Friday, June 21

Tag: shanghai

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai
Market

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai. This could be one of the largest IPO since the Covid19 pandemic began in China. Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market. However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume. In the filing, Ant Group said it plans to use the funds rais...
Shanghai and Baidu Enter an Agreement Focusing AI Development
CHINA

Shanghai and Baidu Enter an Agreement Focusing AI Development

The Shanghai municipal government and Chinese technology major Baidu have reportedly signed a strategic cooperation agreement for the purpose of developing artificial intelligence (AI) industry in the city and giving it a boost. Following the agreement, a Baidu innovation center will be built to make Shanghai a major AI development center. The company will also help Shanghai in building smart city. Shanghai has talent from home and abroad and is open to the world, which provides a conducive environment for the company's future development, said Robin Li, chairman and CEO of Baidu. "Baidu will increase its research and development investment, land more new modes, applications and products in Shanghai so as to make bigger contributions to the AI industry development and mega-city mana...
Shanghai Set to Expand High-tech Enterprise Population
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...
Google Making Efforts to Enter China With a Subsidary of Waymo
CHINA

Google Making Efforts to Enter China With a Subsidary of Waymo

The popular technology company Alphabet Inc. is putting good efforts to build a presence in China with a new subsidiary of Waymo based in Shanghai. Waymo is one of the world's leading autonomous car designers. The company has claimed that it has set up a legal entity in the country and has people working there, however, it hasn't commented on its further plans. This move seems to be a great effort by Google to move to China where many of its Google services are blocked. However, the autonomous industry is growing so rapidly that it makes sense for Alphabet to get in as early as possible. It has also been reported that the company might not bring in an autonomous ride-hailing service in China, however, it will be focusing on logistics consulting, supply chain, and autonomous drivin...
Cost of Living in China’s First Tier Cities Gets a Hype
CHINA

Cost of Living in China’s First Tier Cities Gets a Hype

China is the most populated country in the world and therefore, its GDP is also the highest among all the countries. Taking all these points into consideration, the cost of living in first-tier cities in China has also been increasing day by day and has now paved way among the highest in the world. The country is growing rapidly and so is the cost of living. The cities where the cost of living is high include Beijing, Shanghai, Shenzhen. Generally, Beijing high living cost mainly for its house rent and the expensive traffic fee. In China, The areas of lowest living cost include Yingchuan, Luoyang, Xining, these cities all located in northwest China. Living in these cities could reduce the cost of living. The areas of normal living cost include many middle cities, like Chengdu, ...
Foxconnn Unit To Raise $4.3 Bn in China Biggest IPO Since 2015
CHINA

Foxconnn Unit To Raise $4.3 Bn in China Biggest IPO Since 2015

Foxconn Industrial Internet, often known as FII, which is the subsidiary of world's largest contract manufacturer Foxconn has announced to raise 27.1 billion yuan ($4.26 billion), a move that will mark mainland China's biggest IPO in almost three years. The Foxconn unit which is known to make electronic devices, industrial robots and cloud service equipment will offer 1.97 billion shares at 13.77 yuan per share in Shanghai, as per the company's statement filed on the stock exchange. Foxconn is a major Apple Inc supplier and with the proposed listing company wants to wean itself from the heavy dependence of manufacturing smartphones while diversifying into new areas. The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots,...
Tencent Launched China’s Cashierless Store in Shanghai
CHINA

Tencent Launched China’s Cashierless Store in Shanghai

Chinese Internet giant Tencent has opened its first cashier-less pop-up store in Shanghai in a move to tap into the country's promising unmanned retail industry. At the 300-square meter shop named We Life, shoppers can use WeChat Pay, the proprietary e-wallet of messenger app WeChat, to buy items without paying cash, swiping a card, or interacting with a single human being, according to state-run China Daily. Customers can use a phone to scan a quick response code at the gate, which enables user identification and automatic payment. All products are equipped with radio-frequency identification tags that use magnetic chips to store information such as price and inventory. The store will be open until February 4 and showcases Tencent's payment capabilities in the realm of physica...
Tesla Reaffirms Effort To Build Cars In China; Mum On Deal Report
News

Tesla Reaffirms Effort To Build Cars In China; Mum On Deal Report

Electric car maker Tesla Inc reaffirmed on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year, but declined to comment on a report that a deal has been reached. China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the world’s largest auto market. Those are problems for Tesla, which wants to expand its presence in China’s growing electric vehicle market without compromising its independence or intellectual property. China’s government has considered allowing foreign automakers to set up wholly owned factories in free trade zones in part to encourage more production of electric and hybrid vehi...
Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition
CHINA

Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition

A court in Shanghai has ordered Chinese search engine Baidu to pay 3.23 million yuan (USD 490,000) to a Shanghai company for unfair competition. In April, Shanghai Hantao Information Consultancy Co. Ltd, operator of Dianping.com, sued Baidu and another online company Jietusoft, for copying comments and business information from Dianping.com onto Baidu's online applications and Jietusofts online map service, which caused huge losses to Dianping.com. Hantao demanded over 90 million yuan in compensation. The Pudong District Peoples Court yesterday ruled that Baidus action has decreased the number of Dianping.coms users and directed the flow to its apps, which has not only caused losses to Dianping.com, but also violated the principles of business ethics and honesty, state-run Xinhua ...