China imported 42 lithography systems (chip-making equipment) with a total value of $8.168 billion in November, mostly from the Netherlands and Japan, according to South China Morning Post. Included among them were 16 lithography machines imported from the Netherlands valued at $7.627 billion, representing a year-on-year increase of 1,050% in value of such equipment from […]
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Posted inNews Feed
Two budget-focused businesses within Alibaba given elevated status: report
Alibaba’s wholesale marketplace 1688 and its second-hand goods platform Xianyu have been elevated to first-tier businesses within the company’s domestic e-commerce group, according to local media outlet LatePost, as Chinese consumers are increasingly looking for highly cost-effective products. The heads of these two businesses will directly report to Trudy Dai, chief executive of Taobao Tmall […]
Posted inNews Feed
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]
Posted inWith Chinese Characteristics
China’s NFT market: Who are the major players, and what makes them different?
NFT market is also bustling with new projects in China. That may come as a surprise for people familiar with China’s strict crypto policy.
Posted inHeavy Hitters
Two sessions 2022: 5 Chinese tech leaders weigh in
The annual meetings of the National People’s Congress (NPC) and the advisory Chinese People’s Political Consultative Conference (CPPCC) being held this week are most important for the windows they provide into the government’s economic targets and policy priorities in the coming year. But the so-called “two sessions” meetings also enable some top private enterprise executives who are […]
Posted inTurf Wars
The Big Sell | Meituan faces a profit pinch as China orders lower fees
Meituan faces a profit squeeze as Chinese regulators order platforms to cut fees to help small businesses.
Posted inNews Feed
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]
Posted inEvents
Announcing winners of the OTEC-Emerge Technology Awards
Emerge is TechNode’s annual conference about emerging trends in China tech. It presents a strategic and forward-looking view of China’s tech sector in English with voices from experts and representatives of leading companies.
Posted inOn the Cusp
MissFresh, Dingdong Maicai file for US IPOs, JD expands overseas: Retailheads
MissFresh, Dingdong Maicai, two Chinese online grocers, filed for US IPOs. JD.com and its logistic branch are expanding overseas.
Posted inOn the Cusp
Crypto exchanges pull services to Chinese customers, mining updates: Blockheads
Crypto exchanges are shutting off Chinese users from derivatives trading. A government official said digital yuan could run on Ethereum.