China Tech Newsletter – Nov. 24, 2015

image credit: Xiaomi
image credit: Xiaomi

Xiaomi launches Redmi Note 3 (phone), MiPad 2 (tablet) and Mi AirPurifier 2.

Ant Financial Services Group, Alibaba’s financial affiliate, launches equity crowdfunding platform ANTSDAQ.

WeChat unveils a digital invoice receipt solution. Users will receive a digital receipt after making payments with WeChat Payment. It’s now available for purchases with online retailer and at gas stations.

WeChat Wallet has launched in South Africa.

Apple Pay seeks to land in China before the upcoming Chinese New Year holidays in February 2016. — The Wall Street Journal

Video app developer Yixia announces US$200 million Series D funding, valuing it at more than US$1 billion. This round was led by Weibo and joined by a group of investors including Sequoia Capital and South Korean company YG Entertainment.

Yixia is the company behind Miaopai, the official video sharing app on Weibo, which sees more than 1 million video clips uploaded every day and 510 million daily views. The company will launch a live video streaming app for Weibo soon.

Xiaokaxiu, another popular app by Yixia which enables users to record selfie videos dubbed with famous sounds, has had 5 million daily active users. The company has also developed Vitamio, a mobile video framework, and mobile video player Vplayer.

Yixia and Weibo also announced today a US$100 million fund to invest in mobile video and entertainment-related startups. (via Sina Tech)

YY reports 49% year-over-year growth in total revenue in the third quarter. Revenues from music, dating, education and gameplay broadcasting increased 60%, 170%, 37% and 80%, respectively. Revenues from gaming decreased 28% year-over-year.

Revenue growth “was primarily driven by an increase in the number of paying users across all businesses except for online games”.

Tuniu reports 130% year-over-year revenue growth in the third quarter. 70% of the total orders were from mobile.

LeTV, or Leshi, launches a TV content solution and a series of hardware products for kids.

Online sports lottery service announces to invest US$35.6 million into payment service provider for a 63% stake.

Alibaba is reportedly investing in, the leading food delivery app in China.

Dangdang reports third quarter results. The e-commerce company plans to open some 1000 bricks-and-mortar book stores across China over the next three years.


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