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QingCloud, a Chinese cloud computing company, is now worth over $1 billion after completing a financing round of 1.08 billion yuan, or $159 million, it announced Tuesday. Enormous growth is expected from China’s cloud computing industry, which is a thorny market for foreign companies to navigate. QingCloud, founded by a trio of ex-IBM engineers, plans to use the money — the largest funding round for a Chinese cloud company to date, according to Technode — to improve its network and compete in China against global giants like Alibaba.

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