China Tech Newsletter – Oct 12, 2015

58 Home (aka. 58 Daojia), the on-demand service platform of 58.com (NYSE:WUBA), announces US$300 million Series A round of funding from Alibaba Group, insurance giant Ping An Group and KKR, at a valuation of more than US$1 billion.

Established in September 2014, 58 Home is now available in some 30 cities, covering categories including housecleaning, home moving, babysitting and beauty care.

Tencent has been a shareholder in 58.com since mid-2014. An additional US$400 million investment announced earlier this year would increase its stake in 58.com to 25%.


MyBank, the online-only bank of Alibaba’s finance arm, rolls out Koubei Dai, which offers loans up to RMB1 million (US$160,000) to restaurants and other merchants on its Koubei food and grocery delivery platform.

Merchants can apply on the Koubei app for merchant or Alipay mobile app. MyBank will evaluate requests based on merchants’ operating records collected by Alibaba’s system. (via Sina Tech)


Taogongchang (“Tao Factory”), a marketplace of Alibaba that connects small quantity buyers to factories, has signed up some 10,000 factories and more than 30,000 active buyers since its launch in March 2014, generating about RMB5 million (US$800,000) in daily sales, according to Xu Zipei, VP of Alibaba Group. (via Yicai)


China Aerospace Science & Industry Corp. announced to establish a robotics company. (via Xinhua)


Social marketing company Weiboyi has raised Series C round of funding from investors including Matrix Partners China.

Starting with Weibo (Twitter-like micro-blog) marketing, Weiboyi’s services now also cover other major social platforms including WeChat.


Zhongguancun, Beijing’s electronics shopping center, aims to upgrade into a startup hub. — Xinhua

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