China Tech Newsletter – April 16, 2015

Huawei P8Huwei launched a new flagship smartphone P8 in London.

The previous flagship model P7, launched in May 2014, has shipped more than 6 million units with 70% purchased by domestic consumers, according to the company (source in Chinese).

China surpassed the U.S. in iOS app downloads in the first quarter of 2015, according to the latest report by mobile app analytics provider App Annie.

App Annie believes it’s partly because of the launch of iPhone 6 and 6 Plus as IDC has found that Chinese purchased more 5 – and 7-inch smartphones as a percentage than Americans in the fourth quarter of 2014. But when it comes to revenue, China was still dwarfed by the U.S.

Legend Holdings has filed for Hong Kong IPO.

Founded in 1984 as one of the very first IT companies in China, Legend Holdings saw a total revenue of RMB289.5 billion (about US$467b) in 2014, with 94% generated by Lenovo Group (992.HK), in which Legend Holdings holds 30.55% a stake.

Lenovo became the world’s largest personal computer vendor in terms of units shipped in 2013. The company, according to statistics from IDC, was the third largest smartphone vendor worldwide in 2014.

60 million personal computers and 61 million mobile devices (smartphones and tablets) were shipped in 2014 that contributed 77% and 17% of the total revenues from Lenovo, respectively.

Since 2000, Legend has established three venture capital firms, Legend Capital, Hony Capital, and Legend Star, that have invested in dozens of domestic and overseas companies in industries ranging from technology to agriculture.

Peer-to-peer lending site Lufax has reportedly raised a new round of funding at a valuation of US$10 billion.  (via WSJ), on-demand beauty service provider, announced Series A round of funding from Hongtai Fund (our translation). (announcement in Chinese)

Udesk, CRM software developer, has raised US$3 million from DCM. (The company confirmed via Weibo)


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