Airbnb’s China Rival in Talks to Raise $100 Million

One of Airbnb’s major Chinese rivals is in talks with investors to raise about $100 million in a new funding round, people familiar with the matter said.

Beijing-based Xiaozhu was valued at $1 billion in its previous round in November when it raised $120 million from investors including Yunfeng Capital, a private equity fund backed by Alibaba founder Jack Ma. The talks for the new round are still in the early stage and investors haven’t yet committed to a deal, the people said. A Xiaozhu spokeswoman declined to comment.