Tag Archives: $1.5
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HONG KONG/BEIJING (Reuters) – The SoftBank-led Vision Fund is in talks to invest up to $ 1.5 billion in Chinese used car trading platform Guazi.com, two people with knowledge of the matter said.
That would mark the latest Chinese deal by the mammoth $ 100 billion investment fund as it looks to expand in the world’s No.2 economy, and would come after it invested 460 million euros in German used car dealing platform Auto1.
The fund is likely to invest up to $ 1.5 billion in Guazi in a deal that would value the firm at $ 8.5 billion before the investment, according to one of the sources, who had direct knowledge of the situation.
The two sources, who were not authorized to speak to media, also said the Vision Fund had in the past few months held talks with Guazi’s direct rival, Renrenche, which is backed by Chinese ride-hailing firm Didi Chuxing.
Guazi, a consumer-to-consumer used car trading platform founded in 2014, is backed by Chinese internet giant Tencent and Sequoia Capital China. Its talks with Softbank were first reported by the Financial Times late on Friday.
The Vision Fund and Renrenche declined to comment. Guazi did not respond to a request for comment. Japan’s Softbank was not immediately available for comment.
The Vision Fund, the world’s largest private equity fund after raising more than $ 93 billion in 2017, has previously made investments in firms such as ride-hailing company Uber Technologies Inc and shared-office space firm WeWork.
China’s used car market has continued to grow even as overall auto sales declined last year for the first time since the 1990s.
Used sales rose 11.5 percent in 2018 from the year before to 13.82 million vehicles. The total value of these transactions was 860.4 billion yuan ($ 127.61 billion), according to the China Automobile Dealers Association.
China’s state planner has said the country would aim to loosen restrictions on the second-hand auto market, with “appropriate” subsidies provided to boost rural sales of some vehicles.
Reporting by Julie Zhu in Hong Kong and Yilei Sun in Beijing, additional reporting by Junko Fujita in Tokyo; Editing by Joseph Radford
Fortnite is one of the most popular games available at the moment, so it comes as no surprise that the title is making a ton of money on iOS devices alone.
Fortnite brought in $ 300 million in its first 200 days on Apple’s iOS platform, according to market analyst Sensor Tower. The game is free to play, but players can purchase Fortnite skins and dances. It’s made the most of any game on iOS in the first 200 days of availability. Users can buy skins and dances separately or purchase a season pass to get a collection of new releases. In just the month of April, Fortnite made $ 300 million across all its available platforms, The Verge reported.
Fortnite is also available on Android, the Nintendo Switch, PlayStation 4, Xbox One, and PC. It’s become a massive cultural phenomenon since its release in 2017. Celebrities like Drake have streamed themselves playing Fortnite, players streaming their games on platforms like Twitch have become a kind of celebrity of their own, and the premiere of Saturday Night Live’s 44th season even featured a Fortnite-themed sketch.
LONDON (Reuters) – London taxi drivers are drawing up a plan to sue mobile app Uber for over 1 billion pounds ($ 1.3 billion), Sky News reported on Tuesday citing unidentified sources, weeks after it was granted a temporary licence to operate in Britain’s capital.
FILE PHOTO: The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu/File Photo
Sky News said the Licensed Taxi Drivers’ Association (LTDA) was likely to argue that 25,000 black-cab drivers in London had suffered lost earnings averaging around 10,000 pounds for at least five years as a result of Uber’s failings, taking the overall possible bill to 1.25 billion pounds ($ 1.64 billion).
The report said it had engaged the law firm Mishcon de Reya to explore the options.
Uber won a probationary licence to operate in the city last month, after Transport for London (TfL) had refused to renew it last September for failings in its approach to reporting serious criminal offences and background checks on drivers.
The LTDA were not immediately available for comment. Uber declined to comment.
Reporting by Alistair Smout; editing by Kate Holton
SHANGHAI (Reuters) – Chinese state-backed media group CMC Inc said on Tuesday that it had raised around 10 billion yuan ($ 1.49 billion) in a fund-raising round from investors including rival tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.
CMC, formerly CMC Holdings which stretches from sports to amusement parks, said the A-round fundraising was led by the two tech firms along with new investors such as property developer China Vanke Co Ltd.
CMC, founded by media magnate Li Ruigang in 2015, added the firm was valued at around 400 billion yuan after the round.
Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman