Online tutor Yuanfudao lands $1.2 billion on doubled valuation
Chinese online education firm Yuanfudao announced the completion of a $1.2 billion Series G2 which valued the company at $15.5 billion, according to a statement sent to TechNode.Details: DST Global led the round, a second batch of Yuanfudao’s Series G, with participation from CITICPE, GIC, Temasek, TBP, DCP, Ocean Link, Greenwoods, and Danhe Capital.The statement also made official a $1 billion Series G1 received in April this year, and confirmed a report by local media on Wednesday about a second batch. Together, the two rounds boost the total raised in the Series G to $2.2 billion.The G2 fin...
Direct sales model opens opportunities for Chinese brands
Chinese consumer-facing brands are trying to cut reliance on Taobao and Amazon. Direct sales are an alternative to reliance on platforms.
Fujifilm to market Avigan in China with local pharmaceutical company
Fujifilm Holdings Corp. said Thursday it has partnered with Shanghai-based Carelink Pharmaceutical Co. to exclusively market its anti-viral drug Avigan for COVID-19 treatment in China.Fujifilm Toyama Chemical Co., a subsidiary of Fujifilm Holdings, will also work with the Chinese pharmaceutical company to develop a form of the drug that can be administered via parenteral injection.Last Friday, the company filed for approval with Japan's health ministry to market Avigan, also known as favipiravir, for COVID-19 treatment.If approved, the drug would be the third treatment in Japan for the respira...
Tsutaya bookstore chain opens 1st China outlet in Hangzhou
TOKYO, NNA - Major Japanese bookstore chain Tsutaya Books Co. has just opened its first Chinese outlet in Hangzhou and plans to open another in Shanghai in December.Tsutaya opened its Hangzhou store in the Maison Moree business complex to a bigger-than-anticipated crowd on Sunday under a franchise deal with a local bookstore, a Tsutaya Books official in Tokyo told NNA on Wednesday.The official said Tsutaya will open its second Chinese bookstore in Shanghai's Columbia Circle site in December and is considering opening another outlet in Xian.The Tokyo-based firm had 19 bookstores across Japan as...
NNA Business News
Ann McFeatters: Laying the facts out for undecided voters
About 5% of likely voters will not decide whether to vote for Joe Biden or Donald Trump until the last few days or even hours before they cast their ballots. These are factors they are considering.Biden helped the Obama administration lead the economic recovery from the Great Recession of 2008, orchestrating the auto bailout that saved thousands of American jobs. Unemployment declined but wages did not recover, leaving millions of middle-class Americans frightened and angry about the future.Trump decided that a massive tax cut for large corporations and the wealthy would lead to trickle-down r...
Tribune News Service
China’s development projects export environmental devastation
The People’s Republic of China’s state-owned companies are destroying the environment in countries around the world, one corrupt infrastructure project at a time.The PRC is the world’s largest emitter of greenhouse gases and mercury pollution and the leading consumer of illegal wildlife and timber products. And the PRC’s state-owned companies are exporting the Chinese Communist Party’s disregard for the environment through the often corrupt infrastructure projects of the regime’s “One Belt, One Road” (OBOR) initiative.“In recent years, Chinese-backed projects on several continents have displac...
Continental bullet train
Reporters ride on China's newest high-speed train, which can travel 400 kilometers per hour. CRRC's latest train is designed to overcome the difficulties of cross-border travel and connect countries on the Eurasian continent, as it could run in different climates, on different gauges and on different sources of power. Photo: CNSphotoCopyright Global Times. All rights reserved.Provided by SyndiGate Media Inc.
Global brands eye China market
Japanese green tea company ITO EN participated in the Tmall Double Eleven shopping festival 2020. Photo: courtesy of TmallWith China's biggest e-commerce gala, the Double Eleven (November 11), or the Single's Day, shopping spree approaching, international brands are seeing the shopping event as an important opportunity to boost their annual sales in one of the world's largest consumer markets.Some 800 million consumers are expected to take part in the event, making it the biggest spending spree of the year, according to analysts.As of Wednesday, nearly 10 million tons of commodities were prepa...
Dual circulation model an engine to China’s 14th Five-Year Plan
Xi Jinping, Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji and Han Zheng attend the fourth plenary session of the 19th Central Committee of the Communist Party of China (CPC) in Beijing, capital of China. The session was held from Oct. 28 to 31, 2019. Photo: XinhuaThe Fifth Plenary Session of the 19th Communist Party of China (CPC) Central Committee will be held in Beijing from October 26 to 29. It is expected that the launch of the 14th Five-Year Plan (2021-25) and the 2035 long-term goal will be the most important contents of the session.The formulation of the 14th Five-Year Plan ...
Top 10 richest people in China
chinadaily.com.cn | Updated: 2020-10-22 06:40Ma Yun, also known as Jack Ma, crowns the list of the richest people in China with $58.8 billion, according to the Hurun Research Institute.Ma Huateng, also known as Pony Ma, ranked second, with his wealth up 50 percent to $57.4 billion. Zhong Shanshan, founder of Nongfu Spring Co Ltd and YST, grabbed the third spot with $53.7 billion."The world has never seen this much wealth created in just one year. China's entrepreneurs have done much better than expected. Despite COVID-19 they have risen to record levels," said Rupert Hoogewerf, Hurun Report ch...