Lulu Yilun Chen

Baidu stands to lose most in China’s continued economic downturn

The search giant could fare worse than rivals Alibaba and Tencent because of its higher reliance on the advertising market, an increasingly competitive arena that tends to suffer with economic weakness.

Tencent-backed WeDoctor said to consider listing spinoff on China’s new tech board

WeDoctor is weighing a listing of at least part of its cloud-services arm amid a broader restructuring.

Alibaba hikes stake in Chinese investment bank CICC

It has increased its stake in the CICC from roughly 5% earlier to about 11.7%, almost matching Tencent Holdings’ 12% stake.

China’s tech firms push Hong Kong exchange for more changes

From allowing companies to hold super-voting rights to letting key shareholders buy stock in IPOs, tech companies are lobbying the Hong Kong exchange for changes or waivers that would help their businesses.

Chinese ride-hailing giant Didi Chuxing to cut 15% of its workforce

Despite the cutbacks, Didi intends to add 2,500 people to focus on areas from its international expansion to safety and product engineering.

Ant Financial buys UK-based payments firm WorldFirst in big overseas push

The deal marks Ant’s biggest overseas deal since its bid to acquire US-based MoneyGram was thwarted last year.

SenseTime backer All-Stars Investment raises $500m to rev up IPO train

The HK-based VC, whose latest bets include SenseTime and Grab, will stick to later-stage investments.

Alibaba earnings beat expectations as others warn of slowdown

Its resounding beat stemmed in part from a $3.3 billion accounting gain after revaluing a subsidiary, and executives warned of uncertainty during a deceleration of the world’s second largest economy.

WeChat’s star founder on how China’s super-app should evolve

Founder Allen Zhang laid out a vision for how the platform used by a billion people should evolve: by emulating real life and social circles.

Alibaba-backed AI startup Megvii said to raise $1b IPO

Megvii is competing with the world’s largest AI startup SenseTime (both are Alibaba-backed) that itself is said to be in discussions to raise about $2 billion.