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William Ding, LeSEE's co-founder, global vice president, and China and Asia Pacific CEO, recently confirmed his departure from LeSEE on Weibo.
At the same time, LeSEE announced that LeSEE China's president and chief operating officer Zhang Hailiang will be LeSEE's global chief executive officer, effective immediately. Meanwhile, Niu Shengfu formally joined LeSEE as the company's chief technology officer in China.
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In 2016, China Mobile realized operating revenue of CNY708.4 billion, a year-on-year increase of 6%.
Its earnings before interest, taxes, depreciation and amortization were CNY256.7 billion, a year-on-year increase of 6.9%; and its net profit was CNY108.7 billion, a slight increase of 0.2% compared with the same period of previous year.
China Mobile's average profit per day was nearly CNY300 million in 2016 and its net profit was nearly five times more than the combined net profits of China Telecom and China Unicom.
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Former Kingsoft CEO Zhang Hongjiang has joined venture capital firm Source Code.
Zhang had been the chief executive officer at Kingsoft since he joined the company in 2011. Prior to Kingsoft, he served as the chief technology officer of Microsoft Asia-Pacific Research and Development Group, and founded Microsoft Advanced Technology Center in 2003.
From 1999 to 2003, he worked as the assistant managing director at Microsoft Research Asia, where he was responsible for data mining and search, media computing, natural language process and distributed systems research areas and patent portfolio and technology transfer.
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Taiwan Semiconductor Manufacturing Company Limited's financial report for the first quarter of 2017 and its performance outlook for the second quarter of 2017 shows increased net profit.
TSMC realized combined operating revenue of NTD233.91 billion, which was about CNY53.12 billion, during the first quarter of 2017, representing a year-on-year increase of 14.9% and a decrease of 10.8% compared with the previous quarter.
Meanwhile, the company's net profit after tax was NTD87.63 billion, which was about CNY19.9 billion, a year-on-year increase of 35.3% and a decrease of 12.5% compared with the previous quarter. Its post-tax net profit per share was NTD3.38, which was about CNY0.77.
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Chinese search engine company Baidu announced that they have reached a strategic deal with Visual China Group and the cooperation includes picture, video and music resources.
Baidu said that the strategic cooperation covers Baidu's various products and it aims to provide the best-quality content resources to users, content creators, and commercial advertisers.
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American video website Netflix has reached a content licensing agreement with the Chinese video website Iqiyi.com.
Netflix is an American video streaming media provider with video services around the world. The company started promoting its services in the global market over a year ago and it currently operates in 130 countries and regions. However, it has not yet entered the Chinese market. Apart from providing video streaming media services, Netflix has gradually launched self-made film and television contents, including House of Cards and Stranger Things, in recent years.
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Tencent has made a USD143 million strategic investment in the Chinese leading gaming company Seasun.
On the completion of the transaction, Tencent will own over 90 million Seasun shares, accounting for 9.9% of the total issued shares of the company.
Based on the cooperation agreement signed by the two parties, if Seasun decides not to publish and operate its new games by its own, Tencent will enjoy the exclusive priority to publish and operate the Simplified Chinese version of those new games in mainland China. If Seasun plans to sell its game-related intellectual properties, Tencent will have the priority purchase rights under the same conditions.
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Chinese B2C e-commerce provider JD.com and German tire brand Continental announced a strategic deal to sell tires to e-commerce consumers.
With the cooperation, Continental will directly supply to JD, instead of via a multi-level resale model. At the same time, the two parties will establish an exclusive supply channel which will provide more exclusive products and new products to JD consumers.
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China Unicom's financial and operating statistics for the first quarter of 2017 shows that the company achieved revenue of CNY69.005 billion, a year-on-year decrease of 1.9%; and its net profit was CNY862 million, a year-on-year increase of 79.3%.
China Unicom's service revenue was CNY61.426 billion during the first quarter of 2017, a year-on-year increase of 2.4% and an increase of 6.6% compared with the previous quarter. Meanwhile, its mobile service revenue was CNY37.197 billion, a year-on-year increase of 2.8% and an increase of 5.1% compared with the previous quarter.
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Shanghai Pudong Science and Technology Investment Co., Ltd. announced the acquisition of all Advanced Semiconductor Manufacturing Co., Ltd. shares held by NXP Semiconductors.
On the completion of the acquisition, Pudong Science and Technology Investment will have 27.47% of total issued shares of Advanced Semiconductor Manufacturing, making it the largest shareholder of the high-tech company.
Shanghai Advanced Semiconductor Manufacturing was founded as a Sino-Dutch joint venture in 1988, and was originally known as Philips Semiconductor Shanghai. Located in Caohejing Hi-Tech Park, Xuhui district, the company is a large-scale integrated circuit chip manufacturing company.
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A representative from Tsinghua Unigroup confirmed that Zeng Xuezhong, former executive vice president of ZTE, has joined Tsinghua Unigroup as global executive vice president.
On April 5, 2017, ZTE published a report stating that its executive vice president Zeng had resigned due to personal reasons, effective from the report publishing date. After the resignation, Zeng would no longer hold any position in ZTE. Zeng also confirmed that he had no disagreement with the board of directors of ZTE and there were no other matters that need to be brought to the attention of the shareholders of the company.
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Chinese mobile Internet security company Cheetah Mobile announced that its live show subsidiary Live.me Inc signed a USD60 million fund raising agreement.
Cheetah Mobile currently holds a 90% stake in Live.me.
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Chinese smartphone maker Xiaomi announced a strategic cooperation agreement with Hubei province.
Under the strategic cooperation agreement, Xiaomi will join hands with the Yangtze River Industry Fund to initiate a CNY12 billion industrial fund, which will be used to support business expansion of Xiaomi and enterprises covered by Xiaomi's supply chain, or "ecological chain".
Xiaomi has already established two service sites in Hubei, one in Wuhan and one in Xiantao. There is no Xiaomi supply chain enterprise in Hubei yet. Xiaomi calls its supply chain ecosystem an "ecological chain", which is a smart hardware incubator.
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Chinese e-commerce platform Jumei.com is making a CNY300 million cash investment in Shenzhen Jiedian Technology.
Shenzhen Jiedian provides convenient shared mobile charging services to travelers and it eyes cooperation with department stores and vendors in popular urban commercial areas. By deploying its all-in-one charging machines and mobile power banks, Jiedian offers free-of-charge power bank renting services to consumers.
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Attachment 27029
What does Baidu's sale of its mobile business portend for its ability to integrate businesses?
At the end of March 2017, the Chinese search engine company told the U.S. Securities and Exchange Commission that it sold its mobile gaming business. Two companies took over Baidu's gaming business for CNY1.2 billion. Baidu has also renamed its gaming business to "Duokoo Game" and separated it for independent operation.
In July 2013, Baidu announced the full acquisition of 91 Wireless for USD1.9 billion, which was reportedly the largest acquisition in Chinese Internet history at that time. 91 Wireless is mainly engaged in mobile Internet application distribution and its core assets include 91 Mobile Assistant, Android app store, 91 mobile open platform, PandaReader, and a mobile gaming portal.
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Chinese B2C e-commerce group JD has promoted Xu Lei to be JD Group's chief marketing officer.
Xu will be directly reporting to the group's CEO Liu Qiangdong.
JD Group's newly established CMO system will be responsible for the integrated marketing functions of the group's online store, finance, insurance, logistics, and cloud businesses. Meanwhile, it will take over the public relations strategy planning function in the Chinese domestic market.
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Attachment 27059
Cooperation between luxury British sports car manufacturer Aston Martin and Chinese Internet company LeEco has been ceased due to non-technology-related reasons.
Commenting on the news, LeEco's public relations department said that they were confirming the latest progress of the cooperation with executives from LeEco's automobile business.
LeEco and Aston Martin signed an agreement on February 17, 2016 and the two parties reached a memorandum of understanding to set up an electric car joint venture in Frankfurt, Germany.
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Tencent has invested additional USD90 million into the American gaming company Pocket Gems, and is increasing its stake in the latter to 38%.
Tencent first invested in Pocket Gems in 2015. At that time, that the Chinese Internet company invested USD60 million in acquiring a 20% share of Pocket Gems. After this new investment, Tencent's stake in Pocket Gems will increase to 38% and this deal values Pocket Gems at about USD600 million.
Pocket Gems only has two main games: Episode and War Dragons. Therefore, it is quite impressive for the company to gain such a high valuation. Pocket Gems was founded in 2009 and its games have reportedly been downloaded over 300 million times.
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U.S.-based information management company EMC announced the appointment of Danny Tam as its new president for Greater China.
In this new role, Tam will lead EMC's business operations in mainland China, Hong Kong, and Taiwan; and he will directly report to David Webster, EMC's president of Asia Pacific and Japan.
Tam said EMC Greater China gained huge achievements in the past and he is proud to be a part of the team. The appointment represents the company's trust in him and he is honored to lead the team to drive the businesses to help customers realize transformation.
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Chinese leading Internet tourism services provider Ctrip.com is reportedly considering buying Etraveli AB, an online tourism business of the German media giant ProSiebenSat.1 Media SE.
Apart from Ctrip, companies like Blackstone Group are reportedly also considering providing a proposal to Etraveli. Headquartered in Uppsala, Sweden, Etraveli's highest bidding may reach EUR500 million, which is about USD543 million.
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Baidu is a poorly-executed search engine. But with both government regulations handcuffing its development and lack of competition in China, it has never needed to be a great tool that delivers relevant results to Chinese netizens.
Competition is vital for innovation, and a new offering from Baidu's rival Tencent may push Baidu to try to innovate. Tencent revealed last week that is is now offering a search function within its WeChat application for users to track keywords and dive deeper into conversations.
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Hon Hai Group plans to build an innovation research and development center in Wuhan.
Apart from smart manufacturing, this new R&D center will further tap smart research and development. Its goal is to double output value within three years, reaching CNY460 billion, according to reports in Taiwanese local media.
Hon Hai Group, which is Foxconn's parent company, and its technological cooperating partners and local funds will jointly invest in this R&D center. Its initial fund scale will be CNY5 billion and its total investments will reach billions of RMB with gradual increments in the future.
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Chinese B2C e-commerce group JD is heading to Shaanxi Province in central China to begin roll-outs and development of unmanned delivery of e-commerce purchases to consumers.
JD signed a cooperation agreement with Xi'an National Civil Aerospace Industrial Base to build JD Group's largest comprehensive smart logistics industrial base.
According to the agreement, JD plans to invest CNY20.5 billion to implement an in-depth cooperation with Xi'an National Civil Aerospace Industrial Base over the next five years.
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Japan's organic EL materials supplier Idemitsu announced that the company is in discussions with China's leading LCD panel manufacturer BOE Technology Group about cooperation in the organic EL business sector.
Idemitsu has many exclusive patented technologies in blue luminescent material, which is indispensable for organic EL panels.
To realize the volume production of organic EL panels, BOE is promoting related development in several factories in China. The company hopes to accelerate the development of volume production technologies by cooperating with Idemitsu.
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Chinese Internet and technology company LeEco announced plans to cut about 325 employees and significantly reduce its research and development business in the U.S.
According to LeEco, this employee layoff will affect all departments. However, the research and development team was hit the hardest. The company's San Diego office, which is mainly comprised of its R&D team, will be closed, and employees who survived this layoff will mainly provide services to customers who already bought LeEco's products.
An insider revealed that after this restructuring, LeEco's employees of American business will decrease to about 50 people.
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Kumai.jd.com, the second-hand trading platform of JD.com will partially close its e-commerce platform services starting from June 22, 2017.
Then after a two-month transitional period, Kumai will also shut down the follow-up post-sales services starting from August 22, 2017.
Kumai said that the platform may have unpredictable transaction risks and they will help users keep order records and transfer the amounts in their accounts, if any.
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Hospitality exchange service Airbnb announced to appoint Ge Hong as new global vice president of Airbnb and he will be fully responsible for Airbnb's China business.
Airbnb said that they need a candidate who knows demands of Chinese users, understands IT technologies, and is in line with the culture of Airbnb. The company says he will embody the perfect combination of his technology background and the Chinese market demands.
In his new role, Ge will directly report to Brian Chesky, global executive officer of Airbnb.
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Google's mobile payment service Android Pay has been fully launched in Taiwan.
Taiwan is reportedly the fourth Asian market to support Android Pay.
For Android smartphone users in Taiwan, they can use Android Pay to realize mobile payments rapidly and securely. Android Pay has reached deals with many banks in Taiwan, including CTBC Bank, First Bank, Entie Commercial Bank, Hua Nan Bank, and Shin Kong Bank.
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In May 2017, the Bitcoin trading value in China reached CNY21.708 billion, four times that of April 2017. And the total Bitcoin value reached CNY19,200, a record high price.
China's National Committee of Experts on the Internet Financial Security Technology the latest numbers and showed that by the end of May 2017, the world's Bitcoin market value saw an increase of 61% over the previous month to USD37.48 billion. However, the ratio of its market value among global virtual currencies decreased to 45.62%, due to the rapid growth of other competing currencies.
In addition, with the growing of trading volume, China's Bitcoin trading price was over CNY10,000 for the first time on May 10 and the price continued to increase in the following two weeks. On May 25, it reached a record high price of CNY19,200.
Bitcoin was born in 2009 and a global virtual currency ecosphere was established around it, covering coin generation, storage, trade, and applications; and it further promoted the emergence of hundreds of kinds of encrypted digital currencies.
At the beginning of 2017, the People's Bank of China implemented inspections targeting the Bitcoin market, including foreign exchange management of trading platforms and realization of an anti-money laundering system. So for all intents and purposes, Bitcoin in China is still not fully legal.
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Attachment 27344
The Chinese government's tightening noose on illegal Internet content has found its latest victim: LeEco.
LeEco's cloud disk service announced service closure to individual users, and the company has informed users to back up their files before the deadline on June 30, 2017. Thereafter, all files will be deleted from LeEco's servers.
LeEco stated that some people used its cloud disk service to store illegal files such as pirated movies or *****graphic content. Therefore, the company decided to stop providing services to individual cloud disk users.
LeEco previously suspended its cloud disk video upload function in October 2016. It said in a notice then that to cooperate with Chinese government's special rectification campaign against *****graphic contents spreading via cloud disks, they had suspended video upload service. Meanwhile, users' existing video data would be maintained at that time.
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Technology product solutions and supply chain services platform VST Holdings will establish a joint venture with Tsinghua Holdings to develop supply chain financial businesses in the technology industry.
Tsinghua Holdings' subsidiaries and related companies will hold a combined 55% stake in the joint venture; while VST Holdings will own the remaining 45%. The total investments in the JV is CNY1 billion, including CNY500 million registered capital.
The businesses of the new JV will cover supply chain finance, consumer finance, new retail and industry merger and acquisition and investment in the technology industry.
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Japan's SoftBank Group formally announced that they have reached a deal with China's ZTE to implement field testing of 5G communications technologies in Tokyo.
The testing is led by SoftBank and ZTE is mainly responsible for support during the process. The frequency being tested is 4.5GHz.
This is reportedly not the first time for ZTE and SoftBank to cooperate. Their previous cooperation was mainly in the research and development of large capacity multi-input and multi-output technology, which is a basic technology for 5G communications. Due to the good cooperating relationship of the two parties, SoftBank and ZTE decided to further explore the 5G sector together.
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Taiwan's Hon Hai Precision Industry, parent company of Sharp and Foxconn, is reportedly planning to build two new factories in the U.S. for the manufacturing of mobile phone screens and large TV screens.
The company will invest a total of USD7.3 billion into the two factories for LCD panel manufacturing and 10.5-generation production technology will be applied to make 65-inch or above TV screens.
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Germany's industrial robot manufacturer Kuka Group has made an ambitious plan to enter the personal assistant robot market with the help of Midea Group.
In 2016, China's Midea acquired Kuka for EUR4.5 billion.
Till Reuter, chief executive officer of Kuka, said that they have seen the potential to use Midea's advantage in the consumer sector to develop robots that can assist in handling daily chores. Reuter said Midea is not engaged in any business related to robot or automation; therefore, Kuka will be Midea's automation business. At the same time, Midea is good at developing within the consumer industry. Based on these conditions, the two parties decided to join hands in consumer robot development.
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Samsung is considering selling its Chinese LED business Tianjin Samsung LED Company Limited to a private equity company in Hong Kong.
According to reports in South Korean local media, Samsung's business for sale includes a LED packaging factory and facility site. An unnamed Hong Kong private equity company showed interest in the business and the company is doing its due diligence.
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The Chinese adage that the tall blade of grass gets cut first is definitely true this week, as China's top social media and microblogging platform has been ordered to stop its online video operations.
China's State Administration of Press, Publication, Radio, Film and Television issued a statement that all websites and online companies who lack sufficient licenses to provide streaming video services should halt those services immediately.
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China's largest portal website company Tencent announced via its online forum that Tencent OS would stop providing services from June 28, 2017.
The company recommends that users back up their data information as soon as possible.
Tencent officially opened testing of its Android smartphone system Tencent OS in 2015. In 2016, the company launched Tencent OS 2.0.
Tencent OS said that due to the depression of the third-party ROM market, Tencent OS will be a footnote in history. The company expressed appreciation for the support and trust of users. Tencent OS will formally stop all services on June 28.
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Cainiao Network Technology, logistics subsidiary of Alibaba Group, announced plans to cooperate with China Life to set up a logistics warehousing fund with a scale of CNY8.5 billion.
Morgan Stanley will be the exclusive financial consultant of this fund.
This is reportedly the first logistics warehousing fund established by Cainiao. As a general partner of this fund, Cainiao will be responsible for the unified operation and management of fund assets.
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Chinese online game developer and operator The9 announced plans to sign a share financing agreement with South Korean listed company IE Limited.
According to the agreement, The9 will issue 125.5 million new shares with the value of USD15 million to IE Limited. In return, IE Limited will offer 14.55% shares of Smartposting Co. Limited, its Key Opinion Leader marketing company, for exchange.
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China's JD Group and Japan's Mitsubishi Chemical Holdings Group will begin working together on large-scale vegetable growing services.
With the cooperation, JD will tap the vegetable production sector, while Mitsubishi Chemical will provide related plant factory and cultivation techniques to the Chinese e-commerce group.
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