A Chinese national flag flutters outside the headquarters of the People's Bank of China. REUTERS/Petar Kujundzic

China set to develop its own digital currency


China’s central bank wants to launch its own digital currencies to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply, the People’s Bank of China (PBOC) said on Wednesday. A PBOC research team set up in 2014 to look into digital currencies should make… Read more »

Baidu chasing deals in super computing to keep pace with online services growth

Baidu Inc. is pursuing acquisitions and boosting investments in super computing as China’s largest search-engine operator tries to gain an edge in the nation’s burgeoning online consumer market. Baidu, which has announced more than $2.7 billion worth of deals during the past two years, is ready to do more, President… Read more »

IFC may inject $15m in China’s Sinovation Fund

Headed by noted technology sector veteran Dr Kai Fu Lee, Sinovation Fund will target early stage TMT companies in China, and comes at a time when the country is transitioning from an economy focussed on manufacturing to one led by innovation and technology.

China’s Cocoon Networks to launch $720m fund to invest in European tech startups

Cocoon is backed by private equity investor China Equity Group, which was an early investor in the country’s biggest search engine Baidu, and Hanxin Capital. The fund will invest in companies which have products and services that can be successful in the Chinese market.

China finalises plans to merge 40 entities to form $22b plane-engine company

China is eager to develop its own engine to power its planes, and also is keen to push its economy from labor-intensive work into more sophisticated sectors. The plan to merge engine assets, is part of the government’s efforts to streamline the state-owned sector while creating companies that are globally competitive.

Chinese deals firm Meituan-Dianping raises $3.3b in largest VC round in internet startups

Despite the merger of Meituan-Dianping in 2015, how the funds will be disbursed amongst the two, which still operate as different brands, is unclear. The company was formed in October 2015 when Meituan, backed by Alibaba, and Dianping, backed by Tencent Holdings Ltd, merged.

China’s Postal Savings Bank invites banks to be sponsors for $15b HK IPO

Postal Savings Bank of China (PSBC) has invited banks to pitch for its planned Hong Kong IPO, which with an estimated value of up to $15 billion may be the world’s biggest listing this year, IFR reported, citing people familiar with the deal. The move puts the initial public offering… Read more »

IFC considers $30m investment in Alibaba-backed Best Logistics

Best Logistics Technologies is in discussions with the IFC for a pre-IPO investment, while video social networking platform Acfun has secured an investment from SBCVC.

China: German industrial group Evonik invests in VC firm, BCVC commits to $60m Series A investment in Acfun

The venture capital arm of German industrial group Evonik has invested an undisclosed amount in Chinese VC firm GRC Mangers, which focuses on material-related start-ups from Greater China. Evonik Venture Capital has made the investment in SinoGreen Fund III, and the German company, in a statement,  said the move enabled… Read more »

China’s embattled top securities regulator Xiao Gang offers to resign

China’s embattled top securities regulator, Xiao Gang, has offered to resign, sources said, after perceived mismanagement wiped more than $5 trillion off the capitalization of the Shanghai and Shenzhen stock markets since they peaked last June. The 57-year-old chairman of the China Securities Regulatory Commission (CSRC) tendered his resignation last… Read more »