Tech China Post #43

SF Motors Inc, the electric vehicle business of China’s Chongqing Sokon Industry Group, bought InEVit Inc. InEVit is an electric vehicle and battery tech firm headed by former Tesla executive Martin Eberhard. China is the world’s largest car market and the world’s largest market for electric vehicles but the country has not opened the EV market to foreign companies and rather mainly cultivated domestic innovation and industry.

Bayer AG, the German life sciences company, is partnering with Alibaba Health (AliHealth) to utilize data from the Alibaba platform to generate health trends among Chinese people to understand and cater to domestic self-care needs.

China Everbright Limited (CEL) and U.S.-based venture capital firm Walden International are launching a $500 million fund to invest in semiconductor. In 2016, China accounted for about 44% of the global semiconductor industry’s total revenue of $339 billion, according to the Semiconductor Industry Association. (Reuters)

During the twice a decade 19th CPC National Congress that closed last week, major tech firms in China pledged to leverage their business model and reach to help bridge the gap in income and living conditions in China. Major tech companies had founders or representatives at the National Congress.