China Tech Newsletter – April 21, 2015

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image credit: Sina Tech
image credit: Sina Tech

Leshi Internet Information and Technology Corporation (LeTV) (300104.SZ), the online video and smart TV company, and Beijing-based BAIC Motor (1958.HK) demonstrated a connected car concept at Auto Shanghai 2015. LeTV is developing the in-vehicle software system which will be pre-loaded with LeTV’s digital content and internet services. (via Sina Tech)

LeTV unveiled its connected electric car plans in December 2014 and has launched LeUI Auto, an Android-based operating system.

The company announced yesterday a partnership with Aston Martin Lagonda, the British manufacturer of luxury sports cars, on a connected car project.


58.com Inc. (NYSE:WUBA) invested last year about US$600 million in on-demand services startups, including beauty service Meidaojia, massage service Diandao, child care service 58 Yuesao, car wash service Guaguaxiche.com and private driving instructor provider 58 Peilian.

Before these investments 58.com had developed services supplying housekeepers and house-moving workers. To transform its classified ad site into a local services marketplace, 58.com plans to add 20 more categories by year end. The company plans to invest another US$500 million to US$1 billion within three years in its on-demand services platform.


4G subscribers in China reached 162 million in March, accounting for 12.5% of the total mobile phone users, according to the Chinese Ministry of Industry and Information Technology. (China Mobile claims its 4G customers were 143 million as of March.) Total 3G customers decreased 9.6 million in March.

Mobile internet users reached approximately 900 million, a 6% year-on-year increase.


Peer-to-peer lending website JimuBox announced US$84 million Series C funding round led by Investec and participated by Mandra Capital, Zhong Capital Fund, Haitong Securities and existing investors, Xiaomi Inc., Shunwei Capital Partners, Matrix China Partners, Magic Stone Alternative and Ventech China.

A total of RMB5.8 billion (about US$940m) in loans has been facilitated through JimuBox since its launch in August 2013, according to the company.


Online IP legal services platform Zhiguoguo.com announced US$3.7 million in Series A funding led by Matrix China Partners and participated by existing investor Legend Star.


Cash-back shopping site Fanli.com has raised US$100 million in Series C funding led by Japanese e-commerce company Rakuten.

Fanli claims it has about 70 million users and has partnered with 5800 brands. 70% of the sales are through mobile. (source in Chinese)

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