The spending spree on the power bank rental sector (estimated to be worth more than RMB 10 billion) continues. U.S.-listed Chinese online retailer Jumei recently acquired a 60% stake in power bank-rental startup Ankerbox (街电科技) for RMB 300 million, adding another case to the string of Chinese firms that are rushing to the country’s budding power bank rental market.

Under the deal, Jumei CEO and founder, Chen Ou, will take up the chairman position at Anker.

Ankerbox is a Shenzhen-based startup growing from an incubation project two years ago by Hunan Oceanwing E-commerce (海翼), the company behind power bank brand Anker. Oceanwing was founded by a few ex-Googlers in 2011 and engages in research, development, and sales of smart device peripherals.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.