Monday, November 18

CHINA

Read the latest news on startup companies in China, entrepreneurs, funding, investments, tech news and successful businessman stories on Pixr8.

This Is Probably The End Of Bitcoins In China
5Sep By reutersNo Comments
CHINA

This Is Probably The End Of Bitcoins In China

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising. ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight. Individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, said a joint statement from the People’s Bank of China, the securities and banking regulators and other government departments, that was posted on the central bank’s website. The prices of bitcoin and ethereum, two of the largest cryptocurrencies, slumped after the announcem...
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BRICS Countries Online Sale Surpassed $876 Bn In 2016 : Report
2Sep By Press Trust of IndiaNo Comments
CHINA

BRICS Countries Online Sale Surpassed $876 Bn In 2016 : Report

The online retail sales of BRICS(Brazil, Russia, India, China and South Africa) countries led by China and India surpassed $876 billion in 2016, in a recent report shared by China’s e-commerce giant Alibaba, today. The report was released ahead of the BRICS summit in Xiamen next week by the Ali Research Institute which is affiliated to Alibaba. (more…)
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Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network
22Aug By AnkitaNo Comments
CHINA

Paytm Mall To Invest $35 Mn To Further Strengthen Its Logistics Network

Paytm Mall is planning to put more money(around $35 million) to strengthen its logistics infrastructure, technology and add more product offerings to further strengthen its position in the market. "Paytm Mall is now expanding its logistics support by servicing demand with local supply to service same-day and next-day deliveries,” the company said in a statement. In the first phase, the company had limited its offerings to electronic goods and appliances across 25 cities. Now, it plans to expand its footprint to 100 cities and add other categories of merchandise as well. “We aim to build a trusted and highly-efficient logistics network to help local shopkeepers offer more convenient shopping experience to customers and enable brands to save up to 50% on logistics, as they will be able to...
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WeWork Launches Its China Unit, Backed By Hony, SoftBank
27Jul By AdityaNo Comments
CHINA, News

WeWork Launches Its China Unit, Backed By Hony, SoftBank

Co-working space WeWork is all set to launch its Chinese unit after it raised $500 million from Hony Capital and SoftBankGroup, one of China's largest private-equity firms. WeWork will tap into booming demand for shared office space in the world's second-largest economy. With the funds raised, it will expand its services to at least 5 other locations in the next 12 months. Currently it is available in Beijing and Shanghai. State-owned real estate developer Greenland Group and hospitality company Jin Jiang International - parent of Hong Kong-listed Shanghai Jin Jiang International Hotels Group - will also invest in the local unit,said  WeWork co-founder and CEO Adam Neumann. "By creating local entities we allow ourselves to take local management, give them local equity, incentivize t...
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16 Apple Employee Arrested in China For Selling iPhone Data
24Jun By PriyankaNo Comments
CHINA

16 Apple Employee Arrested in China For Selling iPhone Data

Chinese police have arrested 16 employees of an Apple contractor for selling personal information of iPhone users from eastern Chinas Zhejiang Province. In January, police in Cangnan county Zhejiang Province suspected several employees or former employees of an Apple distributor and a contractor of stealing user data, the county procuratorate said in a statement today. In May, police caught 22 people, 20 of whom worked for the two companies, from Guangdong, Jiangsu and Fujian provinces, state-run Xinhua news agency reported. So far, 16 people have been arrested and four remain under investigation. Fifteen of those arrested work for Guangzhou Telecom Yingke Company, a contractor which provides consulting and after-sales service for Apple. Prosecutors said that starting from A...
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Amazon’s Grocery Push Playing Catch Up With Chinese E-commerce Giants
23Jun By reutersNo Comments
CHINA, News, USA

Amazon’s Grocery Push Playing Catch Up With Chinese E-commerce Giants

As Amazon.com Inc looks to swallow U.S. grocery chain Whole Foods, China's tech giants are already digesting hefty bricks-and-mortar deals, taking the lead in the battle to transform supermarket shopping with big data and better supply chains. China's Alibaba Group Holding and JD.com Inc have invested heavily in offline retail - bricks-and-mortar stores - in recent years to complement their online offerings. With their ready-made payment and social media platforms to lure shoppers, Alibaba and JD.com have helped China become the world’s largest online grocery market, far ahead of the United States. This early lead, cemented by densely populated urban areas and cheap labor, could be key as retailers and tech firms race to boost margins on low-cost consumer goods by reinventing supp...
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