China Launches a 100-billion-yuan technology investment fund: Chinese Version of the Vision Fund?
On July 2, China Merchants Group, Beijing Asset Management Corporation SPF Group and London’s Centricus Corporation announced to launch a 100-billion-yuan investment fund – “China New Era Technology Fund.” The fund aims to establish a Chinese technology investment fund comparable to the Vision Fund of Softbank, which is mainly used to invest in and acquire technology companies in China and around the world. According to the statement, 40% of the funds will come from the investment department of China Merchants Group Corporation and other Chinese investors. Although the Chinese government and industry leaders are skeptical about China’s activities in foreign technology, the fund will still try to explore global technology opportunities in addition to local transactions. (Source: Financial Times)100-billion-yuan investment fund - 'China New Era Technology Fund' - aims to establish a Chinese technology investment fund comparable to the Vision Fund of SoftbankClick To Tweet
Ant Financial to invest $100 million in social trading platform Snowball?
On July 3, it is said that Ant Financial has invested nearly $100 million US in social trading platform Snowball. The settlement of this deal is now nearing completion. After this investment, the valuation of Snowball will rise to $400 to $500 million. However, both Ant Financial and Snowball have yet to comment on this news. In September 2014, Snowball secured a $40 million C round financing. This round of investment was led by the Renren company and followed by Morningside Venture Capital. (Source: 01Caijing)Ant Financial has invested nearly $100 million US in social trading platform SnowballClick To Tweet
WeLab submitted a prospectus for listing in Hong Kong
On July 3, WeLab Holdings Limited (WeLab) officially submitted a prospectus to Hong Kong Stock Exchange and planned to go public on the Main Board of HKSE. Morgan Stanley and JPMorgan Chase will serve as its co-sponsors. According to the prospectus, WeLab received a profit of $17.69 million (about ￥115 million) in 2017, a loss of $24.727 million in 2016.
Founded in 2013, WeLab has now raised ￥2.6 billion from investors including TOM Group of the Yangtze River Hutchison, the Malaysian sovereign fund Khazanah Nasional Berhad, the Alibaba Entrepreneur Fund, Sequoia Capital, CCB International, ING, etc. WeLab’s main business includes online lending platform Welend in Hong Kong, online lending platform Wolaidai in mainland China and other B2B financial services. (Source: WDZJ)Online Lender WeLab Holdings Limited officially submitted a prospectus to Hong Kong Stock Exchange and planned to go public on the Main Board of HKSE #FintechClick To Tweet
Blockchain Hailed as Next Innovation Frontier
“In the next three years, blockchain technology is forecast to be widely adopted in sectors such as product traceability, copyright protection, bill verification, precision marketing, energy and healthcare in China,” said Yu Jianing, director of the Institute of Industrial Economics at the Ministry of Industry and Information Technology.
“Blockchain has the potential to transform the way that individuals and organizations interact, the way that businesses collaborate with one another, the transparency of processes and data, and ultimately, the productivity and sustainability of our economy,” Steve Lark, partner of Technology Consulting Deloitte, said in a recent report. “It can be used across the entire value chain, benefiting businesses and consumers alike.” (Source: ECNS)In the next three years, #blockchain technology is forecast to be widely adopted in sectors such as product traceability, copyright protection, bill verification, precision marketing, energy and healthcare in #ChinaClick To Tweet
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