The 2023 Hurun China rich list sees changes, and Rupert Hoogewerf, the Hurun Report chairman and chief researcher, sees efforts to go global as a key factor for growing riches, he tells Reuters. PDD’s Temu, ByteDance’s short-video platform TikTok, and ultra-fast fashion brand Shein he sees as examples.
China, and especially its youngsters, are paving the way into the metaverse, says innovation expert Arnold Ma, founder of Qumin, in Techround. For example, when it comes to funding of charities, he adds. “China’s younger generations are highly receptive to emerging technologies, so a metaverse version of an initiative like 99 Giving Day, powered by WeChat or a future platform, would be a powerful way to attract more funding.”
One of the major nuisances for foreign visitors to China might be gone as the country’s major payment giants, Tencent (operating WeChat Pay) and the Ant Group (operating Alipay) agreed to accept foreign credit cards on their platforms. Up to now, visitors needed to have a Chinese bank account to use those common payment tools in China.
China’s consumer confidence remains low, even when its largest e-commerce platforms offer massive support, says business analyst Shaun Rein at the Hill. Rein said that consumers were less likely to spend more during 618 as merchants had already been discounting heavily for years because of the pandemic, and deals were not that much better compared to previous months.
Even during the current economic headwinds, private brands continue to get the trust of China’s consumers, says Hurun chairman Rupert Hoogewerf, among the 2022 China Hurun Brands’List, where Shanghai-listed Kweichow Moutai even outranked the technology giants as Tencent and Alibaba, reports the South China Morning Post.
Alibaba’s plan to split its US$200 billion company into six entities with IPO potential unlocks massive opportunities for investors, says business analyst Shaun Rein to CNA. It also aligns nicely with Xi Jinping’s intention to make China’s economy, more competitive by dividing up the Alibaba giant, he adds.
China lost 229 billionaires in the last year as a faltering economy, sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation, according to a new list published by Hurun Report. Rupert Hoogewerf, chairman and chief researcher of Hurun Report, “Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” says Hoogewerf, according to the South China Morning Post.