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Bike-sharing pioneer Mobike is retreating to China

In a telling sign of the state of bike sharing, Mobike, a once red-hot startup that attracted billions in investment capital, is closing down all international operations and putting its sole focus on China. On Friday, Mobike laid off its operations teams in APAC, which entailed more than 15 full-time employees

Grab raises $200M from Thailand-based retail conglomerate Central Group

Grab’s fundraising push continues unabated after the Southeast Asian ride-hailing firm announced that it has raised $200 million from Central Group, a retail conglomerate based in Thailand. Central’s business covers restaurants, hotels and more than 30 malls in Thailand, while it has operations in markets that include Vietnam and Indonesia. Its public-listed holding

Foxconn is killing a second $9B factory

Foxconn is even more aggressively cutting back its growth ambitions around the world than we previously thought. In addition to the news yesterday that Foxconn intends to scale back its plans for a $10 billion factory in Wisconsin, leaving that state in something of a lurch, we have now learned

China’s Didi teams up with state-owned BAIC to deepen electric vehicle push

Didi Chuxing, China’s largest ride-hailing startup which claims over 550 million registered users, is deepening its focus on electric vehicles after it announced a joint venture with BAIC, a state-owned automotive giant. ‘Jingju’ — as the venture is called — is a partnership between Didi and BAIC affiliate Beijing Electric

China’s WeChat is the latest to get Snap-like ‘Stories’

WeChat, the Chinese messaging giant with over 1 billion monthly active users around the world, just added a Snap-like ephemeral video feature as part of its biggest overhaul since 2014. The revamp comes as Tencent, which owns stakes in Snap, sees increasing rivalry from up-and-comers like video app TikTok and news

Japan’s Freee raises $60M to grow its cloud accounting business

Japan-based accounting software company Freee, one of the country’s most-prominent startups, has raised a $60 million Series E funding round as it bids to expand its services into other areas of management for its customers. Freee was founded six years ago — we wrote about the startup when it raised a Series

Daimler can now test self-driving cars on public roads in Beijing

Daimler has been granted a license to test self-driving vehicles on public roads in Beijing, making it the first international automaker to receive such permission. The owner of the Mercedes-Benz brand was given the test permit by the Chinese government after extensive closed-course testing, the company said in a statement,

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