Gerry's Feed
Aug 25, 2015

After riding Internet wave, top China investor bets on hardware

BEIJING/HONG KONG (Reuters) – Long before she became the first woman to figure in the top-10 on Forbes “Midas List” of leading venture capital investors this year, GGV Capital’s Jenny Lee cut her teeth as an engineer on Singapore’s fighter jets.

She went on to make millions of dollars betting on China’s software and Internet boom – including buying into Xiaomi [XTC.UL] five years ago when the company had only a prototype of the smartphones that have since catapulted it up the global rankings and turned it into a $45 billion enterprise.

Aug 24, 2015

China’s state-owned telecoms firms shuffle top executives

BEIJING, Aug 24 (Reuters) – China’s state-owned telecoms
firms announced management changes on Monday which saw a vice
minister appointed to helm China Mobile Ltd, and the
chairmen swapping roles at China Unicom Hong Kong Ltd
and China Telecom Corp Ltd.

Effective immediately, Shang Bing, vice minister of industry
and information technology, will chair the world’s top mobile
carrier by subscribers. Chang Xiaobing will move from domestic
No. 2 China Unicom to China Telecom, with Wang Xiaochu moving in
the opposite direction.

Aug 21, 2015

Uber seen reaching $10.8 billion in bookings in 2015: fundraising presentation

BEIJING (Reuters) – Uber Technologies Inc’s [UBER.UL] global bookings are projected to rise nearly threefold to $10.84 billion this year and reach $26.12 billion the next, according to a recent presentation for potential investors seen by Reuters.

The ride-hailing service, which operates in over 50 countries, keeps 20 percent of booking revenue, showed a confidential slideshow prepared by Chinese bankers with input from Uber, aimed at soliciting investment in a fund participating in Uber’s Series F financing.

Aug 13, 2015

Lenovo faces Motorola hangover, cuts 3,200 jobs as sales slide, profit tumbles

BEIJING (Reuters) – China’s Lenovo Group Ltd (0992.HK: Quote, Profile, Research, Stock Buzz) will lay off 10 percent of white-collar staff after sales of Motorola handsets fell by a third, raising doubts over the personal computer giant’s bet that a money-losing brand it bought for nearly $3 billion will help it become a global smartphone leader.

Shares in the world’s biggest maker of PCs slid nearly 9 percent on Thursday after it said its quarterly net profit was halved as its mobile division lost nearly $300 million. Lenovo, which uses the U.S. dollar in operations rather than the recently devalued Chinese yuan, said it plans to cut about 3,200 non-manufacturing jobs with a one-time cost of $600 million.

Aug 10, 2015

Alibaba to invest 2.95 billion pounds in China electronics retailer Suning

BEIJING (Reuters) – Alibaba Group Holding Ltd will invest $4.6 billion in top-tier Chinese electronics retailer Suning Commerce Group Co Ltd, its biggest step yet into China’s burgeoning alliances between online and offline firms.

Alibaba is paying 28.3 billion yuan (2.95 billion pounds) for a 19.99 percent stake in Suning, which will in turn invest 14 billion yuan to acquire 1.1 percent of Alibaba through the purchase of newly issued shares, the two said in a joint statement.

Aug 10, 2015

Alibaba to invest $4.6 billion in China electronics retailer Suning

BEIJING (Reuters) – Alibaba Group Holding Ltd will invest $4.6 billion in top-tier Chinese electronics retailer Suning Commerce Group Co Ltd, its biggest step yet into China’s burgeoning alliances between online and offline firms.

Alibaba is paying 28.3 billion yuan ($4.56 billion) for a 19.99 percent stake in Suning, which will in turn invest 14 billion yuan to acquire 1.1 percent of Alibaba through the purchase of newly issued shares, the two said in a joint statement.

Aug 8, 2015

China’s July exports slump 8 percent, raises pressure for more stimulus

BEIJING/SHANGHAI (Reuters) – Chinese exports tumbled 8.3 percent in July, their biggest drop in four months and far worse than expected, reinforcing expectations that Beijing will be forced to roll out more stimulus to support the world’s second-largest economy.

Imports also fell heavily from a year earlier, in line with market forecasts but suggesting domestic demand might be too feeble to offset the weaker global demand for China’s exports.

Jul 27, 2015

Beijing police shut down massive iPhone counterfeiting operation

BEIJING (Reuters) – Police in Beijing have busted a factory that produced more than 41,000 fake iPhones worth as much as 120 million yuan ($19 million), including some that reached the United States, and have arrested nine suspects in the counterfeiting operation.

Apple is one of the most popular brands in China, where authorities have stepped up efforts in recent years to dispel the country’s reputation for turning out counterfeit goods.

Jul 22, 2015

Huawei Technologies’ first-half smartphone revenue more than doubles in China

HONG KONG/BEIJING (Reuters) – Huawei Technologies Co Ltd [HWT.UL] more than doubled its China smartphone revenue in the first half of 2015, defying a slowdown in the world’s biggest handset market that is enveloping rivals Xiaomi Inc [XTC.UL] and Samsung Electronics Co Ltd (005930.KS: Quote, Profile, Research, Stock Buzz).

The fourth-largest smartphone maker globally missed shipment targets for two years, but a focus shift to high-margin premium models pushed January-June worldwide shipments to 48.2 million phones, Huawei said on Wednesday. That puts it on course to move 100 million mobiles this year, 33 percent more than last.

Jul 22, 2015

Huawei Technologies’ H1 smartphone revenue more than doubles in China

HONG KONG/BEIJING, July 22 (Reuters) – Huawei Technologies
Co Ltd more than doubled its China smartphone revenue
in the first half of 2015, defying a slowdown in the world’s
biggest handset market that is enveloping rivals Xiaomi Inc
and Samsung Electronics Co Ltd.

The fourth-largest smartphone maker globally missed shipment
targets for two years, but a focus shift to high-margin premium
models pushed January-June worldwide shipments to 48.2 million
phones, Huawei said on Wednesday. That puts it on course to move
100 million mobiles this year, 33 percent more than last.