China Tech Newsletter – Sept 17, 2015

China’s Tesla wannabe NextEV claims to have raised US$500 million from investors including Sequoia Capital and Joy Capital.

Founded by Li Bin (or William Li), chairman of used car platform, in November 2014, the startup aims to launch in 2016 its first model which will be similar to Tesla Model S in specs but sold for half of its price.

Before this funding round NextEV had pocketed investments from Tencent, JD founder Liu Qiangdong (or Richard Liu), AutoHome founder Li Xiang, Hillhouse Capital, among others. The company has had some 300 employees. (via Sina Tech)

Tencent unveils its second film company, Tencent Pictures, which has so far three film studios and will produce films adapted from games with third parties.

Tencent Pictures is under the company’s Interactive Entertainment Group which also operates its gaming, animation and online publishing businesses. Tencent Penguin Pictures, which was unveiled last week, is managed by the company’s online media devision.

Alibaba’s Tmall announces an online intellectual property trading platform.

Intel Capital has recently invested a total of US$67 million into eight Chinese tech startups. (via The Wall Street Journal) (or Miyabaobei), an e-commerce platform for imported baby care products, announces US$150 million Series D round of funding led by Baidu with participation from existing investors Sequoia Capital and H.Capital.

Voice communication solution developer Agora has raised Series B funding. (via The Wall Street Journal)

The company was founded by Zhao Bin (or Tony Zhao), former CTO at YY Inc.

Fangdd (or Fangduoduo), an online residential real estate company, announces Series C funding led by Fountainvest Partners.

China’s leading ridesharing service Didi confirms a US$100 million investment in Lyft, Uber’s major competitor in the US. Alibaba Group and Tencent also participated the latest funding round in Lyft.

“Lyft and Didi apps will now hail rides for visitors in each other’s country. “– TechCrunch

UCAR, a chauffeured car service, has secured US$550 million Series B funding, its shareholder Car Inc. announced today.

A subsidiary of Qualcomm, Semiconductor Manufacturing International Corp. (SMIC), and China Integrated Circuit Industry Investment Fund Co., Ltd., (CICIIF) intend to invest US$280 million in SJ Semiconductor Corp. (SJsemi).

Lightinthebox reports second quarter results.


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