On May 30, Tencent, one of the most profitable Chinese internet giant, restructured its ecommerce business in its latest effort to catch up in the booming internet shopping market and compete against Alibaba, the de facto Chinese ecommerce tycoon. Along with the restructuring came internal reorganization and position transfer of executives. Tencent replaced the current […]
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Shanda to Discontinue MochiMedia China Business?
Shanda Games, the online gaming subsidiary of Shanda Interactive Entertainment Limited is about to discontinue MochiMedia China business after announcing closing down Ju Xin (Big Stars), an online Karaoke platform as part of a broader move to streamline and restructure its portfolio, according to people familiar with the matter. Shanda Ju Xin has been in […]
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Alibaba Tried to Buy And Sell Hulu to Yahoo to Buy Back its Stake?
Chinese ecommerce giant Aliaba Group is said to seek up to US$ 4 billion in debt financing to buy back the 40% stake in Alibaba which is currently held by Yahoo. Yahoo’s stake in Alibaba made up of huge portion of the company’s market cap which according to some analysts could worth up to US$ […]
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36Tuan Pivoting to Online Cosmetics Retailer, Intensifying Competition
36Tuan, a group buying service focusing on female customers announced today rebranding itself as Zhiwo.com (知我网, translates to ‘understand me’) with broader selections, sharper focus on cosmeceuticals as well as introducing new selling models such as flash buy. Founded in May of last year, 36Tuan has been directly competing with Jumei and Miqi.cn, both are […]
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Baidu Reorganizes to Set up Mobile Cloud Computing Business
Baidu yesterday announced in an internal email to its employees that the Chinese search giant is reorganizing its mobile internet businesses to set up a ‘Baidu Mobile|Cloud Computing Division’ in an ongoing drive to expand into wireless and cloud computing forefronts, a step closer to its own mobile OS. The new division will be consisted […]
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Miqi Raises RMB Tens Of Millions From DT Capital Partners
Miqi.cn, a group buying vertical focusing on cosmetics has just announced raising RMB tens of millions ($1.5m) in Series A from DT Capital Partners and is on track to raise Series B round of funding. Ma Qiang, founder and CEO of Miqi said that the funding would be used to strengthen the company’s branding, customer […]
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Chinese LBS Service Digu Sheds 70% of Staff
Digu.com, one of China’s largest LBS service is reducing 70% of its employees due to uncertain Series B round of funding and glimmer profitability prospects, according to people familiar with the matter. Li Song, founder of Digu.com admitted that the company is restructuring, but denied the funding dilemma. “There’s no clear business model for mobile […]
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Baidu Announces Restructuring
Baidu, the largest Chinese search giant, announced a restructuring plan of its business lines including sales, commercial operations, user products and technologies, commercial products and technologies(cloud computing and mobile included), and said it will implement an executive rotational program in an attempt to spur innovation and efficiency. This is the biggest ever organizational restructure since […]
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CDC Corp. Filed for Bankruptcy Protection, Rise and Fall of the First China Concepts Stock
CDC Corporation. (NASDAQ: CHINA), the company behind China.com and many other businesses and the first Nasdaq-listed Chinese internet company has filed for bankruptcy protection, highlighting the company’s years of struggle has finally accumulated to the extent that it couldn’t deal with anymore, driving the company’s stock down more than 50% on Nasdaq. Founded in 1997, […]
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Alipay Shifted to Jack Ma’s Private Company To Speed Up Getting Government LicenseAlipay Shifted to Jack Ma’s Private Company To Speed Up Getting Government LicenseAlipay Shifted to Jack Ma’s Private Company To Speed Up Getting Government License
According to a SEC filing, Alipay, the payment business of Alibaba Group was restructured so that it is now controlled by a separate company, owned mostly by Alibaba Group Chief Executive Officer Jack Ma. Yahoo said the shift was necessary to expedite getting a license for Alipay. Last year, Chinese government started to formally regulate its […]
