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

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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.

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