China Tech Newsletter – July 17-20, 2015

The First Prototype Developed by Twowheelscar
The First Prototype Developed by Twowheelscar

Twowheelscar, an electric two-wheeler maker founded in 2014, announces US$10 million Series A round of funding from Xiaomi, Sequoia CapitalShunwei Capital PartnersZhenFundCBC Capital, GSR VenturesHillhouse Capital, Ally Bridge Group, Shuanghu Capital (our translation) and Geek Bang.

“Smart bike” startup 700Bike launched yesterday its first products. The combination of sensors embedded into a bike and the accompanying mobile app can track rides, locate the bike on a map and alert the owner when it moves unexpectedly.

The first four models are priced from RMB2499 (about US$400) to RMB3299 (about US$530). The startup was founded by Zhang Xiangdong, former president of Sungy Mobile, in 2014.

Baidu has reportedly invested between RMB1 billion (US$161m) and RMB 2 billion (US$322m) in classified ads site, which is preparing for IPO on a local stock market. (via China Business)

Baixing is now the second largest player in classified advertising after and merged earlier this year. But it is estimated that and have a combined market share of over 80% .

Cloud-based app testing service Testin announces US$54.9 million in new funding led by Haiyin Fund with participation from Banyan Capital and IDG Capital Partners. (via Sina Tech)

Mobile internet users in China reached 900 million as of June, according to The Ministry of Industry and Information Technology of the PRC.

3G and 4G users reached 674 million, a 16% year-over-year growth. 4G users had increased to 225 million while 3G users continued to decline in the first six months of 2015.

Huawei reported 30% increase in first-half revenue. — Reuters

Wealth management service provider Jupai Holdings Ltd. raised US$53 million in its NYSE IPO. will begin selling Taylor Swift merchandise in China. And there will be a new Taylor Swift fashion line “designed specifically for the Chinese market”.

JD also launches today “U.S. Mall” which features goods imported from the U.S.


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