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Jia Yueting, CEO of Leshi Holdings, said that the rapid growth of LeEco, the brand which encompasses Chinese online video content and smart device firm Leshi Internet Information and Technology (300104.SZ) and its affiliates, has led to organizational and financial challenges for the company which will necessitate changes in the company's rate of expansion, but the company overall strategy will remain unchanged. Read More
Shanghai-based Lieshang Network Technology, operator of online recruitment website HunterOn.com, has announced at a press conference the completion of RMB 200 mln in Series C funding, led by UOB Venture Management and with participation from IDG Capital Partners. Read More
Beijing-based Huitong Tianxia IOT Technology, operator of online logistics platform G7, has announced its completion of a USD 45 mln Series C+ round of funding, with backers including Chinese internet and mobile services firm Tencent (0700.HK), Singaporean sovereign wealth fund Temasek Holdings, and Eastern Bell Venture Capital. Read More
Chinese internet and mobile services firm Tencent's (0700.HK) consumer electronics B2C e-commerce site 51Buy has revealed details of how the company's recent merger with Beijing-based B2C e-commerce platform JD.com (Jingdong) will affect 51Buy employees, stating that "nobody will be let go," and confirming that all 51Buy employees transferring to Jingdong will be paid a continuation bonus equivalent to 5 times their monthly salaries. Read More
Shenzhen-based internet company Tencent's (0700.HK) Tenpay online payment service will partner with fund management firms China Asset Management, E Fund Management, GF Fund Management, and Haifutong Fund Management to release an online finance product. Read More
Peng Liang, a spokesperson for Chinese home appliance and consumer electronics retailer Gome's (0493.HK) B2C site Gome.com.cn, said today that Gome.com.cn plans to maintain a strategy of waging price wars throughout 2013. Read More
Shanghai Zhongpin Information Technology, the developer of mobile crowdsourcing recruitment platform "Renren Lietou," has completed RMB 20 mln in angel funding from two unnamed investors. Read More
Speaking on February 1, Chinese online travel service provider Ctrip (Nasdaq: CTRP) CEO Fan Min said that the company plans to be "higher-profile in its investments" in 2013, with investments "to exceed all previous scope." Read More
Chinese shopping experience sharing SNS Mogujie recently disclosed that monthly revenue from B2C and C2C e-commerce site Taobao's Taobao Alliance ad union has reached RMB 4.5 mln to 6.0 mln, though according to multiple independently confirmed industry sources, the amount is closer to RMB 4 mln after deducting Taobao's 10% technical fee. Read More
Chinese Internet services and security software provider Qihoo 360 (NYSE: QIHU) has reportedly poached dozens of engineers from IT solutions provider Beijing Ultrapower Software (300002.SZ), where they worked on China Mobile's (NYSE: CHL; 0941.HK) 'Fetion' mobile instant messaging (IM) software, by offering significantly higher salaries. Read More