Official inflation data released on Thursday showed a slight jump in consumer prices in China last month driven by rising food and energy costs, with producer prices edging down slightly. The consumer price index rose to a four-month high of 2.1% year-on-year in July, up from 1.9% the previous month. This exceeded the average market […]
Category: Consumer
Chinese app maker Bytedance aims to raise $3 billion in its next funding round, giving the six-year-old company a staggering valuation of $75 billion, Reuters reports. The Beijing-based tech firm, which owns the massively popular news app Jinri Toutiao, short video platform Douyin and the lip-synching app Musical.ly, is also considering a multibillion-dollar initial public offering in […]
Car sales in the world’s largest auto market dropped for the second straight month in July, Bloomberg reports, on the back of a weaker economic outlook and restrictions on the imports of US vehicles. China’s passenger vehicle sales fell 5.4% to 1.6 million units last month, according to data from the China Passenger Car Association. […]
TO BUY OR NOT TO BUY
Alibaba is preparing to merge its food delivery businesses in a bid to grab further market share in China’s fiercely competitive meals-on-demand market, sources told Reuters. Platforms Ele.me and Koubei, both run by the e-commerce giant, will combine and launch a new fundraising round, the sources said. Alibaba hopes to raise between $3 billion and […]