The ACT team hand-picks the most watchable news of the day from China’s booming tech industry. Don’t miss out on these headlines:
Didi’s Cheng Wei and Liu Qing top Fortune China’s “Top 40 Under 40 Business Leaders in 2015”
The list is out. Fortune China’s annual “Top 40 Under 40 Business Leaders” in 2015 is hot off the press. Didi Chuxing’s CEO Cheng Wei, 32, and President Liu Qing, 37, are topping the chart for the first time. 58.com’s Founder and CEO Yao Jinbo ranks second, and Meituan’s founder and CEO Wang Xing claimed the third spot. More than 20 newcomers are listed this year. Here is the full list.
Xiaomi ventures overseas after performance stumbles at home
Xiaomi will launch a partnership with the Mobile in Africa Group to sell its Red Mi 2 and Mi 4 in Africa starting mid-November. The MIA Group will be responsible for Xiaomi’s sales and post-sales service in South Africa, Kenya and Nigeria. The smartphone company is also planning large-scale promotions in India before the Diwali holiday, intending to boosts its sales in the country with its performance dampened at home.
Huawei Mate 8 to launch Nov. 26
Huawei will launch the Mate 8 smartphone on Nov. 26. It’s being billed as a phone with excellent photo-taking capabilities, aimed to rival Apple’s iPhone 6s, and is supposed to contain one of the most powerful processors on the market. Huawei overtook Xiaomi earlier this year to become the biggest domestic smartphone vendor. The Mate S, Huawei’s first phone priced above RMB 4000 (USD 630), performed below its expected sales volume earlier this year.
Tencent pours USD 1 billion into new Meituan-Dianping company
As reported by the Wall Street Journal, internet giant Tencent is about to complete a USD 1 billion investment into the new company created by the merge of Meituan and Dianping last month. The first round of financing may raise up to USD 3 billion, and Tencent is leading the financing with USD 1 billion. This could put the value of the new company at USD 20 billion, say insiders.