China Digest: Baidu said to lead $140m round in WM Motor; Xiaomi, Yunfeng back Jinying

Chinese Yuan notes. Photo: Reuters

In separate business developments, China’s Baidu is reportedly leading a new $140 million round in WM Motor, while Jinying Technology raised $40 million in its latest round led by Xiaomi Inc and Yunfeng Capital, the China Money Network reported.

Baidu said to lead $140m round in electric vehicle startup 

Chinese Internet giant Baidu is reportedly leading a new funding round of about $140 million (RMB1 billion) in electric vehicle startup WM Motor.

According to Chinese media reports, Tencent Holdings Ltd, which recently led an over $1-billion round in WM Motor’s rival Nio, could co-lead the round.

Upon completion of the round, the startup would have raised a total of $1.64 billion in funding. WM Motor was founded in 2015 by Freeman Shen, the former chairman of Volvo Car Group China.

The deal frenzy in the electric car market follows Beijing’s efforts to fight urban smog. After opening up the sector to investment from technology firms and other investors outside the industry, a series of startups have cropped up.

Xiaomi, Yunfeng lead $40m round in online publisher Beijing Jinying

Smartphone maker Xiaomi Inc and Yunfeng Capital have co-led a $40 million Series B+ round in online content publisher Beijing Jinying Technology.

SIG Asia and Fosun International also participated in the round.

Jinying runs two online platforms, literature-focused Hotread and movie and TV show review application Duyao.

The company was founded in 2014 by Hou Xiaoqiang, the former CEO of Shanda Literature.

Also Read:

China: Yunfeng leads $29m Series B in video producer Yinhekuyu

China Digest: Genomics firm Annoroad raises $100m; Sinovation leads $20.6m round in Zhuiyi 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.