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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...

2Oct By Gauri SinghNo Comments

CHINA

Wanda to Enter China’s Healthcare Space with USA’s UPMC

China’s popular conglomerate Wanda Group has entered into a strategic partnership with USA’s leading hospital UPMC. This has been done to jointly build international hospitals, as part of the company's deeper entry into the country's burgeoning healthcare sector. Wanda is a property-to-entertainment conglomerate that will join forces with medical skills, management and services from UPMC. UPMC is a well-known medical group with over 30 hospitals in the US. Under this program, the first batch of five hospitals will be launched in top-tier cities in the country, such as Beijing, Shanghai and Chengdu. "Setting up a network of private hospitals in China can keep Chinese patients in their own country and attract international patients who live in nearby countries," said Bruno Gridelli, e...

Beijing to Build 1,628 More Electric-Auto Charging Piles

1Oct By Gauri SinghNo Comments

Automobile, CHINA

Beijing to Build 1,628 More Electric-Auto Charging Piles

China’s capital Beijing has announced to add 1,628 more public charging piles for the new energy vehicles. These fresh charging services will be placed in crowded areas near shopping malls, hospitals, hotels and parks in more than 10 districts around the city. At present, the Chinese city has a total of 132,000 charging piles for new energy vehicles, and with this addition, it is going to expand more. The demand and sale of electric vehicles are increasing day by day. New energy vehicle sales went up 49.5 percent year-on-year to 101,000 vehicles last month, on the other hand, production rose 39 percent to 99,000 vehicles. China has been the world's largest new energy vehicle market for three continuous years. Last year, the country sold around 777,000 vehicles. The country produce...

China’s Mobile Internet Firm Cootek Inc Listed on the NYSE for IPO

29Sep By Gauri SinghNo Comments

Market

China’s Mobile Internet Firm Cootek Inc Listed on the NYSE for IPO

China’s mobile internet company CooTek (Cayman) Inc has been now listed on the New York Stock Exchange (NYSE). The company that is based in East China's Shanghai started trading on Friday. The company issued 4.35 million American Depository Shares (ADS) and raised $52.2 million. Every ADS of CooTek was priced at $12. The share price of CooTek was traded lower than its opening price of $11.5 in the first four trading hours of the first trading session. The funds secured through this initial public offering are planned to be utilized by the company in the marketing of the products. CooTek generally earns its revenue from the advertisement with its software product TouchPal Keyboard and other APPs on fitness and healthcare. The main motive of the company behind its entry on the NYSE ...

China’s English Learning Platform LAIX Debuts on NYSE

28Sep By Gauri SinghNo Comments

Market

China’s English Learning Platform LAIX Debuts on NYSE

China’s AI-based English learning platform LAIX Inc has debuted on the New York Stock Exchange (NYSE) with its initial public offering (IPO), trading under the ticker symbol of "LAIX." The company priced its initial public offering of 5,750,000 American depositary shares (ADSs) at $12.50 per ADS. The total offering size was roughly $71.9 million. Along with this, LAIX has granted the underwriters an over-allotment option, exercisable within 30 days. "Listing on the NYSE will make LAIX a more international company, which can help us attract customers all over the world, as we believe our English learning platform driven by AI not only can serve Chinese English learners, but also can help English learners in other countries," said Yi Wang, chairman and chief executive officer of LAIX. ...

27Sep By Gauri SinghNo Comments

CHINA

WeChat Pay HK Expands Payment Services to China

Internet giant Tencent has got into an association with China’s largest payment provider China UnionPay and its subsidiary UnionPay International for the purpose of offering cross-border mobile payment services for Hong Kong residents. This will also allow the users to use the Hong Kong version of WeChat Pay on the mainland. The major objective behind this step is to further promote integration between Hong Kong and the Chinese mainland. This is being done to make life and work easier for Hong Kong people in the Guangdong-Hong Kong-Macao Greater Bay Area. The users of WeChat Pay HK will be able to enjoy a range of cross-border mobile payment services on the mainland such as visiting restaurants, booking train tickets and hailing cars from October. "The cross-border mobile payment wi...

China’s Viomi Technology Raises $102.6 million on its Debut on Nasdaq

26Sep By Gauri SinghNo Comments

Market

China’s Viomi Technology Raises $102.6 million on its Debut on Nasdaq

China-based IoT home platform company Viomi Technology has debuted on the Nasdaq stock exchange trading under the ticker symbol of "VIOT”. The company has raised about $102.6 million on its debut in IPO. It priced its initial public offering (IPO) of 11.4 million American Depositary Shares (ADSs) at $9.00 per ADS. Each ADS represents three of the company's Class A ordinary shares. The underwriters for the Xiaomi-backed company’s IPO include Morgan Stanley and China International Capital Corporation Hong Kong Securities. "By listing on the Nasdaq, Viomi hopes to better focus on the development of home appliance technology and further expand brand awareness, as Nasdaq is known as a tech-heavy stock exchange," Xiaoping Chen, co-founder and chief executive officer of Viomi said. The compa...

Chinese E-Scooter Startup Filed For an IPO on Nasdaq

25Sep By PriyankaNo Comments

Market

Chinese E-Scooter Startup Filed For an IPO on Nasdaq

Electric scooter startup called Niu Technologies which is based in China has filed for an initial public offering (IPO) on Nasdaq. The company has planned to raise up to $150 million through this IPO. Niu claims to be the largest lithium-ion battery-powered e-scooters company in China. Founded in 2014, the company is based in Beijing and currently holds a market share of 26% in China on the basis of its sales volume. Niu’s scooters connect with an app that gives drivers maintenance and performance data and along with that delivers firmware updates. The firm stated that it had sold more than 431,500 smart electric scooters in China, Europe and other markets as of June 2018. According to the reports, China has been termed as the largest market for electric two-wheeled vehicles, wher...

Indian Hotel Chain Oyo Raises $1 billion at $5 billion Valuation

25Sep By Gauri SinghNo Comments

FUNDING

Indian Hotel Chain Oyo Raises $1 billion at $5 billion Valuation

Indian hospitality chain Oyo Hotels which is soaring high with success these days has planned to secured funds amounting to $1 billion for the purpose of expansion into China and other global regions. This round is expected to be led by existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed Venture Partners. The existing investors have currently put in $800 million, with commitments for another $200 million. About $600 million of the total will be deployed into China where Oyo had forayed just 10 months back. “With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent,” Agarwal stated. “We will also deploy fresh capital to take our unique model that enables small hotel ow...

21Sep By Gauri SinghNo Comments

CHINA

China’s Funcl Launches Wireless Earphones to Beat Apple, Huawei

China’s Funcl announced the launch and unveiled its latest wireless earphones in Beijing on Thursday. This launch was a part of the young startup's ambition to give a tough fight to the major earphones in the market including AirPods from Apple Inc and FreeBuds from Huawei Technologies Co Ltd. The gadgets include an AI wireless headphone using Snapdragon technologies from Qualcomm, which will enable users to power AI voice assistant and real-time translation. "The smart earphone market will witness an explosive growth this year and we will tap into this rising market," said Miao Jingwei, product manager of Funcl, a headphone maker. Also, the company stated that the time delay rate of this latest earphone was only 60 milliseconds, which is the best not only in China but also across the...

19Sep By Gauri SinghNo Comments

CHINA

China to Invest $14.6 Billion to Develop Digital Economy

The digital space all over the globe is emerging at a great pace, and thus, China has decided to invest $14.6 billion (100 billion yuan) for developing the digital economy in the next five years. According to an agreement signed by China Development Bank and the National Development and Reform Commission, this investment will be done on projects like big data, internet of things (IoT), cloud computing, smart cities and the digital Silk Road. The development of China’s digital economy has been stated as an important task for building a modern economic setup in the country. China has got a considerable progress in the cause over the past years by way of rolling out a raft of measures, including a national big data strategy. A report released by the Cyberspace Administration of China...

15Sep By Gauri SinghNo Comments

CHINA

IoT Market in China is Witnessing Rapid Growth

The internet of things (IoT) market in China reached more than 1 trillion yuan ($146 billion) last year, and is expected to maintain rapid growth in the next few years. In China, IoT has enjoyed a compound annual growth of more than 25 percent from 2009 to 2017, and the IoT cloud platform has become the key to ignite competition in the field. IoT basically refers to the connection of various electronic devices to the internet via technologies such as wireless sensor networks. A report known as the Annual IoT Industry Development Report of China stated that the nation's IoT market will hit 1.5 trillion yuan by the end of this year. "Fueled by the government's supportive policies, forward-thinking domestic internet and tech titans, the country's IoT sector has actually entered a new stag...