“One small step for WeBank, one giant step for financial reform”: China opens its first private bank under pilot scheme to help small businesses grow January 6, 2015 Yesterday, China opened its first web-only private bank, with the intention of helping small and micro-sized enterprises secure loans that commercial lenders are often unwilling to give them, due to a higher perceived risk compared to larger companies. Chinese investment company Tencent owns 50 per cent of the new bank, dubbed WeBank (see what [...]
China’s Baidu confirms Uber investment plan December 17, 2014 CHINESE internet giant Baidu confirmed yesterday it is buying a stake in fast-growing international car-hailing service Uber as the pair chase growth in one of the world’s largest transportation markets. The companies did not disclose how big a stake Baidu is taking, nor how much it is paying for the investment, announced jointly in Beijing. [...]
Snapchat picks up Credit Suisse banker who led Alibaba’s float December 9, 2014 SNAPCHAT made its money-making intentions clear yesterday with the appointment of a major investment banker from Credit Suisse. Evan Spiegel, the 24-year-old founder of the hugely popular messaging app, has brought in heavy-hitter Imran Khan, formerly the head of investment at Credit Suisse who led the bank’s team on Alibaba’s $25bn (£15.9bn) float this year. [...]
Snapchat hires Credit Suisse banker Imran Khan to lead strategy after billion dollar valuation December 9, 2014 Snapchat has made its money-making intentions clear with the hire of a major investment banker from Credit Suisse. Evan Spiegel, the 24-year-old founder of the hugely popular messaging app, has brought in heavy hitter Imran Khan, formerly the head of investment at Credit Suisse who led the bank’s work on the Alibaba IPO earlier this [...]
Chinese media giants rivalling US dominance December 7, 2014 CHINA is gaining ground on America’s dominance of the world’s biggest digital media companies with the Asian powerhouse now accounting for two of the six largest online media firms, by revenues generated. Baidu, the Chinese internet search firm, and Tencent, the Chinese online services giant, both reached the top six with revenues of $3.4bn (£2.2bn) [...]
Xiaomi is spending $1bn on Internet TV content to takeover China’s smart TV market and rival Alibaba, Baidu and Tencent November 4, 2014 Xiaomi, the Chinese smartphone maker, is planning to spend up to $1bn (£625m) on online TV content in an effort to dominate the smart TV market. The three-year-old company has already overtaken established players in the smartphone market to become the third largest in the world and is now setting its sites on the billion [...]
Who is the richest man in China? Alibaba founder Jack Ma tops Forbes list October 28, 2014 Alibaba founder and chief executive Jack Ma has been named the richest man in China, after his etail giant raised $21.8bn through its record-breaking IPO last month. Ma had already been named the richest man in the People's Republic by the Hurun Report, but the 50-year old former teacher has made it to the [...]
Who is the richest person in China? Alibaba’s Jack Ma tops new list September 23, 2014 Alibaba founder Jack Ma is now the richest man in China – but he still falls outside the list of the world's 10 richest people. A report published today puts the 50-year old founder of Alibaba Group Holding in pole position among China's wealthiest for the first time, after the ecommerce giant's record breaking [...]
Mail.ru share price up as Arsenal shareholder Alisher Usmanov takes full stake in “Russian Facebook” VKontakte for $1.47 billion September 16, 2014 Moscow-based internet company Mail.ru has bought a remaining 48 per cent stake in the social network VKontakte, Russia's answer to Facebook, for $1.47bn (£909m) taking full ownership of the business. Mail.ru said in addition to the sale, all legal action among itself, United Capital Partners which sold the stake and VK founder Pavel Durov had [...]
Next generation finance: How London can cement its leadership in fintech August 19, 2014 The launch of Innovate Finance, a new body dedicated to supporting fintech (or financial technology) in the UK, at Canary Wharf this month highlighted London’s ability to become the global centre of the sector. They say there is no “fin” in San Francisco and no “tech” in New York – but there is certainly both [...]