Tailwind for LinkedIn’s Chinese competitor Maimai

2/2/2018 8:33:29 AM

Maimai, LinkedIn’s biggest rival in China, is experiencing a strong tailwind to support its development. The professional networking service with already 30 million users in China, has just raised US$750m in funding from US top tech investors, to be used for further development.

Maimai’s main features include individual and group chat rooms, news feeds, a referral system and anonymous messaging, nicknamed ‘office gossip’. The service claims that it is now equally large in China as LinkedIn, in terms of users. Maimai not only has the backing of international investors to grow further, it also found important local partners. Zhilian Zhaopin, a Chinese job recruitment site, agreed to become a strategic investor. Maimai aims an initial public offering (IPO) in 2019.

In competition for a stake of the professional networking market with Maimai, LinkedIn claims it currently has 36 million registered users in mainland China – an eightfold increase since first entering the market in 2014. Lin Fan, Maimai’s founder and CEO, claims that 80 per cent of Maimai’s revenue comes from advertising, and the rest from premium customer subscriptions, including corporate users. According to the South China Morning Post, Microsoft-owned LinkedIn generated some US$1.1 billion in annual revenue this financial year, but it is far less dependent on advertising income.

Further reading on SCMP

 

Photo credits: http://maimai.cn

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