China | Pixr8 News

22Dec By Gauri SinghNo Comments

CHINA

China’s Digital Economy repotedly Hit $2.3 Trillion in H1

China's digital economy hit 16 trillion yuan ($2.3 trillion) in the first six months of 2018, which accounted for 38.2 percent of the country's overall GDP growth. Lu Chuncong, director of the academy, said despite booming growth, China's digital economy suffers from unbalanced and inadequate development. Data shows that in 2017 the province with the biggest digital economy was 64 times the size of the most underdeveloped province. Lu also mentioned that the service sector has undergone the biggest digital transformation in China, but that the industrial and agricultural sectors have been less affected by the inevitable trend. Development of the digital economy is listed as an important task for building a modern economic system in China and achieving high-quality development. In...

Chinese Phonemaker Gionee Officially Files for Bankruptcy

21Dec By Gauri SinghNo Comments

CHINA

Chinese Phonemaker Gionee Officially Files for Bankruptcy

A second-tier Chinese smartphone company Gionee, which owes 20.2 billion Chinese Yuan (nearly $3 billion) to648 creditors, has officially filed for bankruptcy.According to the reports, a court in Shenzhen has accepted the Gionee application for liquidation bankruptcy. It had been stated that the founder of Shenzhen-basedGionee admitted he may have used company assets to gamble at a Hong Kong-listed casino in Saipan.Liu Lirong, Gionee's Chairman and Chief Executive, "admitted that Gionee's total debts amount to 17 billion yuan, with 10 billion yuan of this owed to banks, 5 billion yuan to upstream suppliers and about 2 billion to advertising agencies".When asked how much he lost gambling, Liu said, "a bit more than 1 billion yuan", which may actually be to the tune of 10 billion ...

15Dec By Gauri SinghNo Comments

CHINA

BMW Launches Online Ride-hailing Service in China

The BMW-owned car-sharing service called ReachNow has reportedly launched a ride-hailing service in Chengdu, capital of Southwest China's Sichuan province, on Friday. The move makes BMW the first foreign enterprise given the green light for online ride-hailing operation in China. Aiming at the huge high-end online car-hailing market, the company stated that a fleet of 200 BMW 5 Series models had hit the road in Chengdu at the preliminary stage, and half of the vehicles were plug-in hybrid ones. Customers can hail a car after installing the ReachNow app. Jochen Goller, president and CEO of BMW Group Region China, said China's high-end car-hailing service market has great development potential. China's ride-hailing market is dominated by Didi Chuxing, which offers services to 55...

China’s Tencent Music Secures $1.1 Billion in US IPO

12Dec By Gauri SinghNo Comments

Market

China’s Tencent Music Secures $1.1 Billion in US IPO

China’s largest streaming company, Tencent Music has raised $1.1 billion in a U.S. IPO after it priced its shares at $13 a piece ahead of a listing on the Nasdaq. This development makes it one of the largest tech listings of the year, but the pricing is at the bottom end of its $13-$15 range indicating that the much-anticipated IPO has felt the effects of an uncertain market. The company is said to have paused the listing process, which it started in early October, for a time so choppy are the waters right now — and that’s not even mentioning a shareholder-led lawsuit that was filed last week. The company operates a constellation of music streaming services in China which span orthodox Spotify-style streaming as well as karaoke and live-streaming se...

China’s JD.com Partners Intel to Develop ‘smart’ Retail experiences

11Dec By Gauri SinghNo Comments

BUSINESS

China’s JD.com Partners Intel to Develop ‘smart’ Retail experiences

China’s second highest-profile investor behind Alibaba known as JD.com has partnered with another U.S. tech giant that is Intel. Both the companies stated that they will set up a “lab” focused on bringing Internet-of-Things technology into the retail process. This would probably include new-generationvending machines, advertising experiences and more. That future is mostly offline — or, in China tech speak, “online-to-offline” retail — but combining the benefits of e-commerce with brick and mortar physical retail shopping. The e-commerce company already works with Intel on personalized shopping experiences, but this new lab is focused on taking things further with new projects and working to “facilitate their introduction to global markets.” “The Digitized Retail ...

China based G7 Raises $320 million from HOPU Investments

11Dec By Gauri SinghNo Comments

FUNDING

China based G7 Raises $320 million from HOPU Investments

Beijing-based fleet management company G7 has raised funds amounting to $320 million in a financing round. This round was led by HOPU Investments, one of the mosthigh-profile private equity firms in China. With this funding,the total capital raised by the company has reached to around $500 million.Other participants included new investors ChinaBroadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures and TH Capital, who are joined by existing investorsGLP, Bank of China Investment and Tencent. The basic purposeof this funding round is to drive technological development. The companyruns a proprietary connected platform for trucks, shippers, fleet manager anddrivers. G7 claims that its latest funding round marks the...

7Dec By AnkitaNo Comments

CHINA

Kim Kardashian Planning to Open Her Store in China

Reality television star and lifestyle mogul Kim Kardashian has her sights set on the Chinese market with plans to open a pop-up store, state media reported Friday. Kardashian, whose rapper husband Kanye West briefly lived in China as a child, recently launched her makeup brand KKW Beauty and told China's official news agency about her plans to do business in the world's second largest economy. But with a fraction of the followers on local social media platforms compared to her Instagram fans, she has a long way to go. "China has the best make-up, and I would love to explore more of it," she said from Los Angeles in the interview published Friday. Having "great interest in Chinese culture", Kardashian said she would like to film part of her reality TV show in the country. The...

1Dec By Gauri SinghNo Comments

CHINA

China’s AI Startup is Helping 280 Hospitals Worldwide Detect Cancers from Images

Beijing-based AI startup Infervision is among a handful of AI companies around the world racing to improve medical imaging analysis through deep learning, the same technology that powers face recognition and autonomous driving. The startup, which has to date raised $70 million from leading investors like Sequoia Capital China, began by picking out cancerous lung cells, a prevalent cause of death in China. At the Radiological Society of North America’s annual conference in Chicago this week, the three-year-old company announced extending its computer vision prowess to other chest-related conditions like cardiac calcification. “By adding more scenarios under which our AI works, we are able to offer more help to doctors,” Chen Kuan, founder and chief executive officer of Infervision state...

30Nov By Gauri SinghNo Comments

CHINA

Chinese Brand Gionee to go Bankrupt, Chairman Gambles $144 Million

A Chinese smartphone brand called Gionee that came into existence a few years back is now stooping down. The company seems to be in trouble and is reportedly on the verge of going bankrupt. However, the reason for the company going bankrupt has not been disclosed yet. On the other hand, a report by Chinese website Jiemian claimed that gambling habit of Gionee chairman Liu Liron seems to have brought Gionee in such a situation. Taking this into consideration, the company’s chairman lost more than 10 billion yuan ($1.4 billion) gambling in Saipan. Lirong clarified this with Securities Times, saying the figure was closer to over one billion yuan ($144 million) instead. With this, Gionee's fortunes have shifted unfavorably. Also, the company is said to have failed paying suppliers. Aroun...

28Nov By Gauri SinghNo Comments

News

Chinese Smartphone Brand Comio is Leaving India

One of the fastest growing Chinese smartphone brands in India known as Comio is reportedly quitting the Indian market. The basic reason behind the exit is that the company isn’t making money and its Chinese promoters aren’t infusing capital. "Chinese team members left India in the first week of November, 2018, abruptly and asked us from China to close the operations immediately. We have been regularly following up with them but not getting any satisfactory reply regarding settling pending issues in India,” TopWise Communications (which owns the Comio brand) India CEO Kalirona said. Also, the CEO stated that the company is trying to take legal and government authorities’ help to ensure “Chinese promoters settle each and everything and honour their commitment in India”. It was in Septem...

26Nov By Gauri SinghNo Comments

CHINA

China’s Emerging Space Startup to Launch Another AI Satellite Soon

A young Chinese commercial space firm called Chengdu GuoXing Aerospace Technology has sent two satellites into space within 100 days after its establishment, and now the company is preparing for a new launch in December. The firm was set up in the capital of southwest China's Sichuan Province in May. It has developed two experimental satellites integrated with AI technology. "The AI technology could give the satellite a stronger capability of automatic data analysis," said Zhao Hongjie, vice president of the startup firm. The company has around 40 employees most of whom are under 30. It is one of the best examples of China's emerging commercial space industry. Launching rockets and satellites has long been the goal of China's state-owned aerospace companies, but private space firms ar...

Shanghai Set to Expand High-tech Enterprise Population

23Nov By Gauri SinghNo Comments

CHINA

Shanghai Set to Expand High-tech Enterprise Population

Shanghai is set to increase its population of high-tech enterprises to 15,000 by 2020, according to a guideline released by the municipal government. The guideline also states that these enterprises would achieve a combined annual revenue of more than 3 trillion yuan ($432.94billion) and profits of 280 billion yuan by 2020. The high-tech sector, which has become an important engine in the city's development, is growing rapidly in Shanghai, said Zhang Quan, the director of Shanghai Municipal Science and Technology Commission. The city is presently home to around 9,200 high-tech enterprises, more than 80 percent of which are privately owned. In 2017, these companies applied a total of 28,539 invention patents, an 18.56 percent increase compared with the previous year, and their tota...