China has kicked off 2016 with a serious milestone – more than half their 1.37 billion population is now connected to the internet, according to a report released by state-backed China Internet Network Information Center (CNNIC). As of January first 2016, 688 million Chinese people had access to the internet, accounting for 50.3% of the […]
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Flexible Action Camera PIC Wins DreamPlus TechNode Demo Day
The winning startup of DreamPlus TechNode Korean Startup Demo Day, held on June 30th in Shanghai, was Boud, the makers of a flexible action camera. As a reward, the company was given a free booth at the TechCrunch Beijing event in November. The camera startup is one of the four selected companies participating in the DreamPlus Global Expansion Program. “DreamPlus aims to […]
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Why Is Every Chinese Tech Company Doing Online Finance?
When it comes to China’s internet giants, there’s barely a player that hasn’t entered the world of online financing. Following in the footsteps of Alibaba, many of these companies are looking to finance as a means of subsidizing heavy cash burn rates in their core businesses. Ant Financial, which oversees Alipay, the country’s largest mobile payment service, is […]
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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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China’s Meituan and Dianping Merge To Form O2O Giant
Meituan and Dianping, the two leading group-buying providers, often dubbed the respective Groupon and Yelp of China, have agreed to form a joint venture with equal shares valued between $15 billion and $17 billion USD, according to statements from both companies and their investors. The match-up marks the end of another O2O service war in China, […]
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Ctrip Invests $200 million in LY.com, Becoming Its Second Largest Shareholder
China’s leading online travel service Ctrip announced today it has invested more than USD200 million in cash in LY.com, one of its competitors, becoming the second largest shareholder in the latter. It’s undisclosed what a percentage Ctrip has taken in LY, but rumor says it’s about 30%. LY.com, formerly 17u.cn, wasn’t well-known in China’s online travel […]
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Online Hotel Distribution Solution Developer DerbySoft Raises $9 million from DCM
DerbySoft Inc., a hotel distribution connectivity and caching technology service provider, has raised $9 million in Series D funding from DCM Ventures China Fund. DerbySoft connects central reservations systems (CRS) of hotels and third-parties to online booking and search services, such as Booking.com, Google, Kayak, Travelocity and Tripadvisor. Since it’s headquartered in Shanghai, China, the company also […]
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Korean Founded B5M Bets Big on Shopping Search in China
Few investors would like to invest in the first shopping search engine Yin Rujie founded in the U.S. in late 1990’s. Investors he approached back then argued that e-commerce sites wouldn’t let him index items on their sites for price comparison. Mr. Yin finally managed to raise some funding and later on founded another shopping search […]
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Qunar CEO: We Aimed At 1% of China GDP
Qunar, Chinese online travel booking service seems to be growing to a ‘super’ company, even on a par with Ctrip in just a few years. The local magazine The Founder interviewed the team and this was the summary of the report. Overall, Mr. Zhuang Chenchao, CEO of Qunar was seemingly confident of the future as […]
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Tech in China 2013: Chinese Tech Stocks Recovering?
Two Chinese tech stocks SouFun Holdings Ltd. (NYSE: SFUN) and Qihoo 360 Technology (NYSE: QIHU) ranked No. 2 and No. 4 respectively of the top 10 best-performing tech stocks by total return in the US stock market in 2013, according to this Forbes post published on December 23th (The writer doesn’t believe there will be any […]
