Leading Chinese bike-sharing company Mobike says it has established a Japanese subsidiary, Mobike Japan Ltd., in Fukuoka city, with plans to begin services in that city later this year. The move comes after the company expanded into Singapore in March and announced plans to launch services in the U.K. later this month. “Mobike is very… Continue reading Mobike To Expand Bike Rental Services To Japan
Category: Automotive
Joy Capital Participates In Tuhu’s Series C Round
Shanghai-based automobile after-sales products and services e-commerce platform Tuhu has completed its series C funding round from Joy Capital, Welkin Capital Management, Far East Horizon Limited, and Haitong Securities Co., according to a company announcement. The company raised approximately US$100 million in the latest round, says a company representative. Existing investors Legend Capital and Qiming… Continue reading Joy Capital Participates In Tuhu’s Series C Round
CITIC Securities Leads $400M Round In EV Battery Maker Microvast
CITIC Securities has led a US$400 million funding round in Microvast Power System (MPS), an electric vehicle power system solutions provider and a subsidiary of U.S. and China-based Microvast. China’s CDH Investment, National Venture Capital and other unnamed investors also participated in the round. MPS is a vertically integrated developer and manufacturer of advanced electric… Continue reading CITIC Securities Leads $400M Round In EV Battery Maker Microvast
Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike. ofo can charge a smaller deposits because its bright yellow bikes are relatively cheap to… Continue reading Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Tencent Leads $85M Series C Round In Renrenche.Com
Beijing-based online used car marketplace RenRenChe.com has completed US$85 million series C financing led by Tencent Holdings Limited, according to an announcement posted on the company’s Weibi account. Existing investors Lei Jun, who is the founder of Chinese smartphone maker Xiaomi Inc, as well as Ceyuan Ventures, Shunwei Capital, and Redpoint Ventures also participated in… Continue reading Tencent Leads $85M Series C Round In Renrenche.Com
Tesla Said To Eye Guangdong Car Plant In China
U.S. electric car maker Tesla Motor Inc. may set up a production base in Guangdong province via a wholly owned enterprise in the Chinese manufacturing and assembly hub, Chinese media reported citing insiders. The plan still needs local government approval and may be subject to change. Tesla has been seeking ways to establish local production… Continue reading Tesla Said To Eye Guangdong Car Plant In China
Tencent Leads $600 Million Series E Financing Round In Mobike
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion. The round was joined by existing investors… Continue reading Tencent Leads $600 Million Series E Financing Round In Mobike
China’s Online Food Ordering Market Matures With 75% Penetration Rate
Over 75% of China’s netizens have ordered food online or via mobile apps, up from 35% two years ago, says a new research report by Tencent Holdings Ltd. In comparison, the penetration rate for online food delivery in the U.S. is at around 5%, according to a recent Morgan Stanley research report. The convenience of… Continue reading China’s Online Food Ordering Market Matures With 75% Penetration Rate
Tencent Buys 5% Of Tesla In Deal With Potential Synergy Between Two Tech Giants
Chinese tech giant Tencent Holdings Ltd. has bought a 5% stake in U.S. electric vehicle maker and renewable energy firm Tesla for US$1.78 billion. This is a deal that gives investors much to anticipate as the two could potentially partner in many areas. The combination is welcomed by investors, as Tesla’s shares were up 6.54%… Continue reading Tencent Buys 5% Of Tesla In Deal With Potential Synergy Between Two Tech Giants
Tencent Leads $600 Million Series A Financing Round In Mobile
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion. The round was joined by existing investors… Continue reading Tencent Leads $600 Million Series A Financing Round In Mobile