In Depth: China’s Internet Giants Brace for Global E-Commerce Push
Pinduoduo Inc., once China’s most popular internet newcomer, operates in the US market with its first cross-border e-commerce platform, leading a new wave of Chinese tech companies going overseas.
The company’s Temu platform launched on September 1 sells products ranging from $2 Bluetooth headphones to $4 sneakers with free shipping on orders totaling $29. It adopts the same low cost marketing strategy that Pinduoduo is known for in China. Temu downloads ranked 15th among all shopping apps in the US as of 9/11.
FINANCE & ECONOMY
Officials are planning roadshows across Asia and Europe to showcase the city’s advantages as a base for family offices of the super-rich. Photo: CGV
Family offices /
Hong Kong steps up efforts to attract billionaire business
Hong Kong officials organize roadshows across the Middle East, Europe, Southeast Asia and mainland China to entice the super-rich to set up family offices in the city, as part of a strategy to strengthen its position as international center for asset and wealth management.
Hong Kong is trying to revive its image and economy, which have suffered from strict Covid policies and an exodus of tech and financial talent. The city recently lost its title as Asia’s top financial center to Singapore in the Global Financial Centers Index released in September, which ranks the competitiveness of the world’s leading financial centers.
Alipay tests new feature to facilitate money transfers to WeChat friends
Ant Group Alipay test a new feature it would make it easier to transfer money to friends on the competing WeChat system.
Trials involving a limited number of Alipay users could be a step towards connecting China’s two major mobile payment services, in line with goals set by the central bank. However, a person close to Tencent’s WeChat Pay said the Alipay feature has nothing to do with WeChat Pay, and WeChat users are only “notified” by WeChat of the transfer.
Tiantu Capital closes in on $500m share sale in Hong Kong
Tiantu Capital, backer of many popular Chinese consumer brands, is getting closer to a $500 million public sale of shares in Hong Kong to become the first Chinese private equity firm to trade both on the mainland and in Hong Kong.
Tiantu Capital said it received approval from the China Securities Regulatory Commission for an overseas stock sale of up to 199 million shares. The company is awaiting clearance from the Hong Kong Stock Exchange for listing.
Quick shots /
BNP Paribas joins China Wealth Market Race With New Approval
Opinion: Which markets are wrong about the depreciation of the yuan
COMPANY & TECHNOLOGY
On October 18, Flowing Cloud was listed on the main board of the Hong Kong Stock Exchange with stock code 06610.HK. Photo: Flowing cloud
Chinese metaverse company Flowing Cloud drops on Hong Kong debut
Shares of Chinese metaverse company Flowing Cloud Technology Ltd. fell in hong kong on their first two days of trading as speculation about the hype surrounding the emerging industry cooled.
Flowing Cloud’s share price fell 4.3% to 2.1 Hong Kong dollars (27 US cents) apiece on Wednesday, extending a 4.1% drop from the stock launch after the company raised HK$532 million in its IPO.
The main activity of the company is the production of content and the provision of services to other companies based on augmented reality (AR) and virtual reality (VR) technologies. Last year, it began operating its own metaverse platform offering virtual reality-powered social interactions.
China’s second-hand housing stages rebound after months of decline
The Chinese second-hand home market showed signs stabilization amid an easing of real estate measures, with transactions in 15 surveyed cities rising 40% year-on-year to 1.9 million square meters in the first two weeks of October, according to data compiled by the brokerage firm Cinda Securities Co. Ltd.
Last month, second-hand home transactions by floor space in 12 surveyed cities remained unchanged from the same period last year, but that was after transactions fell 33% over the previous nine months, according to data from China Real Estate Information Corp.
Quick shots /
Analysis: The closing window for Chinese mRNA vaccine developers
Foxconn unveils its pickupcrossover models to expand the range of electric vehicles
Long read /
Rural misery behind the mine killings that shocked China
The viral bamboo basket of a tennis teenager
Newsletter recommended for you /
Caixin Must-Read Newsletter brings you the best of our coverage and must-read stories. You can opt-in now and get free, hand-picked media coverage delivered to your inbox every week.
Thanks for reading. If you haven’t already, click here register.
#Daily #Chinese #Internet #Giants #Brace #Global #ECommerce #Push