Alibaba to invest 15.5 billion by 2025 for ‘common prosperity’
Move comes after a government call to share the wealth as part of a drive to ease inequality China’s Alibaba Group will invest 100 billion … Read more
Tencent and NetEase shares fell more than 10% after China brands online games ‘electronic drugs’
China’s two online gaming giants lost over 10% of their value on the Hong Kong stock exchange, before recovering a few points. Investors are increasingly … Read more
Tencent Music and Sony Music Entertainment Sign Multi-Year Extension of Digital Distribution Agreement
Tencent Music Entertainment Group (“Tencent Music,” “TME”), the leading online music and audio entertainment platform in China, and Sony Music Entertainment (“SME”) today announced the multi-year … Read more
VC Roundup: Chinese tech firms are betting on chips
Chinese tech giants typically focus on the consumer market. But their appetite for early stage investments in semiconductors is growing.
Friendly neighbors are the key to China’s community group-buying craze
For many, finding a good deal is the main reason to join a community group-buying platform. Socializing with neighbors is a reason to stay.
ByteDance joins Spring Festival ad war, edtech funding: Retailheads
ByteDance joins the annual Spring Festival marketing blowout. Alipay prepares for the 2021 red envelope war. Edtech attracts more investment.
Shares of Evergrande EV unit surge 50% after raising $3.4 billion
China Evergrande New Energy Vehicle Group closed the sale of 952 million shares to six investors for a total of $3.35 billion)
Edtech firm Huohua Siwei valued at $1.5 billion
K-12 online math and science education platform Huohua Siwei received $150 million in a third batch of its Series E, which totals $400 million.
New digital payment rules likely to hit Ant Group, Tencent
The new antitrust rules for China’s digital payment market could trigger a regulatory review of Ant Group and Tencent based on market share.
Tencent Cloud Supports World Rowing to Deliver Virtual Indoor Rowing Championships to Global Audience
Both have entered into an agreement designed to strengthen the strategic collaboration in business and cloud technology support Tencent Cloud, the cloud business of Tencent, … Read more
Bytedance unveils Douyin mobile payment tool to rival Alipay, WeChat
Douyin Pay was recently added to the app, allowing users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform.
Pinduoduo blasted for user privacy breach, Luckin franchises: Retailheads
Pinduoduo is under fire again for deleting pictures from a user’s photo album without consent. Luckin opens up to franchises in lower-tier cities.
WeChat doubled mini program GMV in 2020
The Covid-19 pandemic accelerated consumer adoption of e-commerce on WeChat and powered growth, as confined shoppers spent more time browsing on the app.
Insights | Why ‘996’ just won’t go away
996 is still a problem in China’s tech industry. It’s brutal to employees, and it’s questionable whether overtime work pays off even for companies.