China Tech Newsletter – June 30, 2015

Xiaomi-Midea Smart Air Conditioner iQingchun
Xiaomi-Midea Smart Air Conditioner iQingchun

Xiaomi and Midea, the home appliance manufacturer in which the former has acquired a minority interest, jointly launch a connected air conditioner called iQingchun (“i-Youth”). Prices start at RMB2699 (about US$440).

IQingchun can be controlled by either the smart home app developed by Xiaomi or the one by Midea. Also, all the smart air conditioners made by Midea will be compatible with the Xiaomi app.

Xiaomi has launched a number of smart home devices. As of this month, some 10 million devices have connected to Xiaomi’s smart home platform and the app has had 15 million installs and 2 million daily active users, according to Xiaomi.

Honor, the smartphone business of Huawei, launches new model Honor 7.

Honor phone shipments in the first half of 2015 total 20 million units that generated US$2.6 billion in sales.

Meizu launches a new flagship model, MX5, and a virtual reality headset.

Hupu, the leading online sports community, has established a RMB2 billion (about US$320m) venture capital fund focused on sports related tech startups, together with GRN Group, one of Hupu’s investors, and Greenwoods Investment.

Baidu announces to invest RMB20 billion (about US$3.2b) into Nuomi, the group-buying service acquired from Renren, over the next three years, aiming for the top two in China’s local lifestyle services market when 2015 ends. Currently the market is dominated by Alibaba-backed Meituan and Tencent-backed Dianping.

5000 KFC stores across China will support Alipay, the online payment service of Alibaba’s finance arm. Inc will launch its business loan program for small sellers later this year in eight more countries including China”. — Reuters

Local players including Alibaba Group and has been making loans to SMEs for years.


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