VANCL postponed its scheduled IPO this year due to market turmoil. The company currently is under a lot of pressure after branching out blindly over the past few years.

2. Baidu Denies Rakuten Downsizing: Local media broke that Rakuten.cn, the JV between Baidu and Japan’s Rakuten is shedding off 50% of its over 100 strong headcount. Baidu denied the claim.

Baidu and Rakuten co-founded Rakuten.cn in 2010 with a promised investment of US$ 50 million. Rakuten.cn revealed today that the it has received the whole amount from Baidu.

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Ben Jiang

Listener of startups, writer on tech. Maker of things, dreamer by choice.