Category: China

Another day, another reversal in stock fortunes as recession fears – TechCrunch

U.S. stock markets plummeted today as recession fears continue to grow. Yesterday’s good news about a reprieve on tariffs for U.S. consumer imports was undone by increasing concerns over economic indicators pointing to a potential global recession coming within the next year. The Dow Jones Industrial Average dropped more than 800 points on Wednesday —
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WeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions – TechCrunch

Digital payments startup QFPay announced today that it has raised $20 million in new funding led by returning investors Sequoia Capital China and Matrix Partners. MDI Ventures, the investment arm of state-owned Indonesian telecom Telkom Indonesia, Rakuten Capital and VentureSouq also participated as new strategic investors. According to Crunchbase, this brings QFPay’s total raised so
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Alibaba to help Salesforce localize and sell in China – TechCrunch

Salesforce, the 20-year-old leader in customer relationship management (CRM) tools, is making a foray into Asia by working with one of the country’s largest tech firms, Alibaba. Alibaba will be the exclusive provider of Salesforce to enterprise customers in mainland China, Hong Kong, Macau, and Taiwan, and Salesforce will become the exclusive enterprise CRM software
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Hellobike, survivor of China’s bike-sharing craze, goes electric – TechCrunch

Just two years ago, investors were heavily pouring money into China’s dockless bike-sharing startups. Now that boom has busted with derelict bikes littering the streets of cities. Meanwhile, a new race has started for two-wheelers with motors — and one of the main players is a survivor from the bike-sharing craze. Blessed with fundings from
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Cathay Innovation leads Laiye’s $35M round to bet on Chinese enterprise IT – TechCrunch

For many years, the boom and bust of China’s tech landscape have centered around consumer-facing products. As this space gets filled by Baidu, Alibaba, Tencent, and more recently Didi Chuxing, Meituan Dianping, and ByteDance, entrepreneurs and investors are shifting attention to business applications. One startup making waves in China’s enterprise software market is four-year-old Laiye,
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Uber rival Bolt returns to London 21 months after a TfL investigation shut it down – TechCrunch

Bolt, the Uber rival formerly known as Taxify, is taking a significant step this week in its effort to build out its transportation-on-demand business across the biggest cities in Europe and Africa, which currently covers 25 million users in 30 countries and 100 cities: it’s finally opening for business again in London, the biggest ride-hailing
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Thunes raises $10M to make financial services more accessible in emerging markets – TechCrunch

Cross-border fintech continues to be an area of interest for venture capitalists. The latest deal sees GGV Capital — the U.S-China firm that’s backed Xiaomi, Airbnb, Square and others — lead a $10 million investment in Singapore-based startup Thunes. Other investors in the Series A round are not being disclosed at this point. Thunes —
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Udacity restructures operations, lays off 20 percent of its workforce – TechCrunch

Udacity, the $1 billion online education startup, has laid off about 20 percent of its workforce and is restructuring its operations as the company’s co-founder Sebastian Thrun seeks to bring costs in line with revenue without curbing growth, TechCrunch has learned. The objective is to do more than simply keep the company afloat, Thrun told
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China’s grocery delivery battle heats up with Meituan’s entry – TechCrunch

Fast, affordable food delivery service has been life-changing for many working Chinese, but some still prefer to whip up their own meals. These people may not have the time to pick up fresh ingredients from brick-and-mortar stores, so China’s startups and large companies are trying to make home-cooked meals more effortless for busy workers by
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Rela, a Chinese lesbian dating app, exposed 5 million user profiles – TechCrunch

Rela (热拉), a popular dating app for gay and queer women, has exposed millions of user profiles and private data because a server wasn’t protected with a password. Rela disappeared from app stores in May 2017 after it was reportedly shut down by Chinese regulators, though the government never confirmed it took action. But the
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