Tag Archives: Tencent

Miniso plans for $1b IPO

Guangzhou-based budget household and consumer goods retailer, MINISO Co., is planning an initial public offering that could raise about US$1 billion, reports Bloomberg.

The Tencent-backed company was founded by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu in 2013. Tencent and Hillhouse Capital invested RMB1 billion in the retailer last year in its first external financing round, according to a statement at the time. 

MINISO has been compared to the popular Japanese minimalist retail brand Muji, albeit at a cheaper price. Since its conception, MINISO has been caught into a number of copyright disputes, with the French luxury goods conglomerate LVHM accusing it of design infringement. 

The company’s popularity, however, has not been dampened by such accusations. According to its website, MINISO currently operates more than 3,500 stores across 80 countries including China, the US, Brazil, the UAE, Russia and Africa. The company posted revenue of RMB17 billion in 2018.

Readmore. 

GBA Briefs: 24/6/2019

Foshan MTR Deal: Hong Kong’s MTR Corp has teamed up with Foshan-based property giant, Country Garden, and the local government to set up a smart MRT railway research and development center in the Shunde district. Read more.

Shenzhen Airbus Deal:Shenzhen Eastern General Aviation Company will debut the VIP version of Airbus’ H160 helicopter following an agreement signed at the Paris Air Show. Read more.

Shenzhen Car Quotas:Shenzhen’s new quotas for 40,000 car license plates will be auctioned between June and August, shorter than the originally announced June to December, in response to a central government call to boost vehicle sales in a sluggish market. Read more. 

Guangzhou Airport:Guangzhou’s airport has broken the 10 million annual passenger mark and is rated one of the top 3 in the country together Beijing and Shanghai.Readmore. 

Robots Raising: Shenzhen-based Leju Robotics has raised RMB250 million (US$36.21 million) in a Series B round led by Aplus Capital and an investment vehicle of media firm Shenzhen Press Group. Existing investor Tencent also participated. Read more.

Capital’s Capital Grows:Guangzhou’s balance of deposits and credits (including foreign currency) exceeded RMB10 trillion by the end of May, up 14.6% year-on-year and, ranking first ahead of Beijing, Shanghai, Shenzhen and Tianjin. Read more

Bullet Train Booms:The Hong Kong section of Guangzhou-Shenzhen-Hong Kong Express Rail Link has served over 14 million passengers between the HKSAR and cities in the Mainland since opening last year. Read more

Secure Investment:The security industry in Foshan’s Nanhai district exceeded RMB24 billion in 2018, up nearly 40%, thanks to the construction of science parks, cooperation with Shenzhen and policy support from the government. Foshan is a hub for security and safety equipment manufacturing. Read more

Art Haul: Around RMB 190 million of artwork changed hands over the weekend in Guangzhou, where the 24th Spring Guangzhou Art Fair was held in the Pazhou convention center. A total of 360 art institutions from 38 countries displayed 20,000 paintings, sculptures, installations, videos, new media and other arts. Read more.

GBA Briefs: 17/6/2019

IoT Cometh: The Guangzhou Economic and Technological Development Zone released a set of new policies, including government subsidies of up to RMB5 million per company, to facilitate the “development of the industrial internet”. Read more. 

Spanish Fly: British telecom giant Vodafone has launched the first 5G commercial mobile network in 15 Spanish cities, with Huawei supplying its core equipment. Read more. 

Digital Cities: Tencent released the latest Digital China Index Report of 351 Chinese cities. Four Guangdong cities, namely Shenzhen (2), Guangzhou (4), Dongguan (7) and Foshan (14) were ranked among the top 20 digitalized cities in industries, culture, daily life and government administration. Read more. 

Huizhou Energizes: Huizhou is to speed up the building of its Nim Ping Island project as well as a major scientific lab as the base of Huizhou’s energy science and technology innovation drive. Read more. 

Jiangmen Toots: Jiangmen exported RMB2.36 billion worth of motorbikes during the first five months, up 15% YoY. Read more. 

Hengqin Link: A new tunnel connecting Zhuhai’s Nanwan district with the Hengqin new district is slated to open by 2022. Read more. 

Shenzhen Saves: Shenzhen Customs signed a total of 56,000 Certificates of Origin for electronic products in the first five months, which helped companies save RMB970 million in tariffs. Read more. 

Good Read: Shenzhen-based mobile phone maker Transsion has partnered with Shanghai-based China Literature to load its reading app onto all of Transsion’s mobile devices sold in Africa. The 30,000 literary works planned for initial distribution will be in English and come from China Literature’s existing collection. Read more.

China’s rich list tells stories of the GBA’s rise

Last year was the worst in a decade for China’s stock markets. Although many of the country’s highest flyers have recovered this year (so far), there is no escaping the fact that fortunes were reshuffled by the turmoil that gripped stocks in 2018. This much is evident by a “rich report” released by the Shenzhen-based business magazine New Wealth.

Continue reading China’s rich list tells stories of the GBA’s rise

It’s a go! 5G licenses awarded

China’s first batch of 5G mobile telecommunication service licenses were awarded today, going to the big three telcos – and the country’s cable-TV giant.

The Ministry of Industry and Information Technology granted the 5G permits to China Unicom, China Telecom, China Mobile, and China Business Network. All have already established networks and have been conducting trials in more than 40 Chinese cities.

Huizhou-based equipment manufacturer TCL took the opportunity to announce that it had developed a 5G handset together with China Mobile, which would be on shelves “soon”.

The phone, which TCL developed with China Mobile Hong Kong, has a peak download capability of 1 gigabytes per second and a powerful 4000 milliamp per hour battery, according to the Tencent backed media portal, Tencent Tech.

All of these networks will be using equipment provided by – yes, you guessed it – Huawei Technologies. “This marks China’s official entry to the 5G era,” the company said in a statement. “Huawei will fully support Chinese operators to build 5G [networks] with comprehensive end-to-end 5G capabilities. We believe that in the near future, China’s 5G will lead the world.”

The SCMP quotes some analysts, however, saying they are still concerned about Huawei.

Read more here on SCMP.

ZTE bonds with Tencent

Shenzhen-based ZTE is partnering with Shenzhen-based Tencent in developing 5G applications amid a “changing and potentially hostile global environment”, reports Caixin Global. The telecommunications equipment and systems company said it is teaming up with Tencent to push forward open-source projects to improve edge computing, an advanced aspect of cloud computing, to reduce risks from external partners cutting off access to technology and intellectual property.

Earlier this year, Tencent expressed its growing interest in 5G during an industrial conference, but the company declined to comment on whether the partnership with ZTE was due to the worsening global environment, according to Caixin Global.

Read more.

Tech boosts Guangdong GDP in Q1

Industries in the “new economy” contribute 25.1% of Guangdong’s GDP, according to the provincial government. Growing at 7% – which is in line with overall GDP growth – companies across the spectrum are ramping up R&D spending, too. This is underpinning future growth and is spreading to older industries as well: as of the end of March, 35% of Guangdong’s 40,000 industrial enterprises had established a science and technology R&D department. Overall investment in new technologies came in at RMB140.55 billion in the quarter, up 8.7% YoY.

Sales of 4K television sets are a bright spot, up 44.4% to RMB6.48 million. The star standout, however, was new energy vehicles (NEVs), which saw sales up 252%.

Probably the single brightest spot in this landscape is the Nanshan Science Park, in Shenzhen, where the total market cap of its constituents is over RMB4 trillion. This is where Tencent and Huawei are based. Last year, the park’s GDP hit RMB 501.8 billion, generated by more than 3,500 nationally accredited tech companies across a swathe of new industries such as AI, big data, quantum communication, and biotech.

Read more (in Chinese).

Tencent to build a new cloud base in Zhuhai

Tencent has planted its flag firmly in Zhuhai. One of the country’s leading technology groups, headquartered across the Bay in Shenzhen, apparently sees some potential in the coastal city. It has not chosen the Hengqin New Area, however, for its new cloud computing base, but rather than Xiangzhou district, which is the political, financial and cultural center of Zhuhai.

Tencent has committed to the city that its new cloud base will draw from the resources of its AI-led ecosystem to not only build a number of innovation centers but also training centers. A spokesperson at the Xiangzhou government said that Tencent’s cloud will help form an emerging industrial cluster of artificial intelligence and boost the city’s overall business environment.

Read more(in Chinese).

Tencent: Guangdong leads governmental digitalization

Tencent’s annual Digital China Index Report, which tracks the spread of “digital government” shows Guangdong in the lead, followed by Beijing, Shandong and Zhejiang.

The provincial government’s integrated WeChat mini-program platform offers more than 100 types of services and has more than 10 million registered users, accounting for 12% of the province’s population.

Guangzhou surpassed Shenzhen, leaping to first place among all cities.

The report also showed that a local government’s level of digitalization has a strong correlation with its GDP growth. Digitalizing government affairs attracts external investment and ultimately helps to boost productivity through innovation, it said.

Read more (in Chinese).

Tencent co-founder gifts HK$4b to education

Chen Yidan, one of the co-founders of Tencent, has donated more than HK$4 billion (US$510 million) of the company’s shares to establish a charitable trust for educational causes, according to the Chen Yidan Foundation.

The donation procedure was completed last year. It was said that the total volume of donations contributed by Chen had reached nearly HK$10 billion, according to the Shenzhen Daily.

The money will be used to connect with quality educational projects from overseas and support new projects that are significant to the development of Chinese education.

“In today’s highly developed world, if education looks to achieve any breakthrough, it needs to have a global vision and this is more important than ever,” said Chen. “If education is for the future, then it’s a future for all mankind.” Chen added that he hopes he can further facilitate exchanges between the Chinese education system and its international counterparts.