Saturday, March 2

CHINA

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

How Tencent App Creates Panic Amongst Chinese Users
CHINA

How Tencent App Creates Panic Amongst Chinese Users

Chinese internet company Tencent has been forced to apologise after its video team reported that a typhoon had wiped out the entire population of a province in east China that is home to nearly 100 million people. Typhoon Lekima hit the Chinese provinces of Zhejiang, Shandong and Anhui over the weekend, forcing more than two million residents to flee. China's official news agency Xinhua said at least 49 people were killed with dozens still missing. But Tencent Video sent a news alert to its subscribers on Monday saying the typhoon had "killed nearly everyone" in the eastern province of Shandong and seven people were missing. The alert cited the provincial emergency management department as the news source. Shandong is one of China's most populous provinces, with 99 million ...
Alibaba lets US small, medium businesses to sell on Platform
CHINA, USA

Alibaba lets US small, medium businesses to sell on Platform

Chinese eCommerce platform Alibaba will allow small and medium sized US businesses to sell on Alibaba.com. Until Tuesday, US business was only able to buy merchandise on the platform. Alibaba has 10 million active business buyers in more than 190 countries and looking to up its growth in the USA, which has been held in check by Amazon and threatened by trade tensions between the US and China. Alibaba said its one-third of the order volume is coming from US businesses. Sellers will have to pay an annual registration fee of about USD 2,000, but it won't charge a commission for each sale, unlike Amazon. In March, Alibaba.com and Office Depot announced a co-branded online store to expand the reach of both companies with small and medium sized businesses. It said at the time it...
Huawei cut output by $30 billion in 2019-20
CHINA

Huawei cut output by $30 billion in 2019-20

Huawei founder indicates that trouble maker company would slash its production over the next two years as it grapples with a US push to isolate the company internationally. "In the coming two years, the company will cut production by $30 billion," Ren Zhengfei, founder of Huawei said to Pixr8 News. Huawei earned just over $100 billion in revenue in 2018. But Ren, who compared Huawei to damaged aircraft, added that he expected the company to get back on its previous trajectory by 2021. "In 2021, we will regain our vitality and (continue to) provide services to human society," he said. Huawei has emerged as a key bone of contention in the wider China-US trade war that has seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods. ...
Alibaba Planning a Second Listing in Hong Kong to Raise $20 Billion
CHINA, Market

Alibaba Planning a Second Listing in Hong Kong to Raise $20 Billion

Reuters- Alibaba is considering raising as much as $20 billion through a secondary listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York. The deal, which would be the sixth-biggest follow-on share sale ever, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces an escalating trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet. They cautioned that many ...
Jack Ma New Advice for Sex ‘669’
CHINA

Jack Ma New Advice for Sex ‘669’

After advocating people to follow the spirit of "996" (9 am to 9 pm, six days a week at the workplace), Alibaba founder Jack Ma now has given another advice for an improved life, Follow the spirit of "669" (sex for six days, six times, with duration being the key). According to a report, Jack ma gave this advice to the employees during Alibaba staff's group wedding in the country. "At work, we emphasize the spirit of '996'. In life, we should follow '669,'" Ma said. The 54-year-old Ma was speaking at his company's mass wedding which takes place every year on 'Ali Day' on May 10 at the company's headquarters in Hangzhou. The "996" work philosophy was criticised by the tech industry. The "669" philosophy has also created a social media storm, with many net users calling it lewd....
Tencent raises $6 bn funding through bond sales
CHINA

Tencent raises $6 bn funding through bond sales

Shenzhen-based internet giant Tencent raises USD 6 billion in the bond sale. This is one of the biggest money collection through bond sales in Asia this year. Tencent confirmed this news in a filing to the Hong Kong stock exchange on Thursday with the biggest 10-year tranche of USD 3 billion priced at 3.975 percent. The social media giant in china also sold a five-year tranche of USD 2 billion in fixed and floating rate, USD 500 million in seven-year notes, and USD 500 million in 30-year notes. The dollar bond offering marks the biggest sale in Asia excluding Japan so far this year, according to data compiled by Bloomberg News, when sources tipped the offering to raise around USD 5 billion earlier this week. "The market is keenly anticipating Tencent's jumbo offering given the...
Tmall Global Unveils New Initiatives to Boost China’s Imports
CHINA

Tmall Global Unveils New Initiatives to Boost China’s Imports

Hangzhou, China: Tmall Global unveiled two key initiatives that further Alibaba’s plans to bring $200 billion worth of international goods into China over the next five years and help businesses of all sizes enter the China market. The initiatives the "Centralized Import Procurement (CIP)" and "Tmall Overseas Fulfillment (TOF)" are import solutions offered by Tmall Global to help international brands accelerate their entry into China and capitalize on hot demand for high-quality products. As the biggest cross-border platform in China, Tmall Global not only helps brand open up flagship stores on the platform, but also offers direct import services that can help bring international goods, from companies of all sizes sell into the Chinese market, benefiting Chinese consumers with an ...
Coffee Clash Brewing in China: Startup Luckin takes on Starbucks
CHINA

Coffee Clash Brewing in China: Startup Luckin takes on Starbucks

AFP: When Starbucks came to China two decades ago it promised to open a new store every 15 hours. Now a homegrown Chinese company Luckin Coffee plans to build a high tech-driven shop every three and a half hours to dethrone the US giant. The Chinese upstart is burning through millions of dollars to lure customers with steep discounts, challenging Starbucks' dominance by targeting office workers and students who prefer to have their java on-the-go or delivered to their doorstep. They could really benefit from wholesale coffee roasters similar to Iron and Fire based in the UK so they're really able to take on the competition. While Starbucks and British rival Costa Coffee offer lounging spaces for people to work or meet friends, most Luckin outlets are more like "delivery kit...
Online Consumption in China Goes High-end
CHINA

Online Consumption in China Goes High-end

Consumers in China are increasingly opting for smart and quality products online as robots and imported goods are gaining popularity as stated by a report. The report was announced by e-commerce giant Alibaba's Taobao village and think tank Aliresearch. It showed the consumption trend in the first 11 months of 2018 in the nearly 3,000 county-level administrations in China. Robot vacuum sales in the top 10 Chinese counties topped 100 million yuan ($14.6 million) during the period, while the stir-fry robot has become a popular smart kitchenware genre, according to the report. Agricultural drones sales online are also noted in counties in the northeast regions, as farmers in the traditional agricultural base modernize their production. The report also marks the rapid sales growth...
Huawei, Alibaba, Xiaomi top Fortune List of China’s Most Innovative Companies
CHINA

Huawei, Alibaba, Xiaomi top Fortune List of China’s Most Innovative Companies

China has announced its list of the most innovative companies in the country and Huawei was ranked first among the most innovative company in China, followed by Alibaba and Xiaomi, in a list published by Fortune China. The Chinese-language edition of Fortune released its ranking of "China's most innovative companies for 2018" on Wednesday after surveying 359 companies, including many of China's top 500 companies and the country's firms in the world's top 500. The survey was done in partnership with the consultancy firm A.T. Kearney. The list highlighted dozens of innovative companies in sectors as diverse as telecommunications, smart homes, retail, manufacturing, logistics, banking, and healthcare. China broke into the list of the world's top 20 most-innovative economies in July,...
China to Pay an Increasingly Vital Part in US companies’ Growth Plans
CHINA

China to Pay an Increasingly Vital Part in US companies’ Growth Plans

China has become an integral part of the growth plans of many US businesses, not just because of its sheer size but also due to its strategic importance. "China is actually becoming the leader in many markets and technologies that we are interested in," said Shafer, referring to digital platforms in China that help companies engage with customers. Huff, a political veteran, made these remarks in an exclusive interview after China's annual Central Economic Work Conference in Beijing. During the meeting China's top leadership reviewed the country's economic work in 2018, analyzed the current economic situation and arranged economic work for the coming year. A former California State Senator, serving from 2008 to 2016, Huff said that periodic review of real-world results from a coun...
China Aims to Build up 212 National Logistic Hubs
CHINA

China Aims to Build up 212 National Logistic Hubs

China plans to build 212 national logistic hubs and form a national logistics hub network in line with the advanced economic system by 2035. About 30 hubs will be established by 2020 and another 150 will be built by 2025, reducing the ratio of total logistics expenses to GDP to about 12 percent, according the overall arrangement and construction plan for national logistic hubs. The plan released by the National Development and Reform Commission and the Ministry of Transport on Monday also named 127 qualified cities to host the project of building six kinds of hubs, including land port, harbor port, airport, service-oriented port, commerce and trade-oriented port and land border port. Air express, high-speed rail express, cold-chain express, e-commerce express and cross-border com...