• Chinese facial recognition start-up eyes global opportunities beyond public security November 22, 2017 10:00 am
    At the busy Chinese border point of Gongbei Port, fewer than a dozen customs officers have the mammoth task of picking out the smugglers and tax dodgers from the 400,000 travellers to and from Macau each day. These officers are now aided by a powerful facial recognition system built by Shanghai-based start-up Yitu Technology, whose software is also used by banks to verify ATM transactions. Surveillance cameras at Gongbei Port capture the images of every traveller, matching and cross-referencing...
    Li Tao
  • Cryptocurrency start-up Confido disappears with US$375,000 from an ICO, and nobody can find the founders November 22, 2017 8:00 am
    By Arjun Kharpal A cryptocurrency start-up that raised nearly $375,000 through an initial coin offering (ICO) has disappeared with the funds with nobody able to track the founders down. Confido billed itself as a company that is developing so-called “smart contracts” to act as an escrow between a buyer and seller during a transaction of some sort. Traditional escrows would be held by a third party. But smart contracts are supposed to be fulfilled when both sides meet...
    CNBC
  • Guangdong to set up its version of Silicon Valley on the doorsteps of Hong Kong and Shenzhen November 22, 2017 2:45 am
    China is stepping up its promotion of the “Greater Bay Area” – its version of Silicon Valley – in Guangdong province by offering incentives to foreign capital and companies. Ma Xingrui, the province’s governor, said that by the end of November the local government will introduce 10 policies to explain how the region will better utilise overseas capital. “These rules will show our strong support for foreign companies and investment seeking opportunities in...
    Celia Chen
  • Hong Kong chief executive calls for measures to attract best talent November 21, 2017 2:08 pm
    As the Hong Kong government looks to boost innovation and technology in the city, immigration policies need to be improved to bring in external talent, according to the city’s chief executive. “We need more time to nurture local talent and [in the meantime] we need to bring in outside talent. Hong Kong remains very attractive to a lot of expatriates and people from the mainland … we need to do more in terms of immigration policies,” said Carrie Lam Yuet-ngor at the...
    Zen Soo
  • More than US$30 million worth of cryptocurrency was just stolen by hackers, company says November 21, 2017 8:15 am
    By Saheli Roy Choudhury Tether, a start-up that offers dollar-backed digital tokens, claimed Monday that its systems had been hacked, according to cryptocurrency news site CoinDesk. Tether reportedly claimed US$30.95 million worth of its tokens had been stolen. According to a now deleted post on its website, Tether said a “malicious action by an external attacker” resulted in the theft of the tokens, CoinDesk said. In the removed post, Tether said it was in the process...
    CNBC
  • This start-up can identify you by your voice in a matter of seconds November 21, 2017 12:03 am
    “Your money or your life!” may not be the smartest thing for balaclava-clad bank robbers to say any more A start-up in China has figured out how to identify the unique characteristics of each person’s voice and cross-match it with existing “voice databases” to identify someone purely by what they say. SpeakIn, based in the southern Chinese city of Shenzhen, is currently working with police departments on the mainland. Its database of “voices” comes from...
    Celia Chen
  • Baidu sets up fight with Didi in China's luxury car-hailing market November 20, 2017 8:30 am
    The bar to compete in China’s highly competitive premium car-hailing market, currently dominated by Didi Chuxing, was just raised after internet giant Baidu entered the fray by agreeing to provide a chauffeur service provider with funding and access to its artificial intelligence technologies. Shouqi Limousine and Chauffeur, a Chinese car-hailing company backed by state-owned transport service group Beijing Shouqi Group, said on Monday it has raised an additional 1.3 billion yuan (US$...
    Meng Jing
  • Tencent is first Asian company to top US$500 billion in value, joining Apple and Facebook November 20, 2017 8:15 am
    The meteoric rise of Tencent Holdings can be illustrated in the outsize gains of its Hong Kong-listed shares, which have become a wealth generator of spectacular proportions for those fortunate enough to have bought in early. In fact, US$1,764 invested in the company’s 2004 public offering would now be worth US$1 million, after taking a 2014 stock split into consideration, a 500-fold rise in the stock value of China’s largest game producer and social network operator. Shares of the...
    Laura He
  • Slower smartphone growth gives VCs the jitters November 20, 2017 6:42 am
    Venture capital (VC) investment in China’s thriving new economy – based on the expanding use of smartphones – is becoming riskier, warns veteran investor Helen Wong, whose company joined the most recent financing round for one of China’s highest-profile unicorns, the bike-sharing service Mobike. “It is not like before when growth was relatively easy for start-ups, when user numbers and activities were exploding in the mobile internet world. “Nowadays with...
    Xie Yu
  • Hong Kong’s bitcoin businesses suffer after local bank accounts frozen November 19, 2017 4:45 am
    Hong Kong’s bitcoin entrepreneurs say they have been forced to open bank accounts overseas to operate their businesses, after local banks froze or closed their accounts, threatening the city’s push to become a fintech hub. Staff at Hong Kong-based cryptocurrency exchange Gatecoin – which allow customers to exchange their digital money for fiat currency – were left perplexed after they received a phone call from a Hang Seng Bank representative on September 15, where they...
    Harminder Singh
  • Meet the Hong Kong start-up hoping to make bitcoin mining environmentally friendly November 18, 2017 11:46 am
    Mining for virtual currencies like bitcoin may not be as messy as its real-world equivalent, but the supply of electricity needed to cool the massive computing power that produces the currency means it has also developed a reputation for harming the environment. A Hong Kong start-up is seeking to change that by coming up with a cooling method that proves the mining of bitcoin and other blockchain-based currencies can work in a city with a short supply of land and high electricity costs. The...
    Andrew Barclay
  • China’s bitcoin miners, wary of tighter government scrutiny, make plans to move overseas November 18, 2017 10:45 am
    A nondescript office on the outskirts of Beijing, strewn with screwdrivers and partially assembled computer circuit boards, seems an unlikely candidate for a company at the forefront of what proponents say is nothing less than the upending the established global financial order – and what JPMorgan chief executive Jamie Dimon has branded a scam. Rows of computer cards and the rhythmic whirring of fans needed to stop them from overheating offer a glimpse into the billion-dollar hi-tech...
    Sarah Dai
  • China’s co-working space unicorn holds firm at home amid push into to Europe November 17, 2017 9:05 am
    UrWork, China’s largest office-space sharing start-up, is still firmly focused on the home market even as it pushes into Europe in an effort to extend its battle lines with US rival WeWork. The Beijing-based company, backed by Alibaba-affiliated Ant Financial and Sequoia Capital, is targeting 10 cities globally, with Europe’s first batch of sites to open in London, Paris and Berlin in the second half of next year, Mao Daqing, UrWork’s founder and chairman, told the South China...
    Sarah Dai
  • With China’s third largest bike sharer bankrupt, riders worry about money tied up in deposits November 17, 2017 6:24 am
    Beijing white-collar worker Scarlet Sun considers herself a two-time victim of the spectacular rise of China’s bicycle-sharing industry – where millions of the country’s citizens have been able to grab a bike anytime, anywhere for the equivalent of a few US cents per ride. Sun, already a user of China’s top two bike-sharing firms Ofo and Mobike, only tried a third provider this month when she urgently needed a ride and newcomer Bluegogo’s signature blue-and-white...
    Sarah Dai, Meng Jing
  • Maimai, LinkedIn’s biggest China rival, raises US$750m in funding and aims for 2019 IPO November 15, 2017 10:00 am
    Maimai.cn, China’s biggest rival to global professional networking giant LinkedIn, has secured US$750 million in a latest funding round from US top tech investors DCM Ventures and IDG Capital, and is now targeting an initial public offering (IPO) in 2019. The Chinese networking site aimed particularly at business people, now claims to be just about neck and neck with LinkedIn in terms of users in China, as competition in the world’s largest labour market intensifies. The funding...
    Laura He
  • Chinese maker of Star Wars robot close to raising US$400m in largest funding round November 15, 2017 8:45 am
    UBTech Robotics, the Chinese maker of Star Wars Stormtrooper robots that can respond to voice commands and recognise faces, is close to raising US$400 million in a funding round led by Tencent, according to people familiar with the matter. If completed, the series C funding round could value the Shenzhen-based company at about US$4 billion, according to one of the people, who asked not to be identified as the information is private. The funding is still being finalised and details could still...
    Zen Soo, Coco Liu
  • Qualcomm bets on Chinese AI start-up SenseTime in bid to make mobile devices smarter November 15, 2017 5:27 am
    SenseTime Group, a Hong Kong-based artificial intelligence company specialising in facial recognition, has secured an investment from US mobile chip giant Qualcomm Technologies in what could be the world’s biggest ever fundraising by an AI start-up. SenseTime said on Wednesday that Qualcomm has made an undisclosed strategic investment in the three-year-old company as venture capitalists continue to bet big on AI in China amid the country’s national drive to make itself a global...
    Meng Jing
  • Hong Kong needs to think way out of the box to realise its own digital innovation dreams November 13, 2017 9:30 am
    Hong Kong has been ranked 68th in a global smart city index – way behind its main rival Singapore which came in second … – SCMP City, November 9 The first thing in any survey of this kind is to ask who conducted it and what authority they have for their findings. The answer in this case is a Swedish website called EasyPark which was set up 12 years ago as a smartphone app to help drivers find pay car parks in crowded cities and which has now grown outside Sweden....
    Jake Van Der Kamp
  • Shanghai sets up data trading platform in latest push to boost city’s profile as tech hub November 13, 2017 6:15 am
    Shanghai is building a mammoth electronic platform to trade data such as personal credit records and consumer information, as part of the city’s efforts to stay ahead of others at the forefront of technological innovation in China. Keven Tang Qifeng, chief executive of Shanghai Data Exchange Corp, told the South China Morning Post in an interview that the company aimed to account for one-third of national data trading volume by 2020 while helping the city draw more promising technology...
    Daniel Ren
  • China’s Toutiao buys teens social video app Musical.ly in latest expansion November 10, 2017 11:14 am
    Beijing ByteDance Technology, the operator of China’s dominant news aggregator Toutiao, has bought social video app Musical.ly, its second acquisition in a week as it aggressively seeks new users by widening its range of content offerings. ByteDance did not give financial details of the deal in a statement on Friday, but Chinese media reports said the acquisition of Musical.ly, an app especially popular with teenagers that allows users to post videos of themselves accompanying their...
    Meng Jing
  • Chinese factories must bet big on digital technology for industrial reinvention November 10, 2017 8:17 am
    China remains the manufacturing powerhouse of the world, but many of its leading players are facing challenges such as overbuilt capacity and weak demand. Revenue growth has slowed, and profitability has stagnated and in some cases declined. While China enjoys some advantages such as mature manufacturing bases, fiscal support, a large base of tech-savvy consumers and more platform players, it also has hurdles such as increasing labour and material costs. Plus, the piecemeal deployment and...
    Yu Yi
  • Hong Kong’s business confidence remains sluggish amid vibrant tech start-up activity November 10, 2017 12:02 am
    While Hong Kong’s start-up revolution continues to surge because of increased activity in the financial technology field and the spark provided by young billion-dollar companies, a new study has found that overall business confidence in the city is down in the doldrums. Hong Kong ranked 37th in an Economist Intelligence Unit (EIU) survey of 45 cities about business confidence in so-called digital transformation initiatives, according to a press briefing on Thursday by Australian...
    Bien Perez
  • Higher rates for addresses in caps – online lender WeLend reveals how it determines your creditworthiness November 9, 2017 1:04 pm
    If you are looking to take out a loan from online lending platform WeLend to buy the iPhone X, be warned – should you use only upper-case letters when filling out the address field in your application, you could be charged a higher interest rate. “We actually match how people fill out addresses with the probability of [them] declaring bankruptcy after a certain number of years,” said Simon Loong, the founder and chief executive of WeLab, the Hong Kong company that operates...
    Zen Soo
  • Tencent earmarks US$1.5b in revenue sharing deal to nurture Chinese content producers November 9, 2017 2:00 am
    Chinese technology juggernaut Tencent is on a mission to nurture and profit from Chinese online content creators, supported by its empire of social and entertainment apps. The company has earmarked 10 billion yuan (US$1.51 billion) in a revenue sharing initiative, under which it will forgo some of its future profits to help support content developers in producing creative works as well as combating copyright plagiarism on its various platforms. The Shenzhen-based company said the funding would...
    Li Tao
  • Hong Kong fintech firm WeLab raises US$220m in funding round November 8, 2017 9:42 am
    Hong Kong-based fintech company WeLab said on Wednesday it has raised US$220 million to help advance its credit evaluation technology and to expand beyond Greater China. The company said in a statement that the funds were raised in a combination of series B+ equity as well as debt financing, with backing from the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks. The new funding takes WeLab’s total amount raised to US$425 million. Last...
    Zen Soo
  • Cancer treatment start-up BeiGene opens first manufacturing plant, in Suzhou November 8, 2017 7:51 am
    BeiGene, the Beijing-based biopharmaceutical start-up, has completed the building of its first own manufacturing plant in the city – a key step in the Nasdaq-listed company’s transformation from clinical-stage developer to commercial maker of cancer medicines. The new facility in Suzhou Industrial Park, in Jiangsu province, cost 200 million yuan (US$30.2 million) which will help the company to feature capabilities in the whole value chain – discovery, development,...
    Maggie Zhang
  • Foodpanda may roll out e-wallet, keeping pace with Hong Kong’s embrace of cashless economy November 5, 2017 10:37 am
    As part of a mobile payments push, Foodpanda could launch an e-wallet service for its food delivery business, according to a company executive. Arun Makhija, Foodpanda Hong Kong’s newly-appointed managing director, told the South China Morning Post that a wallet system where customers could top up credit for orders is “already on the agenda”. He added that Germany-based Delivery Hero, which acquired Foodpanda from Rocket Internet last December, already has a tech team looking...
    Zen Soo
  • Polaris to roll out robo-advisory service to Asia’s financial firms, backed by Richard Li’s FWD unit November 5, 2017 9:14 am
    Rising demand for highly automated wealth management services from traditional financial institutions has put mainland Chinese start-up Polaris, a specialist provider of robo-advisory systems, on the fast track to steady domestic and international expansion, according to its chief executive. “We have a unique position in the market as a business-to-business robo-advisory solutions company,” Polaris chief executive Zheng Yudong told the South China Morning Post. Zheng said Polaris...
    Bien Perez
  • China scours the globe for talent to transform into world leader in artificial intelligence and big data November 4, 2017 12:30 am
    Kevin Du is travelling to the United States this week to visit Harvard Business School. But he has other things on his mind. He plans to make a side trip to other top universities and technology companies, part of his regular day job as a headhunter, looking to rope in engineers, programmers and coders to work in China. China, already the world’s largest market for automatons, e-commerce and smartphones, is also the job market for artificial intelligence, big data analytics and...
    Xie Yu, Sarah Dai
  • Hong Kong tech IPO bonanza a mixed blessing as Coach, Glencore head for the exit November 4, 2017 12:01 am
    A series of successful recent initial public offerings suggests Hong Kong’s stock exchange may be turning into a listing hub for technology firms. But the transformation is something of a mixed blessing as two large international companies with a traditional business focus announce their departure from the bourse. The new trend shows the exchange’s efforts to get more “new economy” companies to list their shares here is bearing fruit, while past attempts to attract and...
    Enoch Yiu
  • Alibaba’s electronic trading hub to help small and medium-sized enterprises goes live in Malaysia November 3, 2017 8:34 am
    Alibaba founder Jack Ma yesterday offered his ringing endorsement of Malaysia’s ambition to become the leading digital-era Asian logistics base, as the tech giant’s first electronic trading platform outside China opened for business. The Malaysian electronic world trade platform (eWTP) includes a regional logistics centre near Kuala Lumpur International Airport and an accompanying electronic platform that will enable its users – primarily small and medium enterprises (SMEs)...
    Bhavan Jaipragas
  • Didi Chuxing, China’s Uber, is building countrywide charging network to drive into EV future November 2, 2017 8:30 am
    Didi Chuxing, dubbed as the Chinese equivalent to Uber Technologies, announced on Thursday that it has set up a joint venture to build a charging network for universal use across the country, accelerating China’s drive towards global supremacy in electric cars. Didi, operator of the world’s largest ride-hailing services platform with more than 450 million users, has teamed up with Beijing-based Global Energy Interconnection Development and Cooperation Organization (GEIDCO) to...
    Meng Jing
  • Need start-up funding? Cyberport rolls out network to help connect young companies with investors November 2, 2017 5:28 am
    Cyberport will spearhead a network aimed at more effectively connecting investors with start-ups based in Hong Kong to help boost the entrepreneurial landscape in the city. The Cyberport Investors Network (CIN) currently has over 50 funds and investors and is looking to add more next year, Cyberport said in a statement on Wednesday. Investors including venture capitalists, angel investors and private equity funds from all over the world, including China, Hong Kong and Southeast Asia. Current...
    Zen Soo
  • Alibaba doubles down on car industry to drive its ‘new retail’ strategy November 1, 2017 6:29 am
    Chinese e-commerce giant Alibaba Group has set its sights on the automobile industry in its latest move to revamp the entire retail landscape by blending online and offline shopping. The New York-listed company has led a US$335 million funding round in a Chinese start-up that provides digital sales solutions to brick-and-mortar car dealers in the world’s largest auto market. Pure e-commerce is not going to be the best solution for car sales in China. People want to go to a store to see,...
    Meng Jing
  • Explainer: How are China’s technology giants mapping out their insurance plans? November 1, 2017 4:55 am
    A race is underway between Baidu, Alibaba Group Holding and Tecent Holdings - three of China’s largest technology companies - to use their advantages in internet search, big data analysis and online payments to help them sell insurance, as competition for insurtech escalates. Weimin Insurance, in which Tencent owns 57.8 per cent, received a license from China’s regulator, in a move that allows the operator of China’s dominant social media network to sell insurance policies to...
    Josh Ye
  • Xiaozhu, China’s Airbnb, a unicorn after US$120m investment round led by Jack Ma-backed fund November 1, 2017 12:38 am
    Xiaozhu, China’s answer to Airbnb, announced on Wednesday it had raised US$120 million in a funding round, officially making the five-year-old start-up a “unicorn” – a private company with a valuation of US$1 billion or more. The funding round was led by Jack Ma-backed Yunfeng Capital and included existing investors, such as Morningside Venture Capital and Capital Today. The investment is expected to offer Beijing-based Xiaozhu not only a war chest but also the strategic...
    Meng Jing
  • Chinese drone maker specialising in agricultural services wants to see products fly off the shelves October 31, 2017 10:49 am
    Guangzhou-based XAircraft, a drone maker specialising in agricultural services in China, has launched four new unmanned aerial vehicles aimed at increasing its dominance in the sector. “In the coming three years you will see explosive growth [in agricultural use drone market],” said Peng Bin, founder and chief executive officer of XAircraft. He said he has already introduced the company’s products to farmers in markets such as Japan, South Korea and Japan. Peng said there were...
    Celia Chen
  • China’s Tencent leads funding for US educational robot firm’s push into Asian markets October 31, 2017 8:50 am
    Chinese internet giant Tencent Holdings has led a US$41 million funding round for US educational robot company Wonder Workshop, as the latter seeks to expand its presence in Asia amid growing demand for computer science education. California-based Wonder Workshop makes a line of “CleverBots” – programmable robot toys that help students learn coding and robotics, aiming at a growing trend among schools to incorporate science, technology, engineering and mathematics (STEM)...
    Zen Soo
  • ChiNext board celebrates birthday as mainland start-ups clamour to list abroad October 31, 2017 2:36 am
    On Monday, the ChiNext board – the mainland exchange that set out to emulate the US’ Nasdaq – celebrated its eighth anniversary. State-owned media marked the occasion by using a slew of data to demonstrate its success in fostering the growth of technology start-ups. But they conveniently glossed over the fact that dozens of prospective small Chinese firms are queuing up to list overseas, leaving domestic bourses red-faced at a time when Beijing is pressing them to speed up...
    Daniel Ren
  • Employees of China’s internet firms set for biggest pay rises in 2018 October 30, 2017 2:05 am
    Employees of China’s internet companies are set for the largest increase in pay of any industry in the coming year, a reflection of the strong demand for talent in the fast-growing sector, according to a survey by a top Chinese human resources firm. Internet employees could enjoy an average pay rise of 10.5 per cent in 2018, above the average of 7.2 per cent expected for all industries, according to the Human Capital Survey and Data Solution Centre, which is part of state-owned human...
    Maggie Zhang
  • Refusal to establish a start-up board is a competitive setback for Hong Kong October 29, 2017 11:32 pm
    “It’s not really money unless you use it,” as the old Cantonese saying goes. The same can be said about government power and authority. Last week, we witnessed this conundrum in action. Hong Kong’s stock market operator and the regulator have decided, under certain conditions, to allow companies with dual-class shares to list on the city’s bourse, according to the South China Morning Post’s reports. That’s not surprising, given that it’s a...
    Peter Guy
  • Chinese start-up offers AI to help internet firms screen out banned explicit online content October 29, 2017 6:57 am
    A Chinese start-up is aiming to help the country’s internet companies with one of their most pressing problems – pornographic, violent or other explicit content that finds its way onto their platforms and earns them hefty slaps on the wrists from regulators. Tuputech, founded three years ago and based in the southern city of Guangzhou, offers filtering of online images using deep learning and artificial intelligence (AI) technology. “By providing real-time image recognition...
    Celia Chen
  • Fung Group teams up with start-ups, incubators and venture capitalists for ‘incubator of incubators’ October 29, 2017 4:03 am
    The Hong Kong trading, supply-chain management and retail major Fung Group on Friday announced partnerships with start-ups, incubators and venture capitalists in Shanghai, moving a step closer in its pursuit of an ecosystem for smart supply-chain management. The partnerships will also revamp the company’s Explorium project in Shanghai, billed as “the world’s first retail business model-testing platform”. Initiated in 2015, the revamped Explorium 2.0 provides a dedicated...
    Maggie Zhang
  • Hong Kong sharpens fintech focus as a collaborative centre October 28, 2017 2:00 am
    If you ask Charles d’Haussy, head of fintech at InvestHK, the combination of mainland firms listing in the city and large financial institutions striking deals with start-ups is a sign of things to come: the city will remain a financial hub, but this time with technology at its core. “Hong Kong’s history has always been as gateway for trade,” said d’Haussy on the sidelines of the Hong Kong Fintech Week. “It will be the same going forward: it is going to be...
    Andrew Barclay
  • There’s plenty happening in Hong Kong’s fintech sector, but what’s it all for? October 28, 2017 12:32 am
    There is no shortage of initiatives taking place in Hong Kong when it comes to financial technology, or fintech. But despite the talk, and some pockets of activity, a sense of an overarching vision for the sector remains vague at best, according to analysts and market participants. Less clear still is whether that actually matters. Some observers point to the fact that progress is being made in the absence of such an all-encompassing blueprint. Banks are beginning to open up their systems to...
    Alun John
  • China a fast learner when it comes to artificial intelligence-powered fintech, experts say October 27, 2017 11:30 pm
    While US technology giants such as Google, Facebook and Apple race to dominate the growing commercial market for artificial intelligence (AI), China Inc is digging deep to create a broad-based platform for this technology to drive the country’s economic development. That was the consensus drawn from keynotes and panel discussions on Thursday at Finnovasia, the part of Hong Kong Fintech Week focusing on the future of AI in finance. Significant headway has been made on the mainland in...
    Bien Perez, Zen Soo
  • Greater Bay needs regulatory ‘sandbox’ for fintechs, urges China’s former top banking regulator October 26, 2017 8:36 am
    Liu Mingkang, a former chairman of China’s banking regulator, is urging the setting up of a dedicated so called regulatory “sandbox” for the ever-growing Greater Bay Area – the Pearl River Delta region linking 11 cities in southern Guangdong province, including Hong Kong and Macau. Regulatory sandboxes are effectively “safe, supervised spaces” in which new businesses can pilot innovative products, services, business models and delivery mechanisms without...
    Karen Yeung
  • Does it still pay off to study abroad? New research suggests ‘yes’ for returning Chinese graduates October 25, 2017 11:01 pm
    Chinese students returning home with overseas educational qualifications are still likely to be paid better in the short and long run, than those educated at home, although fresh graduates arriving back on home soil have become more realistic in what salary levels to expect in their first jobs. Wide-ranging new latest research, polling 100,000 Chinese grads, suggests Chinese students armed with a foreign degree are this year being paid 17.2 per cent more than those graduating from a home...
    Li Tao
  • The first merger gets under way among China’s bike-sharers as cash runs out among also-rans October 25, 2017 9:49 am
    Changzhou Youon Public Bicycle System, the first of China’s bike-sharing applications to go public, has kicked off a much-anticipated consolidation in one of the country’s hottest industries as an unsustainable business model built upon burning cash claims its first victim. Youon will take over Hello Bike, a one-year-old company based in Shanghai, according to an announcement on the company’s website that did not provide any financial details. Youon’s shares rose as much...
    Sarah Dai
  • A glimpse at how Qudian and China’s online micro lenders revolutionise financing October 25, 2017 7:15 am
    One day in July, Carina Shi awoke to incessant phone calls by angry, loud men, seeking repayment on a 20,000 yuan loan taken out by a friend. “Debt collectors pummelled me with calls even after I explained that I wasn’t close” to the borrower, Shi said. “It was a petrifying experience.” Unbeknown to Shi, the 20-year-old college student had been listed as the contact by a friend who defaulted on a loan borrowed from Qudian Inc, the Beijing-based online lender at the...
    Sarah Dai, Meng Jing
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