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How Chinese e-commerce unicorn Jollychic plans to defend its turf in the Middle East

Jollychic, a Chinese e-commerce start-up that has become one of the top players in the Middle East market, plans to replicate China’s all-encompassing online ecosystem in the region, as competition from international and local players heats up.Founded in 2012 by entrepreneur Aaron Li Haiyan, Jollychic currently has 50 million users, up from 35 million at the end of 2017, with the majority in the Gulf Cooperation Council countries such as Saudi Arabia.Li, 37, decided to enter the Middle East… Source link

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Chinese fintech giant Lufax cuts P2P lending to meet regulatory requirements, may restart IPO plans after restructuring segment

Ping An Insurance-backed Lufax, one of China’s largest financial technology companies, said on Thursday it was scaling down its peer-to-peer (P2P) lending business, but denied reports it was exiting the sector altogether.The company, also known as Shanghai Lujiazui International Financial Asset Exchange, said: “We are making three cuts in line with regulators’ requirements. The existing P2P products and customers will not be affected.”Lufax was referring to required cuts in outstanding P2P loan… Source link

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Property 

Office glut creeps up in Shenzhen, Beijing and Shanghai as trade war saps growth plans while start-ups move to hipper co-working space

A building frenzy in southern China’s version of Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.A record 1.79 million square metres (19.27 million square feet) of vacancy, equivalent to 10 of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Half of that empty space lies… Source link

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Investment 

Dutch consumer finance lender Home Credit, popular in China, plans to file US$1 billion IPO in Hong Kong

Home Credit, a consumer finance lender that counts China as its biggest market, said it plans to file an initial public offering in Hong Kong later this year, in what could be a potential test of investor appetite in the city’s markets.The filing on Monday comes two days after brewing giant Anheuser-Busch InBev scrapped plans for an offering of its Asian operations in Hong Kong, citing “prevailing market conditions”. The offering, which AB InBev hoped would raise as much as US$9.8 billion,… Source link

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Chinese education unicorn Squirrel AI targets foreign markets with plans for mathematics and Mandarin lessons

Squirrel AI Learning, a Shanghai-based online after-school tutoring company, plans to expand into foreign markets in two years by developing an English-language curriculum for mathematics as well as Mandarin lessons for non-native speakers.“Why mathematics and Chinese-language lessons? Because there are so many foreigners who want to learn Chinese and they do not have good solutions,” Joleen Liang, partner at Squirrel AI Learning, said in an interview last week in Hong Kong. “So we’re going to… Source link

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Huawei plans job cuts at US operations as it struggles with blacklisting, report says

Huawei Technologies is planning extensive lay-offs in the United States as the Chinese telecoms equipment company grapples with its US blacklisting, The Wall Street Journal reported, citing people familiar with the matter.The lay-offs were expected to affect jobs at Huawei’s US-based research and development subsidiary Futurewei Technologies, which employs about 850 people in research labs across the United States, the Journal said.,The lay-offs could be in the hundreds, one person told the… Source link

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Hellobike plans to lead China’s two-wheeler transport market as bike-sharing rivals struggle

China’s bike-sharing craze may have cooled considerably, but Hellobike has no plans of letting up as its competitors struggle.The Shanghai-based start-up, whose fleet of bicycles sport a blue-and-white livery, became the country’s third biggest bike-sharing services provider by focusing on smaller cities. In contrast, market leaders Mobike and Ofo battled in larger cities like Beijing and pursued international expansion.While its two rivals have since beat a hasty retreat from overseas markets… Source link

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Vietnam 

Foreign finance institutions step up expansion plans in Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A branch of Shinhan Bank Vietnam in Hà Nội. The central bank approved the South Korean bank’s move to increase its charter capital from VNĐ4.55 trillion to VNĐ5.71 trillion. — Photo Shinhan Bank Vietnam Thu Hà HÀ NỘI — The competition in the Vietnamese finance and banking market has become fiercer as existing foreign institutions are rushing to increase capital even as new entrants continually join the market. This week alone, the State Bank of Việt Nam announced it had approved capital increases for Public Bank Vietnam Limited and Shinhan…

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China 

Facebook’s Libra forcing China to step up plans for its own cryptocurrency, says central bank official

Facebook’s plans to create its own cryptocurrency have forced China’s central bank into stepping up research into creating its own digital currency as Libra could potentially pose a challenge to Chinese cross-border payments, monetary policy and even financial sovereignty, a People’s Bank of China official said on Monday.“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy,… Source link

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Vietnam 

Quảng Trị plans to build airport – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The passenger terminal is planned to serve one million passengers per year. — Photo baodautu.vn HÀ NỘI — The Civil Aviation Authority of Vietnam (CAAV) has submitted a proposal to the Ministry of Transport to build an airport in Quảng Trị Province. The CAAV proposed building a domestic airport for both civil aviation and military aviation purpose with total investment of more than VNĐ5.7 trillion (US$244.64 million). The airport is planned to cover 312ha in Quảng Trị’s Gio Quang Commune, Gio Linh District, about 7km from Đông Hà City. The plan aims to create…

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