China Tech Newsletter – May 27, 2015

China’s mobile payment market reached RMB8.24 trillion (about US$1.3 trillion) in value in 2014, almost six times higher than the previous year, according to a report recently released by the Payment & Clearing Association of China.

The total number of mobile payments tripled to 15.3 billion.

Xunyou, game booster software developer, launches IPO on the Growth Enterprise Market of the Shenzhen Stock Exchange.

The company makes revenues through premium subscriptions which include the game acceleration service and virtual goods in games. Its total revenue for 2014 is RMB178 million (about US$29m). It has been profitable for the past three years.

Weibo Corp. will invest US$142 million in the leading transport app developer Didi-Kuaidi in the latter’s latest round of funding, according to its latest filing.

Uber has signed a strategic cooperation agreement with integrated IT services provider Digital China. The details of the agreement were not disclosed. It is speculated that it probably has something to do with the “Smart Cities” project Digital China has been working on.

The ride-sharing service provider announced a strategic investment partnership with Chinese search giant Baidu half a year ago.

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