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 […]

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 […]

Alibaba goes big on Russia with joint venture focused on gaming, shopping and more

Alibaba is doubling down on Russia after the Chinese e-commerce giant launched a joint venture valued at around $2 billion with one of the country’s leading internet companies. Russia is said to have over 70 million internet users, around half of its population, with countless more attracted from Russian-speaking neighboring countries. The numbers are projected […]

Terra is an ambitious crypto project to build a stable coin through e-commerce

Four of the world’s largest crypto exchanges are leading a $32 million investment in an ambitious venture out of Korea that’s aiming to develop a new stable coin using e-commerce as the lynchpin. Global exchanges Binance Labs, OKEx, Huobi Capital, and Dunamu — the firm behind Korea’s Upbit — have all poured capital into Terra, a crypto […]

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. […]

Korea’s Naver backs Southeast Asia-based e-commerce startup iPrice

iPrice, an e-commerce aggregation service in Southeast Asia, has landed a strategic investment from Naver, the Korean internet giant valued at over $21 billion, as part of a follow-on to the startup’s $4 million Series B from May. There’s actually a strong connection around that recent round. It was led by Line Ventures, the investment arm […]

SoftBank’s Vision Fund to help Chinese online insurance giant ZhongAn go international

SoftBank’s Vision Fund is backing Chinese online insurance giant ZhongAn through its latest investment, which could take the company — which has struggled for stability following a monster IPO last year — into international markets. The Vision Fund announced today it has made an undisclosed investment in ZhongAn International, the global arm of the five-year-old company created by $200 […]

Walmart co-leads $500M investment in Chinese online grocery service Dada-JD Daojia

Walmart sold its China-based e-commerce business in 2016, but the U.S. retail giant is very much involved in the Chinese internet market through a partnership with e-commerce firm JD.com. Alibaba’s most serious rival, JD scooped up Walmart’s Yihaodian business and offered its own online retail platform to help enable Walmart to products in China, both on […]

Magic Leap One AR headset for devs costs more than 2x the iPhone X

It’s been a long and trip-filled wait but mixed reality headgear maker Magic Leap will finally, finally be shipping its first piece of hardware this summer. We were still waiting on the price-tag — but it’s just been officially revealed: The developer-focused Magic Leap One ‘creator edition’ headset will set you back at least $2,295. […]

Chinese AI startup Tianrang raises a $26M funding round, launches new project to apply ML to cities

Chinese AI startup Tianrang has raised a $26 million (RMB180 million) funding round from China’s Gaorong Capital and co-lead CMB International Capital. Other investors included Ziniu Fund and Chinese fintech company Wacai. In 2016, the company raised an angel round led by Gaorong Capital and participated in by Shanghai Jindi Investment Management Ltd. Based on […]