China’s EV darlings left stranded as VCs look elsewhere

Rupert Mitchell, chief strategy officer at WM Motor, spoke at CNBC’s East Tech West conference in Guangzhou on Nov. 19, 2019. (Image credit: CNBC International) Despite waning interest from venture capitalists in China's electric vehicle industry, a leading figure from WM Motor expressed hope on Tuesday that the carmaker could secure funding of up to $1 billion within six months. Questions…

INSIGHTS | Emerge at TC Shenzhen: The year China tech went global

A metaphor for globalization, seen sailing off the coast of Shenzhen Nov 16, 2019. (Image credit: TechNode/David Cohen) On November 11, TechNode was proud to host the 6th annual TechCrunch International City Event in Shenzhen. As part of the conference, TechNode’s English team put together an afternoon of in-depth content as part of the Emerge side stage, including topics such as cloud gaming,…

Overcoming market fragmentation is key to success in SEA: Lazada founder

Intrepid Group CEO Charles Debonneuil and TechNode's Editor-in-Chief John Artman at TechCrunch Shenzhen 2019. (Image credit: TechNode/Coco Gao) The main challenge for Chinese tech companies entering Southeast Asia is overcoming market fragmentation, said Charles Debonneuil, CEO of Intrepid Group, in a fireside chat with TechNode Editor-in-Chief John Artman at TechCrunch Shenzhen 2019.…

Alipay expands footprint in Africa with Flutterwave tie-up

An Alipay sticker shows consumers how to pay on mobile phones. (Image credit: TechNode/Shi Jiayi) Chinese e-commerce giant Alibaba has partnered with Silicon Valley and Lagos-based fintech startup Flutterwave to provide digital payments for African merchants using Alipay, TechCrunch reported. Why it matters: The partnership allows the Hangzhou-based firm the opportunity to expand its…

Didi furthers drive into the Middle East with Symphony Investment JV

In this image from Didi Chuxing, (left to right) Stephen Zhu, Didi senior vice president; Didi CEO Cheng Wei; Emaar Properties founder Mohamed Alabbar; an unidentified individual; and managing director of Symphony Investment Rashid Alabbar at the signing ceremony in Beijing on Monday, July 22, 2019. (Image credit: Didi Chuxing) Didi Chuxing said Monday that it will set up a joint venture (JV)…

Ride-hailing service Shouqi to turn a profit by year end: CEO

(Image credit: Shouqi Limousine & Chauffeur) Shouqi Limousine & Chauffeur, a ride-hailing service backed by state-owned transport company Shouqi Group, expects to make a profit by the end of this year, CEO Wei Dong said on Wednesday. Why it matters: If Shouqi's forecast holds true, China’s second largest ride-hailing service may be the first in the industry to break even.…

Tencent partners with GAC to launch ride-hailing firm, OnTime

(Image credit: OnTime) Tencent has aligned with state-backed GAC Group to launch a ride-hailing platform named OnTime in the southern Chinese city of Guangzhou this week. Chinese tech companies and automakers are battling to secure a piece of the ride-hailing industry in order to gain a stake in the mobility market of the future. OnTime on Wednesday announced in a WeChat post that it began…

Briefing: Toyota reportedly to invest in Didi, eyes China’s mobility market

Toyota mulls $548m investment in Chinese ride-hailer Didi Chuxing - Nikkei Asian Review What happened: Toyota Motor Corp is planning to invest about 60 billion yen (around $548 million) in Chinese ride-hailing giant Didi, hoping to gain a foothold in the world's largest auto market. It is also reportedly considering setting up a new joint company with Didi offering mobility services in China.…

Luckin may not last, but its model will

A worker strolls past a Luckin Coffee in Beijing on April 9, 2019. (Image credit: TechNode/Cassidy McDonald) I’ve spent a lot of the last month trying to understand Luckin Coffee. I’ve untangled how the convenience-focused upstart was built with money from a network with arguably a few too many personal interests at stake and explained the rationale behind questionable freebies and discounts.……

Briefing: Urban courier Lalamove raises $300 million, joins unicorn rankings

On-demand logistics startup Lalamove raises $300M for Asia growth and becomes a unicorn -TechCrunch What happened: Chinese on-demand logistics platform Lalamove has secured $300 million in a Series D led by Hillhouse Capital Group and Sequoia Capital China to support further expansion into Southeast Asia and entry to India. This latest round of fund-raising raises the Hong Kong startup to…