China Tech Newsletter – May 16-18, 2015

Weilidai Available on QQ Mobile App
Weilidai Available on QQ Mobile App

WeBank, the Tencent-backed online only private bank, is testing its first small loan product, Weilidai (“microparticle loans”), according to an exclusive report by Caixin.

It offers personal loans up to RMB200,000 (about US$32,000) with interest rates lower than the average credit card interest rate. Instead of opening to all users for application, WeBank is pushing the message about the product to selected users of Tencent’s QQ IM. Tencent has developed a consumer credit scoring service based on user data.

The product will also be available to users of Tencent’s WeChat and Tenpay, according to the Caixin report. Tencent is the largest shareholder in WeBank that has a 30% stake.


Xiaomi will begin selling its activity tracker Mi Band, portable battery chargers and earbuds to users in the U.S., the U.K., France and Germany through its online store tomorrow (May 19).


JD.com invests HKD1.3 billion (about US$171m) in enterprise software company Kingdee International Software Group Co., Ltd. (HKSE:00268) that will hold a 10% stake in the latter after the deal is completed.


JD.com has reached partnership with Shanghai Pharmaceuticals Holding Co., Ltd. (HKSE:02607). The two parties will jointly establish an online prescription drugstore on JD’s retail site which will be operated by a subsidiary of Shanghai Pharmaceuticals. The two will also finance a telemedicine project under Shanghai Pharmaceuticals.


JD.com has launched crowdsourced parcel delivery service JD Crowdsourcing (our translation). The company will provide training for amateur delivery men and reward them RMB6 yuan (about US$1) for each delivery.


1688.com, the online marketplace for domestic wholesale trade of Alibaba Group, officially launched today Global Supply Source (our translation), an additional platform for Chinese merchants to purchase products from wholesalers in foreign countries.


Alibaba Group launches South Korea Pavilion (our translation) on its online retail marketplace.

Some 8,000 stores in South Korea have supported Alipay, the online payment service of Alibaba’s finance arm. The number will reach 20,000 by year end.


Wasu Media Holding Co., Ltd. says it hasn’t reached any agreement with Netflix. (statement in Chinese) It was reported that Netflix was in talks with Wasu, which holds a license to operate internet TV content in China, and a few other Chinese companies to enter China.


CMC, a wholly-owned subsidiary of China Mobile, announces to establish a joint investment company with State Development & Investment Corporation (SDIC) and the Fund Management Company to invest in mobile internet companies and related businesses at the growth and maturity stages.


Baidu invests in New York-based content recommendation company Taboola, saying it will bring the latter’s service to China.

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