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IQiyi.com Inc., the Netflix-like video streaming service of Chinese online search engine Baidu, announced it has raised $1.53 billion to compete with its domestic rivals. In addition to Chinese search engine Baidu, which invested $300 million, IQiyi.com’s backers reportedly include Hillhouse Capital, Boyu Capital, IDG Capital and Sequoia Capital.
A newly reopened teahouse in Shanghai is drawing thousands of local residents who spend up to three hours on line queuing up for a cup of fruit tea. Founded in 2012, Guangdong-based Heytea is funded by IDG Capital and Robust Group.
IDG Capital joined Chinese real estate giant China Oceanwide in purchasing International Data Group, a leading U.S. publisher and market research firm which was instrumental in launching IDG Capital in 1993.
IDG Capital reported a banner year in 2016, scoring 17 exits, even as three of its companies were listed publicly. The China-focused VC firm also reported that 15 of its investments achieved valuation of $1 billion or more in 2016, taking the full number of unicorns in the IDG Capital portfolio to 26.
Roses are now a luxury brand in China, Pu Yi, the founder and CEO of roseonly, a Beijing-based start-up, tells China Daily. Early investors in the firm, now valued at more than $100 million, include IDG Capital and Accel Partners.