Monday, November 25

Tag: China

Ofo, Bike Sharing Startup To Raise $1 Bn From SoftBank Group
29Jul By reutersNo Comments
FUNDING

Ofo, Bike Sharing Startup To Raise $1 Bn From SoftBank Group

Chinese startup Ofo is in talks to raise $1 billion in a new funding round led by Japan's SoftBank Group, people familiar with the matter said, in what would be the largest fund-raising in the nation's bike-sharing business. Didi Chuxing, China's biggest ride-hailing firm which counts SoftBank as an investor, could join Ofo's new fundraising round，the sources told Reuters. Ofo could reach a valuation of close to $3 billion after the funding, one of the sources said. Ofo is seeking fresh capital less than a month after raising more than $700 million from investors led by Alibaba Group and two others, following rival Mobike, which in June announced a $600 million investment led by Tencent Holdings. The latest Ofo investment plan has not been finalised, the sources said, who declined 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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Paytm Forms Joint Venture With AGTech Media To Develop Games
24Jul By AdityaNo Comments
News

Paytm Forms Joint Venture With AGTech Media To Develop Games

One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong's company AGTech Media to develop mobile games for Indian consumers,  AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint. AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery. “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech. With this joint venture, AGTech Media will hold 45%, Paytm bei...
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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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Vivo Becomes Official Sponsor of the 2018 and 2022 FIFA World Cup
1Jun By AdityaNo Comments
CHINA

Vivo Becomes Official Sponsor of the 2018 and 2022 FIFA World Cup

BEIJING - Football is one of the most fascinating sports, and the FIFA World Cup, as one of the top sporting competitions in the world, always captures the attention of global audiences. The global smartphone brand Vivo announced its agreement with International Federation of Association Football (FIFA) to sponsor the FIFA World Cup for six years, covering two tournament cycles. This means Vivo will become the official sponsor of the 2018 and 2022 FIFA World Cups. Consecutive Sponsorship of Two FIFA World Cups As the official smartphone brand to sponsor the FIFA World Cup, Vivo will consecutively sponsor the FIFA Confederations Cup 2017, 2018 FIFA World Cup hosted by Russia, FIFA Confederations Cup 2021, and 2022 FIFA World Cup in Qatar. Through the tremendous global influence, this si...
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Popular Chinese Lesbian Dating App Having 5 Million Downloads Removed From Internet
30May By reutersNo Comments
CHINA

Popular Chinese Lesbian Dating App Having 5 Million Downloads Removed From Internet

A popular Chinese dating app for lesbians has been shut down, along with its website and main social media account, just as the gay community celebrates Taiwan's decision giving same-sex couples the right to marry, a first for Asia. Asian lesbians can also enjoy adult entertainment involving other Lesbians TubeV Sex, even if their main dating app has been compromised. The app, Rela, set up in 2012, has around 5 million registered users, a cached version of its entry on Apple's iTunes site shows. But users began noticing last week that the app, along with its Twitter-like Weibo account and website, was no longer accessible, according to users posting on Weibo under the hashtags #rela and #relahasbeenblocked. The service was temporarily suspended due to an "important adjustment in s...
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Alibaba Will Invest USD 7.3 Billion to Produce One Million Smart Vans
24May By AnkitaNo Comments
CHINA

Alibaba Will Invest USD 7.3 Billion to Produce One Million Smart Vans

Chinese e-commerce giant Alibaba delivery arm Cainiao Network has announced USD 7.3 billion investment to produce one million smart vans in partnership with domestic automakers for efficient delivery. Cainiao said a computing system, powered by the Internet, will analyse real-time orders and design the most efficient routes for its delivery fleet. The move will cut cost and reduce energy consumption. In two cities where the plan was piloted in April, vans travelled 30 per cent shorter distances and saved 20 per cent of the operational costs. Partnering automakers include SAIC Motor, Dongfeng Motor, Reach Rental. Cainiao also announced financial support of USD 7.3 billion for logistics firms and delivery drivers participating in the plan. Cainiao is Chinas logistics firm that pr...
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After Dangal Success, Indian Film Star Aamir Khans Popularity Shot Up in China
20May By PriyankaNo Comments
CHINA, News

After Dangal Success, Indian Film Star Aamir Khans Popularity Shot Up in China

Aamir Khans popularity in China shot up with the runaway success of his movie "Dangal" and now his Chinese microblogging website account has also crossed 5.86 lakh followers overtaking that of Prime Minister, Narendra Modi. The 51-year-old superstars account on Weibo, one of the most popular social websites in China, has received 5,86,591 followers till this evening. Modi, who opened the account on Weibo in 2015 before his visit to China, was the most popular Indian with 1.69 lakhs followers. He still continues to update his post with China related events. Khan account, called "Amier Han" in Chinese, was opened last month ahead of the release of the biographical sports drama, which has become a smashing hit in China grossing 500 million yuan (about USD 76 million) in 13 days to...
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19May By Press Trust of IndiaNo Comments
CHINA, Tech

Xiaomi Bets Big on Mi Homes For Larger Offline Play

Chinese handset maker Xiaomi will set up Mi Homes in four cities, including Delhi and Hyderabad, as it looks to increase its revenues from the offline retail market in India. Last week, it unveiled its first Mi Home in Bengaluru that will allow consumers to experience and buy all Xiaomi products under one roof. Xiaomi had forayed into the Indian market in 2014, selling smartphones exclusively online through Flipkart. However, a year later, it partnered with distributors to sell devices through brick and mortar stores as well. "Over the next few months, we will expand Mi Homes to Delhi, Chennai, Mumbai and Hyderabad. We want to bring these five (Mi Homes) to scale, ensure they are profitable before we add more," Xiaomi India Head Manu Jain told PTI. Xioami has 72 such Mi Homes i...
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Peak Releases China’s First 3D Printed Running Shoes
13May By AnkitaNo Comments
CHINA

Peak Releases China’s First 3D Printed Running Shoes

China's leading professional sports brand Peak released its first 3D printed running shoes, "FUTURE I", which are being sold on Tmall at the price of RMB1299. Peak becomes the third sports brand to release and sell 3D printed running shoes after Adidas and Under Armour. At the press conference, Zhihua Xu, general manger of Peak Sport said, "This pair of 3D printed shoes is Peak's latest outcome of Peak Innovation Strategy, our goal is to build Peak as the most international, professional and innovative sports brand in China." 3D printed running shoes are based on the most popular Peak FLY V, with 3D printed technology applied to achieve technological innovation. The comfortable and breathable shoes are made with special lattice structure as insole by using 3D technology, and SLS lase...
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