Author: Deal Street Asia Online News

UK govt, India’s Bharti win auction for satellite firm OneWeb

Britain has joined forces with India’s Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a constellation that could boost broadband and other services. Under the deal announced on Friday, Britain will invest $500 million and hold a stake of around 45% in OneWeb… Continue reading UK govt, India’s Bharti win auction for satellite firm OneWeb

SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

Chinese state-owned automotive design and manufacturing giant SAIC Motor Corporation Limited announced that its Hong Kong-based unit SAIC HK is acquiring a 28.92% stake in HK-listed troubled car rental service provider CAR Inc for as much as HK$1.902 billion ($245 million). CAR’s former actual controller Zhengyao Lu, the founder of scandal-tainted Luckin Coffee, will not… Continue reading SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

Shenzhen Capital-backed Dehong to divest 29.99% to state firm for $154m

Shenzhen Capital Group-backed automobile alternator manufacturer Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd has agreed to sell a 29.99 per cent stake to state-owned Asset Management Service Center of The Government of Ningbo Zhenhai for 1.087 billion yuan ($154 million), per a filing with the Shanghai Stock Exchange. With the deal, Zhenhai Investment will… Continue reading Shenzhen Capital-backed Dehong to divest 29.99% to state firm for $154m

China’s smart electric vehicle player NIO Anhui raises $679m from investors

NY-listed Chinese leading smart electric vehicle company NIO Inc on Tuesday said that its fully-owned unit NIO (Anhui) Holding Co Ltd has received a cash injection of 4.8 billion yuan ($679 million) in line with an agreed payment schedule with strategic investors. In April this year, NIO had forged an agreement with a slew of… Continue reading China’s smart electric vehicle player NIO Anhui raises $679m from investors

China Digest: AIpark nets $42m Series C; Lc-Bio raises $16m in Series B funding

Smart parking solutions developer AIpark has secured 300 million yuan ($42 million) in its Series C round of financing led by return backer Gaorong Capital, while biotechnology company Lc-Bio Technologies (Hangzhou) has garnered 115 million yuan ($16 million) in its Series B round of funding.  AIpark nets $42m in Series C funding AI-driven parking solutions… Continue reading China Digest: AIpark nets $42m Series C; Lc-Bio raises $16m in Series B funding

Amazon pledges $2b venture capital fund to invest in clean energy

Amazon.com Inc said on Tuesday it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development. The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food… Continue reading Amazon pledges $2b venture capital fund to invest in clean energy

India: Bike taxi app Rapido launches logistics service for businesses

Bike taxi startup Rapido has launched ‘Rapido Store’, a new inter-city logistics service for businesses to deliver products at consumers’ doorsteps. The service can be availed by both offline and online businesses, and is currently operational in Bengaluru, and Vijayawada with plans to launch in new cities soon, the startup said. Rapido Store will help… Continue reading India: Bike taxi app Rapido launches logistics service for businesses

S Korea’s SsangYong Motor picks manager to sell Mahindra’s stake in India

South Korea’s SsangYong Motor has picked a manager to sell a stake held by India’s Mahindra and Mahindra, a spokesman at SsangYong said on Friday. SsangYong is looking for a new investor and has picked Samsung Securities, which is working with its global strategic partner Rothschild, to tap the market for interest, South Korean media reported earlier on Friday. The spokesman declined to name the adviser. Samsung Securities declined… Continue reading S Korea’s SsangYong Motor picks manager to sell Mahindra’s stake in India