China Tech Newsletter – Sept.2, 2015

Tencent is establishing an online life insurance company together with CITIC Guoan Group and a few minor shareholders. Temporarily named “Hetai Life Insurance”, the company submitted license application in July. (via Shanghai Security News)

Tencent is a shareholder in Zhong An Online Property Insurance, China’s first online property insurer in which Ant Financial Services Group, Alibaba’s finance arm, is also a founding shareholder.

Baidu announces to spin off Zuoye Bang, an education app targeting at K-12 students, and introduce external funding from Sequoia Capital and Legend Capital.

The app claims to have covered 370, 000 primary and middle schools across China, having a 60% market share. It had 3 million daily active users as of last month, according to Baidu. (via Sina Tech)

Baihe, one of the leading Chinese dating sites, has filed to get listed on China’s New OTC Market (a.k.a. China’s New Third Board).

In 2014 the company made RMB298 million (about US$48m) in revenues, a 34% year-over-year increase. Net loss was RMB37 million (about US$6m).

51Autogo, an app for finding gas stations and buying gas, announces Series A funding led by Renren. The startup behind it was founded three months ago.

Qihoo reports second quarter results.


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