China
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GGV’s Jenny Lee says Xiaomi doesn’t need to come to the U.S.
Xiaomi is one of the most valuable startups in the world and has become a big icon in smartphone design, sometimes suggested as an analog to Apple in China. The company’s flagship phones receive a ton of press in the U.S., too, but they aren’t available in the U.S. just yet. Instead, Xiaomi is looking to emerging markets like India in addition to getting its phones into the hands… Read More
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SoftBank Group will buy a 5% stake in ZhongAn, China’s first online-only insurance agency
SoftBank Group has agreed to be a cornerstone investor in the initial public offering of ZhongAn, China’s first online-only insurance agency, on the Hong Kong Stock Exchange today. SoftBank Group will buy a 5 percent stake in the company, or about 72 million shares, at the offer price, which is in the range of HKD $53.70 to HKD $59.70 per share. If calculated based on the… Read More
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Crunch Report | The Many Faces of SpaceX Explosions
SpaceX releases a fail video showing all of its explosions, marijuana delivery startup Eaze raises $27 million, Nestlé buys a majority stake in Blue Bottle Coffee and BTC China is suspending trading. All this on Crunch Report! Read More
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The first of China’s top bitcoin exchanges has announced it will suspend trading
A number of China’s top bitcoin exchanges are preparing to suspend their services following instructions from the government. BTC China, one of the country’s top three, became the first to officially make the move after it announced today that will stop all trading for China-based customers from September 30. The company — China’s oldest running exchange — said… Read More
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China’s ICO ban makes more sense in light of its history with fintech
China’s decision to freeze fundraising through initial coin offerings continues to roil markets, but the regulatory decision may not be as controversial as the response from the bitcoin community would lead observers to believe. On Monday, the People’s Bank of China announced that it was implementing a freeze on fundraising through ICO’s on Chinese exchanges. (Here is the… Read More
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Bitcoin price drops following report that China is going to shut down local exchanges
Another day, another crash and another Chinese ban. This time, as Reuters spotted, a single report from financial news site Caixin is saying that the Chinese government is considering banning cryptocurrency exchanges in China. In particular, the report is saying that Chinese citizens won’t be able to use exchanges to buy bitcoins, ethers and more using Chinese yuan, and vice versa. Read More
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Japanese startup plans one-stop ICO platform fueled by VC investment and an ICO
China banned ICOs this week and it is investigating platforms that facilitate them. Over in nearby Japan, one company is hatching an ambitious plan to offer a one-stop-service to let companies across the world take advantage of blockchain technology and IPOs. And all without violating financial regulations. Tech Bureau currently helps companies with consultancy and a range of… Read More
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China’s UrWork invests in Indonesia’s ReWork via $3M deal as WeWork rivalry heats up
UrWork, the unicorn that is competing with WeWork in China, is following its American rival’s lead by extending its reach in Southeast Asia after it took part in a $3 million funding round for Indonesia-based ReWork. The round, which is described as pre-Series A, was led by China-U.S. firm ATM Capital and Indonesia’s Convergence Ventures. UrWork was a participant alongside U.S. Read More
Latest Crunch Report
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ICO funding hit a record $800 million in Q2 2017
If a ban initiated by China’s central bank this week marks an end to the first era of ICOs — the early gold rush before the regulators arrive — then Q2 2017 may turn out to be a peak quarter in the history of the industry. The total amount raised by startups via ICOs, which are known as token sales and involve the sale of newly minted crypto coins based on… Read More
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Crunch Network
Tech companies automate autocratic media in China around the world
When big tech bends its principles to limbo into Chinese markets, it encourages other Western companies and institutions to do so as well. Read More
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Crunch Report | China’s Central Bank Puts a Ban on ICOs
China’s central bank puts a ban on ICOs, the next generation of the Lily drone is here, WhatsApp for Business is launching and Alphabet creates a new holding company to complete 2015 corporate reorganization. All this on Crunch Report! Read More
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Google is hiring AI talent from China even though it’s still blocked in the country
Google’s core search service has been blocked in China for over seven years, but that isn’t stopping the internet giant from snapping up artificial intelligence and machine learning talent from the country. AI is tipped to become pivotal to the future of tech, with high-profile figures such as former Google China lead Kaifu Lee betting big on its potential to… Read More
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Can robots help the U.S. get its economic mojo back?
We only have to look at the top three most competitive countries to understand what’s driving economic growth for their businesses and prosperity for their citizens; the common thread is aggressive adoption of automation. These countries consider robots the fuel that will ignite business growth, enable humans to do more productive and meaningful work, and expand overall economies. Read More
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China has banned ICOs
It is looking like a new era is coming for ICOs, at least those in China for now. In the U.S., the SEC has issued official warnings around the risks of ICOs, also known as token sales, but the Chinese government looks set to beat it to implementing regulation around the rapidly growing fundraising option. A notice from a committee led by China’s central bank [link in Chinese] today… Read More
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Alibaba debuts ‘smile to pay’ facial recognition payments at KFC in China
China is streets ahead when it comes to digital payments. The latest leap is facial recognition technology that allows a customer to pay by literally flashing a smile. Alibaba’s Ant Financial affiliate launched the ‘smile to pay’ service in Hangzhou, the location of the company’s global HQ, where it is being trialled with KFC. As the video from Ant below shows, the… Read More
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China doubles down on real-name registration laws, forbidding anonymous online posts
China’s crackdown on Internet freedom is getting even more intense. Last Friday, the country’s top Internet censor announced a new set of regulations (link via Google Translate) meant to eliminate posts by anonymous users on Internet forums and other platforms. The Cyberspace Administration of China will start enforcing those rules on Oct. 1. Read More
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Two ex-Googlers are using AI to guarantee interviews for tech job seekers
Two former Googlers are guaranteeing workers in the tech industry that they get interviews with their dreamer employers thanks to artificial intelligence. The past year or so has seen AI deployed to tackle a broad range of issues, and with their startup Leap.ai, ex-Google engineers Richard Liu and Yunkai Zhou believe it can be used to crack the hiring conundrum in tech. As things stand… Read More
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Baidu sells food delivery business to its rival Ele.me
The online food ordering-and-delivery market, once very hot, appears to be cooling down a little in China. Today Baidu, the country’s search giant, announced an exit from the business: Baidu has confirmed that it has sold its Xiaodu food delivery subsidiary (which operates under the Waimai brand) to Rajax, which operates Ele.me, China’s leading food delivery business that is valued… Read More
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