China’s government shocked the fintech industry by introducing firm financial measures, similar to the banking sector. Ant Financial even had to cancel its massive IPO. But what we have seen is only the start of more government action to regulate the internet, says fintech expert Sara Hsu in the Diplomat. Managing capital and data are key elements.
The shock was all around when a worker at China’s leading IT firm Pinduoduo recently collapsed and died under the pressure of overwork. But despite the fierce reactions, IT analyst Matthew Brennan, author of Attention Factory: The Story of Tiktok and China’s Bytedance, does not expect the culture of overwork in China’s IT firms will disappear, he tells Vice.
China’s Single’s Day continued to be a runaway success after COVID-19, although e-commerce expert Ashley Dudarenok finds it hard to compare it with the previous events because it changed from a one-day event to an 11-days success. But more luxury brands, cars, and even McDonald’s joined the fray, and gamification become important, she tells at state-owned broadcaster CGTN.
China watcher Kaiser Kuo opens a panel on innovation in China at the (pre-corona) AMR Festival 2019 discussing how the West had flipping narratives on how the technology works in an authoritarian climate. And both say more about the China observers in the West than China itself, Kaiser argues.
Marketing expert Arnold Ma runs his branding agency Qumin from London in both China and the West. He explains how brands, and his company, are doing now relations between China, the US and the UK get complicated, to put it mildly. Arnold is interviewed by Shirley Ze Yu and Martina Fuchs. What Chinese brands are doing well in the West, and many other questions.
China is home to four out of five largest unicorns – startups valued over one billion US dollars, second to the US, says the latest report by the Hurun Global Unicorn Index, published on Tuesday. “The rest of the world needs to wake up to providing an ecosystem that allows unicorns to flourish,” says Rupert Hoogewerf, chairman and chief researcher of the Hurun report to the South China Morning Post.
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.
Livestreaming e-commerce took off like crazy in China in 2020, partly because of the coronavirus pandemic. Marketing guru Ashley Dudarenok opens the discussion on where this trend is leading to at Technode. “Various livestreaming platforms are maturing, becoming more mainstream and the epidemic has led to the growth of online work, entertainment, and consumption,” she writes.