Hozon, a Chinese electric vehicle maker backed by CATL, broke ground at its first overseas car plant in Thailand on Friday, as the company eyes growing demand for green vehicles in Southeast Asia. Why it matters: The move is the latest example of Chinese automakers looking to crack global...
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Guangzhou-based agricultural drone producer XAG recorded triple-digit growth last year in its overseas markets, with revenue from Latin America increasing 248% year-on-year and that from Southeast Asia growing by 155%. The company didn’t disclose its specific sales totals. Why it matters:...
DeepWay, a Chinese autonomous driving startup backed by Baidu, said on Tuesday that it has raised RMB 460 million (around $67.2 million) in a Series A led by Qiming Venture Partners and joined by multiple veteran investment firms. Why it matters: DeepWay brands itself as China’s first...
On Tuesday, Li Auto announced the L9, a full-size, three-row sports utility vehicle, as part of its stated ambitious plan to achieve 1.6 million vehicle sales by 2025. The car’s starting price is less than half that of similar offerings from the likes of BMW and Mercedes-Benz. Why it matters:...
Ever since China abruptly cut off the bulk of income for most private education companies last summer, the businesses have had to make some difficult decisions. For New Oriental, once the leader of the sector, it meant letting go of most of its tutors for the K-9 grades and setting up a new...
Cloud services have become a rare growth point for Chinese tech majors Alibaba, Baidu, and Tencent in this earning season. The tech majors have seen overall growth plateau and profit drop as they navigate an economic downturn made worse by the pandemic resurgence and geopolitical...
Qcraft, a Chinese autonomous driving startup, said at a Wednesday conference that it is partnering with ride-hailing firm T3 to bring self-driving vehicles onto the latter’s ride-share network in the eastern city of Suzhou. T3 users within the range of those vehicles’ routes will soon be able...
The CEO of Huawei spinoff Honor told state media on Thursday that the smartphone company plans to push overseas sales over the next five years. Why it matters: In November 2020, Huawei sold Honor, a budget smartphone sub-brand, to a majority Shenzhen state-owned company. In the 18 months...
Amid slowing growth and regulatory uncertainty at home, China’s gaming companies are increasingly eyeing overseas markets. Many of them have had impressive growth figures in international markets for some time, but the situation at home is driving them to view foreign gamers in a new light....
Hozon New Energy Automobile has raised more than RMB 2 billion ($316 million) in a recent round as part of its Series D, which could value the electric vehicle startup at around RMB 25 billion, Chinese media outlet LatePost reported Monday. Why it matters: The investment reflects continued...
Only three days after China’s metaverse social app Zheli topped the App Store in China, an impressive feat for a newcomer, the app’s owners pulled the platform from app stores across the country to address various controversies. Zheli, which means “gel” in English, is a 3D avatar maker...
58 Freight, one of Asia’s biggest logistics carriers, has gotten the green light from the Hong Kong stock exchange to proceed with its listing, the company’s updated prospectus shows. Why it matters: 58 Freight operates in both the Chinese mainland and the Hong Kong market, known as Kuaigou...
Youzan, a Chinese e-commerce service provider, starts mass layoffs after doubling losses: report
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Youzan, one of China’s largest e-commerce service companies, is reportedly planning to lay off 1,500 people, or nearly 30% of its employees. The company is the latest Chinese tech firm to cut workers as Beijing enters the second year of tightening regulations. Why it matters: Youzan, which...
Taobao updates a buying advice service into a digital artwork platform. China’s digital yuan wallet app sees increased adoption. Beijing court plans to move more of its judicial process online and uses blockchain technology in the process. State-backed Blockchain Services Network plans to build...
Taobao updates a buying advice service into a digital artwork platform. China’s digital yuan wallet app sees increased adoption. Beijing court plans to move more of its judicial process online and use blockchain technology in the process. State-backed Blockchain Services Network plans to build...
Zvision Technologies, a Chinese startup that makes lidar sensors for self-driving cars, announced a new investment from three Chinese automakers on Monday, including Xpeng Motors. The company becomes the latest startup to tap growing investor interest in the self-driving car space. Why it...
China’s central bank launches digital yuan wallet app, Ningbo releases blockchain white paper: Blockheads
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The People’s Bank of China releases a digital yuan wallet app. China’s state grid completes the country’s first digital yuan smart contract payment in the solar power industry. The eastern city of Ningbo embraces blockchain technology. Taiwanese pop star Jay Chou shows support for friend’s...
TikTok owner ByteDance plans to accelerate the overseas commercialization of its workplace communication app Lark in the coming year, Chinese local media outlet LatePost reported Wednesday. The company aims to achieve a global revenue of RMB 6 billion ($940 million) in the next five years. Why...
Baidu aims to be an infrastructure platform in the metaverse, begins internal testing of Xirang VR app
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On Tuesday, China’s search giant Baidu opened internal testing of a major update for Xirang, the company’s virtual reality app. The app will host the company’s AI developer conference next week, kick-starting Baidu’s effort to become an infrastructure platform in the metaverse. Why it...
Chinese official warns about fake virtual currency, provinces keep cracking down on mining: Blockheads
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Local officials in Shanghai warned about fake virtual currency cases. Chinese authorities reported the country’s first money laundering case involving digital yuan. Several authorities in local Chinese districts and provinces vow to continue the crackdown on crypto...
Box.Game, a China-based coding platform for youth, has closed a $5 million angel round to help build a 3D virtual world for young users to create, play, socialize. Why it matters: The funding is a sign of how hot the metaverse concept or its buzzword power has become globally. The company...
Chinese self-driving startup WeRide is partnering with Guangzhou Automobile Group (GAC) to bring autonomous vehicles (AV) onto ride-hailing platform Ontime. It is part of a joint push toward the commercial deployment of robotaxi services, the two companies said on Thursday. Why it matters:...
Chinese self-driving startup WeRide is partnering with Guangzhou Automobile Group (GAC) to bring autonomous vehicles (AV) onto ride-hailing platform Ontime. It is part of a joint push toward the commercial deployment of robotaxi services, the two companies said on Thursday. Why it matters:...
Red Date Technology, the firm building the government-backed blockchain platform Blockchain Services Network (BSN), announced on June 10 that it had completed a $30 million Series A funding round with various global investors. Why it matters: Red Date is the architect of the BSN, China’s...
Carbon emissions management startup Carbonstop has raised RMB 50 million ($7.77 million) in Series A funding, the company announced this week. Why it matters: Carbonstop could be on the leading edge of a funding trend as Beijing pushes to go green. In September, Chinese President Xi...
Cryptocurrency financial service provider Babel Finance has raised $40 million in its Series A led by heavyweights within its own industry and beyond. Why it matters: Babel has been trying to attract investors from the traditional finance world to invest in digital assets. The backing of fiat...
A job interview can be a lot of work. For interviewees, it’s an intense affair. For companies looking for talent, time consuming. A Chinese startup is attempting to fix the process. Shanghai-based LeapIn makes AI-powered video interviewing software. The company claims it can determine what...
The hot field of community group buying is already moving out of its gold rush phase. Chinese analysts are asking whether it's turning...
Chinese electric scooter maker Niu Technologies said it is on track to open 10,000 stores nationwide over the next five years, as replacement demand stays robust following the implementation of tougher national standards for two-wheelers. Why it matters: Nasdaq-listed Niu aims to sell 6 million...
Red Date Technology, the firm behind government-backed blockchain platform Blockchain Services Network, has licensed American distributed ledger company R3’s enterprise blockchain to resell in China. Why it matters: This is the first time Red Date has acquired the rights to resell enterprise...