China Tech Newsletter – Oct 14, 2015

Rong360, a search service for online financial products and services, has raised more than RMB1 billion (about US$160M) in Series D funding round led by Jack Ma’s YF Capital and Sailing Capital, with participation from Star VC and existing investor Sequoia Capital, the company announced today.

Launched in March 2012, Rong360 has included some 170,000 financial products, with 47% being investment products, 40% loan products, and 6% credit cards. It claims to have an accumulated 12.3 million users. The company developed a consumer credit risk management system in 2014.

Online financial product provider Zhenrongbao announces Series B funding from Sequoia Capital.

Tencent has agreed to sublicense the use of some 1.5 million digital songs to NetEase’s Cloud Music which will, apart from paying licensing fees, share future revenues generated from these songs with Tencent. (via Sina Tech)

Tencent sued NetEase over copyright infringement in December 2014. NetEase was ordered to remove the infringed songs.

NetEase Cloud Music users now also able to share songs onto WeChat, Tencent’s messaging app. WeChat had previously blocked a few online music services including NetEase Cloud Music and Alibaba’s (Xiami and TTPod) for alleged copyright infringement.

Michael Evans, the newly appointed president of Alibaba Group, gave his first public talk on Alibaba’s globalization strategy at Alibaba’s annual shopping festival kickoff event last night.

AliCloud, Alibaba’s cloud computing arm, holds its annual conference today.

Foxconn and AliCloud announced an incubation program for smart hardware makers, called Tao Fu Cheng Zhen, at the conference.

Pangu, the Chinese iOS hacker, released its untethered jailbreak tool for iOS 9.

PepsiCo is making smartphones for China market by partnering with a local company. — Reuters


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