Here are the articles we found most interesting and relevant for our clients this past week.
Shimao Service, an arm of Shimao Property, has over 500 management projects in more than 60 cities across China. Internet giant Tencent and venture capital firm Sequoia Capital China have injected USD 114 million and USD 130 million, respectively, into Shimao Service, the management service subsidiary of property developer Shimao Property Holdings Limited.
Chinese fintech giant Ant Financial will invest USD 73.5 million in Yangon-based mobile payment service provider Wave Money, as mass adoption of digital payments is growing in the Southeast Asia.
ByteDance is set to roll out its own in-vehicle infotainment (IVI) system, where it will integrate some of its most popular products, such as news aggregator Jinri Toutiao and short-video app Douyin, making a foray into the Internet of Vehicles (IoV) sector in China.
Alibaba’s work collaboration platform DingTalk has reached a total of 300 million users by March 31, as the COVID-19 pandemic outbreak has forced many to study and work from home.
Chinese video hosting service Bilibili released its Q1 2020 financial results on May 19. The platform’s average monthly active users reached 172.4 million, and mobile MAUs reached 156.4 million, an increase of 70% and 77%, respectively, from the same period in 2019, while daily active users stood at 50.8 million, soaring 69% year on year. The company saw considerable gains in monthly paying users with those growing by 134% to 13.4 million.
6.China announces guidelines to support SMEs
China will enhance support for small and medium-size businesses and optimize the financing and credit enhancement system for the private sector. The Party’s Central Committee and the State Council released guidelines to advance reform of the country’s socialist market economy system on Monday to stimulate market potential and energize market entities, according to Xinhua news agency.
TikTok’s owner ByteDance has fully acquired online medical encyclopedia Baikemy.com at an undisclosed price, Chinese media outlet Caijingtuya reported on Tuesday.
Chinese gaming giant Tencent Holdings has hired Kojima Productions founding member Ken-Ichiro Imaizumi and Halo 4 lead designer Scott Warner, both industry veterans, as part of its efforts to produce blockbuster games and court hard core gamers in the West.
Ping An Good Doctor, China’s largest online healthcare platform, is completely swapping out its senior management.
The on-demand delivery giant is expanding to other local life services as it aggressively marches into the power bank sharing business.
About 91 percent of China’s small and medium-sized enterprises (SMEs) had resumed operation as of Monday after disruptions caused by COVID-19. China has rolled out a series of targeted measures to support SMEs, which were among the hardest hit by the epidemic.
California-based videoconferencing company Zoom Video Communications has suspended individual users from signing up in China.