LY.com, a leading player in China’s local attraction ticket arena, announced on Sunday it’s going to merge Wanda Tourism, the traveling arm of Chinese real estate conglomerate Dalian Wanda Group, with a mixture of cash and stock. After the transaction, LY.com’s market valuation will exceed 20 billion RMB (around $2.98 billion USD) with a cash deposit of […]
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Is There A Film Industry Bubble? China’s Top Tech-Backed Figures Weigh In
The speed with which the Chinese film industry has developed in recent years has been dizzyingly fast, even for the country’s most experienced veterans. “Less than a decade ago it was the filmmakers who went out looking for financing,” Alibaba Pictures CEO Zhang Qiang told a forum on finance and film at the Shanghai International […]
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Alibaba Pictures Invests in Hangzhou Cinema Company
Alibaba Pictures, the entertainment arm of the Chinese e-commerce giant, is investing RMB 100 million (US$15.2 million) for an 80 percent stake in a movie theater operator in its hometown of Hangzhou, as it takes on rival Dalian Wanda. The company will acquire around 61 percent of Hangzhou Xingji from shareholder Hangzhou Kunwei for RMB […]
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10 live-streaming apps luxury brands need to know in 2017
Editor’s note: A version of this post first appeared on Jing Daily, the leading digital publication on luxury consumer trends in China. From Papi Jiang’s Swiss watch collaboration to Tmall’s virtual U.S. shopping trip, live-streamed luxury brand campaigns are part of a growing trend as China’s live-streaming audience expands. The latest report by Chinese consulting company iiMedia Research estimated that the number […]
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Why Third-party Payment License Is The Most Coveted Resource For Chinese Tech Companies
If you are a company that runs online payment services in China, you must obtain a license to legally conduct the transactions in the country. That’s a basic rule. But for Chinese firms who want to dip their toes in payment industry, getting a license to legalize their status as an online payment agency is becoming […]
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Real Estate Platform Fangdd Announces Funding As China Eases Real Estate Bans
Fangdd, a popular Chinese real-estate platform announced they had closed a series C funding of $223 million USD led by Fountainvest Partners this July. The company announced series B funding of $80 million USD just two months ago from Vision Knight Capital China Fund, Lightspeed China Partners, and CDH Venture Partners. The Chinese government has recently eased restrictions on owning multiple […]
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Tencent-Baidu-Wanda Unveil E-commerce Site Ffan To Compete With Alibaba
One year after its establishment, Tencent-Baidu-Wanda’s e-commerce joint venture has finally rolled out e-commerce service Ffan to tap into China’s O2O e-commerce industry. In essence, Ffan is an open platform that aims to redirect online users to all kinds of offline services, such as parking, reservations at restaurants, and purchasing film tickets and products at discounts. The […]
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China’s Ticketing Site LY.com Lands Nearly $1B USD Funding Led By Wanda Group
LY.com (formerly 17U.com or Tongcheng), one of China’s largest ticketing websites, has secured more than 6 billion RMB ($967 million USD) funding from a consortium led by Chinese real estate conglomerate Dalian Wanda Group, Tencent Industrial Capital, CITIC Capital Holdings as well as other institutions. The company did not specify the stakes each investors are acquiring. The investment, which marks […]
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Chinese Online Gaming Firm Giant Interactive Gets into Pictures
Chinese online game developer and operator Giant Interactive Group is getting into China’s booming movie business, local media reports said. According to the reports on Monday, the company has formed a new subsidiary called Giant Pictures (Jùrén Yǐngyè / 巨人影业) It is the first major move Giant has made since it was privatized in 2014 […]
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Top 3 Funding Stories From China This Week: CrazyCDN, Suishouzan, Mtime
CDN Provider CrazyCDN Lands $10 million USD Series A CDN (Content Delivery Network) Provider CrazyCDN announced a $10 million USD series A led by Morningside Ventures. The Shanghai-based company is co-founded by Alibaba’s Xiao Zhi Ming and Alibaba vice president Dr. Lu Peng. Wealth Management Company, Suishouzan Receives Several Million RMB Seed Funding From Gobi Partners Wealth management company, Suishouzan […]
