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Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

12Aug By reutersNo Comments

CHINA, News

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

Cheng Wei, 34, was once assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - a second success in as many years in a gruelling battle with a rival. Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China's competitive ride-hailing market. But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China's history and military in his speeches. He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese m...

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

12Aug By AdityaNo Comments

CHINA

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

Chinas e-commerce giant Alibaba has recorded a revenue growth of 59 per cent amounting to USD 4.85 billion in the first fiscal quarter ending June, the fastest since its Initial Public Offerings. The revenue of 32.15 billion yuan (USD 4.85 billion) topped market estimates, pushing Alibabas share price up by 5 per cent to about USD 92 in New York. Gross Merchandise Volume (GMV) transacted in Alibabas China retail marketplace was 837 billion yuan (USD 125 billion), up by 24 per cent year on year, state-run Xinhua news agency reported. The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter. The mobile revenue of China retail marketplace was 17.5 billion yuan (USD 2.6 billion) , representing 75 per cent of total Chi...

11Aug By AdityaNo Comments

CHINA

JD.com, China’s Second Biggest E-commerce Revenue Roses 42%

JD.com Inc, China's second biggest e-commerce company, reported revenue for the second quarter of 2016 that was within company forecasts, even as the growth rate continued a steady decline that is expected to continue. The company, Alibaba Group Holding Ltd's main rival in online shopping, said on Wednesday revenue for the quarter rose 42 percent to 65.2 billion yuan ($9.83 billion), within JD.com's forecast range of 64.2-66.2 billion yuan. But the company is predicting an even sharper decline in growth for the third quarter, compounding concerns that China's e-commerce sector is saturating. JD.com's revenue from Amazon-like online direct sales rose 40 percent in the quarter, versus a 67 percent jump in sales from services and other businesses. JD.com now expects revenues for the third ...

Didi and Uber Join Fight Against Ola in India

10Aug By reutersNo Comments

News

Didi and Uber Join Fight Against Ola in India

Didi Chuxing's acquisition of Uber's China business last week reshapes the landscape in Asia's growing ride-hailing sector, and leaves India's Ola more vulnerable to attack by Uber in its $12 billion home market. Four months ago, Ola executives met with Didi hoping the Chinese firm would invest fresh capital to help it fight Uber Technologies Inc which, with its deeper pockets, has made rapid inroads into India. They were told Didi wanted first to sort out its own challenges in China, said a person with direct knowledge of Ola's plans. Didi and Uber have raised and spent billions of dollars in a discount slugfest to win drivers, passengers and market share in China. Didi, now worth around $35 billion, last year invested about $30 million in Ola, which is also backed by Japan's ...

How Apple Backing Helped China’s Taxi Aggregator Didi Chuxing To Outrun Uber in China

4Aug By reutersNo Comments

Story

How Apple Backing Helped China’s Taxi Aggregator Didi Chuxing To Outrun Uber in China

Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber's decision to agree a halt to a costly two-year battle with its rival in China, people close to the companies and analysts said. Didi Chuxing Technology Co and Uber Technologies Inc raised billions of dollars in funding and spent heavily on discounted rides as they slugged it out for drivers, passengers and market share in the world's second-biggest economy. Uber finally ceded this week, realizing it was no match for a cash-rich rival with the backing of three of the world's largest technology giants. It agreed to give up its independence in return for a nearly one-fifth stake in a bigger Didi. Didi raised far more money than Uber China making China the first market where Uber's strategy of...

Xiaomi Rolls Out First Laptop to Take on Lenovo, Apple

27Jul By Press Trust of IndiaNo Comments

Tech

Xiaomi Rolls Out First Laptop to Take on Lenovo, Apple

Chinese smartphone maker Xiaomi today rolled out its first laptop, testing the waters in a market that has been flooded with premium tablets. The laptop Mi Notebook Air, runs on Microsofts Windows 10 operating system, sells for 4,999 yuan (around USD 749) for a 13.3-inch display. A slimmed-down version for office use is also available for 3,499 yuan. The laptop is priced at a discount compared to many models with similar specifications from leading brands such as Lenovo, Dell, HP and Apple. It is the Beijing-based firms latest attempt to press ahead with its strategy of releasing top-spec devices at low prices. "Xiaomi will continue to roll out budget devices with key components in the same league as those on premium devices," Xiaomi co-founder Lei Jun said during product la...

My Learning From Chinese Citizens About Indian Online Market

25Jul By No Comments

BLOGS

My Learning From Chinese Citizens About Indian Online Market

We often compare India with China, especially when it comes to online markets. Both countries have a lot of similarities. They have a huge set of diverse population that are culturally, linguistically, geographically, and socially varied. Their primary language is not English. But, there are some glaring differences between the two countries, too. And we should learn from them. In my most recent visit to China, I met over 15 companies (large and small) in the IT and digital technology space. Their respective founders or their representatives presented their growth and plans to over 25 CEOs from Indian companies. Here are my key takeaways from the trip: Learn Globally. Implement Locally China has a large captive market to cater to. About 30% of the Chinese founders I met...

4Jul By Press Trust of IndiaNo Comments

CHINA

China Bans Online Media From Publishing Reports

China has banned online media from publishing unverified content, especially from the social media, after the country's internet regulator punished some major websites that fabricated stories this year. China has banned online media from publishing unverified contents, specially from the social media. Online media basing news reports on contents made on social media must verify them before publication, China's Internet regulator said yesterday. News websites must accredit these sources, and they are banned from fabricating stories or distorting facts, according to a notice issued by the Cyberspace Administration of China (CAC), state-run Xinhua news agency reported. The CAC has punished some major websites which have fabricated stories this year, including sina.com, ifeng. com,...

28Jun By reutersNo Comments

CHINA

China Tightens Rules For Mobile App Developers

China has tightened rules for mobile app developers including requiring real-name registration and preserving users' activity logs, the country's internet regulator said on Tuesday, as Beijing looks to strengthen oversight of the growing app market. The Cyberspace Administration of China (CAC) said in a statement that mobile app providers would need to fulfill six requirements to help crack down on "unscrupulous" use of their platforms to carry out fraud, distribute pornography and spread malicious rumors. China's government already exercises widespread controls over the internet. It argues tough restrictions are needed to ensure security in the face of rising threats like terrorism, irking some foreign governments and business groups who say that the controls affect trade. Mobile app...

Chinese Tech Giant Baidu Planning of Mass-Producion of Driverless Cars

28Jun By AdityaNo Comments

CHINA

Chinese Tech Giant Baidu Planning of Mass-Producion of Driverless Cars

Chinese tech giant Baidu today said it plans to begin mass-production of driverless cars in five years as part of its efforts to get ahead of its US rivals Google and Tesla Motors in the autonomous vehicle technology. President Zhang Yaqin said Baidu will carry out road tests of driverless cars in 10 Chinese cities, with the aim to commercialise the technology in three years and realise mass production in five years. The move is a significant step for the Beijing-based tech company trying to get ahead of Google in building autonomous cars, and is marshalling the resources to advance the effort. During the ongoing Annual Meeting of the New Champions 2016, or Summer Davos, in Tianjin, Zang told state-run Xinhua news agency that the core technology of Baidus driverless cars, was the "B...

Alipay Could Acquire Stakes in German Banking Software Wirecard

27Jun By PriyankaNo Comments

CHINA

Alipay Could Acquire Stakes in German Banking Software Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25 percent in the German banking software company, a newspaper reported on Sunday. Without citing its sources, the Bild am Sonntag weekly said Wirecard was in confidential talks with Alipay about it taking a stake of up to 25 percent, and possibly more later. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company was in strategic talks with various partners, without elaborating. A source familiar with the matter said Ant Financial, which operates the Alipay platform, was not talking to Wirecard about an investment. In December, the two companies agreed to a deal to provide mobile phone payment servi...

25Jun By reutersNo Comments

CHINA

China Tightens Controls on Baidu Search Engine & Others

China's internet regulator said on Saturday that search engines should tighten management of paid-for ads in search results, making clear which results are paid for and limiting their numbers. The Chinese government already exercises widespread controls over the internet and has sought to codify that policy in law. Chinese regulators last month imposed limits on the number of lucrative healthcare adverts carried by Baidu Inc following the death of a student who underwent an experimental cancer treatment which he found using China's biggest internet search engine. Wei Zexi, 21, died in April of a rare form of cancer, and the case sparked widespread public anger. The Cyberspace Administration of China said search engines should investigate the "aptitude" of clients offering paid-for ...