China Digest: Meridian Capital, Tencent invest $15m in Baobao; Banyan Capital, New Horizon pump $110m in Pinduoduo

In two separate funding deals in China, digital video streaming social media platform Baobao raised $15 million backed by Meridian Capital China, Tencent Holdings Ltd and other investors, while e-commerce platform Pinduoduo received $110 million financing from Banyan Capital, and New Horizon, the China Money Network reported.