Gerry's Feed
Oct 13, 2015

China’s Tsinghua Unigroup hires head of Micron’s Taiwan JV: source

BEIJING/TAIPEI (Reuters) – Chinese state-backed technology conglomerate Tsinghua Unigroup has hired Charles Kau, the chief of Micron Technology Inc’s Taiwanese joint venture, as its global executive vice president, a person familiar with the matter said.

The move is likely to help bolster the development of China’s fledgling chip industry and give the Chinese tech conglomerate a foothold in its deal talks with Micron, some analysts said.

Oct 8, 2015

China’s Meituan, Dianping merging to form dominant O2O player

BEIJING/HONG KONG (Reuters) – China’s two biggest online-to-offline (O2O) service providers, backed separately by rivals Alibaba Group Holding and Tencent Holdings, announced a merger, as Internet firms join forces to prosper in a highly competitive market.

Meituan.com and Dianping Holdings said on Thursday they are combining to create China’s dominant player in services such as finding deals at local restaurants and booking cinema tickets through smartphones as well as group-buying of coupons and accessing ratings, similar to those offered by Groupon Inc and Yelp Inc.

Sep 20, 2015

Technology gap gives foreign firms the edge in China robot wars

DALIAN, China, Sept 21 (Reuters) – In a cavernous showroom
on the outskirts of this port city in northeastern China, softly
whirring lathes and svelte robot arms represent Dalian Machine
Tools Group’s (DMTG) vision of an automated future for Chinese
manufacturing.

On closer inspection, however, most of the machines’ control
panels bear the logos of Japan’s FANUC Corp or the
German conglomerate Siemens.

Sep 9, 2015

Chinese premier seeks to quell global markets’ China fears

DALIAN, China/SHANGHAI (Reuters) – China has fended off the major risks to its financial system while its economic prospects remain positive, Premier Li Keqiang said on Wednesday, as he tried to reassure global markets that Beijing can keep its economy on track and stock markets in check.

“The government took measures to stabilize the market and prevent risks from spreading, we have forced out the possibility of any systemic risks,” Li said during a speech at the World Economic Forum, the Switzerland-based corporate think-tank which runs the Davos summit of world leaders.

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.