Chinese EV startup Xpend raises $400 million in latest funding round

On Wednesday, Alibaba Group Holding Ltd backed Chinese electric vehicle (EV) manufacturer Xpeng stated it has raised $400 million from investors including Xiaomi Corp, to fund its growth. The fundraising comes at a time when industry watchers as well as bankers describe as an increasingly tough financing environment for Chinese EV startups who are jostling…

Huawei incentivizing employees to help shift its supply chain away from the United States

On Tuesday, Huawei Technologies stated, it will disburse $286 million (2 billion yuan) in cash as rewards to staff who are working to help it weather a U.S. trade blacklisting. Huawei is trying in full earnest to find alternatives to U.S. hardware after the U.S. Commerce Department nearly banned it in May from doing business…

All models of DJI’s drones grounded by U.S. Department of Interior

Only those DJI drones that are used for critical operations and public safety have survived the ban. On Thursday, Chinese drone maker DJI stated, the U.S. Department of Interior has grounded all non-emergency Chinese-made or part-made drones as part of a review of its entire drone program. Shenzhen-based DJI has confirmed that that the department…

Huawei increases domestic marketshare at the cost of its domestic rivals

Oppo, Vivo, Xiaomi and Apple, together, controlled 50% of the Chinese market. On Wednesday, according to market data released today, China’s Huawei Technologies has increased its footprint in its domestic smartphone market, with shipments rising by 66% in the third quarter. Although the Chinese smartphone market contracted by 3% in the third quarter in comparison…

Commercial banks should adopt blockchain technology: China central bank official

Chinese President Xi Jinping has placed blockchain technology as a foundational layer for future development of platforms. On Monday, a Chinese central bank official stated, commercial banks will have to step up their application of blockchain technology in order to deepen their commitments towards digital finance. The comments were made by Li Wei, head of…

China to pass cryptography law in preparation for launching digital currency

China is treating blockchain technology as a foundational building block for future science and technology innovations. Late on Saturday, in a development that marks China gearing up to launch its own digital currency, the country’s rubber stamp parliament passed a new law on cryptography, reported state media late on Saturday. In 2014, China’s central bank…

China’s biggest lead producer Henan Yuguang Gold and Lead eyeing battery production

In a strategic move Henan Yuguang Gold and Lead is studying plans on setting up a lead-acid battery production line as part of a downstream expansion. Company officials from Henan Yuguang Gold and Lead, China’s largest lead producer stated, the company plans on setting up a lead-acid battery production line as part of a downstream…