Chinese e-commerce giant has led a $142 million U.S. funding round in advertising firm Xinchao Media as part of a deeper strategic partnership, Tech in Asia reports.

Xinchao deploys smart screen advertising technology in more than 700,000 elevators in 100 cities across China, according to a statement. It previously received $302 million U.S. in a funding round led by Chinese search giant Baidu.

Last year, rival Alibaba (NYSE: BABA), the parent company of hybrid generalist marketplace Taobao and c-to-c mobile marketplace Xianyu, agreed to invest about $2.2 billion in Xinchao rival Focus Media. The company claims to have more than two million elevator TVs deployed in China.’s second-hand goods trading platform PaiPai underwent a strategic merger with electronic product recycling site AiHuiShou in June. The merger came as part of a $500 million U.S. funding round in AiHuiShou, led by Estimates say that the new valuation of AiHuiShou is more than $2.5 billion. After the merger, will become AuHuiShou’s largest strategic shareholder.

JD will report its Q2 2019 results on August 13. The $40 billion U.S. loss-making online retailer, led by Richard Liu, has lost up to 17% of its value since late July — more than rivals like Alibaba and a much steeper drop than for the broader NASDAQ composite index.

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