Bogged down by gaming freeze, Tencent posts 32% profit drop


The lower-than-expected profit was also attributable to one-off charges of 2.1 billion yuan ($313.90 million) related to Tencent Music and other portfolio companies.

China’s SDIC to exit coal power investments, shift focus to clean energy

SDIC will no longer invest in new thermal power business, a Beijing-based spokesman said Wednesday.

Chinese AI startup SenseTime eyes global expansion to sustain growth

The company counts education, self-driving vehicles as well as surgery and diagnostics among areas ripe for commercialising AI.

SG’s Tembusu Partners to launch Chinese funds worth $149m in Guizhou

The funds will invest in technology, infrastructure, healthcare, tourism and impact-related projects in China.

Foxconn Ventures sells $398.4m worth of Alibaba stock

Foxconn sold 2.2 million Alibaba shares on Wednesday at $181.10 per share.

Moonrise Capital holds first close of debut China-focused fund

The venture capital fund, Moonrise China Partners I, was launched in February 2018 with a target of $125 million.

China’s Up Fintech raises $104m after pricing US IPO above range

Up Fintech, which is backed by Jim Rogers, priced 13 million American depositary shares (ADSs) at $8 apiece, above its target range of $5-7 a share.

Metro AG’s $1.5b China unit sale attracts Tencent, Citic PE

The German retailer is willing to sell as much as 80% of the Chinese business while retaining a significant minority.

Baby formula maker China Feihe plans to revive $1b Hong Kong IPO

Feihe went private from the New York Stock Exchange in 2013 amid a wave of delistings by U.S.-traded Chinese firms.

Venture-backed plant protein startups tap China’s hungry market

Backed by some of the world’s top billionaires including Hong Kong businessman Li Ka-shing, philanthropist Bill Gates and actor Leonardo DiCaprio, plant protein firms are expanding into China for the first time this year.