China Tech Newsletter – May 25, 2015

TCL Memeda 3N
TCL Memeda 3N

Electronics company TCL announced a spin-off its smartphone brand Memeda which was established one year ago.

Memeda has launched a series of low-cost smartphones priced between RMB799 (about US$130) to RMB1099 (about US$180), and will unveil more connected hardware products ranging from smart watch to mobile health devices.


Youban, developer of educational apps and content for kids, has got new funding from TAL Education Group. The company raised seed capital from angel investor Cai Dongqing and Series A round from Oriental Fortune Capital.

Youban’s in-house developed educational content is targeting 0-8 years old age group. Its apps have one million daily active users, according to the company.

TAL Education Group has previously invested in three early childhood eduction startups, parenting website Babytree, science education site Sharkpark and Heyha, developer of early education tech solutions.


On-demand beauty service Meililai has raised RMB10 million (about US$1.6m) in angel investment from China Growth Capital.

Starting with a web app on WeChat platform, Meililai is launching iOS and Android apps. The startup is founded by former Baidu exec Chen Feng.


Online fresh fruit retailer FruitDay announces US$70 million in Series D round of financing led by the leading online retailer JD.com and participated by returning investors SIG China and ClearVue Partners.


Online luxury retailer Zhenpin announces RMB60 million (about US$9.7m) Series A funding from Genecapital and Kuailu Group. Zhenpin was launched in 2011.


Foxconn has launched a business-to-business marketplace FoxconnMall.com.


Online travel service provider Tuniu reports first quarter results.


Qihoo 360 announces the establishment of enterprise security group (our translation). Qi Xiangdong, president of Qihoo 360 will serve as CEO of the new business.

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