Finance Archives - Pandaily

AI Startup AISphere Secures 300M RMB in Funding Rounds

Chinese AI start-up AISphere announced today the completion of Series A2 to A4 financing rounds, totalling nearly 300 million RMB.

ByteDance Reportedly Seeking a $9.5 Billion Loan

ByteDance is reportedly seeking a loan of $9.5 billion, poised to be the largest dollar-denominated corporate loan in Asia, excluding Japan.

ZEROG Completes Nearly 100 Million RMB Round A Financing, Focusing on eVTOL Project

Chinese eVTOL aircraft developer Zerog has completed nearly 100 million yuan round A financing.

WeChat Refutes Reports of Being Asked to Reduce Its Market Share

The central bank of China has enacted a regulation, effective from May, that presents a stringent stance towards monopolistic practices in the financial sector.

AIsphere Received Funding of Over 100 Million Chinese Yuan

AIsphere is an AIGC visual multimodal algorithm developer, focusing on the research and development of AI video generation large models and applications.

Former Alibaba CEO Daniel Zhang Joins Firstred Capital

The former Chairman and CEO of Alibaba Group, is set to join Firstred Capital as a managing partner.

Leadership Transition at Warburg Pincus China, President Wei Zhen Steps Down

On December 4, Warburg Pincus officially announced that Wei Zhen will step down as the President of Warburg Pincus China. Fang Min and Zhou Lang will assume the roles of Co-Presidents of Private Equity Investments in China for Warburg Pincus.

Hong Kong Disneyland Reports A Net Loss of $270 Million for the Fiscal Year 2022

Hong Kong Disneyland Resort announced its financial performance for the 2022 fiscal year on May 15th. For the fiscal year ending September 30, 2022, the resort reported a net loss of HKD 2.1 billion (about USD 270 million), which narrowed by 12% compared to the previous year and marked two consecutive years of narrowing losses.

Dada Group Q1 2023 Total Revenue Reaches $370 Million

On May 11th, Dada Group released its Q1 2023 financial results. In the first quarter, Dada Group's total revenue reached RMB 2.6 billion (about USD 370 million), a year-on-year increase of 27%. The adjusted net loss rate narrowed by over 16 percentage points compared to the same period last year.

Luckin Coffee Opens A New Store on Average Every 1.9 Hours

Recently, Luckin Coffee released its Q1 2023 financial report. The report shows that Luckin Coffee achieved a total net revenue of RMB 4.437 billion (USD 640 million) in the first quarter of this year, an increase of 84.5% year-on-year.

2023 Hurun Global Unicorn List: ByteDance, Shein and Ant Group Among the Top

On April 18th, the Hurun Research Institute published the "2023 Global Unicorn List," which includes non-public companies founded after 2000 and valued at over $1 billion. The valuation calculation for this list was based on data from the end of 2022.

Prosus Continues to Reduce Its Stake in Tencent

Prosus, a major shareholder of Tencent, announced that as part of its ongoing share buyback plan, it will deposit 96 million Tencent shares it holds into the Hong Kong Central Clearing and Settlement System (CCASS) in certificate form this week to enable these shares to be traded orderly on the market.

Chairman Pan Shiyi Steps Down from SOHO China

On April 10th, SOHO China underwent a change in its business registration information. The legal representative and chairman of the board were changed from Pan Shiyi to Xu Jin.

JD.com to Launch ChatGPT-style Product This Year

He Xiaodong, the Vice President of JD.com, which is one of China's largest e-commerce companies, announced on April 8 at a summit that the company will be launching an "industrial version" of ChatGPT called ChatJD this year.

Lenovo’s Revenue Growth Exceeds 100 Billion Yuan in 3 Years

On April 6th, Lenovo Group's 2023/24 fiscal year kick-off meeting was held in Beijing. Yang Yuanqing, Chairman and CEO of Lenovo, stated that over the past three years, the company's revenue has increased from ¥ 350 billion to ¥ 460 billion.

Honda China Sales 82,041 Cars in March

On April 6th, Honda China announced that the cumulative sales of Honda's terminal cars in China in March 2023 were 82,041 units, a year-on-year decrease of 18.8%.

The U.S. Commodity Futures Trading Commission Sues Binance Founder CZ

On March 28th Beijing time, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against CZ, the founder of cryptocurrency exchange Binance, accusing the company of intentionally providing unregistered cryptocurrency derivative products in the United States in violation of federal laws.

UISEE Technologies Raises Several Hundred Million Yuan in Round C Financing

On March 24th, UISEE Technologies, a cutting-edge driverless solution provider, officially announced the completion of a round C financing worth several hundred million yuan. This round of investment was led by Dongfeng Asset Management and Chongqing High-tech Holdings under Chongqing High-tech Development and Construction Investment Group. The funds will accelerate the broad-based expansion of UISEE Technologies in key strategic industries.

Meituan’s Consumer Finance Company Rumored to Be Established in Shenzhen

Meituan's consumer finance company was recently reported to be established in Shenzhen this year. However, a Meituan representative stated that the company has no clear short-term plan or goal for the specific license application.

Chinese Consumer Electronics Giant Xiaomi’s Financial Business Map

Airstar Digital Technology is a key company in Xiaomi's financial business segment, and its business mainly includes industrial financial services, financial technology services and personal financial services.

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