The venture capital arm of Legend Holdings, Legend Capital has invested in Phoenix Holiday International Travel Service.

More specifically, why are there hardly any twenty-year-old wunderkind entrepreneurs in China?

Former Fab executives had founded True in 2007.

YY would have an initial market capitalisation of $2.9bn at $11.50 per share.

Naspers' corporate venturing unit reportedly backs the parent company of online shopping website BuyThePrice.

Alongside Itochu Technology Ventures in the round were venture capital firms Digital Garage, and Suneight Investment.

In July last year CyberAgent opened an office in Taiwan and most recently in Korea.

Founded in 2001, Tsing manages four dollar-denominated clean-tech funds with $600m in aggregate and two RMB funds with a total size of RMB1bn ($160m).