Meituan, Alibaba, and the new landscape of ride-hailing in China

Instead of switching between apps to secure a ride during rush hour, people in China can now hail from different companies using a single app. Some of the country’s largest internet companies — including ride-hailing giant Didi itself — are placing bets on this type of aggregation service. The nascent model is reminiscent of a […]

Image recognition, mini apps, QR codes: how China uses tech to sort its waste

China’s war on garbage is as digitally savvy as the country itself. Think QR codes attached to trash bags that allow a municipal government to trace exactly where its trash comes from. On July 1, the world’s most populated city (Shanghai) began a compulsory garbage-sorting program. Under the new regulations (in Chinese), households and companies […]

Warburg Pincus announces new $4.25 billion fund for China and Southeast Asia

Warburg Pincus, the private equity fund with over $60 billion under management, is doubling down on Asia after it announced a $4.25 billion fund dedicated to China and Southeast Asia. The firm has been present in China for 25 years, and it has invested over $11 billion in a portfolio of over 120 startups that […]

Moving deeper into enterprise cloud, Intel picks up Barefoot Networks

When it launched out of stealth just three years ago, Barefoot Networks was hailed as a company that would transform the way a generation of computing giants like Facebook, Alphabet, Amazon and Microsoft would function while making chip manufacturers like Intel and networking companies like Cisco take notice Now, Intel has not only taken notice, […]

A young entrepreneur is building the Amazon of Bangladesh

At just 26, Waiz Rahim is supposed to be involved in the family business, having returned home in 2016 with an engineering degree from the University of Southern California. Instead, the young entrepreneur is plotting to build the Amazon of Bangladesh. Deligram, Rahim’s vision of what e-commerce looks like in Bangladesh, a country of nearly […]

Alibaba invests about $635M in Red Star Macalline, one of China’s largest furniture sellers

Alibaba Group has acquired about RMB 4.36 billion ($635 million) worth of convertible bonds in Red Star Macalline, one of China’s biggest furniture retailers. If converted, this would give Alibaba about a 10% stake in the company. It also purchased 3.7% of Red Star Macalline’s publicly traded shares on the Hong Kong stock exchange, according […]

Tencent’s mixed bag for Q1: record profit despite weakest revenue growth yet

Tencent, Asia’s largest tech firm, had a horrific 2018 on account of a country-wide freeze on new game monetization in China, but there’s evidence it has turned the corner. The company’s new mobile gaming hit, Game for Peace, has yet to kickstart the company’s recovery from a few weakening quarters, but its booming financial technology […]

JD.com to foster connected vehicle fleets with $55M investment

JD.com, the Chinese answer to Amazon and Alibaba’s long-time rival, is looking to further automate its logistics network after agreeing to pour 376 million yuan (around $55 million) into Jiangsu Xinning Modern Logistics in exchange for up to 10 percent stake. That’s according to a filing released on Monday by Xinning, a China-listed logistics firm […]

The misunderstandings of 18-month-old Luckin’s $500M IPO

Luckin Coffee is the most energizing IPO in recent memory, and not just because it sells caffeine. Most venture-backed startups can take a decade to reach the public markets. Luckin cut that time down to about 18 months. Founder Jenny Qian Zhiya opened a trial coffee shop in Beijing, with a focus on rapid coffee […]

Alibaba-backed facial recognition startup Megvii raises $750 million

One of China’s most ambitious artificial intelligence startups, Megvii, more commonly known for its facial recognition brand Face++, announced Wednesday that it has raised $750 million in a Series E funding round. Founded by three graduates from the prestigious Tsinghua University in China, the eight-year-old company specializes in applying its computer vision solutions to a […]