China’s “re-commerce market” is predicted to reach RMB 1.25 trillion in 2020 as consumers shop for second-hand goods on online marketplaces.
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VC Liu Bo: The future of second-hand luxuries in China
TechNode spoke to the general manager at TusStar Ventures, which invested in second-hand marketplace Ponhu-Luxury in 2015.
Alibaba’s second-hand app under fire over explicit messages aimed at user’s daughter
Police apprehended the sender after the user feared for the safety of her family.
Online housing firm Beike starts a new round of layoffs: report
Chinese online housing firm Ke Holdings, also known as Beike, is starting a new round of layoffs, Chinese media outlet the Paper reported on Tuesday. The job cuts will affect the company’s research and development, operations, and mid- and back-end services the report says, citing people with knowledge of the matter. The Beijing-based firm reportedly downsized its operations in its second-hand and new property transaction services groups in March. At that time, the company refuted the rumored headcount reduction. China’s widespread tech layoff, which has impacted most of the country’s tech majors – from big-name behemoths such as Alibaba and Tencent to vertical unicorns such as Bilibli – shows no signs of ending just yet. [The Paper, in Chinese]
Several Alibaba apps now support Tencent’s WeChat Pay
Several Alibaba affiliated apps now support Tencent’s WeChat Pay, a rival of Alibaba’s Alipay. The apps include food delivery service Ele.me, video app Youku, e-commerce site Kaola, entertainment ticketing platform Damai, and online reading app Shuqi. The change came less than a month after Beijing asked companies to stop blocking links to rivals’ services. Other Alibaba apps such as second-hand trading service Idle Fish and grocery app Freshippo are waiting for Tencent’s approval to support WeChat pay. [Sina Tech, in Chinese]
Chinese second-hand car platform Renrenche denies bankruptcy rumors
Competition between China’s online used car sellers is increasing, as are public spats among players.
JD-backed electronics reseller Aihuishou files for US IPO
Aihuishou, a Chinese electronics resale platform backed by JD.com, filed an application for an IPO on the New York stock exchange on Friday.
Chinese second-hand car platform Uxin accuses rival of faking revenue data
This is not the first time Guazi has been accused of unfair competition and attempting to mislead the public.
Idle Fish used goods platform adds LBS to boost social buying
Alibaba-owned second-hand goods marketplace Idle Fish boasts 1.3 million interest-based communities, a key sales driver.
Food delivery backlash, VCs snub e-commerce: Retailheads
Chinese food delivery giants draw public ire, Dianping’s symbolic retreat is made official; and VC interest in e-commerce wanes.