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China VC Weekly: Groceries, Resale and Plant-Based Meat

In last week’s China VC news: online grocery platform Dingdong Maicai bags a new tranche in its Series D round, bringing total financing amassed in the round to $1 billion; California-based biopharma firm Kinnate starts a joint venture to expand in China; luxury resale platform GoShare2 rakes in “tens of millions of US dollars” in Series C financing; and plant-based ground pork brand Zrou owner raised $7.3 million in a Series A round of financing.

5/17/20215 min read

#Joint Venture #luxury brands

Auto

Baidu Launches Commercial Fully Driverless Ride-Hailing Service in Shenzhen

Chinese tech giant Baidu has obtained licensing for commercial operation of its fully driverless ride-hailing service in Shenzhen. Baidu robotaxis are now authorized to provide ride-hailing service with no safety operator present in the car, making Shenzhen the fourth city in China where such service is available, following Wuhan, Chongqing and Beijing.

6/19/20232 min read

#Baidu #China

Cross-border

Airbnb to Quit Chinese Domestic Market on July 30, Laying Off About 60 Employees

Pandaily has learned from sources that Airbnb is going to stop its operations in mainland China on July 30 and will lay off about 60 local employees.

5/24/20222 min read

#Featured #Airbnb

Industry

Pinduoduo Posts 59% Gain in 2021 Orders, States Long-term Goal to Drive Agri Digital Inclusion

Pinduoduo, China’s largest agriculture platform, said it will step up its efforts in promoting digital inclusion and continue to focus on research and development, as the company records a 59% gain in annual orders.

3/21/20222 min read

#E-Commerce #Investment

Startups

Beijing-based Vegan Meat Startup Vesta Completes New Round of Financing, Lands Cooperation Deal with Local Restaurant Chain

Vesta Food Lab, a Chinese plant-based substitute startup has completed a new round of financing worth RMB 16 million (USD 2.3 million) led by Xuerong Biotech.

8/27/20203 min read

#startup #financing

News

China Celebrates Completion of BeiDou 3 Navigation System

Chinese President Xi Jinping attended the completion and commissioning ceremony for the BeiDou Navigation Satellite System (BDS-3) on July 31 at the Great Hall of the People in China’s capital Beijing, according to Xinhua News.

7/31/20201 min read

#satellite #BeiDou Satellite System

Industry

Xiaomi Establishes A Foothold in the High-end Smartphone Market Initially

On April 9th, at the 2023 Xiaomi Fan Festival, CEO Lei Jun stated that Xiaomi's most important strategy in the past three years has been a high-end strategy.

4/10/20232 min read

#Xiaomi #China

Cross-border

Meet Swiggy, India's New Unicorn with Chinese blood

India’s food-delivery startup Swiggy announced yesterday that it had grabbed $210 million for its newest Series G funding, valuing the startup at $1.2 billion a...

6/22/20183 min read

#Meituan #Food Delivery

Industry

Is the Newly Extended Four-day Labor Day Holiday in China Driving Local Tourism?

The extended four-day labor day holiday has no doubt contributed to the national economy. According to statistics, the total domestic income from tourism reached as much as 117.67 billion yuan.

5/11/20195 min read

#Featured #tourism

Startups

Autonomous Driving Technology Firm JIMU Intelligent Bags $31 Million in C1 Financing

Chinese autonomous driving solutions provider JIMU Intelligent on Thursday announced the completion of a C1 round of financing totaling 200 million yuan ($31.26 million).

10/21/20212 min read

#Autonomous Driving #financing

Startups

Kingsoft to Spin-off Kingsoft Cloud With Hopes for Another IPO

On December 22, Chinese software developer Kingsoft issued a proposal for a spin-off and independent listing announcement, regarding its sub-branch Kingsoft Cloud.

12/25/20192 min read

#IPO #Kingsoft

Industry

Toyota Prepares to Build New Energy Plant in China

Japanese automobile giant Toyota is preparing to build a new energy vehicle plant with an annual capacity of 200,000 units in the Chinese city of Tianjin.

2/27/20202 min read

#car services #New energy vehicle

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