China Tech Newsletter – Aug. 4, 2015

Transaction volume of China’s e-commerce market totalled RMB16 trillion (about US$ 2.6 billion) in 2014, up 60% over previous year, according to new data released by the National Bureau of Statistics.

53% of the total volume was generated from businesses’ own online stores and 43% from third-party e-commerce platforms. 90% of the transaction volume through the third-parties was from the top 20 platforms.


Online travel company eLong (NASDAQ) announces receipt of preliminary non-binding “going private” proposal by Tencent. eLong also reported second quarter results today.


The leading online travel service Ctrip announces second quarter earnings.


Kanbox, the personal cloud storage service Alibaba acquired in 2013, announces that it will be shutting down in two months.

Last month Alibaba announced to invest US$1 billion over the next three years into its public cloud business Aliyun.


Alibaba Group names Michael Evans, a former Goldman Sachs executive, as president. Evans will “lead the execution of the e-commerce giant’s international strategy”.


VR Fires, which develops VR tools and games, announces RMB10 million (about US$16m) Series A funding led by APUS Group, an Android app developer, and joined by FH Capital.


Kyee, a developer of hospital management software and telemedicine apps, announces RMB221 million (about US$36m) Series C funding led by Sensegain Investment with participation from SB China Capital and HighLight Capital. (via Chinaventure.cn)


On-demand home cleaning service HomeKing announces Series B funding led by SAIF Partners. The investment arm of home appliance giant Haier and EasePal also participated. (via Sina Tech)


China restricts exports of drones and supercomputers. — The Wall Street Journal

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