Sharing economy concept for membership card, Xinghou, receives 20 million yuan ($3.1 million USD) angel investment. According to the company, the fund will be used for recruiting and finalizing the product and marketing. Founded in this July, Xinghou adopts a sharing economy model, and built a platform to share membership cards for mainly beauty shops. Membership card holders can register their cards on the platform, then other consumers can  use the membership card to enjoy the service with membership price. The app is now available on iOS and Android. 

The traditional watchmaker Fossil Group acquired Misfit, maker of wearable fitness trackers, for $260 million USD. Sonny Vu, CEO and co-founder of Misfit (picture above) will become president and CTO of connected devices for Fossil Group. The company says it plans to introduce a new smart watch early next year.

Founded in 2011, US-based Misfit raised about $63 million USD in venture capital in three rounds of funding from Xiaomi, GGV Capital, JD.com, Horizons Ventures, as well as Founders Fund, Khosla Ventures and Norwest Venture Partners. The company found China became its top market for its activity tracker Shine as it attracted a lot of users in the country mainly through sales on JD.com.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com