Newsletter: Hyperloop TT to Build China’s First Hyperloop System

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Here’s this week’s roundup of China tech stories.

Renren, once “Facebook of China”, has now downgraded to a social media zombie with drastic shrinkage of its market share. Analyst Chauncey Jung explains in detail how the company is seeking to recover its lost users and the attention of the public.
Ofo, the bike-sharing company is planning a massive retreat from international markets. It has shut down operations in several U.S. cities, after its retreat from Spain, Germany and Australia. Didi, on the other hand, is expanding its overseas operations into the Japanese market.

Hyperloop TT is planning to build China’s first hyperloop in Guizhou province, covering a total distance of 10km.

Also noteworthy is the Fortune global 500 list, among where 120 Chinese companies have made the cut. On the Fortune’s new “40 under 40” list, three Chinese tech leaders ranked within the top ten.

Editor’s Pick 
Market Briefings
Ofo is laying off 70% of its U.S. workforce and will also shut down its operations in several U.S. cities. It also announced pulling its business out from Madrid in Spain, leaving the bike-sharing service available in only three European cities.
Didi Chuxing announced a joint venture with SoftBank on July 19 to offer taxi-hailing services and smart transportation solutions for customers in Japan.
On July 18, He Xiaopeng, chairman of the Chinese electric vehicle startup Xpeng Motors, welcomed a visit from top Chinese tech leaders including Xiaomi’s CEO Lei Jun to the automaker’s new headquarters in Guangzhou.
In the first half of 2018, China’s fin-tech enterprises raised around 230 billion yuan ($35 billion), over 80 percent of the global total. Financial companies affiliated with Alibaba, Baidu and JD.com took more than half of the amount fundraised in China.
Editor’s Pick
Hyperloop Transportation Technologies (Hyperloop TT) signed its first agreement with China to build a 10-kilometer hyperloop system in Guizhou, a province in southwest China and home to the Guiyang Technological Development Zone.
List 
Fortune Magazine published on July 19 its annual global list of 500 corporations. This year, 120 Chinese companies made it onto the list.
On the “40 under 40” list also recently released by Fortune Magazine, three CEOs of Chinese tech giants are among the top 10, with Wang Xing, co-chair of Meituan-Dianping, ranking third.
New Releases
Xiaomi launched in Spain two highly anticipated products: Mi A2 and Mi A2 Lite smartphones.
Xiaomi’s Mijia launched its first smart air-conditioner on July 23, marking its official entrance into the field of large household appliances.
Cheetah Mobile‘s new AI translator beats all other interpreter products with its light weight and its affordable price of 299 yuan ($40).
Podcast
On this week’s episode of TechBuzz China, Ying-Ying Lu and Rui Ma talk about a history lesson on ofo! Guest speaker Karl Ulrich, the Vice Dean of Entrepreneurship and Innovation at the Wharton School, weighs in as well.
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