Tag: shanghai

Chinese stocks plummet as Huawei CFO arrest raises trade fears

A string of Chinese stocks fell hard on Thursday after the arrest of Huawei’s chief financial officer Meng Wanzhou in Vancouver deepened concerns over US-China trade tensions. The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong was off 2.76 percent as of 12:40 p.m. On the

Meituan, China’s ‘everything app’, walks away from bike sharing and ride hailing

A major player in the race to transport Chinese people around is losing steam. Meituan Dianping, the Tencent-backed all-encompassing platform for local services, continues to put the brakes on bike-sharing and ride-hailing, the company said on its earnings call on Thursday. The eight-year-old firm is best known for competing with

WeWork is getting serious about China

Since its entry into China in 2016, WeWork has extended from four to around 60 locations across the country’s megacities like Shanghai, Beijing, and most recently, Shenzhen. That’s one-sixth of WeWork’s 360 locations worldwide. It’s also equivalent to what WeWork has achieved in its early five to six years globally, Sern Hong

Alibaba and Amazon move over, we visited JD.com connected grocery store in China

The arms race to build the future of grocery stores is heating up in China. To no one’s surprise, the main contestants are the country’s ecommerce titans Alibaba and JD.com, which are turning offline for growth. Online retail has flourished in China, but it still accounts for less than 20 percent of

Chinese WeWork rival Ucommune raises $200M to go after international growth

China’s Ucommune, the country’s largest rival to WeWork, has been on a busy acquisition spree to build out its domestic business and now it is looking at overseas opportunities after it closed a $200 million Series D funding round. The new round was led by Hong Kong-based All-Stars Investment with

With a new deal for customers and a fresh $23 million, Mayvenn extends its hair care business

Pitching customers a new all-inclusive service for buying and installing hair, Mayvenn is looking to significantly expand its haircare business and just raised $23 million in a new round of funding to do it. The new financing was led by Essence Ventures — and it represents the first outside investment

China can apparently now identify citizens based on the way they walk

China is home to the world’s largest network of CCTV cameras — over 170 million — and its police have adopted Google Glass-like ‘smart specs’ to seek out suspects in crowds, but now its surveillance efforts have hit a new level with technology that can apparently identify individuals based on their

Tesla plans ‘rapid build out’ of China factory as tariffs weigh down automaker

Tesla plans to speed up construction of a factory in Shanghai as tariffs, shipping costs and missed incentives continue to drive up the price of the company’s electric vehicles and dampen demand. Trade tensions between the U.S. and China have led to 40% tariffs on Tesla vehicles compared to 15%

China’s Didi Chuxing adds more safety features following passenger murder

Didi Chuxing, China’s largest ride-hailing firm, is rolling out new security systems one month after a female customer was raped and murdered by a driver, the second such fatality on its Hitch service this year. Today the company said it introduced a number of new safety features which include random