Chinese tech companies are saving every penny by laying off staff and reining costs, hoping to survive a sustained tough venture environment some investors are expecting to last until the end of 2017 or beyond. The companies being impacted include tech unicorns such as smartphone maker Xiaomi Inc. and Meituan Dianping, as well as new […]
Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.
LeEco has invested RMB180 million (US$27 million) in a series B round in Chinese financial technology start-up Lancai, the company announced during a press conference today. This is the first investment in a financial technology start-up by the acquisitive LeEco, formerly LeTV. The online video firm has expanded into everything from artificial intelligence, smart cars […]
China Reform Holdings Corporation, a newly established entity tasked to manage bad assets from state-owned enterprises (SOE) and restructure failing state-owned corporations, has established a venture capital fund with registered capital of RMB100 billion (US$15 billion), according to Chinese media reports. Set up in Shenzhen's Qianhai free-trade zone, the fund will be used to support […]
Gobi Partners, existing investors Zhen Fund and Renren Inc. have joined a RMB100 million (US$15 million) series A+ round in 51Autogo, a mobile app that aims to improve customer experience at gas stations. Founded in February 2015, 51Autogo previously received US$10 million in angel and series A round from Zhen Fund and Renren Inc. China […]
H Capital has led a RMB83 million (US$12.5 million) new round of financing in Chinese food catering firm Funye, according to a company announcement. Sichuan Taihe Group, Yanzhuang Oils, Shanghai Qinghong Guyi Capital Management Center, Shanghai Changjingpai Investment Center and unnamed individual investors also participated. After this round of financing, the company would have raised […]
Although precision medicine has attracted great market attention and venture funding during the past two years, there are few Chinese start-ups with truly innovative technologies, warns Sequoia Capital’s partner Chen Penghui at the ChinaVenture Annual Conference. A large number of precision medicine start-ups have emerged in China during the past couple of years, including in […]
Shanghai Yiguo Electron Business Ltd. and GMK Holdings have led a RMB120 million (US$18 million) series A round in Youpeiliangpin, an agricultural products supply chain and delivery platform. Existing investors Yunqi Partners and iResearch Capital also participated in the round. The company says it will use the proceeds on building up its technology infrastructure and […]
There are many precedents of financial systems experiencing significant asset deterioration following sustained periods of above-trend credit growth. In China, there have been a rapid build-up of credit in the 1990s, with over-leveraged Chinese state-owned enterprises weighed on predominantly state-owned banks reporting non-performing loans (NPLs) of about 30%, much of which were subsequently carved out […]