China Roundup: JD, Baidu pour $400m into elevator ad startup, and other news

JD, Baidu pour US$400 million to elevator ad startup Xinchao The website of Xinchao Media Group, an elevator advertising firm, says it is valued at US$2 billion. Xinchao currently operates more than 650,000 digital advertising panels in elevators across 105 Chinese cities. Baidu led a 2.1 billion yuan (around US$325 million) funding round for Xinchao in 2018, while JD.com led a 1 billion yuan (around US$155 million) round for the firm the next year. Baidu-backed electric vehicle maker WM Motor to raise US$500 million The funding will come in two tranches - the first, led by billionaire Richard Li's telco…