- Briefing Your roundup of Asian tech and startup news that matter
Aditya Hadi Pratama · · 3 min readChina Roundup: Warburg Pincus-backed logistics firm files for bankruptcy, and more (Updated)
Update (November 1, 7:15 p.m. SGT): Adds news on Yunniao, ByteDance, FedEx, Tencent, and Moody
Warburg Pincus-backed logistics firm files for bankruptcy
-
Yunniao has filed for bankruptcy due to a cash shortage as the company struggle to pay salaries and refund deposits.
-
Founded in 2014, the company has raised over US$210 million in funding from Warburg Pincus, Sequoia China, and Matrix Partners.
-
The delivery startup was once valued at around 7 billion yuan (around US$1.1 billion).
ByteDance cuts maximum work time
- TikTok owner ByteDance stated in an internal document that staff in China should only work from 10 a.m. to 7 p.m., 5 days a week. The firm said workers who stayed beyond those hours need to seek permission a day in advance.
- Employees can apply to work overtime for no more than 3 hours on weekdays or 8 hours on weekends, according to the document. They will also get additional compensation for such overtime.
- The development comes amid controversy over the “996” work culture in many Chinese companies, which pushed employees to work from 9 a.m. to 9 p.m., 6 days a week.
J&T Express buys logistics unit of rival Best
-
The US$1 billion deal is expected to close in the first quarter of 2022.
-
The deal will have no effect on Best’s other segments, including supply chain management, freight, and cargo.
-
After arriving in mainland China in 2020, J&T began a price war with other logistics players in the country. Best, which counts Alibaba as its investor, responded by lowering its prices too.
Kuaishou co-founder Su Hua steps down as CEO
-
Hua’s exit would be effective immediately. Cheng Yixiao, Kuaishou’s other co-founder, will be the firm’s new CEO.
-
Hua will still hold his role as chairman of the board in the Tencent-backed firm.
-
He is the latest tech company founder to step down from a high-ranking position in their company amid Beijing’s efforts to ramp up oversight of the industry. JD.com founder Richard Liu, ByteDance founder Zhang Yiming, and Pinduoduo founder Huang Zheng also stepped down from their respective positions recently.
FedEx, Neolix test deliveries via autonomous vehicles in China
-
The companies began the project in October, testing different scenarios such as delivery to campuses, office buildings, and stations.
-
Earlier this year, FedEx also worked with robotics firm Nuro, self-driving startup Aurora, and heavy-duty vehicle manufacturer Paccar, to test autonomous delivery in the US.
- The unmanned delivery vehicle can handle complex road conditions and recognize traffic lights during the delivery process.
Tencent to buy stake in Japanese media Kadokawa in US$264 million deal
-
The deal marks Tencent’s biggest investment so far in Japan, where the company will buy 6.86% stake in Kadokawa.
-
Kadokawa is a media conglomerate that owns intellectual property rights in movies and video games. It also runs the video platform Niconico.
- The Tokyo-based firm will use the fresh funds to invest in more content and release video games in other countries, including China.
Eyecare brand Moody Lenses raises US$156 million in Series C money
-
The 1 billion yuan (US$156 million) funding round for Weimu Technology, the parent company of Moody Lenses, was led by KKR and 5Y Capital.
- Founded in 2019, Moody’s annual sales reached 200 million yuan (around US$31 million) in 2020, and are expected to climb to 800 million yuan (around US$125 million) this year.
- The company counts GL Ventures, Matrix Partners, China Pinnacle Equity Management, GGV Capital, Tencent, Source Capital, and Plum Ventures as its investors.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
