Xinchao is a media display platform that operates more than 700,000 digital advertising panels in elevators across more than 100 Chinese cities. It claims to reach more than 200 million middle-class consumers in residential and office buildings on a daily basis.

It was forced to cut wages and lay off more than 500 staff in 2020 as business dried up during the Covid-19 pandemic. But it survived the crisis and and Baidu invested a further $400 million in October 2021, with media reports of a valuation of $2 billion.

Zhang Jixue, the company’s founder, has championed the “traffic + transaction marketing loop” of the collaboration with, describing its screens as revenue generators for JD’s e-commerce business.

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