China Tech Newsletter – May 19, 2015

Ant Financial Services Group, the finance arm of Alibaba Group, announces plans for a RMB1 billion (about US$160m) venture capital fund to finance fintech startups.

The company is also developing an equity crowdfunding platform named Ant Dake. Last month Alibaba’s Taobao added equity crowdfunding onto its crowdfunding site Taobao Crowdfunding (our translation). Online retailer also launched an equity crowdfunding platform at the end of March.

Online fashion marketplace announces US$30 million in Series C round of funding led by Jardine OneSolution, and joined by returning investors including KPCB China Fund and the founding team.

Starting as an online luxury retailer in 2008, pivoted to a marketplace for fashion goods in 2014.

Dada Bus, a Chariot-like commuter shuttle service, claims to have raised RMB37 million (about US$6m) in Series A funding. It is currently only available in Shenzhen and plans to expand to six more big Chinese cities. (via Donews)

Mobile social app developer Momo reports first quarter results. Mobile marketing and gaming revenues saw big increases. 6.2 million active game players contributed US$6.1 million in revenue, 23% of the total. Mobile marketing contributed another 23%.

The company plans to launch a live broadcasting service and local lifestyle offerings in the second half year.

Source: Momo
Source: Momo

Cheetah Mobile saw 38% of the total revenues generated in the first quarter from overseas, according to its latest quarter earnings release.

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