China Tech Newsletter – Nov. 5, 2015

Q&A website confirms US$55 million Series C funding led by Tencent, with participation from Sogou, Tencent’s search affiliate, and existing investors Innovation WorksQiming Ventures and SAIF Partners. This round values it at more than US$300 million.

Pretty much a Quora clone, Zhihu was launched in early 2011 and has claimed 15 million registered users.

Drone maker DJI has bought a stake in camera maker Hasselblad. — Engadget

Innovation Works‘s startup services unit has filed offering documents with China’s New OTC Market (or China’s New Third Board). The venture capital investment business of Innovation Works isn’t part of the unit seeking for IPO. Kaifu Lee, the founder and Chairman, doesn’t own shares in this unit, according to the filling.

The company recorded RMB26.8 million (about US$4.3M) in revenue in 2014, with RMB760,000 (about US$120,000) in net loss. In the first half of 2015, its total revenue was RMB25.3 million (about US$4M), with RMB8 million (about US$1.3M) in net profit.

Tiexue, a military themed online community, got listed today on China’s New OTC Market (or China’s New Third Board).

Starting from military fiction publishing fifteen years ago, the site now also offers social, gaming and e-commerce services. It had had 10 million registered users as of July 2015.

The company has developed its own brand of merchandize which generated RMB47 million (about US$7.6) in revenue in 2014, or 40% of the company’s total revenue.

China’s 4G users reached 302 million in the third quarter, up 8% quarter-over-quarter, according to The Ministry of Industry and Information Technology.

Total mobile phone users were approximately 1.3 billion.

Households with broadband access reached 211 million.

Online consumer finance platform Meilijinrong announces Series A round of funding led by Bertelsmann Asia Investments, and joined by Morningside Ventures, GX Capital and a few other investors.

Autohome reports third quarter earnings.


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