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Lei Jun, CEO of Chinese smartphone maker Xiaomi said Saturday at the 6th World Internet Conference that the company is to release over 10 5G phone models next year as he worries 4G smartphones will lose favour with customers in the coming year. (Yicai)

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High-precision positioning service provider Qianxun SI, which taps China's Beidou Navigation Satellite System for civilian use, completed Series A round of funding of 1 billion yuan Friday, pushing its valuation to over 13 billion yuan. Qianxun is initiated by Chinese defense corporation Norinco and Alibaba Group in 2015.

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Chinese mobile game company CMGE announced Friday that it will start trading on Hong Kong Stock Exchange from October 31 under the ticker 0302.HK. Seven cornerstone investors have invested about 250 million HKD, including short video giant Kuaishou ($10 million), video platform Bilibili and Twitter-like Weibo ($5 million each).

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Nine Chinese automobile companies including BYD, FAW Group, BAIC Group, Great Wall Motors, Chery, and Yutong Bus formed an intellectual property alliance on Friday. The organization aims to clear barriers for the use of IP and avoid major IP risks.

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Chinese electric vehicle startup NIO (Nasdaq: NIO) is expected to offer second-hand car services by the end of 2019, learned car forum Autohome. NIO-verified second-hand cars will have higher residual value than non-verified ones, said the EV maker.