Beequick, a Beijing-based online community services O2O (online-to-office) platform backed by Hillhouse Capital, Tiantu Capital and Sequoia Capital, is cutting staff as the company struggles to raise a new financing round. The two-year-old Beequick is cutting its staff count to 700 from 1,100. It has also reduced office space to occupying one floor at an […]
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New York-based hedge fund Acacia Partners LP has accused Baidu Inc.'s chief executive Robin Li for buying its video unit from the Internet giant at a price far below its value, according to a letter sent to Li. Robin Li and Qiyi.com's chief executive Yu Gong submitted a non-binding offer in February to acquire Baidu's […]
Go Scale Capital, Zhejiang VIE Science & Technology and Tianjin THSG Corporation have led a US$70 million new financing round in Protean Electric, an in-wheel electric drive system developer, according to a company announcement. Existing investors Oak Investment Partners and GSR Ventures also participated in the round. The new funding will be used to ramp […]
After a US$1.24 billion takeover of Norwegian online browser firm Opera Software failed to obtain regulatory approval on time, a Chinese buyer consortium has agreed to take over Opera's core consumer business for US$600 million. The buyer group, led by private-equity firm Golden Brick Capital Management Ltd., now plans to acquire Opera’s browser business, the […]