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Episode 17: Unpacking Xiaomi’s IPO


Why can Xiaomi be thought of as an “Internet company” instead of a hardware company? Why should people stop comparing Xiaomi to Apple? Was Xiaomi’s IPO valuation justified? What does the “Xiaomi ecosystem” mean?

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【Recap】996 San Francisco Meetup

Audio recording of the 996 Community Meetup in San Francisco, where Hans Tung and Zara Zhang held a short panel and Q&A on tech in China. Join the community via WeChat/Slack at 996.ggvc.com/community.

Issue 42 | July 23, 2018

– Didi raises $500M, expands into Japan
– An Original: Making Sense of Pinduoduo
– Didi raises $500M from Booking Holdings; Expands into Japan with SoftBank
– Zuoyebang Raises $350M
– Ofo Downsizes International Operations
– Google Launches WeChat Mini-Game
– Justin Kan of Twitch and Atrium: From Builder to Entrepreneur

Issue 41 | July 9, 2018

– Xiaomi goes public in Hong Kong
– We interviewed Eric Yuan, founder of Zoom
– Meituan-Dianping and Pinduoduo file for IPO
– ByteDance launches knowledge app
– Meet us in Hong Kong and San Francisco

Issue 40 | June 25, 2018

– Google Invests $550M in JD.com
– VIPKID Raises $500M at $3B+ Valuation
– The Trade War’s Impact on Tech
– 8 Lessons from the Rise of Tik Tok
– Making Sense of the “Tou-Teng War”
– WeChat Changes its Subscription Interface

Issue 39 | June 11, 2018

– Ant Financial Raises $14B in World’s Largest-Ever Fundraising
– Xiaohongshu Raises $300M Round Led By Alibaba
– JollyChic Raises Series C, Becomes Unicorn
– Foxconn and Apple’s Growth
– Jenny Lee of GGV Capital on Being a VC in China

Issue 38 | May 28, 2018

– Advice from Fu Sheng on Being a Startup Founder
– Tencent Under Fire for Investing in Media Startup Accused of Plagiarism
– Tencent Blocks ByteDance’s Douyin; Doubles Down in Short Video
– Yasheng Huang of MIT on the Future of US-China Trade Relations

 Issue 37 | May 21, 2018

– Join our Slack Channel and WeChat Group
– Hot Pot chain Haidilao files for Hong Kong IPO
– Qi Lu leaves Baidu
– WeChat passes $1B monthly active users
– Toutiao changes its slogan

 Issue 36 | May 14, 2018

– Huya Goes Public
– DJI Raising $1 Billion
– Restaurant Booking App Raises $63M from Alibaba and Ctrip
– We interviewed the co-founders of DataVisor

Issue 35 | May 7, 2018

– Manbang Group Raises $1.9B from SoftBank and Others
– Tencent Leads $820M Investment in Robot Maker Ubtech
– Alibaba Reports Earnings

Issue 34 | April 30, 2018

– Ctrip Invests in Boom Supersonic
– Milk Tea Chain Raises $63M
– Yogurt Startup Receives Funding from Coca-Cola
– Baidu’s Profit
– We interviewed the founder of AppAnnie

Issue 33 | April 23, 2018

– Why Meituan-Dianping’s Expansions Make Sense
– ZTE’s Ban in US Sounds Wake-Up Call in China
– Tencent Launches Docs

Issue 32 | April 16, 2018

– Pressured by Beijing, Toutiao Shuts Down One of Its Apps
– Pinduoduo raises $1B
– SenseTime raises $600M
– Silicon Valley Has a Challenger
– 996 Podcast: Nathan Blecharczyk on Lessons from Airbnb’s China Expansion

Issue 31 | April 9, 2018

– Meituan Acquires Mobike
– Alibaba Acquires Ele.me
– AutoNavi and Ctrip Enter Ride-sharing
– Brad Bao of LimeBike on Tackling America’s Last-Mile Problem

Issue 30 | March 26, 2018

– Join Our Discussion on US-China Relations in Boston
– Two Wars: Tencent vs. Bytedance and Didi vs. Meituan-Dianping
– A Big Deal: Naspers Sells Tencent Shares
– China has 164 unicorns

Issue 29 | March 19, 2018

– A Big Deal: Qu Toutiao Raises $200M, Plans US IPO
– A Idol: Li Ka-Shing Retires
– A Buzzword: “Classical Investor”
– 996 Podcast: Miranda Qu of Xiaohongshu on Powering E-Commerce with Community

Issue 28 | March 12, 2018

– 996 Podcast: Yi Wang of Liulishuo on Teaching English with AI
– A Big Deal: Two Game Streaming Platforms Raise $1B from Tencent
– A Big Deal: China Wooing Tech Companies for Home Listing
– A Quote: How Bytedance (Toutiao)’s Zhang Yiming Retains Talents

Issue 27 | March 5, 2018

– Join us for a Live Session of the 996 Podcast
– Tencent owns 7.5% of Spotify
– Didi Reportedly Expanding into Food Delivery
– China Has Almost as Many Unicorns as the US

Issue 26 | February 26, 2018

– “3 a.m. Sleepless Blockchain WeChat Group”
– Momo Acquires Tantan, “China’s Tinder”
– Tencent Employees Line Up for Red Packets
– China is Racing Ahead in AI

Issue 25 | February 19, 2018

– 996 Podcast: Lin Bin on How Xiaomi Engineered its “Surprise Comeback”
– Chinese Tech Giants Give Out Hundreds of Millions in Free Money During Lunar New Year
– China Produced 8 Times as Many STEM Graduates as the US in 2016
– China Launches Blockchain-Based Apartment Rental Platform

Issue 24 | February 12, 2018

– Elon Musk idolized in China
– World’s largest human migration – Chun Yun – underway
– Didi ventures into Japan
– How Xiaomi engineered its comeback

Issue 23 | February 5, 2018

– 996 Podcast: Tao Zhang of Dianping on Merging with Meituan and “The Groupon War”
– A Chart: Amazon vs. Alibaba
– Toutiao and Baidu Go to War
– Ofo Reportedly Cash Strapped

Issue 22 | January 29, 2018

– Why Chinese startups should consider Alibaba & Tencent their allies, not enemies
– Didi introduces its own bike-sharing service
– Tencent will Invest in Carrefour China
– Alibaba reportedly in talks to partner with Kroger

Issue 21 | January 22, 2018

– “Father of WeChat” reveals product roadmap
– Google signs patent deal with Tencent
– Muji opens first hotel in Shenzhen
– Announcing the 996 Podcast

Issue 20 | January 15, 2018

– 1/3 of CES exhibitors were from China
– Huawei-AT&T deal killed by political pressure
– Didi enters ride-sharing war

Issue 19 | January 8, 2018

– Join us at two China-related events
– Tech giants address public outcry over data privacy concerns
– US blocks MoneyGram sale to Ant Financial on national security concerns
– JD.Com To Form Joint Venture With Meili
– Beijing to Build $2.1B Technology Park for AI

Issue 18 | January 1, 2018

– WeChat launches “mini-games”
– Meet our Chinese portfolio founders
– HelloBike raises another $150 Million
– Meituan Launches Taxi Hailing Service in 7 Cities

Issue 17 | December 26, 2017

– Didi now worth as much as Uber
– Tencent and JD.com invest $863 million in Vipshop
– Huawei plans to sell phones in the US next year
– Join us at CES

Issue 16 | December 18, 2017

– What the ByteDance-Musical.ly deal means
– Google’s AI center in Beijing
– Andrew Ng’s new project
– Tencent buys stake in Yonghui Superstores
– What is Xiong An New Area?

Issue 15 | December 11, 2017

– Xiaomi reportedly eyes 2018 IPO
– Tencent and Spotify buy stakes in each other
– Hellobike raises $350 million from Ant Financial and others
– Memorable quotes from Fortune Global Forum
– Huawei plans to launch 5G phones by 2019

Issue 14 | December 4, 2017

– Why Poshmark reminds us of Chinese companies
– Xiaomi partners with Baidu on AI and IoT
– Tesla sets up R&D center in Beijing
– Alibaba sells $7B of highly sought-after Bonds; lays out expansion strategy
– More Chinese people paying for videos

Issue 13 | November 27, 2017

– China’s largest Uber-for-trucks companies merge
– Beijing pushing for 5G adoption
– Toutiao will spend $300M to help influencers make money
– Cheetah Mobile releases strong Q3 results

Issue 12 | November 20, 2017

– How Tencent could help Snapchat
– HJow Tencent makes money
– Bike-sharing company Bluegogo collapses
– Alibaba acquires major stake in China’s largest hypermarket operator
– Baidu unveils series of smart home devices
– A Chart: Chinese smartphone users read news in bed more than anywhere else

Issue 11 | November 13, 2017

– World’s largest shopping spree (Singles Day) reaches historic high
– “Content King” Toutiao and Musical.ly announce agreement to merge
– Tencent now owns 12% of Snap
– Sogou goes public in New York

Issue 10 | November 6, 2017

– How Amazon and Whole Foods can learn from China
– E-commerce giants go all out for Singles Day
– Facebook is testing a WeChat-like “Red Envelope” feature
– Smart vending machine raises $9 million
– More women in Chinese tech named “most powerful in the world.”

Issue 9 | October 30, 2017

– Field notes from China’s retail revolution
– These 7 men now run China
– Producer of China’s national alcohol is now worth $110 billion
– Hellobike merged with Youon Bike
– JD opened its C2C marketplace
– NetEase launches adult product e-commerce site

Issue 8 | October 23, 2017

– Hans interviews Zhang Yiming, founder of Toutiao
– Meituan-Dianping raises $4 billion, will beef up autonomous delivery
– “Tencent of Southeast Asia” goes public
– Microlender Qudian goes public, targets underserved young shoppers

Issue 7 | October 16, 2017

– Tujia raises $300 million
– Sogou files for IPO
– JD unveils unmanned warehouse
– Alibaba’s Damo Institute

Issue 6 | October 9, 2017

– Mobike and Ofo reportedly talking merger
– Half of China travels during “Golden Week”
– Yonghui opens “Super Species” market
– Xiaomi wants to be the Muji of the tech industry

Issue 5 | October 2, 2017

– Bike-sharing startups suffer run on deposits
– Chinese children shop online at 7 years old
– WeChat switches up landing page
– Jack Ma on education
– LeEco becomes “New LeEco”

Issue 4 | September 25, 2017

– Baidu releases open-source autonomous driving framework Apollo 1.5
– Hangzhou ranked #1 among all Chinese cities in terms of net talent inflow
– iPhone 8 met with a cold shoulder in China
– What is Shí Wàn Jiā (a hundred thousand plus)?

Issue 3 | September 18, 2017

– Chinese government plans to ban sales of fossil fuel cars entirely
– 87% of China’s smartphone market is now captured by domestic brands
– Sina Weibo took the cigarette out of an emoji labeled “cool”
– Lessons from Weibo’s comeback
– What is Wú Rén Huò Jià (unmanned snack shelves)?
– Why might more high-speed trains lead to more unicorns in China

Issue 2 | September 11, 2017

– China’s central bank issues “death sentence” for ICOs
– What is “New Retail”?
– How Jack Ma dresses up for Alibaba’s annual employee parties
– How Tencent listens to its users
– What is Shuā Liǎn (face scanning)?

Introducing 996.

– Alibaba’s and Tencent’s market capitalization each exceeds $400 billion
– Baidu sold its food delivery business to Ele.me for $800 million
– 42.2% of Tencent’s revenue comes from online games
– What is Gòng Xiǎng (sharing)?