China Tech Newsletter – Jan. 26, 2016

Receiving a WeChat Hongbao on an Android Watch
Receiving a WeChat Hongbao on an Android Wear Watch

WeChat users now can receive Hongbao (Lucky Money) on Android Wear devices.

The messaging app tested a new feature today that allows you to have friends pay for viewing your photos shared onto Moments, the content sharing platform within WeChat.

The feature will go live on the eve of 2016 Spring Festival (Feb. 7) and will only be available for one day a year, according to Tencent.


China Merchants Bank (CMB) announced that it plans to make a strategic investment into Didi, the leading transportation network company.

All-In-One Net, the online payment service of CMB, will be added as a payment option onto Didi.

The two companies will roll out co-branded credit cards and debit cards, auto financing products and other services together.


Yuebao, the mutual fund available on Alipay, generated RMB23.1 billion (USD3.5B) in investment returns in 2015. The fund’s assets under management (AUM) was RMB621 billion (USD94B) last year.


Renren announced issuance of the Shanghai Renren Finance Leasing Asset-Backed Special Plan, which is secured by used car loans. It will be traded on the Shanghai Stock Exchange.


JD Finance, JD.com’s finance arm, has registered a small loan company with a focus on the agricultural sector. Its services will be available online.

JD Finance has launched a couple of agricultural financial products and has made loans to some 200,000 agricultural households. (via The Beijing News)


Online luxury retailer Zhenpin has got listed on China’s New OTC Market (or China’s New Third Board).

Launched in 2011, Zhenpin generated RMB31 million, RMB51.6 million and RMB44.4 million in revenue in 2013, 2014 and the first six months of 2015, respectively. It saw RMB16.8 million, RMB29.4 million and RMB17 million in net loss in the respective periods.

image credit: Expreview

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