Huawei to Establish Biggest-Ever Overseas Flagship Store in Riyadh Chinese tech giant Huawei plans to set up a flagship store in Riyadh in an effort to grow the influence of its digital products and services in Saudi Arabia, as the kingdom expands access to internet services, Reuters reported on Friday, citing the country’s investment ministry.
Shanghai-Based Robot Developer Jaka Robotics Closes $46 Million Funding Round Shanghai-based collaborative robot maker Jaka Robotics has raised more than 300 million yuan ($46 million) in its series C funding round, as China strives to boost smart manufacturing in various sectors amid a tech race with the U.S.
Tencent Music to Buy Audiobook Platform Lazy Audio for $416 million Tencent Music Entertainment Group (TME), a unit of internet giant Tencent, is expanding its business scope with a deal to buy Lazy Audio, a Chinese provider of audio entertainment including audiobooks, comedies, podcasts and radio shows.
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests WeRide, one of China’s best-funded startups for self-driving technology, has started the New Year with a bang by closing a $310 million series B funding round led by domestic bus maker Yutong Group, continuing a funding frenzy for the industry started in 2020.
Tesla Rival Xpeng Motors Into New Year Fueled By New Credit Line China’s electric vehicle startups have become investor darlings in the last year, with Nio, Xpeng and Li Auto all raising billions of dollars from the sale of their American depositary shares (ADSs) to expand their business and accelerate technological developments.
Tencent-Backed Workout App KEEP Bulks Up With $360 Million Funding China’s popular fitness app Keep has increased its valuation to $2 billion after closing a $360 million series F funding round led by SoftBank’s Vision Fund, TechCrunch reported on Monday. The latest funding comes as the sports tech startup seeks to expand its offerings beyond online video training courses.
Carlyle, Warburg Pincus Co-lead $123M Round In Shanghai Biopharma Firm Abbisko Abbisko Therapeutics, a Shanghai-based biopharmaceutical firm, announced on Friday the completion of a Series D funding round at $123 million to advance the startup’s clinical programmes and to expand its portfolio in the discovery and preclinical development stages.
Huawei Expected to Fall to Seventh Spot in Global Smartphone Production as U.S. Sanctions Bite Huawei may soon rank as the world’s seventh-largest smartphone maker as measured by production volume this year, a dramatic fall from third place last year. The drop comes as the Chinese tech giant reels from the fallout of a U.S. campaign aimed at cutting off its access to handset chips made with American technology.
Sequoia-Backed Chinese E-Cigarette Brand RLX Files for $100m US IPO RLX Technology, a Chinese e-cigarette brand backed by Sequoia Capital China, has filed with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) to raise $100 million - likely a placeholder amount subject to change.
Warburg-backed Chinese Car Parking Firm Sunsea Secures $100M Series B Chinese car parking management firm Sunsea Parking has secured $100 million in a Series B round of financing from global investment bank Goldman Sachs’s venture department and Korean PE firm Anchor Equity Partners, according to a company statement on Tuesday.