Foxconn
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China’s Mobike raises $600M to expand its bikes on-demand service worldwide
Mobike, one of two fast-emerging on-demand bike rental services, has landed $600 million in new funding as it seeks to expand its business outside of China. Bike rentals are shaping up to be the first global tech industry that was born in China. The principle is simple: bikes are fitted with GPS trackers which allows them to be picked up from and left anywhere using an app. With companies… Read More
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China’s newest source of on-demand hype, rental bicycles, gets its first unicorn
There can be no hype without a unicorn. China’s newest startup money pit — bicycle rentals on-demand — now has its first billion-dollar valued company. The industry has sucked in more than $300 million from investors this year alone — that’s counting just one company — and now Ofo has become the first in the space to reach the much-coveted $1 billion… Read More
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Manufacturing giant Foxconn is taking over SoftBank’s investment fund in Asia
Foxconn is taking over SoftBank’s Asia-based tech investment fund. The manufacturing giant, which is responsible for producing Apple’s iPhone among many other tech products, has agreed to buy a majority 54.5 percent stake in SoftBank Asia Capital in exchange for $600 million, according to a filing. The deal is scheduled to go through March 1, after which time SoftBank Asia… Read More
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Temasek jumps into China’s bike-rental startup war with investment in Mobike
Temasek, Singapore’s state-owned investment firm, has jumped into China’s on-demand cycle war after it backed Mobike. China’s ride-sharing war is last year’s news. The big battle between Uber and Didi Chuxing is essentially over after the latter agreed to buy the former’s China-based business. The new startup drama du jour is in bikes — services that let… Read More
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Chinese bike-sharing startup Mobike snags strategic investment from Foxconn
Just weeks after landing a $215 million Series D funding round, Chinese bike-sharing service Mobike has scooped up a strategic investor from prolific manufacturing firm Foxconn. Read More
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Report: Apple asked manufacturing partners to explore making iPhones in the U.S.
Foxconn, Apple’s key manufacturing partner, is among a number of supply chain companies that are said to be exploring the potential to relocate iPhone production facilities from Asia to the U.S., according to a report in Japanese newspaper The Nikkei. The report comes in the wake of the U.S. election and promises that the winning candidate made in the lead-up to it. U.S. Read More
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India’s WhatsApp rival Hike raises $175M led by Tencent at a $1.4B valuation
India has a new tech unicorn. Hike, a four-year-old messaging app, today announced that it has closed $175 million in funding led by new investors Tencent and Foxconn. The Series D round values the company at $1.4 billion, founder and CEO Kavin Bharti Mittal confirmed to TechCrunch. Read More
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Nokia confirms another 1,000 layoffs in Finland
As a late Friday coda to this week’s news of Nokia’s old feature phone business getting sold once again, today Nokia quietly confirmed it is laying off 1,032 employees in its home market of Finland. The cuts will come across all business units, with half out of its HQ in Espoo. The majority of cuts will happen by this summer. On top of putting the news out in the evening on… Read More
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Microsoft offloads Nokia feature phone business to Foxconn for $350M
Microsoft is selling the feature phone business it acquired from Nokia back in 2013 to a subsidiary of Chinese manufacturer Foxconn for $350 million, it announced today. At the same time former owner Nokia said it has inked a deal to license its brand to HMD Global, a new Finnish company run by ex-Nokia and Microsoft devices staff, to “create a new generation of Nokia-branded mobile… Read More
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Foxconn confirms Sharp takeover for a reduced price of $3.5B
Foxconn’s proposed acquisition of Sharp, a deal that was sensationally put on hold last month after Sharp had announced it, has been completed today after both companies confirmed the agreement. Read More
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Foxconn Pauses Its Proposed $6.2 Billion Acquisition Of Sharp
Foxconn’s proposed acquisition of Sharp has hit a snag, just hours after Japan-based Sharp announced that it had agreed to the buyout, which is estimated at around $6.2 billion. Read More
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No Casualties Reported After Fire At Foxconn’s Zhengzhou Plant
The Foxconn factory that handles most of the firm’s Apple iPhone manufacturing suffered damage today when a fire started in its central air conditioning system and spread to several floors. A representative from the Taiwan-based electronics OEM told the Wall Street Journal that there were no casualties at its plant in Zhengzhou and production won’t be affected. The fire, however… Read More
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Apple Reveals Solar Energy Programs To Clean Up Its Manufacturing Partners In China
Apple has plunged billions of dollars into making its global operations more efficient with renewable energy. The bulk of that push, which has won praise from Greenpeace, has come in the U.S. and Europe, but today Apple unveiled a suite of initiatives designed to make its business in China — the country where its revenue is positively booming — greener, too. Read More
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Nucleus Raises $3.4M To Build A Smart Home Intercom
Available for pre-order today, Nucleus is a connected home device that lets families have two-way audio and video conversations in the home, between homes, or with any mobile device. Homes using Nucleus will ideally purchase multiple units for different areas or rooms in the house. Once connected, Nucleus lets users communicate with other Nucleus’ by simply touching a picture of the… Read More
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Xiaomi Is Now Making Smartphones In India
Xiaomi, the company that topped China’s smartphone market in the last quarter, has begun manufacturing devices in India in another move to localize its brand in the South Asia country. Read More
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Fitness Wearable Developer Lemonade Lab Scores $5.8M From Foxconn Unit
Lemonade Lab, which develops sensors for athletes, has scored $5.8 million led by a Foxconn subsidiary. The Boston- and Tokyo-based startup will form a strategic partnership with FIH Mobile, which provides manufacturing services for mobile device makers. This is the latest in a string of hardware investments made by Foxconn, whose manufacturing clients include Apple, Microsoft and Acer, or… Read More
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Snapdeal, One Of India’s Largest E-Commerce Players, Reportedly Gets $500M From Alibaba, Foxconn And SoftBank
Snapdeal, one of India’s biggest e-commerce companies, has scooped up $500 million in funding from Alibaba, Foxconn and SoftBank, according to Re/code. The Wall Street Journal first reported in June that Alibaba and Foxconn were in talks to jointly invest $500 million in Snapdeal in June at about a $5 billion valuation. SoftBank was already Snapdeal’s largest shareholder, having… Read More
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