China Tech Newsletter – Jan. 18, 2016

Peer-to-peer lender Lufax has raised US$1.216 billion in new funding at a valuation of US$18.5 billion.

“As a result of the fundraising, the stake in Lufax held by Ping An Insurance (Group) Co. has dropped from about 48 percent to about 44 percent…”– Bloomberg

JD Finance, the finance arm of, has secured RMB6.65 billion (US$1bn) financing at a valuation of RMB46.65 billion (roughly US$7.1bn). Investors include Sequoia Capital China, China Harvest Investments and China Taiping Insurance.

Alipay’s City Services has signed up 124 cities from 19 provinces. (via

LeTV’s online store, which sells smart hardware products made by LeTV or from third parties, has introduced Huabei, the online credit service of Alibaba’s finance arm. (via

LeTV (or Leshi) and another seven Chinese companies will jointly establish a property insurance company. LeTV will be one of the two largest shareholders that holds 17% in the company.

Cainiao Supply Chain Management, Alibaba’s logistics affiliate, and another five logistics companies have jointly launched a crowdsourced delivery service. It’s now available in five cities, Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou., an online platform that allows anyone to set up neighborhood grocery stores, has raised Series A round of funding led by Sequoia Capital, with participation from Banyan Capital and mFund. (via

Gaming company Ourpalm announced to invest RMB303 million (US$46mn) into Zhangyue (or iReader), an e-book publisher and e-reader maker., an online platform that connects steel suppliers and buyers, has secured RMB99 million (US$15mn) financing from HC International Inc.. The deal values the site at RMB3.6 billion (US$540mn). Banksteel was established in 2008., an online platform similar to Banksteel, announced RMB1.1 billion (US$167mn) in Series E round of funding led by Zhongtai Securities and West Fund.

Qualcomm has established a joint venture with Guizhou provincial government.


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