Here are the articles we found most interesting and relevant for our clients this past week.
China’s e-commerce giant Alibaba has become a shareholder in courier firm Yunda Holding Co. with a 2% stake.
Investors are bullish about innovative medical devices and globally-tested innovative drugs, where high returns are expected. Also promising are aesthetic medicine and medical services, which are considered as consumer services.
China’s National Development and Reform Commission (NDRC) announced the launch of a national Blockchain Service Network (BSN), which will reduce blockchain application operating costs by as much as 80%. China’s BSN will greatly reduce the barrier to entry for firms looking to leverage blockchain technology and hopes to expand to include global SMEs.
A young Chinese company called Neolix, which was founded in 2018 in Beijing, believes it is already on the right track and set to break even in the near future.
The new government investment comes after at least one similar deal collapsed, as NIO races to ensure cash flow while facing growing competition from American rival Tesla.
An Alibaba insider shares the company’s efforts to transform remote working. It’s online working platform DingTalk has improved to support video conferences for large groups of employees.
The Double Five shopping festival is part of measures to boost consumer spending,which got off to a strong start on the May 5 evening, with online and offline sales exceeding RMB 15.6 billion yuan (USD 2.2 billion) in its first 24 hours.
Tencent Holdings has become a “substantial shareholder” in shop-now-pay-later firm Afterpay, as the Chinese internet giant continues to expand its overseas investments in smart retail and fintech services.
American tourism experiences platform Airbnb is laying off about 25% of its workforce as the COVID-19 pandemic halts the travel industry and threatens the company’s core business. Airbnb China has also started the layoff process.
E-sports revenue, including income generated by games, tournaments and merchandising, passed the RMB 100 billion milestone for the first time. The market is expected to rake in more than 165.1 RMB billion in revenue by 2021.