CHINA | Pixr8 News

8Aug By Gauri SinghNo Comments

CHINA

Chinese firms China Daisy and Savills Join to Form a Joint Venture

One of the leading Chinese financial service providers China Daisy Group has entered into a partnership Savills to establish a joint-venture property service enterprise. The basic purpose of this joint venture is to expand its business in property and asset management services, as stated by the group's top management. "Together with Savills, we will integrate resources and promote the development of the property and asset management industry," said Byron Zhao Xichen, chairman of the board of directors of the group. Under this deal, both the companies will participate in the property and asset management, promotion of value-added services, extension of the industry's value chain and other areas, sharing resources in terms of projects, management experiences and technology platforms. ...

7Aug By Gauri SinghNo Comments

CHINA

Alibaba to Merge China’s Food Delivery Units To Surpass Meituan

China’s largest conglomerate Alibaba Group is planning to bring together and merge its food delivery units. The units that are getting merged are food delivery platform Ele.me and food and lifestyle services firm Koubei. The purpose behind this move is to raise funds for the combined business and also to intensify the battle with Tencent-backed Meituan Dianping which is the company’s rival. With this merger, Alibaba Group is expecting to raise between $3 billion and $5 billion for the combined entity, and according to the sources, the entity could be valued at up to $25 billion. "Alibaba and Meituan are the two main companies that can offer comprehensive O2O services," said Mo Jia, a Shanghai-based research analyst with technology consultancy Canalys. "Alibaba's three units are complem...

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...

4Aug By Gauri SinghNo Comments

CHINA

China Unicom and AliCloud Set to Form a Joint Venture

China United Network Communications Group and Ali-Cloud have announced that both the companies are getting into an association and teaming up for the purpose of getting a better tap into cloud business opportunities. This joint venture has been registered in Beijing with a capital of 353 million yuan ($51.4 million). The basic idea behind the establishment of this venture is to meet the growing demand from China's governmental institutions and State-owned enterprises for cutting-edge software and information technology solutions. "The new company will leverage China Unicom's infrastructure capabilities, and nationwide operational services in the government and enterprise markets, and combine Alibaba's prowess in cloud computing, big data and artificial intelligence," China Unicom state...

2Aug By Gauri SinghNo Comments

CHINA

China’s Baidu Saw a Growth in Q2 Revenue with AI Boost

Baidu, the largest online search engine in China announced the reports of its total revenue and claimed that it hit 26.0 billion yuan ($3.93 billion), a rise of 32 percent year-on-year in the second quarter of this year. Around 77 percent of the total net revenues arrived from the mobile revenue which was 72 percent for the same period last year. "We had another strong quarter in Q2 with search exhibiting robust revenue growth driven by artificial intelligence-powered monetization capabilities and Baidu feed continuing strong traffic and monetization momentum," said Robin Li, chairman and CEO of Baidu. The net income received by Baidu was 6.4 billion yuan, risen by 45 percent year-on-year in the second quarter. The online marketing revenues were 21.1 billion yuan, which saw a 25 perce...

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...

20Jul By Gauri SinghNo Comments

CHINA

Mi Max 3 Launches in China, Know the Specifications

Xiaomi, one of the leading Chinese smartphone makers has launched its much-awaited device known as Mi Max 3 in China. The launch of the smartphone took place on Thursday at 7:30 PM CST (5 PM IST) and is now available in the country for sale. The Chinese giant has been launching a number of smartphones for a few years now. The previous model of the same phone called Mi Max 2 was also a huge success. Coming to the details, we will now talk about the specifications and various features of the smartphone. SPECIFICATIONS: PRICE: CNY 1,699 (around Rs. 17,300), 64 GB CNY 1,999 (around Rs. 20,400), 128 GB DISPLAY: 6.9” screen (1080x2160 pixels) Full HD+ resolution 18:9 ratio RAM & STO...

13Jul By Gauri SinghNo Comments

CHINA

Apple Launches a Clean Energy Fund in China Worth $300 Million

The technology giant Apple Inc. is all set to launch a clean energy fund worth $300 million in China. The main idea behind this move is to connect the suppliers with the renewable energy sources. Apple announced this on Friday, working with its suppliers for investing in renewable energy projects that could power around 1 million houses in the country through fully renewable means over the next four years. In 2018 environmental responsibility report, Apple stated, "Apple's mission has never wavered. We are here to change the world... it's why we continuously strive to do more with less—reducing our impact on the earth we all share while expanding and redefining the possibilities ahead.” Following this move, reducing pollution has become the key priority of the ...

Baidu Partners With US Chipmaker to Bolster Project Apollo

12Jul By Gauri SinghNo Comments

CHINA

Baidu Partners With US Chipmaker to Bolster Project Apollo

Amercian data conversion and signal processing company Analog Devices (ADI) has entered into a collaboration memorandum of understanding (MOU) with China’s biggest technology company Baidu, for the purpose of improving and developing the Chinese company’s autonomous driving technologies. The partnership was taken forward on Tuesday and it is expected to bolster the autonomous driving solutions for Project Apollo, Baidu’s autonomous driving system platform, including sensor fusion, algorithms and ecosystem partners. The US and the Chinese company will together share resources and set up sensing and navigation applications such as RADAR and LIDAR for Project Apollo, and also and digital signal processing (DSP) products. “ADI offers groundbreaking advantages in autonomous driving, cabin e...

Jack Ma Partners With Ganesh Ventures To Boost Investments

10Jul By Gauri SinghNo Comments

CHINA

Jack Ma Partners With Ganesh Ventures To Boost Investments

Jack Ma, the founder of Alibaba Group has entered into an association with a $250 million Chinese venture capital fund known as Ganesh Ventures. The idea behind this partnership is to create a strong and sturdy network among the Indian entrepreneurs and Chinese investors and entrepreneurs. Ganesh Ventures will stand as Jack Ma’s strategic partner in India. The India-focused fund has currently made its first close of $30 million. The funding was led by Jack Ma’s eWTP Ecosystem Fund and Hong Kong-based Landmark Capital. Ganesh Ventures will further build offices in Gurugram, Bengaluru, Hong Kong and Beijing. The company also intends to finalize half a dozen deals this year. Ganesh Ventures will also be eWTP’s strategic investment partner in India. The company, named after the elephant-...