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Alibaba, Tencent consider removing barriers to each others’ ecosystems

Jul 16, 2021

Alibaba and Tencent are considering opening up their ecosystems to each other, under pressure from tightening antitrust regulations in China, the Wall Street Journal reported on Wednesday. The change could allow users to use Tencent’s WeChat Pay on Alibaba platforms and share links to Alibaba stores on Tencent’s WeChat, both previously not allowed. [The Wall Street Journal]

Xiaohongshu suspends US IPO plan as chill sets in

Jul 16, 2021

Chinese social commerce platform Xiaohongshu suspended plans to list in New York as Beijing tightens reviews on overseas IPOs, Bloomberg reported. The news comes shortly after Chinese fitness app Keep and podcast startup Himalaya called off US IPO plans. [KrAsia]

Meituan receives $400 million from Tencent to boost autonomous delivery

Jul 15, 2021

Meituan announced Tuesday that it has received an additional $400 million from Tencent. Tencent increased its share of the local services giant from 17% to 17.2%. Meituan will use the proceeds for technological innovations such as unmanned vehicles and delivery drones. [iFeng, in Chinese]

Meituan ends weekend work for its grocery unit

Jul 15, 2021

Meituan will cancel weekend work days starting this week for office workers at Meituan Youxuan, a grocery unit and the only one in Meituan that works every other Sunday, 36Kr reported Wednesday. The rest of the company works five days a week. Following Kuaishou and ByteDance, Meituan is the third Chinese tech giant to end the work schedule known as “big and small weeks” in the last month. [36Kr, in Chinese]

Beijing approves Tencent’s deal to take Sogou private

Jul 14, 2021

China’s top antitrust regulator said Tuesday it had “unconditionally approved” Tencent’s plan to take private Sogou, China’s second-largest search engine after Baidu. The blessing from the State Administration of Market Regulation sent Tencent’s shares in Hong Kong up 3.7% on Wednesday. The deal, valued at approximately $2 billion, was first announced in July 2020. [SAMR press release, in Chinese]

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