China Tech Newsletter – June 4, 2015

On-demand tailoring service Iwode Tailor has raised Series B funding from Legend Capital and returning investor IDG Capital Partners.

Its doorstep stitching service, launched earlier this year, is currently available in two cities in Guangdong province, planning to expand to 50 cities by year end with the newly raised funds. Before the on-demand service the company had set up a number of offline tailor shops across China through franchising. (via

Medicine Power, one-hour pharmaceutical delivery service, has raised Series A round of funding led by Tendence Capital, with participation from Ping An Ventures and existing investor Ce Yuan Ventures. (via Sina Tech)

Alibaba Group will invest RMB1.2 billion (about US$194m) in China Business News (CBN), a business and financial news service under Shanghai Media Group, for an undisclosed stake.

The investment will help CBN build a financial data and media business. The first move is the establishment of CBN New Media Technology Limited (our tanslation) which has begun developing financial software and services on markets news and analysis. CBN now has access to a wide range of Alibaba’s e-commerce data sources, according to the statement by Alibaba.

Chinese tourists will soon be able to use credit scores and reports generated by Sesame Credit, the online consumer credit scoring service of Alibaba’s finance arm, to apply for a visa to Singapore or Luxembourg without the need of identity, employment and financial documents.

Sesame Credit has recently announced partnership with peer-to-peer lending site, financial search service Rong360, online dating service Baihe and car rental company eHi.

Zhejiang Cainiao Supply Chain Management Co., Ltd. (or China Smart Logistics), the logistics arm of Alibaba Group, has launched a mobile app Guoguo, available for both iOS and Android, for parcel tracking and management. Users can log in with their Taobao accounts and track goods purchased from Alibaba’s marketplaces, Taobao, Tmall and Juhuasuan.


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