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Rumor: Maimaibao Secures USD 200 Mln Funding from Tencent, MTK

TechWeb, 3/14/14

According to industry sources, Wuxi-based mobile e-commerce service provider Maimaibao Information Technology, operator of m-commerce site Maimaibao (Mmb.cn), has secured a new round of over USD 200 mln in funding, led by Chinese internet and mobile services firm Tencent (0700.HK) and Taiwanese fabless semiconductor company MediaTek (MTK), with participation from Sequoia Capital. Maimaibao has not yet commented on the rumor.

Maimaibao was established in 2006. According to the company's official website, from 2007 to 2012, Maimaibao received funding totaling RMB 400 mln from Far East Holding Group, Tencent, and Sequoia Capital. The company currently employs more than 2,000 people and plans to list within the next three years.

In early 2014, Maimaibao released its self-branded "Big Q" ("Da Q") series of mobile handsets.

Editor's Note: For more background on this topic, please see "M-Commerce Site Maimaibao Launches 'Q1' Smartphone" MD 1/09/14 issue and "Rumor: Tencent to Purchase Handset Manufacture" MD 3/11/14 issue.

Keywords: m-commerce funding wireless Tencent MediaTek Sequoia Capital 0700.HK Maimaibao

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