China Tech Newsletter – Nov. 2, 2015

Tencent is investing US$1 billion into the newly merged Dianping-Meituan at US$20 billion valuation. — The Wall Street Journal

China Media Capital (CMC) has established CMC Holdings, with Tencent and Alibaba as initial shareholders. — China Money Network

Classified ads site has filed offering documents with China’s New OTC Market (or China’s New Third Board).

It became the second largest classifieds site in China after the top two, and, announced to merge earlier this year. – has an estimate of more than 70% of market share.’s revenue sources include membership subscription, premium services and online marketing. The company generated RMB90 million (about US$14M) in revenues in 2014, a 79% year-over-year growth. Baidu is one of its major advertisers.

The company only had 158 employees as of July 27th, 2015.

Education app developer BabyBus has raised Series B round of funding led by Cao Yundong, co-founder of TAL Education Group (TAL), and joined by TAL. The company received investments from Xiaomi CEO-backed Shunwei Capital Partners and TAL in 2013 and 2014, respectively.

BabyBus had had over 40 million users as of 2014, with some 10 million from outside mainland China, according to the company. Its offerings support 9 languages.

Alphabet’s Eric Schmidt talked at 2015 TechCrunch Beijing conference today. — Cnet report


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