News Archive - October 2017

31 October 2017 - Newly Combined and SH-Listed Adama Reports 70% Increase in Q3 Net Income. Adama Agricultural Solutions Ltd and Shanghai-listed Hubei Sanonda Ltd (ChemChina subsidiary) combined at the end of September in a reverse merger, operating under the ADAMA name and brand. The central functions of the combined company will continue to be run from Israel, including the company's global R&D, registration and operations. The newly combined entity has reported increases all the way down its income statement, with a domino effect on the company’s working capital and net debt.  Full article

31 October 2017 - (Report) Foresight Autonomous: Well Placed For China’s Coming ADAS Revolution. Foresight has completed its daytime advanced driver assistance (ADAS) proof of concept and successfully completed three pilot trials with major Chinese OEMs. At the same time China has adopted new regulations, which should rapidly boost take-up of ADAS systems. Full article and report.

30 October 2017 - Tower and China's YCM team on backside illumination. Specialty foundry company Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) (aka TowerJazz) announced a partnership with Changchun Changguang Yuanchen Microelectronics Technology Inc. (YCM), a process manufacturer for backside illumination (BSI) which will allow TowerJazz to serve its worldwide customers with advanced BSI technology in mass production, at competitive prices, starting mid 2018. The new technology will support high-end photography, automotive, and AR/VR, among other growing CIS markets. Towerjazz stated, “The collaboration with YCM enables further penetration into this very fast growing high-end CMOS camera market in China.” Full article

30 October 2017 - BondIT Receives US$14.25M Investment from Fosun. The company intends to use the funds to go to China’s fixed income market and to accelerate its global expansion plans especially in the U.S. Full article

29 October 2017 - Why Foodtech is Right for China, A Venture Capitalist’s Answer. Established in 2016 in Shanghai, Bits x Bites presents itself as China’s first Foodtech startup accelerator and venture capital fund. Joseph Zhou, an investment partner and core team member of Bits x Bites, visited Israel last week in search of new investment opportunities. “We want to solve the challenge China is facing now, regarding food processing, retail and consumer experience and food-related education,” said Zhou. Full article

26 October 2017 - Israeli ‘Smart Road’ Startup Wins Tel Aviv Tech Contest. Winner of “The Pitch” startup competition, Valerann was awarded $250,000 and a trip to China (sponsored by the Guangzhou Sino-Israel Biotech Investment Fund) to showcase at the Guangzhou Innovation Festival in 2018. The company apparently has its eye on the Chinese market having expressed excitement for its upcoming trip to China and potential market entry. Full article

26 October 2017 - Former Alibaba Chiefs Bring Israel-developed Tamagotchi-style Water Bottle to Market. Formed by former Alibaba Group executives, Shanghai-based Bowhead Technology Inc. has sold over 30,000 interactive, Tamagotchi-style water bottles intended to help children form healthy hydration habits. Bowhead partnered with Israeli-born entrepreneur, Asi Meskin, to develop a smart bottle with a screen displaying an animation and can send updates to parents through a mobile app. The bottle was piloted earlier this year in Sha’al, a rural community in the Golan Heights. Full article

26 October 2017 - China Everbright, VC firm Walden launch $500 million semiconductor fund. amid Beijing’s drive to be a leader in the sector, the Walden CEL Global Fund I will focus on semiconductor and electronic information firms globally, including those in microchip and artificial intelligence, at the growth and maturity stages. Full article

25 October 2017 - CimiComp Announces its 2018 Competition. CimiComp 2018  is open for startups that engage with R&D and commercial technologies in Medical Device, IVD and Medical IT fields. Having met certain criteria, CimiComp will distribute $2m in convertible loans to three winners who will also gain exposure to leading Chinese investors. Partners include CCTMIS, Nantong Government, Chinese investors, Meitar, Deloitte and IATI. Full article
25 October 2017 - Israel's OurCrowd makes first Chinese investment. The Israeli venture capital platform participated in the nearly $60 million financing round of Chinese in-destination service booking platform company Klook. OurCrowd Managing Partner Asia and head of OurCrowd’s Singapore management company Denes Ban said: “The investment further solidifies Israel’s pivot towards Asia. ln-destination travel services is the segment with the largest business potential in online tourism. We plan to leverage our unparalleled access to Israeli frontier tech such as AI to help Klook in its further development of travel tech.” Full article

24 October 2017 - Haier Establishes Innovation Foothold in Israel. The center will focus on finding local innovations and technologies, mostly in the domains of sensor technology, materials, chips, Internet of Things, smart homes, and energy. Companies that meet Haier's requirements will become Haier suppliers, and Haier will also assist Israeli companies looking to expand to the Chinese market. Daniel Oleiski is the new center's CEO and Start-Up Nation Central will (non-exclusively) assist Haier with navigating the local startup ecosystem. Full article

24 October 2017 - Israel’s Video Platform Wibbitz Raises $20M. The round was led by Bertelsmann Digital Media Investments (BDMI) with contribution from new and existing investors including Horizons Ventures. Full article

24 October 2017 - China’s Haier Opens Israel Innovation Center. Haier opened an innovation center in Israel this week with a focus on smart home technologies. The company said it would be looking for smart household goods technologies to integrate into its product line and help Israeli companies looking to expand into China. Full article

23 October 2017  - Ofo has entered Israel. Ofo announced today it has entered Israel via Bar-Ilan University with 100 bicycles. Another 1,000 bicycles arrive by the end of 2017. Ofo CEO Dan Wei sees Israel as a strategic market in its internationalization. At present, Ofo is present in China, UK, US, Australia, Austria, Czech Republic, Italy, Japan, Kazakhstan, Malaysia, the Netherlands, Russia, Singapore, Spain, Portugal, Thailand, Israel and 17 other countries.  Full article (Chinese)

22 October 2017 - Arrival of Chinese Construction Workers Delayed. It will be at least another month before the Chinese workers embark on construction sites in Israel. Reportedly the reason is that the Chinese Embassy in Israel has not yet confirmed to Beijing that the construction sites are within the Green Line, as stipulated in the agreement. Full article (Hebrew)

19 October 2017 - Xi Jinping Speech Likely To Extend China’s Technology Exuberance For Many More Years. For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped. The key words of “artificial intelligence”, “big data” and “innovation” were highlighted and emphasized repeatedly in the three-hour address. Full article

19 October 2017 - PayKey Closes $10 Million Series B. The round was led by MizMaa, along with new and existing investors. The funding will expand PayKey into Asia. Full article

19 October 2017 - Canadian Solar Chinese subsidiary sets up JV in Israel. Together with Menora Mivtachim Holdings Ltd, a Chinese subsidiary of Canadian Solar set up a $60 million 50/50 joint venture aiming to invest in the development, financing, construction and ownership of solar power projects in Israel. Full article (Chinese)

19 October 2017 - Xi Jinping Speech Likely To Extend China’s Technology Exuberance For Many More Years. For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped. The key words of “artificial intelligence”, “big data” and “innovation” were highlighted and emphasized repeatedly in the three-hour address. Full article

19 October 2017 - PayKey Closes $10 Million Series B. The round was led by MizMaa, along with new and existing investors. The funding will expand PayKey into Asia. Full article

18 October 2017 - The Chinese are cleaning: an 80% jump in sales of electric vehicles. In September, 77,000 electric cars were sold in China, up 80 percent from the same month last year. One of the reasons for the sharp rise is that authorities are considering banning the movement of cars with internal combustion engines on the streets of major cities. Full article (Hebrew)

17 October 2017 - New Chinese-Israeli Investment Firm Scouting for Israeli Startups. CimiComp, founded by Israeli entrepreneur Oren Rasooli and ex-PTL CFO Roger Lu, targets Israeli medical companies that have exited accelerators and aims for 2-3 yearly investments valued at up to $5 million in convertible loans. The firm also assists portfolio companies in entering the Chinese market. Full article

16 October 2017 - Hong Kong-based fund Run Liang Tai holds 14% of Telit. Amid a period of bad news for the Israeli tech company, Hong Kong private investment fund Run Liang Tai was steadily putting money behind it. The fund first invested in Telit in September, buying 3.4% of the company's shares, and has since then steadily increased its holdings, reaching a 14% stake. This makes Run Liang Tai Telit's largest shareholder. Full article

13 October 2017 - China bestows honor on Israeli businessman. Prime Minister Li Keqiang has awarded Israeli businessman Amir Gal-Or with the National Friendship Award, China’s highest honor for foreign citizens, for his work in promoting Israel-China relations and his contribution to the field of innovation. Full article

10 October 2017 - Chery denies it is for sale. News that the Chery car brand is for sale was denied by the company on social media accounts. The company, partially owned by Israel’s Kenon, has suffered losses and has reportedly been in talks to take on a third, unknown investor. Full article (Chinese)

10 October 2017 - Alibaba to invest over $15 billion in three years in global research program. The program is called the Academy for Discovery, Adventure, Momentum and Outlook, or “DAMO Academy”. Alibaba will set up seven research labs in Beijing, Hangzhou, San Mateo and Bellevue in the U.S., Moscow, Tel Aviv and Singapore, and recruit 100 researchers to staff them. The labs will focus on data intelligence, IoT, fintech, quantum computing and human-machine interaction, including machine learning and Natural Language Processing. Full article

9 October 2017 - A 31% jump in exports of goods from Israel to China. Most of the exports to China (61% according to 2016) are of machinery and electronic components, and the main increase in exports, according to the Ministry of Economy estimates, is in this field. The Ministry of Economy is now trying to promote the second-place industry - medical equipment and computing, which accounted for 15% of exports last year in light of China's potential in this field. Full article (Hebrew)

9 October 2017 - Israel Aims to Benefit From China’s Growing Demand for Medical Devices. China’s multi-billion medical industry has grown by nearly $10 billion from last year, following a demand for better health services that is linked to the rise of the Chinese middle class. Full article

5 October 2017 - Siasun eyes overseas targets. Qu Daokui, president of Siasun Robot & Automation Co, Qu Daokui, president of Siasun, said the company is looking to invest in robot technology in Europe and the United States, with acquisitions starting from at least $1 billion. “We are interested in companies that have state-of-the-art technologies or have a key presence in the industry chain,” Qu said. In late 2015 Siasun teamed up teamed up with Israeli companies and universities in a China-Israel robot research institute in Guangzhou where they are jointly working on AI. Full article

4 October 2017 - 5-year Chinese water treatment industry landscape and scale forecast. China research company CI Consulting has released the "2017-2021 China Water Treatment Industry In-depth Research and Investment Forecast Report", which expects China's water treatment industry market size to reach RMB 280 billion in 2017. Over the next five years (2017-2021) the average annual compound growth rate will be about 43.25%, and 2021 market size will reach RMB 1,179 billion. Last September Sichuan Province and Israel issued an Action Plan focusing on various tech industries, including water treatment.  Full article (Chinese)

3 October 2017 - Chinese-owned Playtika Buys Israeli Firm Jelly Button Games. Playtika, the gaming company acquired by Chinese interest* a year ago for $4.4 billion, bought Jelly Button Games, a fellow Israeli company, on Monday as it seeks to expand into casual and mobile games. Playtika declined to say what it paid for Jelly Button Games, but it is estimated to be in the tens of millions of dollars. Full article *investors: Shanghai Giant Network Technology, Yunfeng Capital and others

2 October 2017 - PriorTech announces 38% holding in China JV for sale. PriorTech (TASE:PRTC) announced it is looking for a “strategic acquirer” for subsidiary Amitec’s 38% holding in Access (Zhuhai Advanced Electronic Substrate Solutions Technologies Co., Ltd (珠海越亚封装基板技术股份有限公司)). The announcement also summarized the company’s incoming orders and past period revenues and profits. Announcement (in Hebrew)

2 October 2017 - Kryon Systems Raises $12 Million Series B. Led by Aquiline Technology Growth and Vertex Ventures, the funding will fuel the global expansion of Kryon and will support the development of enterprise-grade RPA solutions. Full article

2 October 2017 - Trendlines portfolio company Vensica receives $2m investment with option for acquisition. Vensica Medical, an Israeli company developing an ultrasound based, needle-free drug delivery system, received a $2m investment from Cogentix Medical, Inc., with the option to acquire the entire company for an additional $8m. Congentix (NASDAQ: CGNT) is a global medical device company focused on providing the Urology, Uro/Gyn and Gynecology markets with innovative and proprietary products. Full article

2 October 2017 - PriorTech announces 38% holding in China JV for sale. PriorTech (TASE:PRTC) announced it is looking for a “strategic acquirer” for subsidiary Amitec’s 38% holding in Access (Zhuhai Advanced Electronic Substrate Solutions Technologies Co., Ltd/珠海越亚封装基板技术股份有限公司). The announcement summarized the company’s incoming orders and past period revenues and profits.  Announcement (in Hebrew)

1 October 2017 - Alstom wins TA light rail signals tender. In winning the signals tender, Alstom prevailed over Italian company Ansaldo and China's CRSC. Full article

1 October 2017 - Updates to the Ministry of Economy’s China-Israel Accelerator Program. China Deals InfoBase reported this in a feature last July but the program information has been updated according to a release from Israel’s Ministry of Economy and Industry. Five Israeli startups will be selected to go to Beijing and will be supported by the Ministry and Shengjing Group with the knowledge, mentorship, and fundraising resources necessary for a successful foray into the Chinese market. The ministry is accepting applications until the end of October. Full article

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