Everything about China's Innovation
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Crypto investor Sequoia Capital China raises $9 billion, Chinese beauty app Meitu records up to $52.3 million in net losses amid crypto market crash, Animoca Brands leads $32 million funding round for Web 3.0 gaming company Planetarium Labs, and more.
Sequoia Capital China, an affiliate of crypto-friendly venture capital firm, is close to raising nearly $9 billion to put into domestic startups, despite the effects of Beijing’s zero-Covid policies and a tech crackdown. Cointelegraph and the Financial Times first reported the story.
READ MORE: All of our stories on Sequoia China Capital!
Meitu, best known as the developer behind popular Chinese selfie apps Meitu App and Beuaty Cam, warns investors that its losses could widen by up to 154% in 2H22 due to its holdings in crypto, which suffered a meltdown in the past two months. Fortune and SCMP first reported this story.
Planetarium Labs, a builder of community-driven blockchain games, has raised $32 million in a Series A funding round led by Animoca Brands. CoinDesk and VentureBeat first reported the story.
READ MORE: Read all of our stories on Animoca Brands!
Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, according to Cointelegraph, citing a report by local news agency Beijing Daily.
CoinFlex, a small crypto exchange focused on derivatives trading, said it has taken legal action to recover $84 million in losses from a single customer. Bloomberg and Mint first reported the story.
Ashly Alder, the CEO of Hong Kong’s Securities and Futures Commission (SFC), will become the next chair of the UK’s Financial Conduct Authority (FCA), starting in January 2023. CoinDesk and Cointelegraph first reported the story.
That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to make this newsletter better. Write to us at [email protected]. See you again next week!
During the Spring Festival, Meitu, an image processing app, launched an activity called “win money with face score”. Chinese Internet giants used AI (artificial intelligence), AR (augmented reality) and other technologies to develop diverse ways of gifting money.
Chinese gamers have historically been staunch PC buffs, but it was rather a Hobson’s choice. From 2000 to 2015 buying an Xbox or a PlayStation was not an easy feat for local youths, since most consoles were simply banned from official sale.
Without further delay, here are our top 10 picks for Chinese mobile games that are flourishing overseas.
Since the bankruptcy and liquidation of Terra/LUNA, stETH, and 3AC, the transaction volume of the world’s NFT market has shown a downward trend. Meanwhile, China, on the other side of the ocean, is leading the digital collection market.

A Guide to China's Tech World

TechBuzz China by Pandaily

Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
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