Chinese fintech giant Ant Group has increased its registered capital by 47% to RMB 35 billion ($5.44 billion), data from corporate data site Tianyancha showed. In a Monday statement, the Alibaba affiliate said that the increase was set to meet regulatory requirements and business needs. In April, Beijing ordered Ant to overhaul its business to address issues in antitrust, user information collection, and others. [Tianyancha, in Chinese]
TechNode talked to Da Fang, co-founder and chief scientist of QCraft on the developments of Chinese autonomous vehicles.
Chinese social e-commerce startup Xiaohongshu, also known as Little Red Book, is mulling a Hong Kong IPO as soon as this year, Bloomberg reported on Monday. The listing could raise between $500 million to $1 billion. Xiaohongshu responded to local media that they have no clear IPO plan yet. The company suspended its US IPO plan this July after Beijing tightened reviews on overseas IPOs. [Bloomberg]
Meituan has come under fire for data privacy issues ranging from intensive location tracking to account safety loopholes.
Chinese tech companies, including Alibaba Group, Tencent, Baidu, ByteDance, Pinduoduo, Didi, NetEase, Vipshop, Xiaomi, and Oppo, have collectively donated more than RMB 300 million (around $46.6 million) to the Shanxi province as of Oct. 10, Chinese media The Paper reported. The northern Chinese province has been hit by severe floods and torrential rain since early this month, affecting more than 1.76 million people. [The Paper, in Chinese]
One of the biggest trends in China’s tech industry in recent years is that “Chinese entrepreneurs and startups are being born global,” said David Aikman.
Jia Yueting, the founder of Nasdaq-listed electric vehicle startup Faraday Future, responded to a negative report from short-seller J Capital Research, calling it “nonsense” and “nothing more than a rehash of old news,” Chinese media reported Friday. J Capital Research released a 27-page report on Thursday, accusing Faraday Future of inventing most of its car reservations. [Jiemian, in Chinese]
Chinese PC-maker Lenovo on Friday withdrew plans to list on Shanghai’s Nasdaq-style STAR Market, eight days after it filed the listing application. Lenovo had planned to sell as much as 10% of its Hong Kong equity as Chinese depositary receipts (CDRs) in the STAR Market. The company’s stock dropped 4.76% on Friday on the Hong Kong market. [Shanghai Stock Exchange, in Chinese]
Chinese artificial intelligence chip maker Horizon Robotics is considering moving a US listing plan to Hong Kong as Beijing deepens crackdown on overseas listings, Bloomberg reported on Friday. The firm had been weighing a US initial public offering that could raise as much as $1 billion, but it is now working with advisers for a potential Hong Kong listing as soon as next year. [Bloomberg]
Chinese tech giant JD launched a veterinary service platform on Friday. The service, called JD Pet Hospital, has more than 3,000 veterinarians providing pet health consultation through text, images, and video calls. The platform offers medical advice, medicine prescription, and physical examination report analysis, mainly for cats and dogs. Users can access the service through the JD health app. [JD press release]