Nexon founder hints at plan to sell his $9B majority share in gaming giant – TechCrunch

Nexon founder hints at plan to sell his $9B majority share in gaming giant – TechCrunch

The founder of Korea’s Nexon, one of the biggest gaming companies on the planet, today appeared to acknowledge his intention to sell his controlling interest for around $9 billion. The divestment has been a hot rumor after a report from newspaper Korea Economic Daily this week [via Reuters] suggested that Jung-Ju Kim, who founded Nexon back in 1989, is moving to sell nearly all of his holdings in the firm, which is listed on the Tokyo stock exchange. Kim, the paper claimed, is tired of the

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Alibaba-backed Hellobike bags new funds as it marches into ride-hailing – TechCrunch

Alibaba-backed Hellobike bags new funds as it marches into ride-hailing – TechCrunch

2018 has been a rough year for China’s bike-sharing giants. Alibaba-backed Ofo pulled out of dozens of international cities as it fought with a severe cash crunch. Tencent-backed Mobike puts a brake on expansion after it was sold to neighborhood services provider Meituan Dianping. But one newcomer is pedaling against the wind. Hellobike, currently the country’s third-largest bike-sharing app according to Analysys data, announced this week that it raised “billions of yuan” ($1 = 6.88 yuan) in a new round. The

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China’s Tencent Music raises $1.1 billion in downsized US IPO – TechCrunch

Tencent Music, China’s largest streaming company, has raised $1.1 billion in a U.S. IPO after it priced its shares at $13 a piece ahead of a listing on the Nasdaq. That makes it one of the largest tech listings of the year, but the pricing is at the bottom end of its $13-$15 range indicating that the much-anticipated IPO has felt the effects of an uncertain market. Indeed, the company is said to have paused the listing process, which it

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China’s NetEase raises $600M for its music streaming business – TechCrunch

China’s NetEase raises $600M for its music streaming business – TechCrunch

As Tencent Music, China’s largest streaming firm, reportedly stalls on its proposed U.S. IPO, one of its closest challengers is doubling down. NetEase Cloud Music, a rival operated by games and publishing giant NetEase, just closed a fresh $600 million injection from a bevy of investors that include Baidu and General Atlantic, the company announced this week. NetEase will maintain a majority share in the company following this deal although it isn’t clear what the valuation is. The business is already

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Tesla to bring portion of Model 3 production to China next year – TechCrunch

Tesla to bring portion of Model 3 production to China next year – TechCrunch

Tesla, which reported its first quarterly profits in two years Wednesday, is looking to extend its earnings streak by bringing its new Model 3 to customers beyond North America. And part of that plan involves accelerating its manufacturing plans in China. Tesla saw its revenue skyrocket to $6.8 billion in the third quarter (and a $312 million profit) thanks to sales of its new Model 3 vehicle, despite production bottlenecks and more recent issues with delivery logistics. The company was able

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China is capable of destroying Bitcoin, new research suggests

China is capable of destroying Bitcoin, new research suggests

In 2008, Bitcoin was envisioned by its pseudonymous founder Satoshi Nakamoto as a trustless, decentralized peer-to-peer electronic cash system.  Ten years and numerous crazy price jumps later, Bitcoin appears to have withstood the test of time. But is it really decentralized and thus resilient to attacks? A new paper, signed by researchers from from Princeton University and Florida International University, suggests that Bitcoin is largely at the whim of one powerful entity: China.  The paper (found via The Next Web),

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China’s Didi Chuxing launches taxi-hailing service in Japan – TechCrunch

China’s Didi Chuxing launches taxi-hailing service in Japan – TechCrunch

China’s Didi Chuxing is fighting fires at home around passenger safety, but overseas the ride-hailing giant has moved into another new market after its taxi-booking service began operations in Japan. The service has gone live in Osaka, the city of nearly nine million people, and parts of the surrounding area including Kansai International Airport. The Didi Japan app links passengers up with drivers from 10 local taxi companies, and Didi said it will use an AI-based dispatch and fleet management system

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Golden Gate Ventures closes new $100M fund for Southeast Asia

Golden Gate Ventures closes new $100M fund for Southeast Asia

Singapore’s Golden Gate Ventures has announced the close of its newest (and third) fund for Southeast Asia at a total of $100 million. The fund hit a first close in the summer, as TechCrunch reported at the time, and now it has reached full capacity. Seven-year-old Golden Gate said its LPs include existing backers Singapore sovereign fund Temasek, Korea’s Hanwha, Naver — the owner of messaging app Line — and EE Capital. Investors backing the firm for the first time through

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Tencent to tighten age verification checks for gamers amid government crackdown

Tencent to tighten age verification checks for gamers amid government crackdown

Chinese Internet giant Tencent has announced it’s bringing in a new system of age checks to its video games which will be linked to a national public security database — in an effort to reliably identify minors so it can limit how long children can play its games. The new real name-based registration system will initially be mandated for new players of its popular Honour of Kings fantasy multiplayer role-playing battle game. It will be introduced around September 15, according

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U.S. targets 2020 for the creation of a Space Force

U.S. targets 2020 for the creation of a Space Force

In a speech before the Department of Defense at the Pentagon today, Vice President Mike Pence outlined the broad contours of the new Space Force that the Trump Administration wants to create as the sixth branch of the U.S. military. Emphasizing the need to both further militarize and privatize space as a new war-fighting domain, Pence stressed that the new branch of the military is targeted for a 2020 implementation date. The administration is pushing for $8 billion in new

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