China’s delivery and online services giant Meituan-Dianping has told investors it will rein in spending on some of its subsidiary businesses as well as direct its focus on the domestic market, Bloomberg reports. The company hopes to raise up to $4.4 billion in its upcoming Hong Kong listing, but its heavy losses from certain arms […]
Category: Consumer
The Caixin China General Services Business Activity Index fell to 51.5 last month, from 52.8 in July – a 10-month low. The reading remains in expansionary territory, but August was the second consecutive month of decline. “Economic growth remains on a downward trajectory,” said Zhong Zhengsheng, a director at consultancy CEBM Group and contributor to the study. “[The […]
Chinese movie-ticket booking app Maoyan Weiying has filed for an IPO in Hong Kong, Caixin reports, as the platform looks to fend off growing competition in the huge domestic entertainment market. The filing, made under the new company name Entertainment Plus, did not offer details of the listing date or fundraising goals. The Tencent-backed company […]
Chinese online startup Meituan Duanping is hoping to gain a massive $55 billion valuation from its Hong Kong IPO planned for this week despite a shaky market for China’s tech stocks, the Wall Street Journal reports. The Tencent-backed service provider, which offers its app users everything from food delivery to hotel room vouchers, plans to […]
Shanghai Phoenix Bicycles, one of China’s leading bike manufacturers, is suing bike-share startup Ofo for allegedly owing the company $10 million in unpaid bills, the Financial Times reports. The move is another sign that the cut-throat competition in the Chinese bike-share industry is starting to take its toll on Ofo and its competitor Mobike, which was acquired […]