China Tech Newsletter – April 13, 2015

Tencent signed a cooperation agreement with the Shanghai municipal government on connected smart city.

WeChat, the massively popular messaging app developed by Tencent, recently began testing City Services (our translation) which enables citizens to see real-time traffic camera feeds and air quality data, file taxes, book doctor appointments, pay traffic fines, buy long-distance bus tickets, among others. Shanghai is among the first few pilot cities.

Tencent’s market capitalization reached US$200 billion for the first time.

Alibaba’s Taobao has added equity crowdfunding onto its crowdfunding site Taobao Crowdfunding (our translation) which was launched in March 2014.

The management, CEO and chairman Deng Yuqiang and COO Zhi Zhu, of Sungy Mobile have proposed to take the company private. It’s less than 16 months since it launched IPO on the NASDAQ. Since reaching a peak price in March 2014 its shares began falling in price and now is trading 75% lower than IPO price. The company’s president and CFO have resigned in the past year.

Sungy Mobile touted its big user based outside of China. But there have been concerns surrounding its capabilities of further monetizing the user base since its IPO.

Tiange, the Hong Kong-listed interactive video platform, has acquired 70% of Gusi Health (our translation), a healthcare software developer. Before this deal Tiange had acquired about 34% a stake in another healthcare application developer SeeHealth.


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