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.
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.
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Photo credits: http://maimai.cn