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Tiktok owner ByteDance mulls an acquisition of Pico, a Chinese maker of virtual reality hardware, Bloomberg reported Thursday citing people familiar with the matter. Pico designs and sells VR products to clients mainly in Asia, Europe and US. The startup is also China’s largest VR gear maker in terms of market share in 2020, according to IDC. The investment deal is valued at RMB 5 billion ($771 million), various Chinese media reported. ByteDance’s spokesperson didn’t immediately respond to request for comments when contacted by TechNode. If true, ByteDance will follow other global tech titans including Facebook, Apple and Huawei to make a foray into the emerging sector. [Bloomberg]
Police in Turkey busted a crypto scam ran by 18 Chinese nationals who were holding 101 employees hostage. The gang was advertising a fraudulent crypto asset management in China.
Eight months after a US court rejected Magic Leap’s IP theft lawsuit against Nreal, the mixed reality startup prepares for a US launch.
Chinese tech giants typically focus on the consumer market. But their appetite for early stage investments in semiconductors is growing.
China’s ongoing big tech crackdown is broader than anti-monopoly, fintech, or Jack Ma. I guess you’d call it a zeitgeist.
Baidu still gets most of its revenue from advertising, but cloud services are driving growth and its plays on AI could pay off in a few years.
Next week, China will issue its 14th Five-Year Plan, setting priorities for the next five years. Here’s what we expect to see in the tech arena.