The newly merged group buying company, named China Internet Plus Group, has raised $2.8bn from backers including Tencent at an $18bn post-money valuation.

The deal also involved Fosun subsidiary Shanghai Joy paying $20m for a 10% stake in record label and festival promoter Modern Sky.

Baidu is set to reinvest in used car marketplace Youxinpai, which has raised $430m in the last 15 months.

The Times Internet-backed logsitics company has so far raised $125m, and has begun talks with new investors for a round that would value it at $850m.

Tencent and Wanda-backed Weiying Technology and rival Gewara have agreed a merger that will create the second most popular online ticketing platform in China.

The internet portal invested heavily in food delivery, ride hailing and ticketing as it seeked to build out the services linked to its extremely popular WeChat messaging app.

Amazon has led a $22.5m series B round for Housejoy that included Qualcomm, and which followed $4m of series A funding in June.