in April as general manager for the China region comprising mainland China, Hong Kong, Macau and Taiwan, made the announcement yesterday evening on her own Twitter account. "Now that the Twitter APAC team (Asia-Pacific team in Singapore) is working directly with Chinese advertisers, this is the right time for me to leave the company," she said. Like other Western platforms such as YouTube, Facebook and Instagram, Twitter is inaccessible in mainland China, blocked by the communist regime's vast system of internet censorship. Unable to reach l...

China Tech Giant LeEco in Talks on $1.4 Billion Funding

29Dec By reutersNo Comments

CHINA, FUNDING

China Tech Giant LeEco in Talks on $1.4 Billion Funding

Cash-strapped Chinese technology conglomerate LeEco is in talks on securing a 10 billion yuan (USD1.4 billion) deal with an unnamed strategic investor, its listed unit said. Leshi Internet Information and Technology said in a filing to the stock exchange late Wednesday that its parent company had signed a framework agreement with the investor and the two sides were still discussing the final details. It did not disclose the identity of the investor, but the China Business News cited a source familiar with the situation as saying that it was an insurance company. LeEco has been expanding aggressively in a range of businesses including online entertainment, electric and driverless cars and smartphones, but the firm's billionaire chief executive Jia Yueting warned staff last month that ...

Alibaba Blames Trump Led US Politics For Its Blacklisting For Fake Goods

23Dec By AnkitaNo Comments

CHINA, News

Alibaba Blames Trump Led US Politics For Its Blacklisting For Fake Goods

China's e-commerce giant Alibaba has rejected US allegations that it sells counterfeit goods, saying the Washington's move to put it back on a blacklist of its "notorious markets" could be influenced by the "current political climate" in America. Questioning the US move, Alibaba Group President Michael Evans said he was "disappointed" by the decision and wondered whether it was "based on actual facts or was influenced by the current political climate." US President-elect Donald Trump had, during his campaign, repeatedly accused Chinese firms of stealing intellectual property. The US has again labeled Alibaba Group Holding Ltd as one of the world's largest destinations for fake goods, a major embarrassment for a Chinese e-commerce giant trying to shake off its reputation as a haven fo...

Mobile Advertising Network Yeahmobi Raises About $100 Million in Funding for Expansion

23Dec By NitishNo Comments

CHINA, FUNDING

Mobile Advertising Network Yeahmobi Raises About $100 Million in Funding for Expansion

Mobile performance marketing network Yeahmobi has just raised RMB 639 million (about $100 million), to bolster its global expansion. The Xi'an, China-based company is now valued at about RMB 5 billion (about $720 million). Investors in the private placement include Beijing Bohai Tongxin Private Equity Fund (RMB 120 million), Nanjing Huawen Hongsheng Startup Investment Fund (RMB 100 million), Shenzhen Qianhai Bochuang Private Equity Fund (RMB 60 million), and 11 others. The funding is said to be used as working capital needed in mobile advertising business in subsidiary companies and branches, as well as acting as reserve fund for the company's M&A efforts of consolidating global digital media assets. As part of Yeahmobi's global aspiration, Yeahmobi plans to leverage the favorable ca...

US Blacklists Chinese E-commerce Giant Alibaba For Fake Product Selling

22Dec By PriyankaNo Comments

CHINA, USA

US Blacklists Chinese E-commerce Giant Alibaba For Fake Product Selling

Chinese e-commerce giant Alibaba Group is back on the US government's annual list of "notorious markets" that sell pirated goods. The Office of the US Trade Representative said yesterday that Alibaba's on-line marketplace Taobao sells "high levels" of counterfeit goods and is slow to respond when companies complain about the knockoffs. USTR took Alibaba off the blacklist in 2012, but several US trade groups successfully sought to get it reinstated. "There are a lot of victims here," including US companies that lose sales to fakes and consumers who wind up with shoddy goods, said Stephen Lamar, executive vice president at the American Apparel & Footwear Association, which wanted Alibaba back on the list. Alibaba Group President Michael Evans said the company is "disappointed." ...

17Nov By Press Trust of IndiaNo Comments

CHINA

China FDI – $98 Billion in Ten Months, 600 Companies Invested Over $100 Million

FDI in China rose 4.2 percent year on year to reach around USD 98 billion in the first ten months of the year with service sector attracting massive investments, unlike manufacturing which suffered over capacity, official data said today. The growth rate is unchanged from the January-September period, according to the Ministry of Commerce. The service industry continued to attract massive foreign investment from January to October, said Tang Wenhong, head of the ministry's foreign investment division. The FDI rose 4.2 percent to reach 666.3 billion yuan during initial ten months. In the service sector, which accounted for 70.7 percent of all investment, FDI increased 9.1 percent year on year during the period. In particular, FDI in high-tech services skyrocketed 90.2 percent from a y...

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

12Nov By AnkitaNo Comments

CHINA, News

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

Alibaba Group, the e-commerce giant behind the 24-hour Singles' Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day. Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba in their annual buying spree yesterday, sources with Alibaba Group said today. Online transactions totaled 120.748 billion yuan in the 24 hours that ended as the clocks struck 12PM yesterday, a record amount in global retail for any single day, data provided by Alibaba said. The shopping spree hit a climactic high just nine minutes after midnight on Friday morning, with an average 120,000 transactions handled per second on Alipay, Alibaba's mobile pa...

India’s Imports From China to See a Major Decline: Report

5Nov By Press Trust of IndiaNo Comments

CHINA, INDIA

India’s Imports From China to See a Major Decline: Report

Demand for Chinese products in India is decelerating and imports from the country would see a "major hit" in the coming months, according to a report, which revealed a significant shift in the consumption pattern of Indian consumers towards domestic products. The analysis by the PHD Chamber of Commerce & Industry said increasing competitiveness of India's production capabilities to match its Chinese counterparts due to the improvement in the ease of doing business was another factor responsible for the trend. Indian production capabilities are becoming competitive as compared with China because of many reasons such as improvement in the ease of doing business. Also, there is a significant shift in the consumption pattern of Indian consumers from the Chinese products to domestic p...

Alibaba Sales Soars, Revenue Beats Expectations With Strong E-commerce Growth

3Nov By AnkitaNo Comments

CHINA

Alibaba Sales Soars, Revenue Beats Expectations With Strong E-commerce Growth

Chinese e-commerce giant Alibaba's sales soared 55 percent in the last quarter, thanks in part to a more than doubling of revenue from cloud computing, the company said today. The year-on-year growth in group sales, to 34.29 billion yuan (USD 5.14 billion), was not matched by net profit, which slide down 66 percent to 7.62 billion yuan (USD 1.14 billion). The drop was mostly due to an unfavourable comparison, as last year the firm booked an exceptional gain linked to the re-evaluation of its participation in one unit. "Alibaba Group had a great quarter," chief executive Daniel Zhang said in a statement on the firm's second quarter, which ended in September. "Our results reflect our increasing ability to monetise our 450 million mobile users through new and innovative social commerce ...