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Maimaicha Secures RMB 100 Mln in First-Round Funding

CNET, 10/12/11

Ma Yufeng, CEO of Shandong-based B2C tea retailer Huaxia Chalian Chaye (Maimaicha.com), announced today that the site recently secured nearly RMB 100 mln in first-round funding from Luxin Venture Capital Group, Shenzhen Capital Group, and two other firms.

Luxin provided details of its investment in Huaxia Chalian in an external investment announcement released yesterday, saying that its wholly-owned subsidiary Shandong High-Tech Venture Capital signed an agreement in Jinan on October 10 with Huaxia Chalian to invest a further RMB 20 mln in the company.

Founded in August 2008, Shandong Huaxia Chalian Chaye operates China's leading tea retail e-commerce platform, Maimaicha, tea group buy site Maichatuan.com, 115 offline tea stores, two large tea leaf processing plants and tea farms covering 329.5 acres.

Maimaicha currently receives an average of approximately 400,000 page views and more than 5,000 orders each day. In addition to operating its own e-commerce platform, Huaxia Chalian is partnered with Chinese B2C e-commerce sites 360Buy, Taobao, Lashou and Dangdang (NYSE: DANG).

According to Ma, funds from all four investors have been transferred and will be used by Huaxia Chalian to expand its upstream industry chain and consolidate the company's tea leaf manufacturing bases. In addition, the company will upgrade the backend of the Maimaicha.com platform, and build six new warehouses in Beijing, Shanghai, Guangzhou, Chongqing and Xi'an. Ma said that a new warehouse has already been completed in Jinan, and construction of another in Beijing is now underway.

Keywords: Ma Yufeng Luxin Venture Capital sales volume e-commerce Internet funding B2C first-round Shenzhen Capital Group Maimaicha group buying logistics

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