Meanwhile in China: Weekly News Roundup [11/13-11/17]

  • Tencent could soon be worth more than Facebook

Tencent (TCEHY), a Chinese social media and video games giant, have more than doubled in price over the past year, propelling the company’s market value ever closer to Facebook (FBTech30)’s $520 billion. Tencent’s own social network, WeChat, has almost one billion users, mostly in China. With Western rivals like Facebook and Twitter (TWTRTech30) shut out, WeChat has a commanding position in the world’s most populous country. Other than social networking, the company has been expanding deeper into other areas including smartphone games, mobile payments and streaming music. All that has helped fuel record profits this year.

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Source: CNN



  • China’s bike-sharing startups are heading for marriage or death

    One year ago, China’s bike-sharing sector was riding high. Now it’s heading downhill. Chinese media outlets reported this week that Bluegogo, a major competitor in a crowded industry, is on its last legs. Its looming death, coupled with other developments in the industry, suggest that bike-sharing in China will soon be dominated by a single company. Founded in 2016, Bluegogo had raised a total of 600 million yuan (about $90 million) under CEO Li Gang, according to CrunchBase, before it went bankrupt.

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Source: Quartz


  • The ‘Singles Day’ China shopping festival smashes record with $25 billion haul

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event. The event began soon after a star-studded event in Shanghai late on Friday. As midnight hit, a deluge of pre-orders helped drive a billion dollars of sales on Alibaba’s platforms in the first two minutes and $10 billion in just over an hour.

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Source: CNBC



  • Toyota plans to start selling EVs in China in 2020

    Bloomberg via Getty Images

Toyota recently announced plans to design and build EVs with Mazda in the US, but it has big plans elsewhere, too. The automaker will produce electric cars in both China and India starting in 2020, it said in a pair of press releases. The automaker said it’s also working on plug-in hybrid versions of the Corolla and Levin for China and will evaluate the potential of hydrogen fuel cells for buses and other commercial vehicles in China.

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Source: Engadget