China Tech Newsletter – Dec. 2, 2015

Alibaba Group has signed a joint venture agreement with Minmetals Development Co., Ltd. to establish an e-commerce platform to offer services including steel trading, logistics and trade financing, according to Minmetals Development.

Minmetals Development’s controlling shareholder is state-owned China Minmetals Corporation Ltd.

Regal Gesture Ltd., the wholly owned subsidiary of Fosun, is investing US$65 million into telemedicine company We Doctor Group Ltd., formerly Fosun, which also participated in We Doctor’s previous funding rounds, will hold 9.73% of outstanding shares of We Doctor after this deal completes.

We Doctor has announced more than US$500 million in total funding since October 2014. Its investors include Tencent, Goldman Sachs, Hillhouse Capital and China Development Bank Capital.

The company has acquired online pharmacy from Fosun. We Doctor began selling health insurance in 2014. It expects to generate more than RMB250 million (roughly US$40mn) in total revenue this year.  (via Beijing Business Today)

Ctrip has obtained a travel agent license in Japan. The company opened its Japan branch office in May this year. (via Beijing Business Today)


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