The smartphone industry is due to get a lot smaller, according to consumer chief of China’s Huawei Technologies. Speaking at Mobile World Congress earlier today (Feb 26) Richard Yu, chief executive of Huawei’s consumer business group, said that as the market gets tighter, anyone playing the...
Ant Financial — parent firm of Alipay — is reportedly gearing up for a $5 billion equity funding round that could inflate its valuation all the way to $100 billion. Said fundraising would also bring the financial services company, which is still 1/3 owned by...
Chinese regulators have capped overseas withdrawals using Chinese bank cards at Rmb100,000 per year. The new cap effectively functions as a gate that closes one of the few remaining simple paths for Chinese nationals looking to get funds out of China by modifying the Rmb100,000 ($15,400)...
Guangzhou — one of China’s largest cities — will be allowing residents to link their WeChat accounts to their national identity cards going forward. The southern coastal city will be piloting the program in the Nansha district this week. According to Financial Times reports, this...
China’s top ridesharing company, Didi Chuxing, has raised $4 billion in new capital as it aims to begin the next phase of its corporate life. This latest round adds to the $13 billion from investors, including Alibaba, Tencent and Apple, among others. The main focus of the...
Tencent Holdings has announced its intention to lead an $863 million investment round in apparel platform Vipshop Holdings. The investment will see Tencent throw in $604 million in return for a 7 percent stake in Vipshop. The round will also see participation from JD.com, which will...
With China and the U.S. possibly rolling toward a trade conflict, Alibaba founder and chairman Jack Ma had a defense to offer of his native land and complaints that it makes the barriers to entry too high for outside companies. Ma posits that perhaps foreign...
Shared bike giants Mobike and Ofo deny they used 6 billion yuan ($909 million) of user deposits to support their rapidly expanding businesses. Anonymous sources also allege that both bike sharing companies are suffering from money mismanagement and struggling to pay bike manufacturers. According to...
China is on the hunt for a homegrown alternative to the U.S.-based FICO score credit ranking system as it attempts to keep up with the rapid expansion in consumer loans being offered through mobile. Lacking such a single system, online lenders instead use a patchwork...
