The resulting company following the Meituan-Dianping merger announces a new funding round of more than US$3.3 billion at a valuation of US$18 billion. This round was led by Tencent, Digital Sky Technologies and TBP.
Meituan-Dianping, now the largest local services platform in China, has a combined 150 million mobile monthly active users. Daily orders have surpassed 10 million.
The combined transaction volume in 2015 was more than RMB170 billion (roughly US$26bn). Paid users were more than 200 million. Local merchants on Meituan-Dianping have reached 3 million.
Meituan and Dianping announced to merge in October 2015.
Ali Baichuan, the mobile app developer program of Alibaba Group, and Youku-Tudou, the online video company Alibaba acquired last year, jointly announced a RMB1 billion (about US$150mn) program to support producers of entertainment cultural content.
Content contributors at Youku-Tudou now can join Ali Baichuan programs and receive revenue cuts.
Sanbian Sci-tech announces to acquire Galaxy Valley, subway WiFi solutions provider, for RMB2.8 billion (US$430mn) worth of cash and stock.