Ele.me is criticized for its treatment of the family of a deliveryman who died on the job. The US may ban American investors from Alibaba and Tencent.
On Thursday, Muddy Waters accused Chinese housing broker Ke Holdings of reporting inflated gross transaction volume (GTV) and revenue. The short seller compared Ke Holdings to coffee chain Luckin, claiming that the company has inflated its new home GTV by over 126% and its commission revenues by approximately 77% to 96%. In a Thursday response, Ke Holdings refuted the fraud claims, calling the report lacking a basic understanding and rightful reading of the company’s financial reports. The New York-listed firm said it welcomes any investigation and will respond to the accusations in detail within 24 hours. [Muddy Waters report]
Tencent’s WeChat Pay announced Thursday that it is now accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay. The tie-up enables QuickPass users to make payments by scanning WeChat Pay QR codes offline, and for WeChat Pay users to do the same with QuickPass codes. QuickPass payment now supports some Tencent services, such as its music and video streaming apps, as well as WeChat mini-programs for WeChat Read, JD, and Luckin. [WeChat Pay press release, in Chinese]
Alibaba restructures its local services to better compete with Meituan. Nayuki Tea and Dingdong Maicai go public.
In this episode, the guys are joined SCMP’s Josh Ye to discuss China’s gaming industry. They go over recent regulations, misconceptions, among others.
ByteDance joins the annual Spring Festival marketing blowout. Alipay prepares for the 2021 red envelope war. Edtech attracts more investment.
JD.com’s logistics arm sets a price target for its IPO. Tencent, JD.com, and Alibaba’s new food recommendation app.
A new round of consolidation in China’s community grocery delivery market is wiping out all but the largest players.
China fined five community group-buy platforms for price dumping, the “she economy” is on the rise as modern Chinese women power growth.
Trip.com debuts in Hong Kong for a secondary listing, Meituan is selling $10 billion in convertible debt to support its community group buy unit.