Xueqiu.com, a Chinese social investment website, has completed its third round of financing of USD40 million with investors including Renren.com and Morningside Ventures. Xueqiu’s products include its website and an application for smart devices. Officially launched in November 2011, Xueqiu has been providing data inquiries, information, and interactive communications services to Chinese investors. Its services […]
Tencent Holdings Limited is investing USD70 million into Ting Ting Group, the owner of Chinese online healthcare service community DXY.cn. Tencent gains a minority equity stake of DXY on a fully diluted and as converted basis, and the deal is expected to close soon. DXY plans to invest the capital into developing healthcare products for […]
Microsoft will officially close its instant messaging service MSN in China on October 31, 2014. Microsoft already shut down MSN services worldwide in March 2013, with the exclusion of the Chinese mainland market; and the company started promoting its other communications product Skype. According to Microsoft, Chinese MSN services will be shut down on October […]
Chinese classified information website Ganji.com announced its latest executive team structure, covering strategy, sales, business development, and marketing. Former Alibaba executive Chen Guohuan has been appointed chief operating officer of Ganji.com; former Taobao executive Zhu Xiaoping has been appointed vice president of Ganji.com’s channel department; and former Alibaba B2B business unit executive Wang Zhenghong has […]
During the first half of 2014, the number of adults using the mobile Internet in Taiwan reached 9.87 million. The Taiwan Network Information Center published a report on the broadband network usage in Taiwan in 2014, which said that over the past three years, Taiwan’s Internet growth rate maintained a rate of over 70% and […]
American mobile game developer Kabam announced that the company has gained a USD120 million investment from Alibaba Group. Kabam said in a statement that the funding will help the company realize growth and Alibaba will assign an executive to join the board of directors at Kabam. Kabam’s valuation reached over USD1 billion during this round […]
Even though its founder pledged to avoid online gaming because his son developed an online game addiction, Alibaba has now launched its own cloud gaming platform. Cloud gaming at Alibaba aims to merge game interaction and data operation on cloud servers and transmit the real-time pictures back to the TV screens of users. With this […]
With a newly-minted IPO under its belt, Chinese e-commerce giant JD.com Inc. announced today that is now taking pre-orders for Microsoft’s Xbox One gaming console. As part of an agreement between the companies, JD.com will have the exclusive right to accept pre-orders for Xbox One in China from July 28-30, 2014, through JD.com’s Mobile QQ […]
Chinese search engine company Baidu announced in Tianjin that the company’s developer start-up center in the city has been formally established. This is Baidu’s newest regional start-up center following those already operational in Chengdu and Xiamen. This new Tianjin Baidu developer start-up center is located in Hongqiao district. With an office area of over 3,000 […]
According to data from the Beijing Administration for Industry and Commerce, Letv has registered a new company named Letv Mobile Smart Information Technology (Beijing) Company Limited, with registered capital of CNY20 million. The business scope of this new company covers production and development of mobile phones and sales of communications devices, electronic products, mechanical equipment, […]
Cheetah Mobile, a subsidiary of Kingsoft, announced that the company has reached an agreement with Zoom Interactive, a Hong Kong online marketing company, on a full acquisition for USD30 million. The USD30 million consideration will reportedly include USD20 million in cash and about USD4 million in Cheetah Mobile restricted class A ordinary shares. In addition, […]
Chinese third-party Internet payment company Alipay revealed that the company has reached a deal with South Korean website Lotte.com to provide a RMB payment channel to Chinese users who shop on the website. Furthermore, the products purchased on the website will be directly shipped from South Korea to China. Lotte.com and the Lotte duty free […]
Facebook reportedly plans to establish a sales office in China to serve local advertisers in the country. Vaughan Smith, Facebook’s enterprise development vice president, said in a statement that Chinese companies have gradually become a major advertiser group for Facebook. Therefore, the company continues to explore new methods to support local services in China and […]
Chinese search engine company Baidu and South Korea entertainment giant S.M.Entertainment signed a strategic cooperation agreement covering music and video copyrights. With the cooperation, Baidu’s music division will license the music copyrights of stars from S.M.Entertainment; Baidu’s video branch Iqiyi will gain the genuine music videos and performance videos of S.M.Entertainment; and S.M.Entertainment’s artists will […]
Chinese smartphone maker Xiaomi has launched its new domain name Mi.com, and users will be re-directed to this domain when visiting the old one at Xiaomi.com. According to domain record information, the current holder of Mi.com is Xiaomi and the information updated date is April 21, 2014. Xiaomi reportedly spent over USD1 million on this […]
The network security safeguard team of the Beijing Municipal Public Security Bureau and the Chinese Internet security company Qihoo 360 jointly announced they will establish a network security anti-fraud initiative. The initiative’s official website at Fanzhapian.360.cn has officially started operation. Meanwhile, Ye Manqing, director of the network security safeguard team, announced that with the approval […]
Shanda Media, the controlling shareholder of Ku6, will sell a 41% stake in this Internet video company to Xu Xudong, founder and controlling shareholder of Sky Profit. Sky Profit is registered in Cayman Islands and it operates iSpeak, a social platform that allows users to engage in real-time online group activities through voice, text and […]
Chinese telecom operator China Mobile announced its annual results for 2013 in Hong Kong, and those financial numbers did not impress. During the entire year of 2013, China Mobile’s operating revenue was CNY630.2 billion, a year-on-year increase of 8.3%; but its net profit was CNY121.7 billion, a year-on-year decrease of 5.9%. This is reportedly the […]
The People’s Bank of China has issued an emergency alert to stop the use of virtual credit card products as well as two-dimensional code payments that are often used with mobile devices. Chinese Internet companies like Alipay and Tencent previously launched such services. However, neither company has given any comment on the situation. The emergency […]
Chinese Internet video company Letv.com is buying a 100% stake in Dongyang Huaer Entertainment Media Co. Ltd. for CNY900 million. After the acquisition, Liu Hong, chief executive officer of Letv.com, will become chairman and general manager of Huaer Entertainment. Liu will control the operating planning and business direction of the company to realize its coordination […]
China Central Television published a report on China’s economic life between 2013 and 2014 which shows that 81.52% of Chinese families had online shopping experiences in 2013. Compared with other consumer groups, university students and people in management positions shopped online more often, especially those in the 18-25 age demographic. By region, citizens in Hainan, […]
Chinese group buying service website Didatuan.com will formally close its group buying business on March 31, 2014, and will transform its brand to a new business model in the future. Founded by Song Zhongjie, former sales general manager of Google China, in July 2010, Didatuan.com completed its integration with Velo, a Chinese coupon provider, at […]
Chinese Internet company Sohu announced just before the March 8 Women’s Day holiday that the company’s joint president and chief operating officer Wang Xin will depart due to personal reasons after serving the company for 15 years. Joining Sohu in 1999, Wang is reportedly the core executive who has been with the company for the […]
Chinese e-commerce group Alibaba announced plans to invest in online English learning website TutorGroup. Along with investors Temasek and Qiming Venture Partners, the total investments made in this round with Alibaba are nearly USD100 million. This is reportedly the second round financing for TutorGroup. The company said that with the new investments, TutorGroup plans to […]
Sina’s financial report for the fourth quarter and the entire year of 2013 stated that its Weibo microblogging service realized a first-time operating profit of USD3 million in the fourth quarter of 2013. Sina Weibo also reportedly plans to launch IPO at the New York Stock Exchange in the second quarter of 2014. According to […]
Chinese tourism booking platform 17u.cn announced that the company has received a CNY500 million investment from Tencent, Boyu Capital, and Oriza Holdings. According to 17u.cn, the company still maintains the controlling stake after receiving the investment and the company still aims at an independent IPO in the future. Wu Zhixiang, chief executive officer of 17u.cn, […]
Chinese Internet company Tencent and American business technology website Business Insider reportedly signed a cooperation agreement, under which Tencent will become the exclusive content partner for Business Insider in Greater China. With the cooperation, Business Insider’s contents will be recommended to Chinese readers who pay attention to the global financial technology news via Tencent’s media […]
Suning Commerce Group confirmed that the company will acquire Chinese group buying website Manzuo.com for nearly USD10 million. According to a representative from Suning, as a new business model which integrates online and offline channels, the business has a broad market capability in China. Group buying is a catalyst that promotes the integration of online […]
