Posts filtered by tags: Pinduoduo[x]


 

China’s draft payments rules put Ant, Tencent on notice

A string of recent events in China’s payments industry suggests the duopoly comprising Ant Group and Tencent may be getting a shakeup. Following the abrupt call-off of Ant’s public sale and a government directive to reform the firm’s business, the Chinese authorities sent another message this week signaling its plan to curb concentration in the flourishing digital payments industry. The set of draft rules, designed to regulate non-bank payments and released by the People’s Bank of China (PBOC) t...
Tags: TC, Asia, Finance, China, Tech, Paypal, Tencent, WeChat, Mobile Payments, Goldman Sachs, Alipay, Payments, Alibaba Group, Online Payments, Meituan, Pboc


WeChat advances e-commerce goals with $250B in transactions

WeChat continues to advance its shopping ambitions as the social networking app turns 10 years old. The Chinese messenger facilitated 1.6 trillion yuan (close to $250 billion) in annual transactions through its “mini programs,” third-party services that run on the super app that allow users to buy clothes, order food, hail taxis and more. That is double the value of transactions on WeChat’s mini programs in 2019, the networking giant announced at its annual conference for business partners and e...
Tags: Apple, TC, Asia, China, Tech, Instant Messaging, Alibaba, Tencent, WeChat, Messaging Apps, Snap, Guangzhou, Zhang, Tencent Alibaba, Zhihu, Sogou


TikTok’s Chinese version Douyin launches an e-wallet

Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. The latest entrant in online payments is Douyin, TikTok’s Chinese version. The short video app recently added “Douyin Pay” to its list of existing payment options, which have included Alipay and WeChat Pay. “The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a ...
Tags: TC, Asia, Finance, China, Tech, Alibaba, Tencent, WeChat, Cctv, Alipay, Payments, Online Payments, Chinese New Year, Zhang Yiming, Bytedance, WeChat Pay


Pinduoduo under fire as China turns on its tech titans

One of China's most prominent e-commerce companies is facing intense public backlash over allegations that it overworks its employees. It's a sign that scrutiny of the country's tech champions is broadening, and could become even more intense.
Tags: China, Cnn, Pinduoduo


A former Alibaba driver set fire to himself amid growing concerns about Chinese labor laws

Alibaba founder Jack Ma in January 2018. Wang HE/Getty Images A delivery driver set himself on fire following a pay dispute with a partner of Alibaba subsidiary Ele.me, reported Tuesday. "I want my blood and sweat money back," driver Liu Jin said in videos of the incident. He now has medical bills of more than 1 million yuan ($150,000). In December, a 22-year-old Chinese tech worker died. Her death was widely attributed to the "996" work culture that dominates the industry. Visit Busines...
Tags: Apple, News, China, US, Trends, Walmart, Beijing, Hsbc, Alibaba, Retail, Food Delivery, Workers Rights, Jack Ma, Weibo, Ele.me, Liu


An Alibaba driver set fire to himself amid growing concerns about Chinese labor laws

Alibaba founder Jack Ma in January 2018. Wang HE/Getty Images A delivery driver set himself on fire following a pay dispute with a partner of Alibaba subsidiary Ele.me, reported Tuesday. "I want my blood and sweat money back," driver Liu Jin said in videos of the incident. He now has medical bills of more than 1 million yuan ($150,000). In December, a 22-year-old Chinese tech worker died. Her death was widely attributed to the "996" work culture that dominates the industry. Visit Busines...
Tags: Apple, News, China, US, Trends, Walmart, Beijing, Hsbc, Alibaba, Retail, Food Delivery, Workers Rights, Jack Ma, Weibo, Ele.me, Liu


Despite PR storm, Pinduoduo stock and downloads stay robust

Pinduoduo, a rapidly growing Chinese e-commerce company, is weathering its PR storm after the death of an employee sparked criticism against the firm’s grueling working hours. The employee, 21 years old, collapsed on her way home from work on a late night before New Year. The cause of her death has not been disclosed but internet users speculated that she had died from exhaustion. Posts with the hashtag #PinduoduoEmployeeSuddenDeath have accumulated 300 million views on the Chinese microblogg...
Tags: TC, Ecommerce, Asia, New York, China, Tech, Shanghai, Alibaba, Pinduoduo, Xinjiang People


The death of a 22-year-old Chinese tech employee shows the industry's toxic '996' work culture, championed by top execs like Jack Ma

Pinduoduo users attend the company's listing ceremony at the Shanghai Tower on July 26, 2018. Yin Liqin/China News Service/Visual China Group via Getty Images A 22-year-old employee of Pinduoduo, a Chinese e-commerce platform, collapsed and died after leaving work at 1:30 a.m. on December 29. Pinduoduo gave no official cause of death, but the woman has been hailed as the latest victim of the "996" culture fuelling China's tech industry. "996" sees staffers work from 9 a.m. to 9 p.m., s...
Tags: Hong Kong, Post, Death, Japan, Elon Musk, News, China, Trends, Bloomberg, Getty Images, News UK, Shanghai, Alibaba, Tencent, Xinjiang, Jack Ma


Trump signs bill that could kick Chinese companies off US stock exchanges unless they agree to American accounting standards

US President Donald Trump and China's President Xi Jinping attend a bilateral meeting on the sidelines of the G20 Summit in Osaka on June 29, 2019. Brendan Smialowski/AFP via Getty Images Trump on Friday signed a bill that would ban Chinese companies from being listed on US stock exchanges unless they adhere to American accounting standards. Under the Holding Foreign Companies Accountable Act, foreign firms aren't allowed to trade shares on any US exchange if they fail audits from US r...
Tags: Politics, Congress, White House, China, US, International, Trends, Markets, Economy, Beijing, United States, Xi Jinping, Foreign Policy, Alibaba, National Security, Donald Trump


Why Alibaba rival Pinduoduo is investing in agritech

Back in 2018, Pinduoduo sent shock waves through the investor community when it raised $1.6 billion from a Nasdaq listing as a three-year-old company. Online shoppers in China were excited to see its rise as an alternative to long-time market dominators Alibaba and JD.com. But the startup founded by former Google engineer Colin Huang has ambitions well beyond e-commerce. It’s answering the Chinese government’s call to modernize the country’s agriculture and bolster the rural economy. Life in ...
Tags: Google, TC, Asia, China, Tech, Artificial Intelligence, Farmers, Alibaba, Agritech, Mckinsey, Lim, Yunnan, Yunnan province, Australia China, Pinduoduo, Colin Huang


China’s tech firms rush to deliver solutions for grocery shopping

Nearly all of China’s largest internet firms have established a presence in online grocery. Just this week, news arrived that Alibaba co-led the $196 million C3 funding round of Nice Tuan, the two-year-old grocery group-buying firm’s fourth round year to date. People in China shop online for almost everything, including groceries. At first, grocery e-commerce appears to have caught on mainly among the digitally-savvy who have grown reliant on the convenience of e-commerce and don’t mind paying a...
Tags: Food, TC, Ecommerce, Asia, China, Funding, America, Tech, E-commerce, Alibaba, Tencent, WeChat, Alibaba Group, Meituan, Grocery Store, Meituan-dianping


Is Innovation Important For E-Commerce Business In 2020?

E-commerce retail has become so popular and common, that almost everyone today purchases something online. Customers would expect a friendly user experience. The buyers hold the power and it is your concern to assure them at least a satisfactory experience. With an exponential increase in the number of online businesses, it is important to follow the latest trends. This will give you an edge over your competitors. Users should be attracted to your website and this can only be done by providin...
Tags: Business, Samsung, Sales, Voice, Voice Assistants, Social Commerce, Omni, Omni Channel, Pinduoduo, Importance of Innovation For E Commerce Businesses


Resellee wants to become the Pinduoduo of Southeast Asia

Launched in the Philippines, social commerce startup Resellee wants to recreate the success of Pinduoduo, one of China’s fastest-growing e-commerce companies, in Southeast Asia. A major part of Resellee’s business is grocery deliveries, including fresh produce, and it has struck partnerships with the government and farmers’ groups to meet demand during the COVID-19 pandemic. The startup announced this week it has raised $1 million in seed funding from Mintech Enterprises and Hofan Capital to bui...
Tags: Fundings & Exits, Startups, TC, Facebook, Asia, China, Southeast Asia, India, US, Tech, E-commerce, Philippines, Cambodia, Online Groceries, Social Commerce, Metro Manila


China proposes antitrust law ahead of Singles’ Day shopping spree

Debates over anti-competitive practices amongst China’s internet firms resurface every year in the lead up to Singles’ Day, a time when online retailers exhaust their resources and deploy sometimes sneaky tactics to attract vendors and shoppers. This year, just a day before the world’s largest shopping festival was scheduled to fall on November 11, China’s market regulator announced a set of draft rules that could rein in the monopolistic behavior of the country’s top internet firms. Over the ye...
Tags: Ecommerce, Asia, Hong Kong, Government, China, Tech, Beijing, Alibaba, Singles' Day, Tencent, Pinduoduo, Ant Group, Meituan JD


The race to be China’s top fintech platform: Ant vs Tencent

As Ant Group seizes the world’s attention with its record initial public offering, which was abruptly called off by Beijing, investors and analysts are revisiting Tencent’s fintech interests, recognized as Ant’s archrival in China. It’s somewhat complicated to do this, not least because they are sprawled across a number of Tencent properties and, unlike Ant, don’t go by a single brand or operational structure — at least, not one that is obvious to the outside world. However, when you tease ou...
Tags: Fundings & Exits, TC, Asia, Hong Kong, Finance, China, Digital, Tech, Paypal, Beijing, Shanghai, Alibaba, Tencent, WeChat, Alipay, Ant Financial


Picker, an app to discover products recommended by people you follow, picks up €1.3M seed

Picker, an app that lets you discover and buy products recommended by people you follow, has raised €1.3 million in seed funding. Backing the Barcelona-based startup is Berlin’s Btov. The company has received €2 million in funding to date, mainly from various angel investors. Founded in 2018 by Daniel Ramos, Conan Moriarty and Enric Gabarró, Picker offers a curated marketplace that enables you to discover and buy products based on the recommendations of influencers, friends or the wider Picke...
Tags: TC, Asia, Europe, Pinterest, Germany, Berlin, Tech, Spain, Barcelona, Switzerland, Zalando, Lens Camera, Pinduoduo, Picker, Daniel Ramos Conan Moriarty, Enric Gabarró Picker


Brand Moves for Thursday October 1

In early March we began reporting daily on how brands were dealing with Covid-19. But it’s become clear that the current climate is one of near-perpetual disruption, so we decided to keep on telling the stories of inspiring brand leadership and strategy amid the latest crises in an anxious world. Our goal is to provide an up-to-the-minute source of information, inspiration and insight on brand moves as they happen. Amazon has been hurriedly trying to remove T-shirts with the words, “Stand back,...
Tags: Apple, Amazon, Facebook, Japan, UK, Instagram, Congress, Washington, China, Advertising, US, Unilever, Walmart, Joe Biden, Paypal, Alibaba


TikTok’s Chinese rival Kuaishou becomes a popular online bazaar

In China, short video apps aren’t just for mindless time killing. These services are becoming online bazaars where users can examine products, see how they are grown and made, and ask sellers questions during live sessions. Kuaishou, the main rival of TikTok’s Chinese version (Douyin), announced that it accumulated 500 million e-commerce orders in August, a strong sign for the app’s monetization effort — and probably a conducive condition for its upcoming public listing. On the heels of the anno...
Tags: TC, Ecommerce, Asia, Hong Kong, China, Tech, Alibaba, Tencent, Reuters, Kuaishou, Zynn, Douyin, Pinduoduo, ByteDance China Kelly Zhang


Meet the 15 richest people in Asia, who are collectively worth more than $500 billion

Even with a net worth of $58.1 billion, Alibaba's Jack Ma is only the second-richest person in Asia. Sean Gallup/Getty Images The 15 richest people from Asia in the Bloomberg Billionaires Index and Forbes Billionaires List are collectively worth more than $500 billion.Some of the billionaires occupying the top rank are self-made and built their fortunes through tech empires, like Jack Ma, who founded Alibaba Group, China's largest e-commerce company. Others inherited wealth from their f...
Tags: Google, Photos, Asia, Hong Kong, Japan, Money, Microsoft, Life, China, Singapore, India, Trends, Bloomberg, Bbc, Features, Overwatch


Here are the 98 companies from Y Combinator’s Summer 2020 Demo Day 1

Today was part one of Y Combinator’s two-parter Summer 2020 Demo Day, where nearly 100 companies debuted their efforts to the world for the first time. The Summer 2020 batch of companies was the first fully remote YC cohort, with the ongoing pandemic leading the accelerator to take its program entirely virtual. But it was actually YC’s second virtual demo day; as the severity of the pandemic became more clear back in March, YC moved the Demo Day portion of its Winter 2020 class to virtual at ...
Tags: Google, Amazon, Python, TC, Y Combinator, Europe, UK, Indonesia, Mexico, India, New York City, Africa, US, Tech, ERP, United States


Pinduoduo’s latest aim: sell $145 billion farm produce in 2025

Still working to turn a profit and shake off its fake-goods reputation, China’s e-commerce upstart Pinduoduo set itself another ambitious goal for 2025: surpass 1 trillion yuan or $145 billion annual gross merchandise volume of agricultural products. The announcement arrived with the company’s Q2 results last Friday. For some context, online sales of agricultural goods in China in 2019 neared 400 billion yuan or $58 billion, a 27% increase from the year before according to stats from the Mini...
Tags: Ecommerce, Asia, China, Tech, Farming, Alibaba, Agriculture, Ministry of Commerce, Chen Lei, Pinduoduo, iiMedia Pinduoduo, Pinduoduo Produce in China


Pinduoduo’s latest aim: Sell $145 billion of farm produce in 2025

Still working to turn a profit and shake off its fake-goods reputation, China’s e-commerce upstart Pinduoduo set itself another ambitious goal for 2025: surpass 1 trillion yuan or $145 billion annual gross merchandise volume of agricultural products. The announcement arrived with the company’s Q2 results last Friday. For some context, online sales of agricultural goods in China in 2019 neared 400 billion yuan or $58 billion, a 27% increase from the year before, according to stats from the Min...
Tags: Ecommerce, Asia, China, Tech, E-commerce, Farming, Alibaba, Agriculture, Ministry of Commerce, Chen Lei, Pinduoduo, iiMedia Pinduoduo, Pinduoduo Produce in China


A bubble? The stellar growth of China's e-commerce upstart Pinduoduo

At $114bn, its market value is above HSBC – but questions remain about business model and if it will ever be profitableIt is a company that is just about to turn five years old but is valued more highly than the oil giant Shell, or HSBC, one of the largest banks in the world.Pinduoduo is the latest behemoth produced by China’s tech machine, an online shopping site that specialises in extraordinary discounts on everything from tissues to Teslas. And its market value has more than doubled in recen...
Tags: Business, China, World news, Asia Pacific, Technology sector, Hsbc, Shell, Chinese Economy, Pinduoduo


LA’s Kickback is a social shopping app that converts users into marketing channels through cash rewards

Frankie Bernstein, the Venice, Calif.-based serial entrepreneur, knows marketing. At his last startup, Markett, Bernstein turned college students into brand ambassadors who were paid by the companies they repped for proselytizing about them on campuses. Now he’s using that knowledge to launch Kickback on iOS and Android. It’s invite-only at this point, but the idea is that it uses company’s marketing budgets to create shopping rewards and incentives for app users. In the same way that Markett...
Tags: Android, TC, Lyft, Uber, California, La, China, Tech, Nike, Walmart, Ceo, Paypal, Venice, Sonos, Columbia, Postmates


Meet Colin Huang, who just stepped down as CEO of $100 billion Pinduoduo and whose wealth exploded by $25 billion in 2020

Colin Huang, the 40-year-old founder of ecommerce giant Pinduoduo, is currently China's third-richest person. Huang on July 1 stepped down as chief executive of Pinduoduo, which has managed to rack up a market cap of more than $100 billion in less than five years. Pinduoduo is a gamified online marketplace that connects buyers and sellers and has a market value of $101 billion — more than Uber or Sony. Huang, who owns 29.4% of the company, is currently worth more than $40 billion. Huang's firs...
Tags: Apple, Google, Microsoft, Wall Street, China, US, Trends, Taiwan, Shanghai, Alibaba, Sony, Tencent, SEC, Disneyland, Costco, Jack Ma


China’s top short video apps and e-commerce giants pally up

JD.com, the online retailer that is Alibaba’s long-time nemesis, announced Wednesday a strategic partnership with Kuaishou, the main rival of TikTok’s sibling in China, Douyin. The collaboration is part of a rising trend in the Chinese internet where short video apps and e-commerce platforms increasingly turn to each other for monetization synergies. The thinking goes that video platforms can leverage the trust that influencers instill in their audience to tout products ranging from cosmetics...
Tags: TC, Ecommerce, Asia, China, Tech, E-commerce, Alibaba, JD.com, Alibaba Group, Live Streaming, Weibo, Taobao, Online Retailer, Kuaishou, Douyin, Pinduoduo


China Roundup: A blow to US-listed Chinese firms and TikTok’s new global face

Hello and welcome back to TechCrunch’s China Roundup, a digest of recent events shaping the Chinese tech landscape and what they mean to people in the rest of the world. It’s been a tumultuous week for Chinese tech firms abroad: Huawei’s mounting pressure from the U.S., a big blow to U.S.-listed Chinese firms, and TikTok’s high-profile new boss. China tech abroad Further decoupling Over the years, American investors have been pumping billions of dollars into Chinese firms listed in the U.S., f...
Tags: TC, Asia, Hong Kong, Europe, China, Disney, US, Tech, Beijing, Alibaba, Xiaomi, Vodafone, SEC, Alibaba Group, Baidu, Huawei


Pinduoduo beats revenue estimates as demand for online shopping soars

China's Pinduoduo Inc beat first-quarter revenue estimates on Friday, as more people shopped at its e-commerce platform during coronavirus lockdowns that shut down most brick-and-mortar shops.
Tags: Money, China, businessNews, Pinduoduo, Pinduoduo Inc


E-Commerce: From Transaction To Experience

Online shopping is generally a solitary activity – more about the purchase result than the experience. But is that all about to change? The Shopping Trip One thing physical retail still has over ecommerce is shopping as a shared experience. The act of going for a shopping trip with friends is one which is embedded in our culture. Your first shopping trip with friends is a rite of passage, and a totally different experience to being dragged around the shops with your parents. Showing items to ...
Tags: UK, China, Nielsen, Branding, Paul Bailey, Netflix Party, Brand Research Brand Strategy Brand Licensing, Brands And Digital, Pinduoduo, Social eCommerce In China, China Pinduoduo, Tims Twitter Listening Party, Squadded Shopping Party


Cathay Innovation raises $550M for its second global VC fund

With the global economy still sorting itself out in the face of the pandemic, we’re hearing about fewer new venture capital funds these days. However, today is an exception, as Cathay Innovation has raised a $550 million second fund, which is about double the size of its first fund and, according to its leader Denis Barrier, is larger than the firm’s “original target.” Cathay Innovation’s initial fund had some winners. The firm, which is part of the same org but distinct from private-equity o...
Tags: Fundings & Exits, Startups, TC, Europe, China, Southeast Asia, America, Tech, United States, Venture Capital, Cathay Innovation, Denis Barrier, Cathay Capital, Pinduoduo, COVID