China Tech Newsletter – July 24-27, 2015

Youxia X
Youxia X (image credit: Youxia)

Youxia Motors, a Tesla wannabe, unveiled its first prototype Youxia X yesterday. Its specs are similar to Tesla Model S’ and the dashboard runs an Android-based operating system. The company plans to start shipping it in 2017.

The startup was founded in 2014 by Huang Xiuyuan who previously founded several startups, from social shopping site to online video service to digital radio. None of them were quite successful.

Huabei, which provides consumer financing options online, has landed on more than 40 Chinese e-commerce platforms, including Amazon China, VIPShop (flash sale), Xiaomi (smart hardware), Qidian (e-book publishing), Dianping (local lifestyle & group-buying), Meituan(group-buying, movie ticket booking & food delivery) and (food delivery).

Officially launched by Alibaba’s finance arm Ant Financial in April this year, Huabei was previously only available on Alibaba’s Taobao and Tmall. It makes month-to-month loans to consumers based on their credit scores generated by Sesame Credit, the user data-based credit scoring system of Ant Financial.

Alipay mobile payment service now is available at more than 3000 hotels across China. Hotel is the latest offline sector Alipay has entered after convenience store & supermarket, restaurant, hospital, taxi & ride-sharing and vending.

Qingsong Jiadian, an on-demand appliance repair service provider, announces Series A round of financing from Tencent, Vertex Venture Holdings, GX Capital and Wu Xiaoguang, former CEO of Tencent’s e-commerce business.

Maihaoche, an online dealer of imported cars, has announced Series A round of funding led by Northern Light Venture Capital and joined by its angel investor Innovation Works.

The startup was founded by Li Yanzhu, former chief marketing officer of social shopping site Mogujie, in 2014.

Easy Print, a platform that connects print shops with customers, has raised Series B round of financing from SB China Capital and Shenzhen Comix Group.

Maitao, an online travel service focusing on family vacations, has raised Series A funding (via Sina Tech)

Sohu reports second quarter results. Its subsidiary Sogou’s revenues grew 62% year-over-year to US$147 million, with operating income tripling to US$29 million.

Xueda Education Group (NYSE:XUE) announces that it has entered into a definitive merger agreement with Xiamen Insight Investment Co., Ltd. (SZ:000526).


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