Subscribe to the TechNode Briefing Newsletter

Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox.

Subscribe to TechNode Briefing Newsletter

Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox.

Thank you for registering!

Support Us

Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

$
$
$

Your contribution is appreciated.

Paying the transaction fee is not required, but it directs more money in support of our mission.
Posted inNews Feed

US court approves Luckin Coffee’s $460 million debt restructuring plan

A US federal judge in Manhattan has passed Luckin Coffee’s debt restructuring plan for a $460 million bond due 2025. Court documents show that noteholders will get $320 million in cash and new debt. Luckin announced Tuesday that the plan has already won approval from creditors and the grand court of Cayman Islands, where it registered. US court approval means the plan can be implemented in the US. [Bloomberg Law]

Posted inNews Feed

Short-seller accuses Chinese housing broker Ke Holdings of accounting fraud

On Thursday, Muddy Waters accused Chinese housing broker Ke Holdings of reporting inflated gross transaction volume (GTV) and revenue. The short seller compared Ke Holdings to coffee chain Luckin, claiming that the company has inflated its new home GTV by over 126% and its commission revenues by approximately 77% to 96%. In a Thursday response, Ke Holdings refuted the fraud claims, calling the report lacking a basic understanding and rightful reading of the company’s financial reports. The New York-listed firm said it welcomes any investigation and will respond to the accusations in detail within 24 hours. [Muddy Waters report]

Posted inNews Feed

Tencent’s WeChat Pay links with UnionPay’s Cloud QuickPass

Tencent’s WeChat Pay announced Thursday that it is now accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay. The tie-up enables QuickPass users to make payments by scanning WeChat Pay QR codes offline, and for WeChat Pay users to do the same with QuickPass codes. QuickPass payment now supports some Tencent services, such as its music and video streaming apps, as well as WeChat mini-programs for WeChat Read, JD, and Luckin. [WeChat Pay press release, in Chinese]

Sign In

We've recently sent you an authentication link. Please, check your inbox!

Sign in with a password below, or sign in using your email.

Get a code sent to your email to sign in, or sign in using a password.

Enter the code you received via email to sign in, or sign in using a password.

OR

By signing up, you agree to our privacy policy.