Booming investment in China's mobile Internet industries

SHANGHAI -- The mobile Internet industry in China was showered with billions of dollars in 2015 as investors continued to favor the sector in the country's economic transformation, an investment study released on Monday showed.

According to statistics complied by China Venture Group, Chinese mobile Internet startups received investment worth $4.5 billions of in 2015, up 69.4 percent from a year earlier.

The study said venture capital and private equity funds put money in 479 investments, of which 338 cases were for companies in early growth.

Kuaidi, a car-ride hailing service app, topped mobile Internet companies in funding, receiving $600 million in 2015.

China is upgrading its growth model from investment-led to service-driven, boosting entrepreneurship and innovation, especially in high-tech industries.