Shuidi, a Beijing-based healthcare technology provider, completed a $144.5 million Series C financing round. Founded in 2016, Shuidi has raised more than $218 million in the last three months, setting a new funding record for China’s online insurance industry. In March, IDG Capital joined the firm’s $74 million Series B funding round. Shuidi operates Shuidihuzhu, a mutual assistance platform; Shuidichou, a zero-commission patient-centered crowdfunding platform; and Shuidi Insurance Mall, an insurance distribution platform offering 80 different insurance products from 60 Chinese insurers.

Consumers in China’s largest cities purchased $1 billion in agricultural products from Pinduoduo, a group-buying e-commerce platform, between June 1 and June 12 – or 70 percent of total revenues – up 310 percent over the same period last year. Founded in Shanghai in 2015, Pinduoduo is now shifting its focus away from smaller Chinese cities to meet the demands of more affluent consumers in larger so-called “first- and second-tier” cities. The company now has 444.3 million monthly active users. IDG Capital joined Pinduoduo's Series B funding round in 2016. Pinduoduo went public on Nasdaq in 2018 with a valuation of $24 billion.