China Tech Newsletter – Jul. 31 – Aug. 3, 2015

Feifan E-commerce (our translation), the e-commerce project jointly built by Tencent, Baidu and real estate behemoth Wanda, was unveiled on July 31. It so far includes a digital membership system, a rewards & points system, online payment service and online marketing programs. (via Sina Tech)

Shenzhen-based drone maker DJI has invested in on-demand drone service provider DroneBase. — TechCrunch

Online video service Youku-Tudou has led a new round of funding in Joyme, an online community for game players. Mobile gaming company Ourpalm joined this round. Joyme plans to get listed on the China’s New Third Board later this year.

Used car marketplace Renrenche announces US$85 million Series C funding led by Tencent and joined by a group of investors including Lei Jun, CEO of Xiaomi.

Having had presence in 21 Chinese cities since its founding in 2014, Renrenche platform now has 15,000 used car listings that an average of 3000 used cars were sold monthly through it, according to the announcement.

Short-term rental service Tujia announces US$300 million Series D funding round led by All-Stars Investment with participation from serviced apartment company Ascott and existing investors. This round values the company at more more US$1 billion, according to the company.

MusicKid, a crowdfunding site for musicians, has raised Series A funding from Legend Capital and Meridian Capital China

VulBox, a crowdsourced software testing startup, has raised Series A round of funding. Some 20,000 security experts are on its platform, according to the company.

China’s central government published new draft rules on July 31 that would ” limit the amount an individual can pay online to 5,000 yuan ($805) per day through third-party payment accounts, unless the customer’s identity can be verified by a security token and electronic signature.” — Bloomberg

8848, which intends to make luxury smartphones similar to Vertu’s, has recently unveiled its first model which costs RMB9999 (about US$1600). The CEO of the company was formerly the manager of Eben, an e-book device maker. (Here are some photos of the phone.)


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