Xiaochun Zhao

Cash loan “supermarkets”, a byproduct of the cash loan business, are generating equally huge profits for their operators.

The Chinese government has stepped up its control over the cash loan industry, causing the stock prices of US-listed Chinese internet finance companies to plunge.

Plus, Uber lost records on 57 million customers and drivers. License for online microloan is expected to become extremely expensive in China.

Plus, Singapore’s InCorp Group has acquired three subsidiaries of CA Trust. California-based cloud-service provider Scalyr has raised $20 million.

Plus, Singapore’s Leonie Hill Capital is to contribute half of the $60 million fund to invest in intellectual property-based tech startups in Southeast Asia. Uber agreed to buy 24 000 Volvo SUVs.

Plus, China launched regulations on financial institutions concerning asset management. Tesla received preorders from Walmart and Loblaw for its semi-truck.

Plus, Rong 360’s affiliate listed on NYSE. General Motors is to rival Tesla as the company plans to launch its new electric car.

Plus, Tencent saw a 61 percent rise in third-quarter sales. Tesla suffered its biggest loss.