China’s fast-rising Bullet Messenger hit with copyright complaint

Bullet Messenger, a fast-rising Chinese messaging upstart that’s gunning to take on local behemoth, WeChat, has been pulled from the iOS App Store owing to what its owners couch as a copyright complaint. Reuters reported the development earlier, saying Bullet’s owner, Beijing-based Kuairu Technology, claimed in a social media posting that the app had been taken down […]

Tencent backs fintech firm Voyager to set up battle with Alibaba in the Philippines

China’s internet battle is rapidly reproducing itself in Southeast Asia. One new hotspot is the Philippines, where Tencent just agreed to invest in Voyager, a fintech business started by telecom firm PLDT. The deal would bring Tencent into direct competition with arch-rival Alibaba, which entered the Philippines 18 months ago when its fintech affiliate Ant […]

Meituan-Dianping’s IPO off to a good start as shares climb 7% on debut

Meituan-Dianping (3690.HK) enjoyed a strong debut today in Hong Kong, a sign that investors are confident in the Tencent-backed company’s prospects despite its cash-burning growth strategy, heavy competition and a sluggish Hong Kong stock market. During morning trading, Meituan’s shares reached a high of HKD$73.85 (about $9.41), a 7% increase over its initial public offering […]

Startups are giving writers and filmmakers more ways to make it in Hollywood

On May 11, Netflix released the teen dramedy “The Kissing Booth” just as the school year was wrapping up for teens across the country. By June, the company had a smash hit among the tweenage set, and Wattpad, the company that owned the rights to the The Kissing Booth, had its first true breakout vehicle. The […]

Chinese electric vehicle maker Nio makes bumpy start following $1B IPO

Nio, the Tesla -wannabe electric vehicle firm from China, enjoyed a mixed start to life as a public company after it raised $1 billion through a listing on the New York Stock Exchange on Wednesday. The firm went public at $6.26 — just one cent above the bottom of its pricing range — meaning that […]

Chinese Tesla rival Nio trims IPO target: now aims to raise up to $1.5B

The U.S. IPO window may be wide open for Chinese tech firms, but electric vehicle maker Nio has conservatively cut the target for its NYSE listing to $1.5 billion after it released a price range for its shares. The company plans to sell 184 million shares between $6.25-$8.25. That range would yield a total raise […]

Google will struggle if it re-enters China, says its former country head

The odds are stacked against Google if the reports are true and the company is trying to bring its services back to China, according to the former head of Google China. News reports last month uncovered details of internal plans to introduce a search product and a news app in China, moves that would mark […]

Maoyan, China’s largest online movie ticket service, files to go public in Hong Kong

Tencent-backed Maoyan Weiying, China’s largest online movie ticketing service, has filed for a public offering on the Hong Kong stock exchange. The company, which submitted a prospectus under the name Entertainment Plus, didn’t say when the IPO will be or valuation details, but reports earlier this year said Maoyan aims to raise up to $1 […]

Meituan reportedly targets $55B valuation for Hong Kong IPO, leading to concerns that may be too high

Meituan-Dianping is reportedly aiming for a $55 billion valuation in its upcoming initial public offering in Hong Kong, but the company’s net losses and increasing competition from Alibaba are already raising questions about whether that is too ambitious, despite the company’s market leadership in China. Meituan-Dianping, which bills itself as a “one-stop super app” that […]

Alibaba confirms it raised $3B for its newly consolidated local services business

Alibaba has confirmed that it has raised $3 billion for its new-look local services business after it united its Koubei local services business with Ele.me, the on-demand delivery business it recently acquired. The company said it put the capital into the business alongside SoftBank, according to a note within its financial results that were released today. […]