China Tech Newsletter – Feb.29, 2016

Didi, the leading transportation network company, saw monthly gross merchandize volume surpassed US$800 million in January 2016.

The company’s private car hailing services gained 10 million new users last month. (via Sina Tech)


MyBank, the online-only bank of Alibaba’s finance arm, has had 800,000 small business customers and made RMB45 billion (US$7bn) in loans since its launch eight months ago.


iQiyi, the online video affiliate of Baidu, announces that it has acquired rights to the entire catalog of music videos of Universal Music Group and will live stream concerts of the latter in 2016.

Gong Yu, CEO of iQiyi, and Robin Li, CEO of Baidu, offered to buy out the 80.5% stake Baidu held in iQiyi earlier this month.


Ctrip and Qunar, the two leading online travel services that merged last year, announces an online insurance products platform.


Meituan, the leading local services platform, has launched Meituan Wallet (not official translation), an in-house developed mobile payment service.

Meituan users are also able to make payments through Alibaba’s Alipay, Tencent’s WeChat Payment and Chinese bank cards.


LeEco, formerly LeTV, recorded RMB13 billion (US$2bn) in total revenue in 2015, a 91% increase from previous year. Operating profits increased 91% to RMB91 million (US$14mn).

LeEco smart TV shipments were 3 million.


Online legal services platform Kuaifawu.com announces Series B round of funding from Shunwei Capital Partners, the venture capital firm co-founded by Xiaomi CEO Leijun, and existing investor Ce Yuan Ventures.

Launched in June 2014, the company claims to have had about 100,000 enterprise customers in 12 Chinese cities.


Mobile advertising company Mobivista announces to acquire US-based native advertising company NativeX for up to US$25 million in cash.


Online travel service Tuniu.com reports fourth quarter and full year 2015 results.

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