China Tech Newsletter – Aug. 12, 2015

Monthly active WeChat users reached 600 million in the second quarter 2015, a 37% year-over-year increase. QQ mobile app had 627 million monthly active users, a 20% increase.

Desktop-based QQ IM and social network Qzone both only saw 2% increase in monthly active users.

Tencent reports second quarter revenue growth of 20%. Social networks revenue increased 18%, driven by sales growth of mobile premium content and subscriptions. Smart phone games generated RMB4.5 billion (about US$730m) in revenue, a 11% year-over-year growth. Video advertising revenue more than doubled in the quarter.

Alibaba Group reports June quarter results.

Didi Kuaidi has updated its pricing system which now works similar to Uber’s “surge pricing” model.

ZUK, a sub-brand of Lenovo, has launched its first smartphone Z1. — Engadget

Tuhu, a platform for products and services for the automotive aftermarket, announces completion of approximately US$100 million Series C funding.

Founded in 2011, Tuhu services now cover 266 cities. It has warehouses in ten cities including Beijing, Shanghai and Guangzhou, and is in partnership more than 6000 auto repair shops across China. The platform generated RMB300 million (about US$48m) in total sales in 2014.

Online auto salvage auction marketplace Bochewang has raised Series A funding. (via Lieyunwang)

Uber offices in Hong Kong were raided. Five drivers were arrested. — Reuters

Phoenix New Media reports second quarter results.


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