Post Tagged with: "Start-ups"

China?s loss-making Luckin Coffee start-up doubles down on subsidies to win customers from Starbucks

China?s loss-making Luckin Coffee start-up doubles down on subsidies to win customers from Starbucks

Luckin Coffee, the loss-making challenger to Starbucks, is doubling down on its store expansion and consumer subsidies this year, with plans to open about 2,500 new outlets in the world?s most populous nation. That would bring the Xiamen-based start-up?s total number of stores in the country to more than 4,500, […]

French start-up offers ?Google of the dark web?, but not for everyone

French start-up offers ?Google of the dark web?, but not for everyone

For years, criminal websites shrouded in secrecy have thrived beyond the reach of traditional search engines, but a group of French engineers has found a way to navigate this dark web ? a tool they do not want to fall into the wrong hands. ?We insist on this ability to […]

China?s Bitmain Technology and Huobi plan layoffs as cryptocurrency crunch begins to bite

China?s Bitmain Technology and Huobi plan layoffs as cryptocurrency crunch begins to bite

Two of the world?s biggest cryptocurrency companies have confirmed lay-off plans amid an industry crunch that has seen US$170 billion wiped off bitcoin?s market value this year. Beijing-based Bitmain Technology, the world?s biggest maker of cryptocurrency mining rigs, said in a statement that the company is undergoing ?some adjustment to […]

Mobike founder Hu Weiwei quits chief executive role at China?s leading bike-sharing firm

Mobike founder Hu Weiwei quits chief executive role at China?s leading bike-sharing firm

Hu Weiwei, a co-founder of China?s leading bike-sharing firm Mobike, has resigned as chief executive for ?personal reasons?, the company said on Sunday. Hu?s resignation came at a time when China?s bike-sharing business, once regarded as a poster child of China?s online economy, has suffered a number of major blows. […]

Bike-sharer Ofo has nearly 12 million users waiting for deposit refunds ? more than the population of Belgium

Bike-sharer Ofo has nearly 12 million users waiting for deposit refunds ? more than the population of Belgium

Around 11.7 million customers of cash-stretched Ofo are currently waiting for deposit refunds according to information on its app as of Thursday morning, which means the Beijing-based bike sharing start-up needs to return at least 1.16 billion yuan (US$168 million) back to users. Early users of Ofo were asked to […]

Meituan to team up with China Starbucks challenger Luckin Coffee on delivery services

Meituan to team up with China Starbucks challenger Luckin Coffee on delivery services

Chinese coffee start-up Luckin Coffee is planning a tie-up with Meituan Dianping to deliver coffee and other food products through the on-demand giant?s delivery network in China, according to people familiar with the situation. The planned tie-up comes after global coffee giant Starbucks announced a partnership with Alibaba?s food delivery […]

Chinese electric car start-ups like Xpeng make a run for potential Tesla buyers as competition hots up

Chinese electric car start-ups like Xpeng make a run for potential Tesla buyers as competition hots up

Chinese electric car start-ups are making a run for potential Tesla buyers in the country now that more of them have caught up with the Palo Alto-based giant ? with cars ready for delivery and at a cheaper price. Xpeng Motors, backed by Alibaba Group Holding, is the latest contender […]

It?s ?Luckin? good as Chinese Starbucks challenger sees valuation double with another US$200 million

It?s ?Luckin? good as Chinese Starbucks challenger sees valuation double with another US$200 million

Chinese coffee chain operator Luckin Coffee has raised US$200 million in its latest funding round, doubling the valuation of the Starbucks challenger in just five months. The B round of fundraising was led by its existing investors including Singapore sovereign wealth fund GIC, China International Capital Corporation, Joy Capital and […]

Time runs out for embattled Chinese tycoon Jia Yueting as court freezes his Faraday Future assets

Time runs out for embattled Chinese tycoon Jia Yueting as court freezes his Faraday Future assets

China?s heavily indebted businessman Jia Yueting is set to lose control of the electric car start-up Faraday Future, after a court in the British Virgin Islands ordered freezing his shareholding in the wannabe Tesla killer. The Eastern Caribbean Supreme Court in the BVI last week ruled in favour of Jia?s […]

China?s ByteDance to raise about US$1.45 billion for its venture fund

China?s ByteDance to raise about US$1.45 billion for its venture fund

ByteDance, the world?s most valuable start-up, is in talks to raise about US$1.45 billion to invest in artificial intelligence and media content, according to a report by The Information on Friday. The Beijing-based company, which runs news aggregation site Jinri Toutiao and video app Douyin (known as Tik Tok outside […]