Focus China News Roundup- Issue #51
Every fortnight we compile a list of important news updates and events covering the Chinese FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.
For a downloadable copy of China’s Issue #51
Tencent’s fintech and enterprise services revenue rose 30% in the third quarter from a year earlier
The growth in fintech services revenue mainly reflected an increase in the value of commercial payment transactions. The year-over-year increase in enterprise service revenue was due to the increasing digitalization of traditional industries and the trend of video in the Internet industry, as well as the contribution of enterprise service revenue from the merger of Yiche.
Yu Zeng is the Associate Director at Tencent
The registered capital of bank of Beijing consumer finance company increased to 1 billion CNY
Bank of Beijing Consumer Finance Company increased its registered capital from 850 million CNY to 1 billion CNY. Since the beginning of the year, licensed consumer finance companies increased capital frequently. Head institutions are expanding asset scale while expanding registered capital. The capital increase of bobcfc is also for business expansion.
China Construction Bank and nine institutions signed a cooperation agreement on the commodity blockchain platform
In the 4th CiIE, CCB signed a joint venture agreement with nine institutions including Sinochem Energy, China United Oil, Macquarie Bank, China Ocean Energy and Bank of China to establish a joint venture, TradeGo Pte. Ltd, which is a digital service platform for international trade of bulk commodities based on block chain technology.
Ufida launches U9 Cloud with Tencent Cloud and Intel
Tencent 2021 Digital Ecology Conference was successfully held in Wuhan. As the strategic partner of Tencent Cloud, Ufida was invited to attend and released U9 Cloud Intelligent Manufacturing Joint solution
with Tencent Cloud and Intel.
Ping Lu is the Market Director at Ufida
Ernst & Young launches “Ernst & Young Blockchain Audit Platform” at CIIE
Ernst & Young launched “Ernst & Young Enterprise Carbon Management Suite” and “Ernst & Young Blockchain Audit Platform”. Ernst & Young Enterprise Carbon Management Suite can help enterprises realize the full scenario of “carbon management”. Ernst & Young Blockchain Audit Platform can identify key risk information of blockchain for users.
Silver Chen is the Executive Director at Ernst & Young
Feihu completed B+ round financing of 100 million CNY
After this round of financing, Feihu will further research and develop innovative business products, continue to adhere to the video business, enabling digital transformation of financial institutions.
The promotion of digital RMB has been accelerated
The promotion of digital RMB has been fully accelerated this year, covering cities, application scenarios and the number of wallet opening all have increased. By October 22, 140
million digital RMB wallets had been opened.
Ant Group and Shenzhen National Fintech Testing Center set up a joint laboratory
Ant Group and Shenzhen National Fintech Testing Center formally signed the establishment of a joint laboratory of “Data Security and Privacy Computing”. The two sides will conduct research and cooperation on technical standards and evaluation standards in the fields of personal information protection, enterprise data security governance, privacy computing technology and its application.
Zhijie Chen is the Director of investment & corporate development
Sartdt completed C1 financing of over 200 million CNY
Sartdt completed C1 financing of over 200 million CNY, which was led by Taikang Life Insurance and followed by
Bytedance. This round of financing will be used to increase investment in independent controllable technology research and development, introduce talents, and iteratively improve the capacity of large-scale products and services.
Sensetime’s Hong Kong IPO was approved
Sensetime, Asia’s largest artificial intelligence software company, has been approved for a Hong Kong IPO with CICC, Haitong International and HSBC as co-sponsors, aiming to raise more than 1 billion USD. Sensetime have received at least 10 rounds of funding totaling $5.2 billion.
Alvin Zou is the VP at Sensetime
Sandbox Network completed strategic financing of 200 million CNY
The Sandbox network is the second largest UGC platform for games worldwide after Roblox. This financing will be used to further strengthen product research and development and
improve the ecological construction of UGC.
Ali Cloud added data center in South Korea and Thailand
Ali Cloud will add two new cloud data centers in South Korea and Thailand, which will be officially put into operation in 2022. Aliyun will launch an accelerated cooperation program for small and medium enterprises in South Korea to support local enterprises’ digital transformation.
Luyi Zhou is the Director of Business Development at Alibaba Cloud
The Beijing Exchange opened on November 15
71 listed companies selected from New Third Board will move to the Beijing Exchange. The 10 companies that have completed the public offering process will list directly on the Beijing Exchange. The number of companies listed on the Beijing Exchange reached 81 on the first day of trading.
China Telecom and Huawei launched joint innovation lab
The joint laboratory will carry out independent innovation of Tianyi Cloud software and hardware around the operating system, database and server, build the foundation of digital