#Asia #China Tencent In Talks To Buy ‘Clash Of Clans’ Gaming Company SuperCell

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Chinese tech giant Tencent may soon add the company behind mobile gaming sensation Clash of Clans to their already massive portfolio.

The Wall Street Journal reported on Thursday that Tencent is in talks to purchase a majority stake in Supercell from SoftBank Group Corp, according to people familiar with the matter. The deal that would value the Finnish gaming company at $9 billion USD.

When SoftBank purchased a 51% stake in Supercell in 2013, the company was worth $1.53 billion USD. The sale would free up some significant capital for Softbank, which also recently divested around $10 billion worth of Alibaba shares which the Japanese firm acquired as an early investor in the e-commerce company.

Tencent is also in discussion with other investors, such as Hillhouse Capital Group, who may join the deal as co-investors, according to the same sources.

Supercell’s Clash of Clans has enjoyed extraordinary success in the Chinese mobile gaming market, which is primarily dominated by local players. Other notable companies in China’s mobile gaming industries include Chinese internet company NetEase, as well as mobile game publisher iDreamSky, which sold $15 million USD worth of shares to Tencent in the process of their initial public offering last April.

The multi-billion dollar deal with SoftBank will be Tencent’s largest to date. Just last December, Tencent purchased a majority stake in U.S gaming company Riot Games, the maker of hit eSports game League of Legends. In 2013, the Chinese tech company purchased almost half the stock of gaming firm Epic Games, totaling $330 million USD.

Gaming is a core part of Tencent’s business, accounting for over half of the company’s overall revenue in Q1 of 2016. According to market research firm DataEye, mobile games made up 36.6% of China’s digital gaming industry in 2015, a number that is expected to increase as tech companies shift their attention from PC games to mobile.

SoftBank, Supercell, and Tencent did not respond to requests for comment.

Image credit: clashofclans.com

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#Asia #China Didi Chuxing Announces $7.3B Round, Here’s Who Invested In Them

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Following a series of high-profile investments, Didi Chuxing, the company behind China’s top ride-hailing app, has announced the closure of their $7.3 billion USD round.

Earlier this week Didi announced a $600 million USD investment from state-backed insurance company China Life, which followed a $1 billion USD investment from Apple in May. We now have a more comprehensive overview of investors in the round, with some of the top names listed below:

  • Apple
  • China Life
  • Ant Financial
  • Tencent
  • Alibaba
  • China Merchant’s Bank
  • Softbank

With the exception of Apple and China Life, which is also an Uber-backer, the final list of high-profile investors doesn’t reveal any surprises as they are previous investors. Alibaba and Tencent were investors in Kuaidi and Didi respectively before they merged to make Didi Chuxing. Interestingly, this is the first investment in the ride-hailing firm by Alibaba’s finance arm Ant Financial.

The $7.3 billion USD injection is made up of $4.5 billion USD equity investment, with the remaining $2.8 billion made up of strategic financial arrangements from the round’s two significant state-backed investors. China Life committed to a long-term debt investment of 2 billion yuan (about $300 million USD), while China Merchant’s Bank agreed to become the lead arranger for a syndicated loan worth $2.5 billion USD.

The round values Didi at approximately 25 billion USD, and the company claims to have $10.5 billion USD in disposable funds now in their arsenal. This is a significant tool for the company which continues to run an extensive subsidies program in their battle against Uber in China.

Didi founder Cheng Wei said in a statement this morning that he was “inspired” by the support form the new investors. The company says they will use the proceeds of the round to upgrade their big data operations, improving user experience and exploring new business lines.

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#Asia #China JD-backed Student Microloan Site Fenqile Lands $235M Funding

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Fenqile, one of China’s leading student micro-loan startups, has sealed $235 million USD in funding, the company announced on Wednesday. The injection is part of a larger D series round that has not yet closed, they noted.

Founded in August 2013, Fenqile lends users small sums of money for things ranging from electronics to skill training programs. The service is mostly target at students and offers budget short and long-term installment plans.

The platform now claims to have over 10 million users from user demographics outside of students. Data from the company shows that its sales for the first half of 2016 have hit 10 billion RMB ($1.52 billion USD).

The financing comes after an undisclosed amount of strategic C round from JD that is received in March last year and $100 million USD B round led by Digital Sky Technologies. Previous investors of the company include K2VC and Sequoia China.

The Wall Street Journal reported in October last year that Tencent was in talks with the company for potential investment, though the internet giant is not included in its confirmed investor list. The round was led by Huasheng Capital, private capital firm established by China Renaissance Partners, and CoBuilder Partners.

The company has issued its asset-backed securities on Shanghai Stock Exchange this March. The firm did not respond to TechNode’s inquiries on IPO plans.

Luo Min, CEO of Fenqile’s top rival Qufenqi, said in an internal letter that they are planning an local IPO. Qufenqi received an undisclosed amount of financing this January after landing $200 million USD investment led by Ant Financial.

The Dark Side Of A Booming Market

The budding lending industry, which taps the growing spending power of China’s new generation, has witnessed booming growth in the country. The growth has also brought about concerns over the industry’s integrity.

Local media revealed in a recent investigation that the loans can easily overwhelm users who misunderstand the terms of the service. They spoke to one Chinese university sophomore student who found themselves in 13,000 RMB debt for a 6,000RMB loan from Qufenqi after allowing it to overdraw by 14 months.

Under the Qufenqi’s previous contract, users have to pay a daily penalty of 1% if they failed to pay back the installment on time, an incredibly high rate considering the daily interest for credit cards is only 0.05%. The company lowered its penalty rate to 0.05% this May.

Users choose such lending platforms over credit cards because it is difficult for university students who don’t have stable incomes to apply for credit cards. On top of that, credit cards have a very low penetration rate compared to U.S. rates.

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#Asia #China China Startup Pulse Podcast: Digging Under the Great Firewall With The Co-Founder of ChinaNetCloud

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Ever wondered who operates the internet? This week, Tudou’s first foreigner CTO, Steve Mushero, tells us how he uprooted from the Valley, moved to China, and co-founded one of China’s first and leading cloud service, ChinaNet Cloud – essentially the backend to the World’s largest internet user base!

Connecting giants such as Amazon and Alibaba to their online audiences, Steve shares how he speeds up cross border IT transactions, and the importance of adaptability when targeting the Chinese market. Having successfully raised 9 million USD from local investors, Steve discusses the difference between negotiating local and foreign investment, and sourcing trustworthy local leadership, and predicts how the QR code phenomenon might expand beyond Chinese borders.

Download the MP3 (27.3 MB) or Subscribe via RSS

China Startup Pulse is a weekly podcast designed to give startup enthusiasts around the world a behind the scenes and on-the-ground understanding of what’s happening in China’s startup ecosystem. Founded and hosted by Ryan Shuken and Todd Embley, and produced by Vivian Law, China Startup Pulse is sponsored by Chinaccelerator, People Squared, and TechNode.

TechNode does not endorse any commentary made in the program.

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#Asia #China Digging Under the Great Firewall, Steve Mushero, Co-Fouder of ChinaNetCloud

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Ever wondered who operates the internet? This week, Tudou’s first foreigner CTO, Steve Mushero, tells us how he uprooted from the Valley, moved to China, and co-founded China’s 1st and leading cloud service, ChinaNet Cloud – essentially running the backend to the World’s largest internet user base!

Connecting giants such as Amazon and Alibaba to their online audiences, Steve shares how he makes cross border IT transactions faster, and the importance of adaptability to target the Chinese market. Successfully raising 9 million USD from local investors, Steve discusses the difference between negotiating local and foreign investment, sourcing trustworthy local leadership, and predicts how the QR code phenomenon might expand beyond Chinese borders.

Thanks to our sponsors Chinaccelerator, People-Squared, and our syndication partner Technode. A huge thanks to our Producer Vivian Law and Production Editor David Xu, and of course to you, our listeners – Thank You!

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#Asia #China How One 15YO Chinese Game Built Empires And Survived An Ever-Changing Market

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In China’s fast-moving tech industry no player can expect to stay on top for too long. But there’s one game that has bucked that trend: The Legend of Mir 2.

While the name may not ring any bells with some western gamers, the 15-year-old game is well known in China as one of the games that helped rocket gaming and social firm Tencent to ‘giant’ status, now the country’s second biggest tech company, with a market value close to $ 200 billion USD

The Legend of Mir 2 (Mir 2), which is actually a Korean-made game, soared to cult status in the early 2000’s as an online game, racking up major revenue for the game’s in-country operator, Shanda games, as well as Tencent’s distribution platform.

Mir 2 is now experiencing a second resurgence, buoyed on by China’s massive appetite for mobile gaming. In June 2015 the Tencent launched the mobile version on their platform and history repeated itself, as the title once again became one of the key elements driving game revenue growth

The game, which is still operated by Shanda, was generating monthly sales between 600 and 700 million yuan ($92-108 million USD) through Tencent as of March this year, according to Zhu Xiaojing, Vice President of Shanda Games. Daily sales of the game peaked at about 46 million yuan ($7 million USD).

Turning Internet Cafes into Distributors

Shanda did one thing very well when they brought Mir 2 to China 15 years ago. They distributed the game through internet cafes at a time when personal computers weren’t ubiquitous in China, developing an online sales management solution especially designed for cafe customers.

As a startup, Shanda was working on an online social community before they were even approached by the Korean operator of Mir 2. The partners launched a commercial version of Mir 2 on the mainland in November 2001. Immediately the game gained traction in internet cafes, inspiring Shanda to market the game in cafes across China.

Mir 2 quickly became one of the most popular games in China. Shanda first hired Ubisoft, the French multinational game developer and publisher, to distribute prepaid game cards, but would soon have difficulty meeting the rising demand. To solve the problem, Shanda developed E-sales, an online software system tailored for internet cafes. Not only did it better facilitate sales, the system enabled Shanda to track data on game purchases across China and collect money in a timely manner, something that was unprecedented at the time.

In 2002 about 65% of Shanda’s total revenue was collected through the E-sales system. Internet cafes also became more willing to promote the game as they could get commissions directly through the system.

Almost all of Shanda’s revenue was from Mir 2 up until mid-2003, when the Chinese company launched their own role playing game, The World of Legend. The new game so similar to Mir 2 that the Korean developer, WeMade, sued the company for copyright infringement later that year. Despite this, the copycat prevailed. In the quarter before Shanda went public on the NASDAQ in May 2004, Mir 2 and The World of Legend generated 57% and 31% of the company’s total revenue respectively.

Transitioning From Pay-For-Access to Freemium Models

From the second quarter of 2005, Shanda began seeing revenues from online role-playing games, especially Mir 2, declining. The company concluded that the decline in Mir 2 revenue was partly attributable to “increased competition in the online game market”, and “cheating programs and pirate servers”.

To boost the popularity of its major titles, Shanda announced in November 2005 that they would offer their major titles including Mir 2 for free, hoping to generate revenue primarily through in-game items and services.This decision caused huge losses for Shanda in the following quarters, but revenues would gradually recover thanks to increases in the number of paying players and average revenue per paying account. This move revolutionized the business models adopted by Chinese games across the board.

Tencent’s Mobile Game Distribution Powerhouse

As smartphones finally became powerful enough to support massive games like Mir 2 the industry would experience a third revolution.

The distribution market for mobile games in China is totally different to what Mirr 2 had experienced as an online game. Apart from Apple’s App Store and a few Chinese Android stores (Google Play is still not available in mainland China), Tencent is one of the largest mobile game distribution channels.

In 2014, Tencent claimed it had become the largest mobile game publisher in China and one of the largest globally. It grossed 14 billion yuan and 21.3 billion yuan (about $3.3 billion USD) in mobile gaming sales in 2014 and 2015, respectively.

Before 2010 the Chinese social networking giant had only operated game titles licensed directly from developers or developed in-house. The company launched an open platform in late 2010 to allow games operated by third parties to access to their huge user base and online marketing resources.

Mobile QQ and WeChat, the two messaging apps by Tencent, now account for almost all Chinese mobile internet users. The mobile game stores on both social apps have become important game publishing platforms, and Tencent’s in-house developed payment solution is widely used by customers on the two apps. Mobile games on Tencent’s platform, including Mir 2allow QQ and WeChat users, to log in directly without registering separately and play games with their QQ or WeChat friends. The mobile versions of many other longtime popular online games such as Zhengtu, the flagship game of Chinese game developer GIANT, are also now found on Tencent’s mobile gaming platform too.

Tencent needs these games too. While the newly emerged mobile games have relatively shorter life cycles and a lower ARPU (average revenue per user), games like Mir 2 have mechanics that are able to keep a large number of loyal, paying players.

Blurring The Lines Between Gaming And Entertainment Content

Mir 2 could now already be looking at a fourth resurgence, as the popularity of entertainment content has rocketed among VCs and tech giants. Shanda Games plans to adapt Mir 2 and other core titles of their Legend series to new formats, including movies and drama series.

Chinese tech companies behind longtime famous game titles, including Tencent, are working on adaptations based on their games to ride the rising tide of China’s entertainment content industries. Foreign gaming companies are also eyeing China entertainment market too. The movie based on smartphone game Angry Birds reportedly grossed 195 million yuan (roughly $30 million USD) in box offices during the three days following its China release earlier this month.

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#Asia #China This Startup Helps Cars Recognize China’s ‘Anomaly’ Vehicles

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China’s booming automotive market has given rise to a wealth of disruptive tech in the autos industry. While Chinese tech giants, including LeEco and Baidu, have set their sights on global domination, some smaller players are looking to solve problems closer to home, including China’s wildly unpredictable vehicles.

For those who’ve experienced China’s roadways first hand, it’s not unusual to see trucks bloated with anything from cardboard to livestock driving alongside three-wheeled micro vehicles, which somehow qualify as roadworthy.

minieye

A Minieye road test

Founded in 2012, Minieye develops what they call a ‘smart eye’ for vehicles, which uses computer vision technologies to anticipate possible collisions, building an algorithm specifically for China’s unpredictable roadways.

“It’s a big challenge for algorithm models to recognize not only normal cars but anomaly vehicles which are abundant in China, like three-wheelers dragging a huge tree or straw stacks.” said Liu Guoqing, CEO and founder of Minieye.

“On the other hand, large amounts of data [are] required to refine the model in different light and weather conditions.” said Liu. “We have utilized 33 vehicles to collect video data by running over ten thousand kilometers per day.”

Liu founded the company in Singapore four years ago with a group of computer vision scientists and engineers who were working on an ADAS project for the country’s Media Development Authority.

Currently, the startup has over 30 employees working from two branches, with an algorithm development center in Nanjing and product operation arm in Shenzhen.

The company recently secured an undisclosed amount of funding this April from ZTE Venture Capital. Liu told Technode that the funding is earmarked for algorithm development and pre-install solutions.

Previous investors include the Singapore Media Development Authority, Nanjing Municipality and Wu Yongming, a founding partner at Alibaba and board chairman of AliHealth.

A Growing Market For Local ADAS Products In China

Many local companies are now trying to tap into the ADAS field, which once belonged exclusively to foreign manufacturers in China. The list not only includes big names like Baidu and LeEco, who are leading the field in China’s auto innovation, but also solo startups who specialize in smaller verticals.

Liu is upbeat about the potential for stable growth in China’s ADAS industry, though he believes funding has been overzealous. “Some of the venture capitalists overestimated the growth projection of ADAS industry and China’s investment boom has created a bubble in the sector.”

The market size for Automotive Advanced Driver Assistance Systems (ADAS) is forecasted to hit $3.1 billion by 2019, according to research by IHS

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#Asia #China Analyse Asia Podcast: From Newsroom To Digital Media With Alan Soon

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Alan Soon from the Splice Newsroom and Rockstart Accelerator joined us in a conversation about the media business in Asia. Drawing from his experience in media businesses such as Bloomberg, CNBC, and Yahoo!, Alan offered his perspectives on how the media business has changed across Asia over the past two decades. We discussed business models and how the industry is segmented in Asia, and discussed trends that are emerging in China and India. Last but not least, through our observation of new media businesses such as Vox, Buzzfeed and TheInformation from the US, we analysed whether these new models would work in Asia.

Download MP3 here (39.3 MB) or Subscribe via RSS

Analyse Asia with Bernard Leong is a weekly podcast dedicated to the pulse of technology, business & media in Asia. They interview thought leaders and leading industry players and gain their insights to how we perceive and understand the market. Analyse Asia is a content partner of TechNode.

TechNode does not endorse any commentary made in the program.

Notes:

  • Career of Alan Soon, Founder & CEO of The Splice Newsroom, Managing Director of Rockstart Accelerator Singapore and former Yahoo Managing Editor for India + Southeast Asia & Country Manager, Singapore
    • How did you get started in the media business?  [1:05]
    • From an illustrious career in traditional, mainstream media to digital media, spanning across Channel News Asia, Bloomberg, CNBC and Yahoo!, what are some interesting career lessons you can share? [2:06]
    • How did you manage to pivot from printed and broadcast media to digital media? [3:20]
    • Why did you eventually decide to set up the Splice Newsroom? What is the motivation behind the company and what does it do? [5:20]
  • Media in Asia Pacific [6:40]
    • How has the media business changed in Asia Pacific in the past decade, transitioning from mainstream or printed media to digital media with search engine and social media in the past decade? [6:59]
    • How is the media industry segmented in Asia? [8:08]
    • The challenge of talent in the media industry. [8:50]
    • The interesting trends with media in Asia [9:40]
      • TVF Viral in India – satirical videos with India celebrities and recently received VC money.
      • Zhibo – Video livestreaming phenomenon in China with added e-commerce transactions.
      • Papi Jiang funded by Zhenfund. In the U.S., social media celebrities do not get any VC money.
    • What are the business models in media that work in the Asia media scene and how do content makers interface with business owners? [12:40]
    • Will digital paid TV advertising work in Asia with e-commerce transactions as the new model? [14:10]
    • Wirecutter as an example for content site making reviews with affiliate advertising. [14:50]
    • Mogujie’s WeChat account in China, with fashion articles driving e-commerce transactions.  [15:32]
    • Do ad blockers or downstream advertising make the media business less viable in Asia? [16:20]
    • Where are the core drivers for media business in Asia? [17:38]
    • How does the localisation of the media factor into the media business specifically in Southeast Asia and India? [19:26]
    • One of the major challenges for media in Asia is regulation of media by governments. In your experience with Yahoo!, what is your advice on how digital media outlets to navigate the government when it comes to controversial content? [20:21]
    • Very few startup media outlets have been successful in reaching scale in audience distribution, why is that so? [23:38]
    • Does the media business focus on discovery or curation? [24:50]
    • Which form of media are successful in Asia – rich text, audio or video? [26:29]
    • Are the costs of production for media going down given the rise of platforms such as YouTube, Periscope? [27:53]
    • Can investigative journalism work in Asia given the production costs are not going down? [29:10]
  • Emerging Trends & Mapping new media business models to from US to Asia [30:00]
    • Recently, the more successful media brands such as Vox, Buzzfeed and subscription-based media such as TheInformation, Techpinions and Stratechery by Ben Thompson, which target niche audiences, are becoming popular. Can these concepts be mapped to the Asia market? [30:13]
    • Are there challenges in the business models of these media? For example, Asian consumers prefer not to pay for content. [35:44]
    • With the rise of walled gardens such as Facebook and Medium and rise of ad blockers rendering advertising insignificant as a revenue stream, how does media outlets navigate these constraints to be successful? [37:00]
  • What’s next?
    • Alan has stared his new gig with Rockstart Accelerator soon. What is his role for the accelerator? [40:55]

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#Asia #China Using Tech To Unlock Mental Health In China: KaJin Health

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China’s mental health record is tarred by social stigma and a lack of resources. While public initiatives are now seeking to rectify the issue, the country’s active startup ecosystem is also competing to fill the gaps.

According to a study published in 2011, a staggering 91.8% of Chinese people with a mental health diagnosis never seek help. Part of that has to do with the shortage of trained mental health professionals in China, as well as the country’s psychiatrist-to-patient ratio, which is as low as 1.24 per 100,000 patients, compared to the global average of 4.15 per 100,000.

“The problem is huge,” says Jin Hsueh, the co-founder and CEO of KaJin Health, a Taiwanese startup that provides an online counseling service to people in Chinese-speaking communities. “There are 900 million [people with] depression in China, and very, very [few] that ever seek for help, talking to a doctor or therapist.”

China’s mental health problem isn’t just an issue of resources. Social stigma continues to deter patients from seeking help, and severe mental health cases, including schizophrenia and psychosis, are treated as family issues, sometimes with disastrous consequences.

“In China… there’s always a huge stigma when you go to a physical clinic to seek [mental health] help,” Mr. Hsueh told TechNode. “That’s why we’re doing this business, because it allows you to talk to a…therapist at home, without any[one] knowing.”

While evidence shows the government is taking steps to acknowledge the problem, private enterprise, including startups, are also beginning to shoulder some of the load. KaJin Health is an early-stage company targeting Chinese-speaking users, such as those in Taiwan and mainland China. Through the company’s official WeChat account and website, users can book appointments and chat with Chinese-speaking therapists.

The app also aims to rectify another glaring issue: mental health resources in China are heavily skewed towards the country’s urban centers.

“[Our local Taiwanese and Chinese users] don’t know much about therapy, but by [providing] online access to therapy, it kind of lowers the barrier a little bit,” says Mr. Hsueh. “You don’t have to visit a physical clinic so they would like to give it a try. Seventy percent of [our] customers…are first-time therapy users.”

Different Approaches To Therapy In Mainland China

According to Mr. Hsueh, China requires a special approach when it comes to mental health therapy, believing that cultural differences play a role in designing effective therapy.

“The type of therapies in Taiwan [are] usually more long term…[guiding] you through the downturns and the stress,” he says.

Customers in China prefer more “straightforward” answers, where therapists provide instant solutions and instructions on how to get over their stress, he says. “In China, we position [our product] more…like coaching rather than [therapy].”

Currently, KaJin Health is partnering with brick-and-mortar clinics in Taiwan, where they refer customers to a certified medical facility if needed. To avoid any legal headaches, the startup has wisely chosen to outsource drug prescriptions and medical procedures to partner clinics. However, KaJin Health is struggling to find local partners in China.

“We haven’t found any trusted local clinics to partner with,” says Mr. Hsueh. “It’s hard for us to [identify] if they are qualified or not.”

Over the past decade, policies around mental health in China have slowly improved. In 2004, the country created local brigades of community-focused mental health clinicians, an initiative dubbed the “686 Program” that was meant to ease the disparity between cities and the countryside.

In 2012, the Chinese government enacted its first mental health law, which defined basic guidelines around the diagnosis, treatment, and rehabilitation of mental disorders, and promoted psychological well-being. Still, China’s mental health services have a long way to go.

In addition to online counseling services, the company also runs offline and online mental health awareness campaigns. According to Mr. Hsueh, KaJin Health is also in talks with Chinese insurance companies to create a new type of coverage just for “psychology treatments,” in order to increase the accessibility of its services, which currently cost around 60 USD per hour.

Currently, KaJin Health has offices in both Taipei and Shanghai, and was part of local incubator program Chinaccelerator’s ninth batch of companies. Though roughly half of the KaJin Health’s users are Chinese-language users living overseas, the company has its eyes set on the local Chinese market, where the company believes there’s a greater need and more potential to grow its business.

Similar services have also begun to crop up on the mainland. “Simple Psychology” (简单心里网, our translation), is a Beijing-based startup that also offers online counseling services as well. China also has a number of non-profit organizations that raise awareness around mental health, such as CandleX, one of KaJin Health’s non-profit partners that focuses on depression.

Image credit: Shutterstock

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#Asia #China Didi Chuxing Lands $600M From China Life – An Uber Investor

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Chinese insurance giant China Life Investment Holding Co. has officially joined the ranks of investors behind the country’s largest ride-hailing app and Uber’s biggest global competitor, Didi Chuxing.

The Chinese startup confirmed on Monday that they have received a $600 million USD strategic investment from the life insurer, which includes a $300 million USD equity investment and a further $305 million USD long-term debt investment.

The latest investment also brings to light an interesting twist: China Life has previously invested in Uber. In April 2015 we reported that China Life had invested about $200 million USD  in the U.S. ride-hailing app.

The competition between Uber and Didi Chuxing has reached a feverish pitch on the mainland as both companies have publicly disputed each other’s market share data, as well throwing barbs over the ongoing subsidies war driving their local expansion.

It’s not the first time a investor has backed the China-ride-hailing-horse both ways. China-based investment firms Hillhouse Capital and Tiger Global Management have both invested capital in the two competing ride-hailing companies, though the scale of China Life’s dual commitment is unprecedented.

China Life’s investment is part of the same round that Apple participated in when they recently committing $1 billion USD to the ride-hailing app. The closure of the current round would value Didi Chuxing at over $25 billion USD.

China Life is now joins a list of common investors that reads like a who’s who of influential China tech investors. Didi has attracted significant investments from the country’s biggest tech firms, including Alibaba and Tencent, as well as the venture capital arm of fellow insurer Ping An.

China Life also adds to the number of state-backed investors who now have a stake in the ride-hailing company. Chinese sovereign wealth fund China Investment Corporation invested in Didi as part of a $2 billion USD round in August 2015. State-owned China Merchant’s Bank is also a backer of Didi.

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