Chinas

China’s Kunlun says U.S approves sale of Grindr to investor group

FILE PHOTO: Grindr app is seen on a mobile phone in this photo illustration taken in Shanghai, China March 28, 2019. REUTERS/Aly Song/Illustration

(Reuters) – Chinese gaming company Beijing Kunlun Tech Co Ltd said on Friday that a U.S. national security panel approved the $620 million sale of popular gay dating app Grindr to an investor group called San Vicente Acquisition LLC.

The panel, the Committee on Foreign Investment in the United States (CFIUS), ordered Kunlun last year to divest Grindr amid concerns regarding the safety of the personal data it handles, such as users’ private messages and HIV status.

A Treasury spokeswoman did not respond to a request for comment on behalf of CFIUS.

Kunlun has not disclosed the identity of the investors behind San Vicente. It has said only that the group comprises seasoned investors that include one or more U.S. entrepreneurs.

“We are pleased that all approvals

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China’s Didi Chuxing raises over $500 million for self-driving unit

FILE PHOTO: Logo of Didi Chuxing is seen at its headquarters building in Beijing, China August 28, 2018. REUTERS/Jason Lee

BEIJING/SHANGHAI (Reuters) – China’s Didi Chuxing said on Friday it had completed a fundraising round of over $500 million for its autonomous driving subsidiary that was led by SoftBank Group’s Vision Fund 2.

The ridehailing giant said in a statement the round marked the first time Didi’s autonomous driving business had brought in external funding since it became a standalone unit last year.

Didi said it would use the capital to invest further in the research and development of autonomous driving technology as well as testing, and accelerate the deployment of autonomous driving services.

Didi has gained open-road testing licences in California, Beijing, Shanghai and Suzhou, it said. It first began to develop and test autonomous driving vehicles in 2016.

The fundraising comes as SoftBank has been selling off other

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China’s Nio quarterly revenue misses estimates on COVID-19 hit

Chinese electric vehicle start-up NIO Inc., logo is on display on the trading floor of the New York Stock Exchange (NYSE) as NIO stock begins trading during the company’s initial public offering (IPO) at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid

(Reuters) – Nio Inc on Thursday reported quarterly revenue below Wall Street estimates as the cash-strapped Chinese electric vehicle (EV) maker sold fewer vehicles amid the COVID-19 pandemic, sending its shares down 3%.

Total revenue stood at 1.37 billion yuan ($191.46 million) in the first quarter, compared with the average analyst estimate of 1.67 billion yuan, according to IBES data from Refinitiv.

Auto sales in China tumbled 42% in the first two months of this year from a year earlier, as the outbreak disrupted production and delivery of vehicles.

Nio delivered 3,838 vehicles in the first quarter ended March 31, down from 3,989 vehicles. Sales

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Japan’s Marvelous shares jump 17% as China’s Tencent takes 20% stake

FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee

TOKYO (Reuters) – Shares in Japan’s Marvelous Inc on Tuesday closed up 17% at their daily limit of 682 yen after the games maker announced China’s Tencent Holdings Ltd would take a 20% stake.

Tencent will spend around 7 billion yen ($65 million) acquiring shares from Marvelous and its largest shareholders, Amuse Capital and its chief executive, Hayao Nakayama, a former Sega executive whose son founded Marvelous. It will pay 576 yen each – 1% below Monday’s undisturbed closing price.

Marvelous said in a stock exchange filing it plans to use the funds to launch games franchises and for overseas expansion of current titles, which include farming simulator Story of Seasons: Friends of Mineral Town for Nintendo Co Ltd’s Switch console and cross-platform shooter Daemon X Machina.

The investment is the

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