Already before COVID-19, American and Chinese internet giants fought for dominance in the booming market for food and grocery delivery, and the coronavirus crisis had cause another boom in the market, says William Bao Bean, managing director of global venture capital firm SOSV in Shanghai in Marketplace. Having dominance in their home market helps the Chinese players.
While the jury is still out on the economic effects of the coronavirus crisis, the majority of the wealthy ended off better since the COVID-19 hit the world, says Hurun rich list founder Rupert Hoogewerf in the Business Standard. “The two biggest ‘winners’ from the Hurun Top 100 of Covid-19 were online retailers Jeff Bezos of Amazon and Colin Huang Zheng of Chinese low-end ‘social shopping’ giant Pinduoduo,” says Hoogewerf.
The annual Hurun Global Rich List counted today more billionaires in China than in the US and India combined, says Rupert Hoogewerf, chairman of the Shanghai-based Hurun Report after its publication on Wednesday, to Caixin. In 2019, China created 182 billionaires, three times the number as those in the U.S., according to the Hurun Report.
The Indian startup TryNdBuy has been adopted by the Chinaccelerator, and Shanghai-based managing director William Bao Bean explains why the virtual fitting room has a good chance to succeed in China, he tells at Livemint. Up to now, every virtual fitting room including Amazon and Microsoft, makes the consumer look bad, he explains.
Major industries like travel, retail, automotive, telecom and others see their traditional business models changing very fast. At Shanghai-based SOSV managing director William Bao Bean helps startups to make money in new ways, based on data, and capture fast emerging markets, he tells at the Phocuswright Europe conference in Amsterdam last week. Companies should not cling to melting margins, but identify where money can be made, he argues.
Amazon was the latest online Western casualty in China. The US company has been clueless in organizing its business in China, and it was not the government who killed Amazon, says business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order in the Voice of America.
The number of billionaires from China might be growing fast, US billionaires still earn far more, says Hurun China Rich List founder Rupert Hoogewerf to the Washington Post. The wealthiest in China was e-commerce giant Alibaba’s founder Jack Ma, the world’s 22nd-most-wealthy person, with US$39 billion.
China’s internet giant Tencent has become a winner, first by copying US competitors, but now it has become their inspirator, says Tencent-watcher Matthew Brennan to Leadersleague. “WeChat does not monetize data, but it is a growth lever for other businesses in the Tencent group. It’s a bit like iOS or Android in that regard,” says Brennan.
Digital transformation is key in the planning of companies, governments and individuals, as the world is changing beyond recognition. But for the world outside China it often remains unclear how the most innovative country is going to influence their digital future.
Speakers at the China Speakers Bureau can help you to make sense out of this often disruptive change of the world. Here we bring together a group of leading experts on China and how its digital transformation is going to change the world outside China too.