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China Business News Tuesday (2021-03-12)


1. Yet another JD subsidiary raised millions in external funding.

JD's infrastructure property management subsidiary raised $700 million in a funding round led by Hillhead Capital and Huaping Investment. The subsidiary was established in 2015 and includes investment management, technical services, advertising agency, publishing, copyright agency, and technical consulting services.

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2. Joe Biden administration continues to try to crack down on Huawei.

This week Biden administration changed the licenses for companies seeking to sell to China's Huawei, further restricting companies from supplying items that can be used with 5G devices. The measures show that the Biden administration will continue to take a hard line on exports to Huawei, the telecommunications equipment maker that the Trump government blacklisted over U.S. national security concerns.


3. China's antitrust authority is becoming more active in the tech industry.

China's antitrust regulator-imposed fines on some of the biggest tech giants such as Tencent Holdings Ltd, Baidu Inc, and Didi Chuxing for past acquisitions and investments. For example, Tencent must pay a small fine of 500,000 yuan (USD 77,000) for its 2018 investment in the online education app Yuanfudao. The companies are being reprimanded for not obtaining prior approvals for the deals, violating the country's anti-monopoly laws. However, the regulator had determined that the agreements themselves were not anti-competitive.


4. Ant Group has ambitious emissions reduction targets.

Ant Group (Alibaba's Fintech subsidiary) announced that from this year they will realize carbon neutralization of operational emissions and regularly disclose carbon neutralization progress. They also plan to set up a carbon-neutral technology innovation fund and promote new technology to reduce emissions from data centers. The company is also trying to use blockchain in the carbon-neutral context. The long-term goal is to zero net emissions by 2030.


5. Hellobike will do a US IPO this year.

There is a strong indication in the financial market that Hellobike will go public on a US stock exchange early in the second quarter of this year. They are looking to raise about USD 2 billion in the process. Previously, the company had reported that it would file for an IPO in the US in the private sector.


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