Here’s a unique approach to Western companies doing business in China. Today, Evernote — the U.S. note-making service — span out its China-based unit into an independent entity with “full autonomy” over its business and services.
Evernote introduced its Yinxiang Biji China-based service in 2012, but now it is transitioning to a minority shareholder with the Chinese management team taking day-to-day control. As part of its move to independence, Yinxiang Biji has raised an undisclosed Series A round from the Sequoia CBC Cross-border Digital Industry Fund.
The terms are not disclosed, but Raymond Tang, CEO of Yinxiang Biji, said ownership