China’s largest public transportation WiFi developer and operator has finished its first major round of financing, according to an announcement released on Thursday night.

internet
internet

16 WiFi, a pioneer in developing WiFi services on buses and subways, finished Series A financing worth more than one billion yuan ($16.3 million) from Internet giant Baidu and other investors.

The move is considered a strategic landmark for the commercial WiFi service market as another two leading IT companies, Alibaba and Tencent, both invested in WiFi start-ups last year.

“The WiFi application market enjoys enormous potential with increasing users, especially on public transportation such as buses,” said Teng Binsheng, a professor with Cheung Kong Graduate School of Business.

Qiu Chaomin, chairman of 16 WiFi, said that WiFi service on buses would enjoy a boost thanks to the company’s large market share, wide regional presence and partnerships with more than 60 cities nationwide.

16 WiFi launched its Bus WiFi service in 2011 and has installed more than 30,000 WiFi hot spots and signed agreements to provide WiFi service in about 150,000 buses across the country.

Disclaimer: News Ghana is not responsible for the reportage or opinions of contributors published on the website.

Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505 

Previous articlePhilippine president incurs the wrath of world media with remarks
Next articleJune 5 Asia-Pacific stocks news summary at 1100 GMT
Xinhua News Agency, Xinhuanet is an important central news service-oriented website, an important information organ of the central government, and an important platform for building up China's online international communication capacity. Established on November 7, 1997, as an online news provider of the Xinhua News Agency, it was officially named Xinhuanet on March 10, 2000 and began around-the-clock news release with leading online public opinion at home and setting a good image of China abroad as its main task.

LEAVE A REPLY

Please enter your comment!
Please enter your name here