NASDAQ to delist China's biggest Starbucks rival Luckin Coffee, Bytedance is forming a car infotainment team, Zoom suspends new free user registrations in China, Ant Financial’s MYbank to extend USD1.4 billion in interest-free loans to small businesses
ChinaJoy Game Anime Expo to Go Ahead, BMW to invest $620M in Shenyang, cloud computing company Kingsoft surges 40% on IPO day, Dior unveils AI skin-testing tool, China to Give Foreign Banks’ Local Branches Access to Fund Custody Licenses
Alibaba's Double Five shopping festival in Shanghai, grocery e-retail brand Hema Fresh, U.S. drafts rule to allow Huawei and U.S. firms to work together, Bilibili’s market capital increased USD 480 million in one day, Inspur wades into Japan’s USD 5 billion market
Huawei's Hisilicon chip unit overtook U.S. semiconductor giant Qualcomm to be the biggest mobile phone chip supplier in China for the first time, Chinese brands accounted for about 61% of global 5G smartphone shipments in Q1, Tencent buys 5% stake in Australian buy-now-pay-later firm Afterpay, Chinese mobile games accounted for 19 of the top 100 highest-grossing games in the US, Didi Chuxing has reopened all of its mobility services in Wuhan, Tesla unveils new price cuts
Smartphone maker Transsion profit up 173% in 2019, Bitcoin-mining machine maker Ebang files for U.S. IPO, JD.com files for secondary listing in Hong Kong, China is expanding listing reforms, Alibaba Cloud 3rd biggest global provider for IaaS, Tencent to take over China’s game livestreaming market
AutoX trialing its “robotaxi” service in Shanghai, Tesla escalates battle against Chinese EV maker Xpeng, Starbucks has entered a strategic partnership with Sequoia Capital China, ByteDance ordered to suspend office app Feishu
Tencent invests USD17M in Navinfo, Shanghai’s free-trade zone will accelerate digital infrastructure push with 5G, IoT and AI tech, Chinese smartphone brand OnePlus to compete in China, Huawei Q1 revenue grows 1.4%, Baidu introduced an updated version of Baidu Hi, 4.9 billion online office hours logged in March
Megvii unveils virtual makeup solution FaceStyle to boost sales for cosmetics retailers, China’s largest utilities will spend $570m on charging stations this year, Revenues of Chinese mobile game providers hit record-high of US$7 billion during Q1, a new committee tasked with setting up national standards for blockchain, e-commerce platform Jumei Youpin exit NYSE, 7,000 car-related live-streaming sessions in a single day,
Lenovo Group managed to increase its market share of PC sector in Q1, Jack Ma tops Fortune China’s list of influential business leaders in 2020, China to extend cross-border e-commerce scheme, Tencent becomes majority shareholder in Chinese game live-streamer Huya, Chinese telcos try to replace WeChat with launch of 5G messaging service, China’s AI startups already raised $420 million in April, Tesla's China sales hit record high in March, Bilibili announces 400 mln USD investment from Sony
Apple Pay to support Alipay, WeChat and Mobike selected for the 100 Great Designs of Modern Times, Carrefour China owner Suning reports 17% drop, Pinduoduo launches enterprise collaboration tool Knock, TransferWise and Alipay team up for international money transfers, Xpeng gets green light to test autonomous vehicles in U.S., China's Nio to release car control app on Xiaomi's smart watch, TikTok moving its content moderation outside China, BYD starts engine on mask production, JD.com to arrange Hong Kong secondary listing, Tencent’s set for fastest growth since 2018, Starbucks to build up roasting capacity in China
L'Oreal sales revenue hits 15-year high, Oyo is cutting 60% of its China staff, Ride-hailing and food delivery plummet due to coronavirus, online grocery shopping sees uptick, Apple's main iPhone maker Foxconn resuming production capacity, China's sharing economy market exceeds 3.2 trln yuan in 2019, China expects over 550,000 5G base stations running by 2020
WeChat Pay gets approval to start Hong Kong-Macao cross-boundary mobile payments services, Huawei 2019 revenue up 18%, Hillhouse Capital to launch RMB 10 billion fund for startups in China, Smartphone sales tank in Jan, Skechers resumes building distribution center, China is postponing plans for massive autonomous vehicle (AV) deployment
As China continues to fight the coronavirus, remote working is no longer an option but a necessity for many. Communication and collaboration platforms are essential to remote workers; Alibaba’s DingTalk, a.k.a. Dingding in the Chinese version, has seen a spike in demand in China.
Top China digital news from the last week: Alibaba Taobao has officially rolled out a new app called Taoxiaopu to leverage social e-commerce, Baidu has beaten Microsoft and Google in an ongoing natural language processing competition, Baidu among the first batch of companies to launch autonomous driving tests with real passengers in Beijing, a consortium led by China’s Tencent Holdings Ltd. agreed to buy 10% of Universal Music Group from French media company Vivendi SA, Tesla Inc (TSLA.O) cut the starting price for its China-made Model 3 sedans by 16%, Xiaomi will invest over CNY50 billion (USD7.2 billion) in 5G & AIoT, The health care subsidiary of e-commerce giant JD.com was ranked as the most valuable among 22 new unicorns
In China, users can also access services such as paying for taxis, hotel room bookings, and movie tickets, directly within the app. However, because access typically requires a local phone number and Chinese bank account, short-term international visitors previously could not use mobile payments in China
Over 200,000 brands are participating, one million new products are on offer and more than 500 million users are expected to participate in this year’s festival – about 100 million more than last year.
PayPal becomes the only foreign company in China to hold licences to provide domestic and cross-border online and mobile payment services in China. A quick overview of China mobile payments market is included.