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Qiming Venture Partners is aiming to raise $800 million for a new fund, with a potential cap of $1 billion, amid increasing interest in AI startups in China. Founded in 2006, the firm has raised a total of $9.5 billion and has seen 12% of its nearly 580 portfolio companies go public.
The MarketingPulse and eTailingPulse conferences, held by the Hong Kong Trade Development Council, attracted over 1,600 industry professionals from 22 countries, focusing on evolving marketing and e-commerce trends. Key discussions included the role of data and AI, the ASEAN market potential, and strategies targeting Gen Z consumers in Mainland China. The event featured insights from 80 international leaders and facilitated over 160 business matching meetings, enhancing networking opportunities within the industry.
Meituan reported a 20% increase in quarterly revenue, reaching 88.5 billion yuan (US$12.2 billion) for Q4 2024, surpassing analysts' expectations. The company achieved a net income of 6.2 billion yuan (US$854.96 million), driven by its core restaurant delivery service amid rising competition.To combat domestic market challenges, Meituan is expanding internationally with its Keeta app, which has gained traction in Hong Kong and Saudi Arabia, reaching one million weekly active users by January 2025. The company is also investing in grocery retail, live-streaming, and drone technology, although analysts anticipate losses from these ventures as it focuses on growth and innovation.
Chinese AI startup Zhipu AI has secured a 300 million yuan (US$41.5 million) investment from a government-backed fund in Chengdu, part of a national initiative to enhance domestic AI capabilities. Founded in 2019, the company, valued at 20 billion yuan (US$2.77 billion) as of July 2024, plans to develop a regional AI model for Sichuan province and expand its infrastructure. However, Zhipu AI and its subsidiaries were added to the US export control list in January, limiting their access to US components.
Zhipu AI, a Chinese AI startup founded in 2019, has secured approximately $69.04 million in funding from state-owned Huafa Group, announced on March 13. This investment follows a recent 1 billion yuan raise from various investors, including Hangzhou City Investment Group. The funds will enhance Zhipu AI's technological advancements and support the development of its General Language Model (GLM).
Zhipu AI, a Chinese AI startup founded in 2019, has secured approximately $69.04 million in funding from state-owned Huafa Group, announced on March 13. This investment follows a recent 1 billion yuan raise from various investors, including Hangzhou City Investment Group. The funds will enhance Zhipu AI's technological advancements and support the development of its General Language Model (GLM).
Luo Yonghao, founder of Smartisan Technology, is shifting focus to AI operating systems through his AR company, The Thin Red Line, which he established in 2022. He has recruited Wang Wenjun, a former chief architect at Xiaomi, to enhance AI OS development, potentially integrating it with AI-driven hardware like smartphones. The startup has already secured $50 million in angel investments from notable backers, including Meituan Long-Z Investments and DJI.
Emerging markets stocks, representing companies in developing economies like China and India, offer significant growth potential but come with heightened political and regulatory risks. Key players include Alibaba, Tencent, and Samsung, each facing unique challenges such as competition and regulatory scrutiny. Investors can diversify their portfolios through emerging market-focused ETFs, like the iShares MSCI Emerging Markets ETF, which includes major holdings like Taiwan Semiconductor Manufacturing and Reliance Industries.
Huawei is set to unveil a new smartphone powered by its HarmonyOS Next in March, featuring a "new form factor" and advancements in hardware, software, and app ecosystem. The announcement has led to a surge in related stocks, with speculation suggesting the device may be a foldable smartphone. Huawei aims to transition all its smartphones and tablets to HarmonyOS Next this year, following the release of the Mate 70 series.
KKR, Fountainvest, and PAG are exploring the opportunity to acquire a stake in Starbucks' China business, which aims to enhance sales. Domestic companies like China Resources Holdings and Meituan have also been considered as potential buyers. The stake size remains undecided, with negotiations ongoing, and Starbucks may favor a franchisee agreement with a strategic partner, potentially valuing its China operations at over $1 billion.
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