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  1. #1
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    [EN] Unicórnios: 42% EUA, 39% China, 4% India

    Sequoia to be globally the most farseeing investor. It has invested in 40 of the 252 unicorns. In second place is China’s internet giant, Tencent Holdings which has invested in 30 unicorns, and followed by Alphabet, with 25

    Celia Chen
    07 September, 2017

    The report by Deloitte and China Venture recorded that China has 98 unicorns – companies that venture capitalists and private investors valued at US$1 billion or more but have held back from listing – in 2017, accounting for 39 per cent of the world’s 252 unicorns that are collectively valued at US$880 billion.

    The US topped the list with 106 unicorns, or 42 per cent of the total number, while third-placed India has 10.

    The unicorn big names have not only come from the US – sharing service providers Uber and Airbnb, but also from China such as Did Chuxing, a Uber rival that bought Uber’s China business in 2016, and Alibaba’s finance arm Ant Financial, phone maker Xiaomi and drone producer DJI.

    n China, the finance sector has produced the biggest number of unicorns – 16, led by Ant Financial and JD Finance, a subsidiary of e-commerce giant JD.com.

    “China’s internet giants are aggressively developing online payment service and e-commerce business, and at the same time, the traditional finance institutions are also actively embracing technologies and seeking cooperations with tech companies,” said the report, mainly written by Zhong Yuntai, senior manager at Deloitte China.

    “Fintech will massively generate revenues and remain at a high growth pace in China.”

    In 2016, China’s fintech revenue reached US$421 billion, and is expected to surge to US$2 trillion in 2020, according to data from iResearch.

    Besides the fintech sector, China’s most valuable companies have also grown from the e-commerce sector, which is driven by the rapidly expanding number of online shoppers, the culture and entertainment, and auto industries.

    The US unicorn scene, is however, different. Almost one third of the 106 unicorns are corporation service providers, led by data analytics company Palantir Technologies and Infor Inc., a provider of enterprise software and services worldwide.

    “In the US, most companies have the habit of paying for corporation service, which will improve their work efficiency and cut operation costs,” said Zhong.

    “But in China, the demand for corporation service, especially those offered by domestic companies, is weak. Most Chinese companies prefer to choose US corporation service providers.”

    The report found US venture capital firm Sequoia to be globally the most farseeing investor. It has invested in 40 of the 252 unicorns. In second place is China’s internet giant, Tencent Holdings which has invested in 30 unicorns, and followed by Alphabet, with 25.

    China’s largest e-commerce platform Alibaba, the owner of the South China Morning Post, has invested in 14, and China’s search engine Baidu has invested in 12.

    “Compared with US companies, Chinese venture capitals have become more aggressive, and they are more willing to bear high risks to seek high returns,” Zhong said.


  2. #2
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Best Inc. IPO looks to repackage Chinese logistics

    Best Logistics has been inextricably linked to Alibaba since it was founded a decade ago by former Google China Co-President Johnny Chou.

    Alibaba, together with contract electronics manufacturer Foxconn, had funded the courier firm in its angel round, before it shelled out additional billions of dollars in the firm’s later rounds.

    A big premium to U.S.-listed rival ZTO is hard to justify.

    Robyn Mak
    September 07, 2017

    The Alibaba-backed group wants to list at a market value of up to $5.7 billion. Best is growing fast and pushing into new areas, like managing supply chains and convenience stores. But despite these sideways moves, fundamentally it is still heavily dependent on a core delivery operation which faces rising costs and fierce competition.

    That's a chunky premium to U.S-listed rival ZTO, which trades on a comparable multiple of less than 14 times, Eikon shows. The courier's shares are down 16 percent since a disappointing debut in October. Slowing growth in China's parcel-delivery industry, rising fuel and labour costs, and price wars between competing outfits are all to blame.

    As competition has been intensifying in the sector, major Chinese logistics firms including S.F. Express, ZTO Express, STO Express and Shanghai YTO Express have all managed to go public since 2016, aspiring to raise money for their war chests to gain strength and take on their rivals.

    Best boasts a tech pedigree and a diversified business model. The company is led by a former Google Greater China executive and counts e-commerce behemoth Alibaba as its largest shareholder. For future growth, the loss-making Best is betting on its smart supply-chain management. With this it can do things like help customers make sure their warehouses are run as efficiently as possible, aided by robots and data-crunching.

    The company is also building a network of convenience stores where people can drop off packages, pay bills and pick up laundry. This is a mixture of owned and franchised stores, and those owned by outside partners. Earlier this year, Best bought a supermarket chain.

    Yet it's still early days, and the company is heavily dependent on express and freight delivery. Those services account for almost 80 percent of total sales. The new ventures may prove an expensive distraction. At the current premium to ZTO, investors should be wary.


    - Chinese logistics company Best Inc plans to raise up to $932 million in an initial public offering on the New York Stock Exchange, according to an updated prospectus filed on Sept. 6.

    - The company, which is backed by e-commerce group Alibaba, plans to sell 62.1 million new and existing shares at $13 to $15 each. At the top of the indicative price range, Best shares will be valued at 20.4 times forecast 2019 earnings, according to a term sheet seen by Reuters.

    - The company plans to use $300 million to expand its convenience stores and its logistics and supply chain services, with another $100 million set aside for technology investments. The rest will be used for general corporate purposes and potential acquisitions.

    - CITIC CLSA, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, KeyBanc Capital Markets, Oppenheimer and Stifel are underwriters.

    Última edição por 5ms; 07-09-2017 às 12:08.

  3. #3
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Beijing halts new shared bikes on streets

    Um outro mundo possivel

    Xiang Bo

    Beijing will ban the new addition of shared bikes in the city, local authorities announced Thursday.

    There are 2.35 million shared bikes from 15 companies on the streets of the national capital, according to a spokesperson with the Beijing Municipal Commission of Transport.

    Shared bikes, the number of which surged in Beijing in the past year, have led to haphazard parking and obstructions in crowded areas such as subway entrances and shopping malls, the spokesperson said.

    The commission plans to formulate a guideline to better regulate shared bikes, requiring district-level transport authorities to enhance supervision of bicycle parking.

    In addition, the city will ban shared electric bikes for parking and safety reasons and violators will be punished, said the spokesperson.

    For the same reasons, some big cities such as Shanghai, Guangzhou and Wuhan have also banned new shared bikes from being stationed in the cities.

    Shanghai, which issued the ban in mid-August, will launch a month-long campaign to crack down on parking chaos and new bikes, its transport commission said Thursday.



    ICYMI: China bicycle-sharing startup Mobike gets funding from Temasek, others

    Chinese bicycle-sharing startup Mobike said on Monday it has raised funding in a new round led by Singapore state investor Temasek Holdings and hedge fund Hillhouse Capital, bringing its total new funding in 2017 to more than $300 million.

    The Shanghai-founded startup said last month it raised $215 million from a range of investors including Tencent Holdings Ltd, Warburg Pincus LLC and Chinese travel firm Ctrip.com International Ltd.

    Mobike also announced an undisclosed investment from Foxconn last month, in a bid to double the number of bikes it produced last year to 10 million in 2017.

    A spokesman for the startup declined to confirm the amount of the most recent investment. Mobike has not shared its valuation.

    Mobike allows users to find, ride and pay for company bicycles scattered throughout 21 Chinese cities using an app and QR codes.

    The firm is one of two Chinese bike-sharing startups that have raised hundreds of millions in funding since the beginning of 2016.

    Última edição por 5ms; 07-09-2017 às 13:29.

  4. #4
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Investors have become a lot more skeptical about billion-dollar start-ups

    Investors are making fewer investments into unicorn companies these days

    Lora Kolodny
    27 Aug 2017

    Investors are slowing their roll around so-called unicorns, or privately held companies with a valuation of $1 billion or more on paper.

    According to a new report from PitchBook, only 17 U.S. companies have clicked over to unicorn status so far this year. In both 2014 and 2015 -- the peak unicorn years -- more than 40 companies newly hit or surpassed the $1 billion valuation mark.

    Deals that inject cash into both existing and new unicorns have also slowed, the report says. In both 2014 and 2015, investors struck more than 110 deals with unicorns. So far this year, investors have done just 43 deals with unicorns, meaning 2017 looks likely to miss the 100-unicorn mark.

    This slowdown won't surprise venture investors who have been questioning whether $1 billion and higher valuations remain desirable or even reasonable.

    Venture investors in traditional funds are managing wealth for others, and not investing from their own coffers primarily. They tend to resist paying high prices in the first place. Yet, they also don't want to miss out on the next Google or Amazon.

    The higher a company's valuation, the harder it becomes to sell it. Few large companies can afford to acquire companies for more than a $1 billion whether they're consumer apps like Instagram or enterprise tech like AppDynamics.

    As the PitchBook report notes, "When non-traditional investors entered into venture capital several years ago, it was thought that many of the companies receiving billion-dollar-plus valuations were likely to exit in the near future. Those exits haven't happened."

    Many U.S. unicorns like Uber, WeWork and Airbnb, have opted to stay private in part by raising capital from a wide swath of corporate investors, sovereign or family funds and other non-traditional investors for growth (alongside venture funds).

    It's also harder for billion-dollar start-ups to go public with an impressive stock pop and continued valuation growth. Both Snap and Blue Apron went public at valuations lower than their final, post-money valuations and then have not performed as hoped.


  5. #5
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Chinese start-up to test a fleet of self-driving trucks in Arizona and Shanghai

    Tusimple is backed by Sina Corp., operator of Weibo, China’s biggest microblogging site

    September 7, 2017

    Haulage is ripe for disruption by automation because the industry faces a growing shortage of drivers and transporting cargo between fixed points is less complicated than city driving, says Chen Mo, 33, co-founder and chief executive officer of Beijing-based Tusimple, which is backed by Sina Corp., operator of China’s biggest microblogging site.

    Self-driving trucks could cut logistics costs by 40 percent in the U.S. and 25 percent in China as they can run longer than human-piloted rigs without rest and save at least 10 percent on fuel, Chen said. They could also improve safety, especially in China, where trucks kill about 25,000 people a year, according to the Ministry of Public Security.

    “It’s natural for us to start the business simultaneously as both countries feature a trucker shortage and huge cargo transportation demand,” Chen said in an interview in his office in Beijing. “China’s trucking industry is costly, inefficient and dangerous” and Tusimple’s technology “can reduce the casualty rate to 25 percent of the current level.”

    The startup plans to order 60 to 100 specially retrofitted trucks for the tests from a U.S. truckmaker and China’s Shaanxi Heavy Duty Motor Co. The vehicles will have 10 cameras, three radars and a control system to analyze traffic conditions. The plan, regulations permitting, is to introduce commercial services in 2019, initially on two routes: a 120-mile highway stretch between Tucson and Phoenix in Arizona, and a 20-mile leg between a Shanghai port and warehousing, after completing 3 million miles of road tests in a year.

    Instead of selling the automation technology to logistics firms or fleet owners, Tusimple plans to get into the haulage business. Chen said the industry in China is more fragmented than in the U.S., with large numbers of truck owners who lack proper training or insurance.

    Tusimple would be ahead of Uber and Alphabet Inc.’s Waymo to start road tests in China, where nine out of ten of the nation’s 30 million truckers are individuals subcontracted by logistics companies. China hauled 33.6 billion tons cargo of last year, compared with 10.4 billion tons in the U.S. The Chinese startup has been testing four trucks in China’s northern port of Caofeidian since July.

    Nearly 30 percent of Chinese truckers have driver fatigue that can lead to slower reaction and inability to keep their eyes open during the early morning and afternoon, according to G7 Networks, a Beijing-based vehicle connectivity technology company that tracks data with equipment on commercial vehicles. Chinese drivers earn an average 300,000 yuan ($46,000) for running 100,000 kilometers (62,000 miles) a year and younger drivers are opting for jobs like couriers in cities that pay more, the G7 study said.

    Tusimple has no plans to develop driverless passenger cars as intra-city driving is much more complex than highway piloting and there’s less of a discernible return in terms of business costs in removing the human driver from a private-hire car, Chen said.

    Those economics have attracted others. Tesla Inc. met with California and Nevada agencies about testing an autonomous semi-truck after CEO Elon Musk tweeted his ambition to add driverless trucks to the line-up. Waymo -- spun off from Google’s self-driving car project -- said in June it’s exploring integrating its hardware and software into a truck.

    Uber’s truck division is focused on developing self-driving technology in U.S., a media representative for the company said in an email.

    The Senate commerce committee announced a Sept. 13 hearing to examine autonomous commercial vehicles and how they may fit into the Senate’s self-driving vehicle legislation. House lawmakers passed a wide-ranging bill to speed the introduction of self-driving vehicles, applying only to passenger cars and light trucks.

    Tusimple has raised a total of $27.5 million so far from a group of investors including Santa Clara, California-based Nvidia Corp., which also provides graphic chips to Tesla. The company aims to raise another $150 million before seeking an initial public offering in the next few years, Chen said, without giving a specific timetable.

    In June, Tusimple completed a 200-mile so-called Level 4 test drive from San Diego to Yuma, Arizona, using an Nvidia graphics-processing unit and cameras as primary sensors. Level 4 is industry-speak for vehicles that can pilot themselves in almost all environments and will stop safely if the human driver doesn’t respond to a request for them to take over. The ultimate goal is Level 5 -- no steering wheel, brake pedal or human required.

    Tusimple started with a 20-person lab that made a car-identification tool for Sina Weibo in 2015. The software can determine the model and carmaker’s name from a picture uploaded by users who want to identify a specific car and buy it. Chen decided there’s more business potential in applying the visual-recognition technology in autonomous driving.

    Chen spent a decade founding websites for property advertising, car sales and board games. Sina, investor for Chen’s previous venture, introduced him to Hou Xiaodi who is the same age as Chen and holds a doctoral degree in computational and systems neuroscience from California Institute of Technology. They co-founded Tusimple.

    While Tusimple, Uber and others are racing to develop reliable autonomous systems, questions remain as to how quickly governments will be prepared to allow a 40-ton 18-wheeler to come barreling down the highway with no one at the wheel.

    There’s also plenty of competition from other startups for funding. Uber acquired autonomous-vehicle startup Otto for $680 million last August. Tusimple will seek to rope in an e-commerce company such as Amazon.com Inc., JD.com Inc. or Alibaba Group as a strategic investor, said Chen.

    Chen’s connections in China could give him an advantage in the competition to bring self-piloted vehicles to the world’s highways, but there are hurdles still to overcome, not least in ensuring the systems really work under all conditions.

    “Lower costs and higher efficiency pictured by self-driving trucks are good lures for business clients while improvement in safety is a good point to convince governments,” said Bruno Zhao, a partner in Bain & Co.’s Greater China office. “The question is whether the technology will really be ready.”

    — With assistance by Yan Zhang


    ICYMI: Nvidia invests in Chinese autonomous trucking startup TuSimple

    Chen Mo at TuSimple’s office in Beijing

    Darrell Etherington
    Aug 16, 2017

    Nvidia has invested in TuSimple, the graphics card maker revealed today. It’s investing in a $20 million round led by Sina, the Chinese check giant behind Weibo, and it’s also providing TuSimple with Nvidia tech to power its self-driving platform, including NVIDIA GPUs, its Drive PX 2 autonomous computer, Jetson TX2 and more.

    TuSimple has already run an SAE Level 4 (true self-driving) test ride between San Diego, California and Yuma, Arizona. That took place in June, spanning 200 miles and using camera data primarily to navigate the highway route. The startup has research and development facilities in both Beijing and San Diego, and more than 100 employees.

    The tech used by TuSimple includes extensive HD mapping of the routes driven, as well as three millimeter-wave radar units, in addition to the camera data from eight cameras and the resulting computer vision processing it does. TuSimple says that it can achieve “centimeter-level” accuracy for truck positioning, even when driving inside a tunnel, and its in-house decision-making machine intelligence makes for safe route navigation.

    The company’s also developing a car identification tool using its image recognition software. They note that once available, it’ll be able to identify car make and model with 97 percent accuracy from photos of vehicles uploaded to its site. This is an interesting additional use of its image processing chops, and could present additional revenue opportunities once its self-driving trucks are on roads capturing images of other vehicles on the road while en route.


  6. #6
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    IPO markets in good health

    112 IPOs have priced year to date, versus just 63 at this time last year. Issuance volume has more than doubled to $32bn.

    Nicole Bullock and Robert Smith

    The last leg of the year is set to be a busy one for initial public offerings on both sides of the Atlantic, with companies including Italy’s Pirelli, Alibaba-backed Best Logistics and video streaming platform Roku lining up to list.

    The pipelines were building in spite of poor performance for this year’s high-profile deal from Snap, the owner of Snapchat, in the US and investor concerns that a strengthening euro may curtail the earnings recovery in Europe.

    “As long as overall markets remain relatively constructive and transactions continue to be executed well, we continue to expect healthy volumes over the rest of the year,” said David Ludwig, head of Americas equity capital markets at Goldman Sachs.

    US listings were up from 2016, which marked the one of the weakest periods in years. According to Dealogic, 112 IPOs have priced year to date, versus just 63 at this time last year. Issuance volume has more than doubled to $31.6bn.

    Two-thirds of this year’s deals are trading above their issue price. On average, 2017’s class of US IPOs have risen in value by about double the S&P 500, at 20 per cent, according to Renaissance Capital, which runs IPO-focused exchange traded funds.

    Snap, however, has sunk to about $15 after initially rallying from its IPO price of $17 in March, damping some expectation of further activity involving so-called decacorns, tech companies that have achieved valuations of $10bn or more through private funding.

    Spotify, the music streaming service, plans to list existing private shares directly on the New York Stock Exchange as soon as the fourth quarter rather than doing a formal IPO, while other large, well-known tech companies for now were seen as more likely prospects for 2018, bankers said.

    In Europe, Pirelli last week began marketing one of the biggest IPOs of the year. The Italian tyremaker plans to return to the Milan stock exchange through an offering of up to 40 per cent of the company, targeting a valuation as high as €8.7bn.

    “Across Europe the IPO calendar has really picked up — there are six IPOs currently in marketing already,” said Martin Thorneycroft, head of equity capital markets for Emea at Morgan Stanley. “We’d expect that number to grow reasonably meaningfully over the next couple of weeks.”

    Última edição por 5ms; 10-09-2017 às 11:35.

  7. #7
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    ‘The China Hustle’

    IMDB: An unsettling and eye-opening Wall Street horror story about Chinese companies, the American stock market, and the opportunistic greed behind the biggest heist you've never heard of.

    Short Sellers Take Fight Against Chinese Companies to the Big Screen

    Steven Russolillo and Vipal Monga
    Sept. 10, 2017

    Deep-pocketed U.S. investors trying to expose fraud they allege among companies in mainland China have found a new way to promote their cause: a feature film.

    A documentary called “The China Hustle” premiered Friday at the Toronto International Film Festival. The 84-minute film features prominent American short sellers including Carson Block of Muddy Waters LLC, who in 2011 undertook an aggressive crusade against Chinese timber company Sino-Forest Corp., and James Chanos, one of Wall Street’s most vocal naysayers on China.

    The film, written and directed by Jed Rothstein, took about two years to produce. Its backers include American documentary filmmaker Alex Gibney and billionaire investor and entrepreneur Mark Cuban.

    Mr. Cuban, who helped finance the film through his media company, 2929 Entertainment, said in an interview that he got involved in part “because I’m not a big fan of the job” the U.S. Securities and Exchange Commission does. In 2008, the SEC charged Mr. Cuban with insider trading after he sold shares in an internet company, but Mr. Cuban was cleared years later by a federal jury in Dallas.

    The new documentary profiles a cast of U.S. investors trying to expose and profit from irregularities and alleged fraud at many Chinese companies by shorting, or betting against, their publicly traded stocks. It takes aim at audit firms and investment banks that helped engineer transactions such as reverse mergers that took certain Chinese companies public. It also says the SEC has been largely unable to go after Chinese citizens who run the companies.

    In 2015, the Chinese affiliates of the Big Four accounting firms settled a yearslong dispute with the SEC over their reluctance to give the regulator documents about Chinese companies that were under investigation. Other than that, few Chinese executives have been charged or sued by U.S. enforcement agencies.

    An SEC spokesperson declined to comment.

    The film also calls into question the reliability of information from companies such as Chinese e-commerce giant Alibaba Group Holding Ltd. , whose initial public offering in 2014 was the largest on record. An Alibaba spokesperson didn’t immediately respond to a request for comment.

    It also claims that U.S. pension plans and retirement accounts have so far lost an estimated $14 billion from investing in Chinese companies such as Orient Paper Inc., Puda Coal Inc., and China Agritech Inc., whose shares plunged after short sellers targeted them.

    Mr. Rothstein, the film’s director, said in an interview: “We’re trying to make people aware that short sellers are blowing the whistle about a larger fraud that is still brewing.”

    Dan David, an American hedge-fund manager who has been betting against Chinese companies for nearly a decade and is featured in the documentary, said regulators’ inability to police the market has left investors like him trying to do the job. “I’ve been lied to. I’ve been cheated. They stole from me, and they’re not going to do it again,” said Mr. David, in a question-and-answer session after the film’s premiere.

    Última edição por 5ms; 11-09-2017 às 01:43.

  8. #8
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    China's bike-hire industry creates 70,000 new jobs


    China's bike-hire companies have 16 million bikes on streets and employ about 100,000 people, according to the State Information Center(SIC).

    The SIC released a report on the bike-hire industry at an intelligent cities expo in Ningbo, Zhejiang Province on Saturday.

    According to the report, each day around 50 million rides are taken, so each bike is used around three times on average.

    As of the end of June, there were 106 million shared bike users in China, accounting for 14 percent of all Internet users.

    The report said of the 100,000 jobs, 70,000 were newly created during H1, about one percent of new jobs in urban areas during the period.

    There are about 70 app-based bike-hire companies in China.

    With leading market players such as Mobike and ofo expanding, both domestically and abroad, authorities have been firm in regulating the industry.

    A guidelins released in August stipulated that users must register under their real names, and providers are banned from offering services to children under the age of 12. Governments were advised to improve bike lanes to ensure safety for riders.

    Wuhan City announced last week that it would mark off or build about 2,500 km of bike lanes in downtown areas.


  9. #9
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Chengdu in southwest China joins other cities in halting the plague of "shared" bikes

    A mesma estatal Xinhua que ontem elogiou a criação de 70 mil empregos hoje chama de praga


    Chengdu, capital of southwest China's Sichuan Province, has joined other cities in refusing to allow any more so-called shared bikes on the streets.

    Chengdu has far too many of these bikes already, causing parking chaos and obstructing crowded areas such as bus and subway stations, according to Chengdu Municipal Commission of Transport.

    The city has designated more than 1,000 parking zones for the bikes, with more planned.

    Nie Bin, chief engineer with the commission, said Chengdu experiment with electronic fences and multi-storey bike parking before the end of this year.

    In the meantime, a supervisory platform will ensure real-time data helps operators put their bikes where they are most needed.

    "By analyzing travel data, the government can improve the public transport network," said Nie.

    China now has around 70 bike-sharing brands, with more than 16 million bicycles on the streets nationwide and 130 million users, according to the Ministry of Transport (MOT).

    Cities such as Beijing, Shanghai, Shenzhen and Wuhan have already put the brakes on the scheme.


  10. #10
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    Jeremie Berrebi‏ @jberrebi Jul 6

    The FrenchTech ecosystem is just perfect. Nothing could stop French successes besides the fact that corporates are not buying enough startups

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