JD.com has led the elevator advertising technology provider’s latest round, investing together with fellow returning backer Baidu.

E-commerce group JD.com has led a $400m round for China-based lift advertisement service XinChao Media Group, National Business Daily has reported, citing records from financial data aggregator Qixin.

Internet technology group Baidu also took part in the round, which made JD.com the largest XinChao shareholderand which valued the company at more than $2bn.

The deal represents JD’s first sizeable investment after Hu Zhengwei, formerly executive director at investment firm Warburg Pincus, replaced JD vice-president Hu Ningfeng (Jason) as head of…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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