China Tech Newsletter – May 5, 2015

Leshi Internet Information & Technology Corp. (300104.SZ), or LeTV, announced late last evening that its stake in LeTV Sports Culture Develop (Beijing) Co., Ltd., which provides sports streaming service and other sports-related products, would be lowered to below 15% after introducing strategic investors.

Bloomberg reported yesterday that LeTV Sports had raised more than US$100 million at a valuation of about US$450 million. This round of financing is reportedly led by Wanda Group or a venture capital firm affiliated to it.

LeTV announced today the “smart” bicycle under development would be launched in July.


It’s been a year since the launch of Zhao Cai Bao, the online marketplace for financial products and services of Alibaba’s finance arm. The total sales through the platform have reached RMB107 billion (about US$17b). The platform’s main target audiences are individuals and SMEs.


eDaijia, on-demand chauffeur service, announced that it has raised US$100 million in Series D round of funding at a valuation of US$800 million. This round was led by Warburg Pincus and participated by Matrix Partners China and Lightspeed China Partners.

Some 75,000 drivers, who have passed a test and received training from eDaijia, in about 130 Chinese cities have signed up, according to the company.


Used car marketplace Che101 has raised US$10 million in Series A funding led by Super Capital and joined by Lightspeed China Partners.

Established in 2013 and starting from providing dealers with used car information packages, Che101 began selling used cars directly to consumers from early this year. Its services currently are only available in two cities, Beijing and Chengdu. The company plans to expand to 20 cities by year end.


Online fresh produce supplier Fields has sold 54.5% stake to Sun Art Retail Group Ltd. (06808.HK). Fields was established in 2009 in Shanghai and raised US$5 million Series A funding led by Clearvue Partners in 2013.

Other notable fresh produce sites in China include TootooYummy77 (funded by Amazon), Benlai and SFbest (established by logistics giant S.F. Express).


Chinese online advertising network Panshi, or Adyun, claimed to have raised US$200 million in Series B round of funding led by NewMargin Ventures and joined by JD Capital, WI Harper, Refine Capital and Fang Fund. Panshi received a Series A funding of US$20 million from NewMargin Ventures in 2010, according to previous media reports.

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