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Bite-sized news about China tech

Chinese self-driving startup Momenta raises $300 million from GM

Sep 24, 2021
General Motors said on Thursday that it will invest $300 million in Momenta, a Chinese autonomous vehicle startup. In March, the five-year-old startup closed a $500 million Series C from investors, including state-owned automaker SAIC, Toyota, auto parts supplier Bosch, and others. Cao Xudong, a former employee at Microsoft Research Asia, founded Momenta. [GM statement]

ByteDance to launch perfume brand Emotif: report

Sep 24, 2021
TikTok owner ByteDance plans to launch a new perfume brand called Emotif, Chinese media Tech Planet reported Thursday. The company hopes the fragrance can allow wearers to express feelings through scents, the report said. ByteDance has invested in several other consumer brands, including sparkling wine brand Kongka, healthy food brand Sharkfit, and oral care brand Senban. [Tech Planet, in Chinese]

Alibaba to sell all stake in Mango Excellent Media at a $356 million loss

Sep 24, 2021
Alibaba’s investment arm Ali Venture Capital plans to sell all of its stake in Mango Excellent Media, a public traded media company with ties to a local state broadcaster, a Thursday statement showed. Alibaba holds a 5.01% stake in Mango and is expected to lose about RMB 2.3 billion ($356 million) if it sells at the current price of around RMB 41 per share. Alibaba acquired the stake late last year through an RMB 6.2 billion deal at RMB 66.23 apiece. [National Business Daily, in Chinese]

Auto chipmaker Black Sesame gets funding from Xiaomi

Sep 23, 2021
Black Sesame Technologies, a Chinese autonomous driving chip startup, has raised an undisclosed amount in two funding rounds led by an investment firm from Chinese smartphone maker Xiaomi. Hubei Xiaomi Changjiang Industrial Investment Fund led the investment, in which Lenovo Capital and Incubator Group, and automaker FAW participated. The company said it is valued at $2 billion. [Black Sesame statement, in Chinese]

Gaotu misses Q2 revenue target, records net losses

Sep 23, 2021
Second quarter revenue for Gaotu Techedu Inc. increased 35% compared to Q2 2020, reaching a record high of RMB 2.2 billion ($340.2 million). But the New York-listed edtech company missed the consensus target of $387.5 million, according to unaudited earnings results released on Wednesday.  Net losses were RMB 918.8 million, compared with a net income of RMB 18.6 million in the same period last year. Gaotu’s share price since late July has fallen more than two-thirds following an industry-wide government crackdown on private tutoring companies. [Gaotu]
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