China’s Uber slayer to open R&D center in Silicon Valley
Top business and technology news for March 9, 2017. Part of the daily SupChina news roundup "The Taliban goes to Beijing.
- Didi beat Uber in China and now it’s opening an R&D center on its turf / The Verge
CNBC reports that China’s tech giants are investing billions into startups in the U.S. The country’s four-largest internet companies, Baidu, Alibaba, Tencent, and JD.com, have invested $5.6 billion in 48 American tech deals over the past years. The Verge reports that Didi Chuxing, the ride-hailing company that ate Uber alive in China, is planning an R&D center in Mountain View, California, to develop artificial intelligence and self-driving car technology. Didi said it was providing more than 20 million rides a day as of October 2016.
- Investors begin to sour on Chinese health apps / Financial Times (paywall)
There are now more than 2,000 Chinese health-care apps that offer patients medical advice, appointment booking, and other services. Good Doctor, backed by the insurance group Ping An, claims to have 20 million active monthly users who receive up to 400,000 diagnoses in a day. WeDoctor, a service from Tencent, the company behind WeChat, focuses on referring patients to doctors and claims to have completed more than 100 million appointment bookings over the past two years, earning $175 million in revenue last year. But the Financial Times says that funding of China’s digital health industry is dropping, as investors are losing confidence “in the ability of these companies to turn a profit.”
- China’s online insurance industry gains momentum / TechNode
- Thieves are pickpocketing wallet apps in China / Tech in Asia
- No country comes even close to China in self-made female billionaires / Quartz
- Capital controls the talk of China parliamentarians / Financial Times (paywall)
- China plans stricter bank capital rules to contain risks / Bloomberg
- China February producer inflation accelerates to fastest since September 2008 / Reuters
China in 2 minutes a day