China Tech Newsletter – Aug. 7-10, 2015

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.

Youfumama, which connects new parents to maternity matrons and early educators, has raised Series A funding from Greenwoods Investment and Matrix Partners China. will acquire 10% of supermarket chain Yonghui (SH:601933) for about US$700 million. (via Reuters) JD reported second quarter results on August 7. announced to acquire 70% of Leftbrain for RMB100 million (about US$16m) in cash. Leftbrain is parent of AutoComment, an automotive information website and service platform

Bitauto reported second quarter results.

SouFun reported second quarter results.


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