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China Business News (2021-04-06)

1. Alibaba's Daraz announces partnership with SaaS company LogiNext

Alibaba-backed Daraz creates Asia's largest eCommerce carrier aggregation network with help from LogiNext. As a result of this partnership, LogiNext, a global SaaS company that optimizes and automates the world of transportation and eCommerce logistics, launched their online platform call the LogiNext Mile. Daraz has optimized and automated millions of orders over the past four years, resulting in becoming Asia's largest eCommerce transportation network.


2. Xiaohongshu has 8 billion daily interactions and plans IPO

Xiaohongshu has more than 8 billion interactions daily. After being founded in Shanghai in 2013 the company has evolved from a shopping guide in Hong Kong to a content community platform. During the epidemic period, food content once surpassed beauty and became the first category of Xiaohongshu. According to the data, more than 1.3 billion people searched for food-related content in 2020. Xiaohongshu plans to go public soon with a valuation of USD 10 billion.


3. Dingdong Maicai closes USD 700 million round D financing

Dingdong Maicai has announced the closing of a USD 700 million round D financing jointly led by DST Global. Legacy shareholders Tiger Global, General Atlantic, and Sequoia Capital continue to increase their stakes in the company at the same time. Dingdong Maicai is a fresh vegetable eCommerce platform, adopting a big data-driven approach, predicting future orders through self-developed data models and multi-dimensional predictions based on historical sales data to reduce the slow-loss loss rate.


4. ByteDance has further FinTech plans

ByteDance has plans to potentially move further into payments and lending, securities, and insurance. The company aims to build a new business focused on building a financial technology innovation and service platform for users, integrating payments, consumer finance, securities investment, and insurance brokerage.


5. Leading venture capital firm in China raised a new fund

Long Hill Capital, a leading venture capital firm in China, announced today that it raised more than USD 300 million last month for its third fund ("Fund 3"). This brings the firm's assets under management to nearly USD 800 million in its four-year history. The new fund, Long Hill's largest to date, will invest in a broad range of health and longevity sectors.


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