China Tech Newsletter – April 8, 2015

Meitu, the developer of the massively popular photo editing and sharing app Meitu Xiuxiu (or Meitu Pic), releases its fourth Android phone M4 and a couple of gadgets. The selling point of the new model is the ability of taking selfies in the dark.

The company claims combined 980 million users, having its apps in 680 mobile devices. Meitu Xiuxiu has had 440 million users. Meipai, a video clip sharing app, has had 130 million users. These numbers show big jump since two months ago.


Alibaba Group launches business unit for automobile. A marketplace for new cars, used cars and auto-related products and services will be launched. Over 50 car brands, 10,000 auto 4S shops and 20,000 auto service stores have got on board, according to the company.

Alibaba’s Tmall, the business-to-consumer marketplace, held its first Car Shopping Festival in 2014, during which over 3000 cars were sold in half a month. 50,000 more cars were later ordered during its annual shopping festival in November.


Today is Xiaomi’s annual “Fan Day”. 2.11 million phones, 38,600 smart TVs, 79,000 WiFi routers and other gadgets had been sold by 11pm that generated a total of RMB2.08 billion (about US$335M) .


Sesame Credit, the online credit scoring service developed by Ant Financial Services Group (the finance arm of Alibaba Group), begins to power Huabei and Jiebei, two online  credit services of Ant Financial, and Haoqidai, a consumer credit service of MUCFC.com (a finance company jointly established by Chinese telco China Unicom and China Merchants Bank).

Users scored over 600 can take out month-to-month loans of up to RMB30,000 for shopping on Tmall or Taobao with Huabei, or 12-month loans of RMB1000 – 50,000 with Jiebei. Offerings from Haoqidai requires Sesame Scores to be higher than 700.


Drone maker DJI, or Dajiang, launches two new models, Phantom 3 Professional and Phantom 3 Advanced.


58.com officially launches its on-demand moving service which became available in 15 big and mid-sized Chinese cities during the testing phase.


7. Wowo Ltd. got listed on the NASDAQ. Starting off as a group-buying service, the company now positions as a marketplace for local lifestyle services.

The company only raised US$40 million in the IPO while having raised a total of some US$150 million in financing by 2012.


Mazhan.com, an online investment loan lender, announces US$10 million funding from Bluerun Ventures.


Qingchifan, a meal sharing service, announces US$17 million in Series B round of funding, led by Vertex Venture Holdings and joined by Sequoia Capital.


Qufenqi.com,  which provides undergraduates with installment payment options, announces approximately US$100 million new funding, led by Chinese gaming company Kunlun, aka Kalends, and joined by Bluerun Ventures and Source Code Capital.


Qingqing Jiajiao, a mobile app connecting private tutors and K-12 students, announces US$15 million in Series B funding, led by Sequoia Capital and participated by TBP and IDG Capital Partners.


Yirendai.com, the peer-to-peer lending site of CreditEase, will reportedly be spun off and IPO in the U.S. (report in Chinese)

(Note: Inflating funding figures or user metrics are believed to be popular in today’s China.)


About China Tech Newsletter

China Tech Newsletter compiles hand-curated business news from the China tech market.

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