China Tech Newsletter – Mar. 29, 2016 2016-03-29 20-35-28Xiaomi announces to rebrand its 100-hardware-companies strategy as mijia (“mi family”).

The smart device maker has incubated/invested in 55 smart hardware-related companies, 20 of which have launched their products. 7 have reached RMB100 million (US$15M) in annual revenue and two reached RMB1 billion (US$150M), according to the company. Several of them have raised funding from outside investors.

mijia launches today a connected rice cooker. It plans to launch one product each quarter from now on.

Xiaomi mijia Rice Cooker
Xiaomi mijia Rice Cooker

Samsung Pay has landed in China that is currently supported by 15 Chinese banks.

Baofeng Technology, the online video and virtual reality company, announced to acquire game developer Lidong Technology (not official translation), game publisher GumpTech and a 60% stake in Daocaoxiong Pictures (not official translation) for a total of RMB3.1 billion (US$480M).

The company also plans to make an investment in Omusic, one of the leading online music distribution companies. Omusic claims that its music streaming services have 100 million daily active users and 450 million monthly actives users combined, and owns exclusive rights to 7.2 million songs.

Baofeng Mojing, its virtual reality subsidiary, claims to have sold some one million headsets since the launch of the first model in September 2014.


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