China Tech Newsletter – May 22, 2015


Merchant payment solution developer WangPOS, formerly WeiPOS, announces RMB100 million (about US$16m) in Series B round of funding from IDG Capital Partners and Shining Capital Management. The company previously received US$4 million from IDG Capital Partners in 2012.

The smartphone-sized WangPOS has integrated popular Chinese mobile payments services such as Alipay and WeChat Payment, mobile banking services and CRM solutions. There’s also an app market providing merchant-facing services developed in-house or from third parties .

Expedia has sold its 62.4% stake in Chinese online travel agency eLong (NASDAQ: LONG) for US$671 million to a group of investors including Ctrip (NASDAQ:  CTRP), eLong’s long-term competitor.

Ctrip now is the largest shareholder in eLong with a 37.6% stake. Chinese internet giant Tencent held a 15% stake in eLong as of 2014.

Letv Mobile Co.

, the smartphone subsidiary of Letv (Leshi) established in early 2015, is raising Series A round of funding in excess of US$300 million, Feng Xing, SVP of Letv and the President of Letv Mobile Co. told yesterday.

Letv Sports Culture Develop (Beijing) Co., Ltd., another Letv company, announced RMB800 million (about US$130m) in Series A round of financing earlier this month.

The leading transportation network company Didi-Kuaidi announced today to launch a massive campaign to promote its recently launched ridesharing service Kuaiche in 12 major Chinese cities. The company plans to spend RMB1 billion (about US$160m) in subsidies.

The two biggest transport services in China, Didi and Kuaidi, merged in February. The Didi-Kuaidi has topped 4 million taxi rides and 1.5 million private car rides daily. There are 1.35 million taxi drivers in 360 cities and 400,000 contracted drivers in 61 cities on its platform.

Online beauty retailer Jumei reports first quarter results.

H-P sells 51% of H3C to Tsinghua Holdings for US$2.3 billion.


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