China Tech News

Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200 billion.

Ride-hailing firm Didi Chuxing says it’s working with China’s central bank to test its upcoming digital currency.

Alibaba aims to serve more than a billion consumers in China and facilitate consumption worth more than US$1.4 trillion through its platform in the next five years.

Microsoft is shedding its empathetic chatbot Xiaoice into an independent entity, the U.S. software behemoth said.

The US plant-based patty is placing itself on the radar of China’s urban consumers by collaborating with Alibaba’s popular “new retail” online and offline stores.

Meishubao, a Chinese platform that teaches painting and drawing, just closed a $40 million Series C+ round led by Tencent.

TuSimple, a Chinese autonomous truck start-up backed by graphic chip giant Nvidia, struck a partnership with American truck maker Navistar International.

Tencent is in advanced talks to take Chinese gaming firm Leyou, edging out other potential suitors including Sony Corp. in a battle for the company.

TikTok is anticipating a loss of more than $6 billion after three of its apps were banned in India.

JD.com Inc.’s fintech affiliate is planning a listing on Shanghai’s STAR Market later this year that will value it at up to $28.3 billion.

Google announced that it has shut down its cloud project named “Isolated Region” and added that it was not weighing options to offer its cloud platform in China.

SoftBank China Capital-backed internet security firm River Security has closed $18 million in its Series C+ round.

Chinese industrial internet security service provider 6cloud Tech has announced the completion of a new round of financing running into ‘millions of US dollars.’

Beijing-based automotive electronics supplier HiRain Technologies has raised $30 million from investment bank and private equity investor China Renaissance.

Shanghai-based autonomous driving startup Autowise.ai confirmed that the company has formed a joint venture (JV) with cleaning vehicle maker Boschung.

Menlo Park-based VC fund Sequoia Capital has announced that it has raised USD 1.35 billion for the firm’s new venture and growth funds to invest in India and Southeast Asia.

CATL has announced a joint venture with Henan Yuexin Intelligent Machinery Co., Ltd. to develop and promote unmanned electric mining technology.

Robotaxi operator WeRide has started tests for its autonomous vehicles on Guangzhou’s public roads. The cars do not have backup safety operators inside.

The company’s market value reached 30.91 USD billion, making it the most valuable Chinese automobile company followed by SAIC, Geely Auto, GAC, and NIO.

Chinese power bank rental startup Xiaodian Technology has signed “pre-listing tutoring agreements” with Zheshang Security Co. to go public in China.

Xpeng, an electric vehicle startup run by former Alibaba executive He Xiaopeng, has raised around $500 million in a Series C+ round.

Alipay and WeChat Pay have almost turned China into a cashless society. The digital yuan might carry it even further.

China-based EV firm Li Auto plans to raise as much as $950M via a US IPO; the unprofitable company produces SUVs with a starting price of ~$21k.

Tencent’s market cap reaches ~$670B, placing it above Facebook as the most valuable social media company in the world.

5G smartphones is expected to exceed 100 million units this year, underscoring the rapid spread of the next-generation communication technology in China.

Grocery delivery app MissFresh has announced USD 495 million fundraising round, as online grocery shopping has become the new norm for Chinese.

TikTok, has started offering micro loans on its news aggregator Jinri Toutiao. Users can borrow up to USD 71 via a mini program called Beiyongjin.

The STAR market has bolstered Chinese financial market reforms by giving companies an easier route to a public listing.

China's state-backed Blockchain-based Service Network (BSN) has integrated with six public chains including Tezos, NEO, Nervos, EOS, IRISnet and Ethereum.