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Coronavirus test-equipment maker MGI Tech rakes in $1bn funding

MGI Tech, a major provider of COVID-19 testing equipment in China, completed a $1 billion series B round led by IDG Capital and Citic Private Equity Funds Management.

The second round was much bigger than the first, which brought in $200 million a year ago, though the company had expected to raise $1 billion. MGI declined to disclose the company’s new valuation after the latest round.

The COVID-19 pandemic has created a favorable fundraising environment for the maker, as business rises on huge demand for its nucleic acid extraction kits used for detecting the disease.

MGI said it has been

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China startup NIO gains $1bn state funding to chase Tesla

NEW YORK/PALO ALTO, U.S. — When Chinese electric-car maker NIO sealed a 7 billion yuan ($1 billion) deal with a group of state investors Wednesday, the company wasted no time spreading the word to potential buyers.

Many consumers, while admiring NIO’s vehicle models, have been on the fence about making a purchase, as they feared the Nasdaq-listed auto startup might go out of business, which would make future maintenance and battery charging difficult, if not impossible.

Having secured a new financial lifeline, the company reassured these consumers that its existential crisis is over. “Thank you,” NIO said on Weibo, the

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China electric car champ NIO chases Tesla with $1bn state funding

NEW YORK/PALO ALTO, U.S. — When Chinese electric-car maker NIO sealed a 7 billion yuan ($1 billion) deal with a group of state investors Wednesday, the company wasted no time spreading the word to potential buyers.

Many consumers, while admiring NIO’s vehicle models, have been on the fence about making a purchase, as they feared the Nasdaq-listed auto startup might go out of business, which would make future maintenance and battery charging difficult, if not impossible.

Having secured a new financial lifeline, the company reassured these consumers that its existential crisis is over. “Thank you,” NIO said on Weibo, the

Read More

China’s NIO seals $1bn in state funding to withstand Tesla

NEW YORK/PALO ALTO, U.S. — When Chinese electric-car maker NIO sealed a 7 billion yuan ($1 billion) deal with a group of state investors Wednesday, the company wasted no time spreading the word to potential buyers.

Many consumers, while admiring NIO’s vehicle models, have been on the fence about making a purchase, as they feared the Nasdaq-listed auto startup might go out of business, which would make future maintenance and battery charging difficult, if not impossible.

Having secured a new financial lifeline, the company reassured these consumers that its existential crisis is over. “Thank you,” NIO said on Weibo, the

Read More