China Tech Newsletter – Nov. 18, 2015

Tencent’s online banking affiliate WeBank is reportedly raising US$1 billion at a valuation of US$5 billion. — The Wall Street Journal

Baidu and Citic Bank announced to establish an online bank Baixin Bank. — Bloomberg

Meituan’s delivery service for food, groceries and pharmacy items, launched two years ago this month, has covered 300 cities, with close to 3 million daily orders.

Laiwang, the messaging app developed by Alibaba in 2013 to compete against WeChat, announces to rebrand as Diandianchong which will be targeting young people.

Dingtalk (or Dingding), the team collaboration app of Alibaba, claims to have had more than 800,000 business users as of October. (via Sina Tech), the part-time job search app developed by, has been spun off and raised US$40 million in outside funding. (via National Business Daily)

LeTV Sports, an affiliate of Leshi (or LeTV), announces a RMB5 billion (US$) fund to invest in sports-related startups. (via Sina Tech)

Vipshop reports third quarter earnings.

SouFun reports third quarter results.


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