Rhea LiuTwitch-like game streaming website, Douyu TV, is reported to have raised a large amount of funding from Tencent, the WSJ reported earlier.The game streaming business is hot around the world.Twitch was acquired by Amazon last year for USD 97 million and Youtube has established an independent channel, Youtube Gaming as of June, in addition to having just launched a mobile game streaming application in Japan.There were an estimated 30 million Chinese gamers watching game streaming websites as of last year and that number may hit 100 million in 2016, according to iResearch.Chinese investors have increased their interests in the top Chinese game streaming websites.AllChinaTech has handpicked the most popular game streaming companies currently operating in China.It has since fundraised an A-series of RMB 20 million USD 3.17 million and a B-series of USD 20 million both from Sequoia Capital.Douyu, as the leader of game streaming in China, has daily pageviews of 39.69 million.It has been criticized for its aggressive expansion.Earlier this year, Douyu hired six top live casters from rival Huya.com together worth RMB 60 million.Huya.comPreviously known as YY Livecasting, Huya belongs to NASDAQ-listed company YY.
Tencent Holdings Ltd. warned of possible challenges to its ad business due to China s economic slowdown, despite the Chinese Internet giant posting strong earnings growth for the first quarter thanks to solid revenue from mobile games and advertising.To create a new source of revenue, Tencent has been expanding its advertising business on its social networks, following in the footsteps of Facebook Inc., FB 0.15 % which has built a successful ad platform.For example, Tencent last year started placing brand ads in WeChat s Moments section, where users post photos and updates.Tencent said in its earnings release Wednesday that its brand-advertising business could face near-term challenges due to the uncertainties of the macroeconomic environment in China.Tencent executives have said that the company is building an ecosystem by connecting WeChat and QQ with a wide range of services that cover online shopping to ride-hailing and food deliveries.So far, Tencent has invested in a number of Chinese companies, including ride-sharing app Didi Chuxing Technology Co. and group-buying service Meituan-Dianping, linking their services with its apps.
Photo: ReutersChinese internet giant Tencent Holdings saw net profit rise 33 per cent in the first quarter to 9.2 billion yuan HK$10.9 billion , but China s slowing economy may take its toll on the firm s online advertising revenue.In the past it took two meetings to nail down a certain amount of contract.The monthly number of people using WeChat rose 39 per cent year-on-year in the period to 762 million.In March the company introduced a 0.5 per cent transaction fee for users taking money out of the WeChat wallet, the app s popular online payment function that rivals Alibaba s Alipay.This relatively young business is still at an early, fast-growing.Chief strategy officer James Mitchell said the online video landscape is getting extremely competitive with new market entrants like LeTV.
View photosMoreDancers perform underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing May 6, 2014.REUTERS/Kim Kyung-Hoon/File PhotoBEIJING Reuters - Tencent Holdings Ltd , China's biggest social network and online entertainment firm, on Wednesday said growth in its gaming and advertising businesses helped revenue rise 43 percent in the first quarter of 2016, beating analyst estimates.That compared with the 30.66 billion yuan average of 10 analyst estimates compiled by Thomson Reuters.Net profit rose at its quickest rate in over a year, by 34 percent to 9.27 billion yuan.Global monthly active users of Tencent's WeChat app reached 762 million at March-end, representing growth of 39 percent from a year earlier.Tencent also flagged potential difficulty in the near future in its brand advertising business citing China's economic growth rate, which is languishing at 25-year lows.
The transportation war has become increasingly brutal in China, with Uber playing catch up since its launch there in 2013.The San Francisco-based ride-hailing company is burning $1 billion to compete against its No.Didi — heavily armed with financing from local tech giants like Alibaba and Tencent — is dominating the market.But it's more than just a money game.Unlike Uber, which focuses on private car rides in China, Didi allows users to be picked up by taxi, private car, shared car, shuttle van or bus.The average employee in Beijing travels about 9 miles to work, which takes about 44 minutes at an average speed of about 12 mph, according to a research report by HSBC.The government is also more tolerant of taxi disrupters regardless of their local or foreign roots, according to Linde.Uber CEO Travis Kalanick said the startup has not faced major regulatory challenges in China so far, though the transport minister is getting fidgety about unfair competition from subsidies by ride-hailing companies.One bright spot is the development of autonomous driving features and their incorporation into the ride-hailing app's fleet.Some believe that the first models could start to appear in China within 1-2 years.Uber is already shopping around for driverless cars, while Didi is in good hands with its deep-pocketed backers and working on a platform to partner with self-driving-technology developers.Whether Uber can sail through China's tough regulatory environment and outpace Didi in the driverless-car race will be key.NOW WATCH: THE STORY OF GOLDMAN SACHS: From foot peddlers to a powerhouseLoading video...
Philippe Laffont s Coatue Management LLC, which manages more than $7 billion, has backed China s biggest ride-hailing app Didi Chuxing as it competes with Uber Technologies Inc.Coatue participated in the Chinese firm s $3 billion funding round last month through a co-investment vehicle, Laffont wrote in a letter to investors obtained by Bloomberg News.Apple Inc. also announced a $1 billion investment in Didi, which operates in 400 Chinese cities, Laffont wrote.We believe Apple s investment in the company reaffirms our bullish stance on Didi as well as the prospects for the China ride-sharing market overall, Laffont wrote in the letter.The last funding round has swelled the company s valuation to about $26 billion, people familiar have said.Didi, already backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd., has reached break even in about half of the 400 cities it operates in, as Uber spends heavily to win both drivers and riders.Coatue also added Paypal Holdings Inc. in the first quarter, betting that prices of technology, media and telecom stocks will be driven more by innovation than macroeconomic events, according to the letter.Coatue s flagship fund fell 2.5 percent in the first quarter while the MSCI World Index dropped 0.3 percent.It cut its short portfolio from 227 to 127 companies during the quarter."While never good enough, we are encouraged that our short portfolio is hanging in there in what continues to be a challenging environment for short-selling," the letter said.
Chinese O2O healthcare services startup, Ping An Health Cloud Co. Ltd., announced a hefty round of Series A funding on Friday.The Ping An Insurance subsidiary raised $500 million USD, putting the company at a valuation of around $3 billion USD.The development of China s online healthcare industry is still in its early stages, said Tao Wang, the Chairman of Ping An Health Cloud, in an article by NetEase Finance link in Chinese .This round of funding will help Ping An Doctor 平安好医生 open the era of internet healthcare 2.0′.Users can make doctor appointments through the app, pay for private online consulting, purchase medicine, find nearby pharmacies and hospitals, track how many steps they ve taken, post pictures of their gym workouts, and more.According to Ping An Insurance s annual financial report for 2015, Ping An Doctor has partnered with 40,000 external doctors and has about 30 million users.Last September, WeDoctor announced a $394 million USD round of Series C funding, following a $100 million USD round of funding from Tencent in 2014.Launched in June 2015, Ping An Doctor is just one piece of Ping An Insurance s internet finance ecosystem, which includes Ping An Haoche Ping An Good Car, our translation , an automobile e-commerce services platform, and Ping An Haofang Ping An Good House, our translation , a platform for crowdfunding, trading, renting, and obtaining loans for real estate property.These internet finance businesses are a way to boost Ping An Insurance s customer base and encourage customer migration across the company s various businesses, such as insurance, banking, and asset management.Ping An Insurance also has a venture capital arm called Ping An Ventures, whose investments include Chinese e-commerce app Mogujie in 2015 and U.S biotech startup 20/20 GeneSystems in January.A spokesperson from Ping An Health Cloud did not respond immediately for a comment.Image credit: Shutterstock.
An Alipay Wallet advertisement.Photo: David WongSamsung Electronics is teaming up with Alibaba-backed Alipay to allow Samsung Pay users to link their Alipay accounts to the app, as the South Korean giant looks to get more Chinese users on board its mobile payments service.Injong Rhee, executive vice-president at Samsung Electronics, said that Samsung will be working with Alipay to expand Samsung Pay services in China .Alipay covers the vast majority of online payment use cases, said Fan Zhiming, president of the Payment Business Unit at Ant Financial.The technology integration … with Samsung Electronics will make the payment process faster and more convenient when users make payments at stores where Alipay is accepted.Samsung s shrinking market share and the fact that Samsung Pay is only compatible with its later devices mean the company s user base is limited to customers who are willing to shell out for a high-end Samsung phone.
Photo: ShutterstockAs the Chinese healthcare market continues to boom, Ping An Good Doctor, a medical service mobile app, backed by Ping An Insurance Group , announced on Thursday a Series A funding round of a total of US$500 million.Set up in April last year, the app has hit a reported valuation of US$3 billion, with 77 million registered users and more than 50,000 doctors, Xinhua reported.The app has recruited 1,000 full-time medical professionals and partnerships with 50,000 doctors from public and private hospitals as of last month.Domestic Internet giants and various investors are racing to raise funds to compete for the dominant position in China s digital healthcare market.Tencent-backed doctor appointment website Guahao.com, reportedly with links to 100,000 Chinese doctors and 37 million users, raised nearly US$400 million in September last year, led by Hillhouse Capital, Goldman Sachs and Tencent Holdings.Ali Health, Alibaba s healthcare subsidiary, launched a mobile application in Beijing late last year to connect doctors from grassroots medical institutions and nearby residents.
The battle is especially intense because hundreds of millions of smartphone users and businesses have embraced payment via phone in China, where credit-card use is limited.Tencent—whose WeChat app has 762 million monthly active users—is spending heavily on discounts and distinct features, as well as making alliances to allow it to offer more on-demand services.The aim: win over hundreds of millions of Alipay users like Wang Wei.Payment platforms enable them to collect more data on transactions, which can help them tailor financial services from wealth management to consumer lending.Since February, Tencent has also been trying to get more overseas stores to accept WeChat Pay.Alipay already offers a wide range of overseas payment services for Chinese travelers.
Last fall, Chinese online-game developer Giant Interactive Group teamed up with Alibaba Group Holding Ltd. BABA 0.60 % and held talks with SoftBank and Supercell over an acquisition, people familiar with the matter said.Tencent, Supercell, SoftBank, Alibaba and Giant declined to comment.The company s mobile games are free to download, and Supercell makes money by selling virtual goods that enhance the players game experiences.Last year, it bought minority stakes in U.S. mobile-game publishers Glu Mobile Inc. and Pocket Gems Inc. Tencent has been assembling a war chest for potential acquisitions and is raising about $4 billion for a bank loan, people familiar with the matter said earlier this month.SoftBank s portfolio of video-game companies is one area that is under scrutiny from company President Nikesh Arora, who in March was put in charge of its international investments and operations, a person familiar with the matter said.Any sale of such assets would help shore up SoftBank s balance sheet, which is saddled with more than $80 billion in net interest-bearing debt, about a third of which is tied to its struggling U.S. mobile carrier unit Sprint Corp.—--Alexander Martin in Tokyo and Matthias Verbergt in Stockholm contributed to this article.
Supercell is a well-known name even in Tencent s home market; its Clash Royale was the only foreign-published title among the 10 top-grossing mobile games in China last month, according to research firm Newzoo.Supercell would push Tencent deeper into the fast-growing mobile segment, which now accounts for only a bit more than a third of its gaming revenue, the rest coming from desktop franchises in China.Supercell and King—maker of Candy Crush Saga —were similar last year in revenue and adjusted earnings before interest, taxes, depreciation and amortization.And mobile-game sector is vulnerable to one-hit wonders.It recently raised $4 billion in loans from foreign banks, giving it ample firepower to do deals overseas without the worry of needing Chinese regulators permission to shift cash offshore.China s largest gaming company wants to go global, and building an empire doesn t come cheap.
View photosMoreChina's Premier Li Keqiang delivers a speech at the First World Conference on Tourism for Development at the Great Hall of the People in Beijing, China, May 19, 2016.REUTERS/Jason LeeBEIJING Reuters - China will focus on protecting intellectual property and commercial secrets, while offering a fair playing field for both domestic and foreign companies, premier Li Keqiang said on Tuesday at a technology summit.Li also said that new innovations should be given room to grow, free from over-regulation, even if new and traditional industries sometimes run into conflict.China is backing a new round of opening its economy to overseas industry, and welcomes foreign companies expanding in China, especially in the less-developed central and western regions of the country, Li said.The China Big Data Expo is being held in Guizhou, a southwestern province that is one of China's poorest but which is aiming to be a center for the big data industry.Dell Inc chief executive Michael Dell, Tencent chairman Ma Huateng, Foxconn chief Terry Gou and other tech executives attended the summit with Li.
I m Fred Raillard, CEO, Co-founder and Creative Chief Officer of FRED & FARID, a social, content, tech solutions for brands company based in Paris, Shanghai, Beijing and New York.In China, less and less people listen to this kind of traditional music.A well known producer called Fang Li, decided to help this movie by launching a live stream which is really trendy in China to beg theaters in order to encourage Chinese people to go to see the movie.People discovered that Apple invested 1 billion dollars on Didi, which has already a shareholder: Tencent from the BAT Baidu, Alibaba, Tencent .Also very surprising, cool but enjoyable for Chinese people was to see this picture of both CEOs Tim Cook and Liu Qing, CEO of Didi, together.The reaction was not the one expected.
Snapchat's massive valuation appears to be growing even bigger.Sources have told TechCrunch that Snapchat is expanding its Fidelity-led $175 million Series F round into a Series FP round, and it reportedly comes with a valuation around $20 billion.VC data provider VCexperts have pegged Snapchat's share price at $30.72 per share, and that the new round could propel Snapchat to a valuation "as high as $22.7 billion," according to TechCrunch.In addition to Fidelity, Alibaba, Coatue Management, General Catalyst, IVP, Kingdom Holding Company, Lightspeed, SV Angel, Tencent, and Yahoo are all investors in Snapchat, and many of them appear to be interested in participating in this new funding round, according to the report.Snapchat has been making moves, most recently purchasing the custom emoji creation tool Bitstrips back in March, and improving its core functionality.Coupling those with the fact that Snapchat is more popular than ever, it's no surprise why investors both new and old are trying to get a bigger piece of the action.Below is the copy of Snapchat's updated Certificate of Incorporation VCExperts provided to TechCrunch.VCExperts Snapchat COI 05132016 by TechCrunch NOW WATCH: We dare you to oversleep with Dwayne The Rock Johnson s new motivational alarm clock appLoading video...
The owner of Alipay has tied up on global payments with firms such as Uber Technologies Inc. and hired former Goldman Sachs Group Inc. senior partner Douglas Feagin in its push for international business.Our tactic is to look for partners in all countries to help us achieve the goal of offering inclusive financing globally.In South Korea, it won preliminary approval of an Internet bank license through SK Telecom Co., she added.Ant Financial is considering an initial public offering on the Shanghai stock exchange as early as this year, people familiar with the matter said last month.Controlled by billionaire Alibaba founder Jack Ma, Ant Financial has evolved from an outsider in a tightly controlled industry to an online giant now working with the largest state players, including China s sovereign wealth fund and the nation s second-largest bank.That includes Alipay, the most popular way for people to shop on Alibaba s platforms, and Tencent Holdings Ltd s Weixin Payment.Users need to provide at least five verification methods to have a so-called comprehensive account, allowing annual online or mobile payments of as much as 200,000 yuan $30,500 per person.Alipay said last week customers who don t have a mainland China bank card won t be able to keep money in accounts from July 1, though overseas users will still be allowed to use other payment methods, such as credit cards, to shop on Alibaba websites.
There is confusion, but that's mainly because of the way people in the West construct their view of the global economy.It would be comforting to think changes in the global balance of power will come gradually.Trade negotiations led by the United States have been centered on TPP and TTIP.All four of its major web companies the BATs plus JD.Com are headed in that direction.Alibaba, rival JD.com, potentially TenCent and Baidu, Rakuten, John Deere, Monsanto are clear favorites to join a top 10 global platform list.China Construction Bank, HDFC, SAP, Ericsson, Hitachi, Hyundai could be up there too because they are all doing stuff that illustrates their awareness of a much radicalised future where core competency is no competency and where what counts is daring to be very different from yesterday's companies.
ZEROTECH, a professional drone maker and Chinese internet giant Tencent on Wednesday launched the pocket-sized DOBBY drone at the 2016 Big Data Industry Summit in Guiyang.Designed for selfie fans, the foldable drone is only 135mmx67mmx36.8mm when folded, and weighs a mere 199g with the battery.DOBBY s 13 million-pixel camera can shoot 4K videos without the stabilized 3-axis gimbal, and 1080p Full HD video with the gimbal.The drones have face track and target-follow capabilities, and by pushing one button users can edit or share a selfie.DOBBY does not work with a separate controller, but with a smartphone app.It will be distributed to retailers in late June.ZEROTECH is well-known in China as a leading maker of professional drones.After introducing Zano, ONAGOfly, HoverCamera, and others, the company now is setting its sights the on the mini selfie drone market, a path so far untrodden by the current drone market leader, the Shenzhen-based DJI.Top photo from Baidu Images
The Swedish gaming company Paradox Interactive going public on Tuesday. We believe that Tencent will mean a lot for the Paradox in the short and long term, said Fredrik Wester, CEO of Paradox, in a written statement. Analysis company Niko Partners, focusing on the gaming market in China, expects revenue from the gaming industry in the country will reach 26 billion in 2016. This is equivalent to 217 billion at today's exchange rate on what may be the largest national gaming market in the world. Tencent is working with well-known titles online as League of Legends, Dungeon & Fighter, Call of Duty Online, FIFA and Need for Speed. Tencent has a collaboration agreement with Activision Blizzard, which owns the Swedish King, and helps in the distribution of the game in China.
The Chinese tech giant Tencent buys into Paradox Interactive. Several leading figures on Tencent's large Paradox Fans, which is flattering, "said Fredrik Wester Breakit. The goal is that the two companies will work together to capitalize on the Chinese market strategy, simulation and role-playing story driven. But it is also good to have a strong industrial owner, which means you can do business together if, for example, is planning acquisitions in a few years ", said Fredrik Wester. Earlier this week it was revealed that Tencent is negotiating to buy a majority stake in the Finnish gaming company Supercell, who are behind Clash of Clans. For large owners, Fredrik Wester and stall, means listing - where 15.5 percent of the company shares are sold at a valuation of nearly 3.5 billion - a hefty cash jingle.