Chinese AI-enabled mobile internet firm CooTek scales back US IPO target to $57m


CooTek’s major shareholders include Qiming Funds (18.2 per cent), Sequoia (17.9 per cent), and SIG China (14.2 per cent).

China Digest: Alibaba-backed WayRay snags $80m; Sequoia leads $22m Yunxi round

The funding round values WayRay at $500 million. It aims to become a unicorn by the end of 2019.

China Merchants said to consider taking majority stake in Loscam

A deal could value the business at about $1 billion.

Meituan IPO reveals chasm between Mobike’s claims and reality

In a December press release, Mobike claimed 200 million users worldwide. Meituan’s prospectus says otherwise – 48.1 million Active Bike Users, 7.1 million Active Bikes and over 1 billion rides completed in the four months ended April 30, 2018.

China’s unicorns race to IPO as US startups choose to stay private for longer

Five IPOs have helped at least 16 tech bigwigs ring up a combined $48 billion of net worth at the time of the listings.

People Digest: HIG, Capital Group appoints senior executives in Hong Kong

Global private equity H.I.G. Capital has named Ken Park as Hong Kong-based Principal while US asset manager Capital Group has appointed Henry Chan as senior executive in Hong Kong.

Beijing Capital Land halts A-share listing plan due to long-awaited approval

The Beijing-based developer will resubmit a listing application once there is sign of easing

HNA Technology scraps plan to buy Chinese e-commerce firm Dangdang

This spells the latest blow to HNA Group which lately has done a series of divestments to slash debt at the aviation-to-financial services group.

China’s Meituan Dianping climbs 6% in Hong Kong trading debut

Meituan’s performance is being seen as a test of investor appetite for Hong Kong listings against a backdrop of weak markets and previous multi-billion dollar IPOs that have struggled to hold above their issue price.

Tencent investment executive quits as China’s gaming industry slows down

His exit comes at a time when Tencent is reeling from a Chinese crackdown on online gaming