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Focus China News Roundup- Issue #47

Every fortnight we compile a list of important news updates and events covering the Chinese FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.

For a downloadable copy of China’s Issue #47

FINTECH

Baolian Technology completed 20 million CNY pre-A round of financing
Baolian Technology, overall solution provider for insurance intermediary industry, completed pre-A round of financing of 20 million CNY. This round of financing will mainly be used for the company’s core system iteration, overall solution construction and national channel construction.

Hainan will build a national blockchain technology development base
In combination with the function of a free trade port, Hainan will promote the construction of a national blockchain technology and industrial innovation and development base. Hainan is exploring supporting policies and management models for the development of the blockchain industry.

Sichuan is building a digital asset trading system based on blockchain technology
Sichuan will build a blockchain pilot platform for open and
shared government data. It will build an intellectual property financing service platform based on blockchain technology, and establish a digital asset trading system based on blockchain technology.

China’s cloud service market reached $6.6 billion in the second quarter
China’s cloud infrastructure market grew 54% to $6.6 billion in the second quarter. Alibaba Cloud, Huawei Cloud, Tencent Cloud and Baidu Smart Cloud ranked the top four with a market share of 33.8 percent, 19.3 percent, 18.8 percent and 7.8 percent respectively. The growth rate of Baidu intelligent cloud is higher than that of the overall market.

E-sign completed E round of financing of 1.2 billion CNY
E-sign, an electronic signature service provider, has raised 1.2 billion CNY. E-sign will continue to increase investment in product and technology research and development. This round of financing will also
promote electronic contract.

Yizhangtong launched a cloud equity platformYizhangtong and Ping An One Wallet have carried out in-depth cooperation to jointly build a “cloud rights and interests platform” based on ping An Group’s rights and interests resource database. The two sides will jointly build a SaaS service platform for customer operation to facilitate the digital transformation of retail business of commercial banks.
David Qi is the Senior Director of Digital Transformation Strategy

Value Map completed angel round financing
Value Map, A SaaS service provider specializing in small and micro risk control, completed angel round financing of 10 million CNY. This round of financing is led by Atomic Venture Capital. The fund is mainly used to strengthen the company’s technology research and development and market expansion.
Adam Lin is the Founder & CEO at Value Map Digital Technology

Harvest Fund access to baixin Bank SaaS open service platform
Harvest Fund has access to baixin Bank SaaS open service platform, which enables financial management, investment and life payment scenarios to provide users with more convenient, diversified and secure financial services. Harvest added a new life payment function, which can earn income while consuming.
Dong Wang is the VP at Harvest Fund Management

China explores blockchain technology application in digital RMB system
Use blockchain to build a unified distributed account book at the issuing layer of digital RMB to improve the efficiency of account checking. China is exploring blockchain application in digital RMB system.

Huawei Cloud has become the second largest cloud service provider in China
Huawei cloud has gathered more than 2.3 million
developers, more than 14,000 consulting partners and more than 6,000 technical partners. Huawei cloud is the fastest growing cloud in the IaaS market and has become the second largest cloud service provider in China and the Top 5 in the world.
Anson Shen is the Chief Strategy Officer at Huawei Cloud APAC

Xingyi Cloud completed A round of financing of tens of millions of CNY
Xingyi Cloud completed A round of financing of tens of millions of CNY. The financing is mainly used for marketing and product research and development. Founded in 2018, Xingyi Cloud focuses on providing small and medium-sized enterprises with SaaS model products and services based on cloud native technology.

Huabei gradually access the credit investigation system
Huabei is gradually being connected to the credit investigation system of the
Central Bank. On the basis of user authorization, some users have been able to query the records of Huabei in their credit investigation reports. In the future, credit investigation services will gradually cover all Huabei users.
Eric Jing is the CFO at Alipay.com

Virtual Currency banned in China
The People’s Bank of China has determined that virtual currency does not have the same legal status as fiat currency. Virtual currency-related business activities are illegal financial activities. Overseas virtual currency exchanges providing services to Chinese residents via the Internet are also illegal financial activities. There are legal risks involved in virtual currency investment transactions.

China will strengthen credit information sharing
China will further strengthen credit information sharing, including tax payment, social insurance and housing fund payment, water payment, electricity and gas payment, real estate and intellectual property rights. Credit information sharing will promote financing for memes.

Pinduoduo Says it will help farmers to bring out “full value” by building agriculture brands
Pinduoduo, one of China’s largest agriculture platforms, said it will help promote geographical indications and work with farmers to build agricultural food brands so that they can bring out the full value of their labors.
Martial Ma is the Vise President at Pinduoduo

Guangdong Unicom cooperates with Jieyang City for rural revitalization
Guangdong Unicom and Jieyang Municipal Government will cooperate to implement the rural revitalization strategy. The two sides will cooperate in digital agriculture, digital countryside, talent science and education, rural e-commerce and other fields. Guangdong Unicom will build a digital agricultural industry cloud application service platform, an agricultural IoT perception platform, and an agricultural digital operation and management platform to promote the agricultural digital construction in Jieyang City.

Hema signed a cooperation to promote country specialties
This year, Alibaba will promote agricultural products from 100 counties (districts) across the country to enter Hema. With the support of digital technology and sales channels, Alibaba will reduce the cost of matching supply and demand information and boost the branding of characteristic agricultural products. The first batch of 10 characteristic counties have signed contracts with Alibaba to obtain its digital support and promote the building of a new supply and marketing system.
Chirs Tung is the Chief Marketing Officer at Alibaba Group

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