Tuesday, 13 February 2018
Fallen Bitcoin Trading Giant BTCC Sold to HK Fund – Yicai Global
What happened: One of the largest crypto currency exchanges in China has been sold to an unknown Hong Kong-based blockchain investment fund for around $1.6 billion.
Why it’s important: The move comes after China recent ban on all crypto currency trading both home and abroad. BTCC announced it plans to go into crypto currency mining instead. – Masha Borak
What happened: Spring Festival is upon us and it’s China’s greatest travel period. Companies are using new VR, AR and holographic technologies to draw attention to their goods and services.
Why it’s important: It’s another example of Chinese companies using technology to get the edge on the competition in new sectors. These technologies are in use elsewhere, but not on as large a scale for rather smaller scale reasons–for example, a leather goods mall. China’s biggest tech companies such as Alibaba and Tencent are getting involved in projects that look at novel ways to attract shoppers and tourists after already attracting their online spending. With all the high-tech examples given in the the report, perhaps Back To The Future II should have been set in China. – Frank Hersey
What happened: VIPshop has announced its 2017 Q4 and full year unaudited financial results. Revenue for the fourth quarter of 2017 totaled RMB 24.1 billion, a 27% year-over-year increase from 2016. VIPshop also said it expects a 20%-25% year-over-year increase in Q1 revenue.
Why it’s important: Last December, Tencent and JD.com announced a $863 million investment and strategic partnership with VIPshop, which has contributed significantly to the growth in market share and customer base. With the strategic partnership, Guangzhou-based online discount retailer is expecting to gain more exposure from Tencent’s social media platform WeChat and JD.com’s app. —Nicole Jao
AcFun 恢复访问，网站、App 均可正常使用 – Technode Chinese
What happened: The website of AcFun, Chinese video streaming service for ACG (animation, comics, and games) content, went back online yesterday afternoon after shutting down for 10 days due to alleged financial difficulty.
Why it’s important: AcFun is finally getting back on its feet after days of server shutdown. It was reportedly facing financial woes and failed to pay its employees in time. AcFun used to be the largest go-to place for Chinese ACG enthusiasts but later Bilibili, another ACG video site, took over the crown.—Timmy Shen
快手回应央视点名未成年人打赏：感谢监督 已全额退款– Tencent Tech
What happened: China’s hit video streaming site Kuaishou announced that it has refunded the monetary tips an underage user has made on the platform after state media CCTV criticized the company. The money was reportedly design for the medical treatment of his parents.
Why it’s important: Virtual gifting feature is one of the most prominent factors for maintaining the sustainable development of China’s live-streaming industry. But it has its tricky side. Kuaishou video bloggers were criticized for tracking underage users, who can not make their own judgment, into contributing hefty tips by offering improper contents. —Emma Lee
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