China | Pixr8 News

25Oct By Gauri SinghNo Comments

CHINA

Tesla to Start Model 3 Manufacturing in China from Next Year

The EV giant Tesla is reportedly expecting to extend its earnings streak by bringing its new Model 3 to customers beyond North America. The company’s plan includes accelerating its manufacturing plans in China. Tesla witnessed its revenue increase aggressively to $6.8 billion in the third quarter (and a $312 million profit) after the sales of its new Model 3 vehicle. The company was able to achieve that profitability milestone just through sales in the U.S. and Canada. The company mentioned that it would start to take orders for the Model 3 in Europe and China before the end of 2018. Also, it will begin deliveries of the Model 3 to Europe early next year. “We are aiming to bring portions of Model 3 production to China during 2019 and to progressively increase the level of localizati...

Xiaomi-owned Yeelight Forays into the Indian Market

23Oct By Gauri SinghNo Comments

CHINA

Xiaomi-owned Yeelight Forays into the Indian Market

Smart lighting solutions maker called Yeelight which is owned by Xiaomi has reportedly announced its foray into the Indian market amid the festive season. The China-based company has introduced four products including a smart lamp, a light strip and two smart bulbs. These products are priced between Rs 2,000 to 10,000 as mentioned by its parent company. In the initial stage, its products will be exclusively available on Amazon and later, it would also be available at retail outlets and experiential zones of major metro cities. "With the smart lighting industry in India facing the upward growth trajectory, we are extremely excited to foray into the Indian markets," Yeelight Founder and CEO Eric Jiang said. He also stated that the company would focus on smart light segment with quali...

Chinese Firms May Now Capture Indian Phone Accessories Market

20Oct By Gauri SinghNo Comments

CHINA

Chinese Firms May Now Capture Indian Phone Accessories Market

The Indian market has been quite influenced by Chinese smartphone makers and thus, China has been able to capture a good portion of the Indian smartphone market. After conquering the country’s smartphone market, the Chinese companies are now trying to capture India's mobile phone accessories market. The Indian mobile phone accessories market is estimated at more than Rs 10,000-crore which is largely unorganized. WK Life, a company that is based in Hong Kong is planning to launch 200 outlets in the country in the next two years to sell mobile phone cases, power banks, earphones and speakers to tap the burgeoning business in India. WK Lifestyle India will open its first store in Mall of India in Noida later this month and would also expand its store network through sub-franchisees. ...

18Oct By Gauri SinghNo Comments

CHINA

China’s Digital Economy to Become World’s Largest

China is the largest economy of the world and now, the digital economy of the country is also expected to become the world's largest amid rapid development as stated by the Hong Kong E-Commerce Association Chairman Joseph Yuen at the second Beijing CED Internet Summit. The overall revenue of China's e-commerce, online travel, and digital media consumption in 2018 is estimated to reach $765 billion. Also, the number of people digitally connected globally will reach 4 billion by 2020. The number of connected devices will reach 25 billion, which means an average of one person has about six devices connected to the internet. China needs to open its market, transfer more scientific and technological achievements, and also cultivate talent in order to accelerate the growth of the digital e...

16Oct By Gauri SinghNo Comments

CHINA

Yang Huiyan Named as the Richest Woman in China for the Sixth Time

The vice-chairwoman of one of the largest property development company in China Country Garden has been named first on the list of the richest Chinese women for the sixth consecutive year. According to the Hurun Richest Woman in China 2018, Yang Huiyan is the richest woman in China. The wealth of the lady is around 150 billion yuan ($21.7 billion) and has topped the list followed by Wu Yajun who is the chairwoman of Longfor Properties with 58.5 billion yuan wealth. The third position was held by Chen Li who is the chairwoman of Fu Wah International Group with Hua (50.5 billion yuan) wealth. "China accounts for 60 percent of the world's most successful female entrepreneurs, while Chinese women make up one-fifth of the world's female population," said Rupert Hoogewerf, chairman and chi...

Jack Ma to Launch an Institute of Entrepreneurs in Indonesia

15Oct By Gauri SinghNo Comments

CHINA

Jack Ma to Launch an Institute of Entrepreneurs in Indonesia

The founder and executive chairman of China’s largest e-commerce company Jack Ma is reportedly planning to open an institute to train thousands of tech entrepreneurs in Indonesia. However, he did not mention when Jack Ma Institute of Entrepreneurs would launch. The aim behind this move is to train 1,000 tech leaders a year over the next 10 years. "We're giving a lot of opportunities for young Indonesian people to learn," Jack Ma said. The co-founder of Alibaba said it is important for Indonesia to invest in human capital because "only when people improve, when people's minds change, when people's skills improve, then we can enter the digital period". Talking about Indonesia, the country has a lack of trained engineers in technology and the institute will also train hundreds of develop...

Baidu Enters into a Strategic Partnership with NetEase Cloud Music

13Oct By Gauri SinghNo Comments

CHINA

Baidu Enters into a Strategic Partnership with NetEase Cloud Music

China’s largest search engine Baidu has entered into a strategic partnership with one of China's major music live streaming services known as NetEase Cloud Music. Following this partnership, Baidu stated that the high-quality content of NetEase Cloud Music will reach hundreds of millions of users by virtue of Baidu's app, information flow and video platform. This will be beneficial for both the parties. Firstly, the companies will cooperate in the intelligent hardware sector. NetEase Inc will remain the controlling shareholder in NetEase Cloud Music after the investment, whereas Baidu will hold the position of a strategic partner. The basic idea of Baidu is to expand its presence in content. Prior to this, the company has invested in a series of video-sharing platforms, such as Ba...

12Oct By Gauri SinghNo Comments

CHINA

Tencent Tops WPP’s Ranking of China’s Best Companies

Recently, the British multinational advertising and public relations company WPP announced its list of top 100 Chinese brands ranking in London with an aim to acknowledge Chinese companies' growing reputation on the international business stage. In this list, the Chinese internet giant Tencent topped the position and was termed as the most important company in China. Tencent was followed by e-commerce leader Alibaba and the leading telecoms company China Mobile. "Companies that back their brands with the power of creativity and ideas will be the winners in today's world of innovation and change, and China excels in this respect," said David Roth, chairman of BrandZ and BAV Group, which are subsidiaries of WPP. Apart from this, the top 10 included the telecommunications company Huawei,...

After China, OYO launched its service in Japan

9Oct By Gauri SinghNo Comments

News

After China, OYO launched its service in Japan

The budget hospitality chain OYO has been expanding to various countries for a long time. After China, Australia and many other countries, the company is now foraying into Japan which is the world’s third-largest economy. The Gurugram-based hotel chain lately raised $800 million in its latest round of funding that was led by SoftBank’s Vision Fund, following which, the valuation of the company reached $5 billion. The move also comes less than a year after the hospitality company entered China in December last year, a geography that it has identified as a core market, alongside India. According to the sources, Japan could also be the company’s next major market, after India and China. The step to enter Japan has also been driven by the expected growth in the country’s hospitality s...

8Oct By Gauri SinghNo Comments

CHINA

China’s EV Startup WM Motor Commences Delivery

China’s EV company WM Motor has started volume delivery of its first model, the EX5 SUV marking its first entry into the country's booming new energy vehicles space. The company has been backed by internet giant Tencent and was established in 2015. It has a plant capable of producing 200,000 vehicles in Wenzhou, Zhejiang province. "This is a milestone for WM Motor, and the first step in our long journey ahead," said the company's chairman and CEO Freeman Shen. The company claims to be the first startup in China and even globally to deliver on time. It stated that they planned three years ago to deliver their vehicles in September 2018, and made it. WM Motor had received more than 4,000 orders as of now and expects to deliver at least 10,000 vehicles this year. It is available in th...

5Oct By Gauri SinghNo Comments

CHINA

China’s Software and IT Sector Witnesses Faster Growth

China’s software and IT sector are reportedly witnessing faster growth in terms of both revenue and profit in the first eight months of the year. According to the Ministry of Industry and Information Technology (MIIT), the total revenue of the sector was around $574.19 billion (3.95 trillion yuan) in January-August, increased from 14.8 percent from the last year, quickening from 13.8 percent in the same period a year ago. Combined profits in the sector marked 492.4 billion yuan, up 13.7 percent year-on-year. These picked up the pace from 12.1 percent a year ago and 13.5 percent in the first seven months. Along with this, the MIIT data also showed faster export growth and increases in both, the number of employees and the average salary level as well. China's software and IT sector wi...

China’s Largest Music-Streaming Company Files For US IPO

3Oct By Gauri SinghNo Comments

Market

China’s Largest Music-Streaming Company Files For US IPO

China’s largest music-streaming company Tencent Music Entertainment Group has filed an initial public offering (IPO) in the United States under the symbol "TME". This is expected to be the biggest US IPO by a Chinese company. The company is expecting a valuation of about $25 billion. It includes Spotify-like digital streaming apps QQ Music, Kugou and karaoke app WeSing. The music company is expecting to raise an amount in its first IPO filings which is used to calculate registration fees. The final size of the IPO could be different. Market leader Spotify debuted in April and its shares rose nearly 13% on the first trading day. The company also reported a profit of $263 million on a revenue of $1.30 billion for six months ended June 30. Tencent owns 58.1% stake in Tencent Music, a...