Xiaomi announced today it would begin manufacturing phones in India by partnering with Foxconn.
Alibaba Group announces to invest RMB28.3 billion (about US$4.6b) for 19.99% stake in Suning, the leading electronics retail chain, becoming the latter’s second largest shareholder. Suning will purchase RMB14 billion (about US$2.3b) worth of newly issued Alibaba shares for 1.09% in the e-commerce giant.
Suning will set up a store on Alibaba’s Tmall marketplace.
iReader, or Zhangyue, an e-reading app developer and e-book publisher, launches an e-ink device which is priced a little lower than the latest version of Amazon Kindle Paperwhite. The company claims to have had 420,000 Chinese e-books on its platform.
Apart from Amazon, another major e-ink device brand in China is Hanwon, whose e-reader devices haven’t sold well.
Used car trading platform Mychebao, or Chezhibao, announces RMB300 million (about US$48m) Series B round of funding led by JD Capital and Addor Capital, with participation from Gobi Partners, Nanjing Venture Capital and Bank of Nanjing. Its US$10 million Series A, completed in September 2014, was from Gobi Partners.
Founded in 2012, Mychebao currently covers 12 Chinese cities, with a monthly transaction total of 5,000 deals, according to the announcement.
Bitauto reported second quarter results.
SouFun reported second quarter results.