Connect with us

China

Didi Gets a $56bn Valuation

The Chinese ride-hailing app Didi Chuxing completed a $4bn funding round.

China’s answer to Uber increased its valuation to around $56bn, some $6bn higher than previous valuation estimates, in its latest round of funding. The company now has more than $12bn in cash reserves and just received backing from Abu Dhabi’s Mubadala. Didi has managed to drive Uber out of the Chinese mainland in recent years and has also started making savvy investments in its competitors abroad, such as Estonia’s Taxify. The company aims to use the fresh funding to scale up its efforts in AI and technology development. While Didi appears to be operating smoothly, its biggest rival, Uber, is still being harangued by western governments.

Read more on Ride Hailing:

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

China

China’s 2017 GDP Beat Estimates as Xi Announces Change

 1 min read / 

china gdp 2017

China’s economy grew by 6.9% in 2017, the fastest rate in two years.

For the fourth quarter, GDP grew by 6.8%, exceeding government expectations which had estimated a growth rate of 6.5%.

The announcement on Thursday comes at a time of great economic change for China. Following his re-election to a second term, Chinese Premier Xi Jinping announced plans to refocus future economic development in the PRC, with emphasis on industrial upgrading and environmental protection.

China’s rapid rise to the world’s second-biggest economy has been attributed to quantitative-focused government targets, like long-term GDP targets, which have led to higher industrial output year-on-year. However, officials are worried that continuing stimulus policies of this kind will become too aggressive, with projects that are unlikely to see any meaningful return.

Nevertheless, China is still expected to announce a high growth target at the 2018 annual session to be held in March.

Keep reading |  1 min read

China

Tencent Targets Game Cheats

Tencent Cheats

Ahead of releasing PlayerUnknown in China, Tencent is cracking down on cheat software.  

Editor’s Remarks: The world’s largest video game company, Tencent, is collaborating with Chinese police to unearth criminal rings that make and sell programs that allow players to cheat. So far, there have been 30 such cases with over 120 people arrested and many doing jail time. PlayerUnknown has around 27 million users worldwide, and shattered video game records in 2017; around half of these users are in China despite the game not yet being officially released there. It is suspected that there are around 5m cheats on the game’s network – the majority of whom, it is believed, are also Chinese.

Read more on Technology:

Keep reading |  1 min read

Americas

Bitmain Considers Canada Move

Bitmain Canada

The Chinese bitcoin miner is looking to expand abroad and is eyeing up Canada.

Editor’s Remarks: Although Bitmain has not confirmed that it is seeking an overseas relocation because of China’s recent announcement that it will clamp down on cryptocurrency trading, it is unlikely to be a coincidence. Just a few days ago, the company said it had also opened a new branch in Switzerland, which would play an essential role in its further global expansion. Now, it has publicly said that it is considering an expansion to Canada’s Quebec region, which will give Bitmain access to cheap hydropower to power its mining operations, leading a number of crypto miners to move there.

Read more on Bitcoin:

Keep reading |  1 min read

Trending

Send this to a friend