Welcome! Tuesday - Jul 25, 2017

China Now Has 557M Mobile Internet Users, Alibaba Invest in Smartphones, Topshop Struggles in China


BY TECHNODE

Alibaba announced that it would give away RMB 600 million (around US $97 million) of lucky money, with RMB 156 million in cash and RMB 430 million of e-coupons to users from the first week of February until the first day of the Lunar New Year. In addition, Weibo, Youku-Tudou, Momo and Kuaidi, which are backed by Alibaba, all ran similar special campaigns for the Chinese new year holiday. In response, Tencent later announced that it would also give away RMB500 (US$81m) cash and RMB3 billion (US$484m) of e-coupons through its WeChat mobile messaging application.

 

Topshop Closes Japan Outlets, Lags In China

BY WANT CHINA TIMES

British retailer Topshop has closed all five of its outlets in Japan. When Topshop’s parent company Arcadia Group entered into a franchise deal with Japan’s Mori Retail System, they had planned to open 10 or more stores in Japan over a two- to three-year period. Topshop also sells through an agent in China and is now suffering from poor performance in the Chinese market as well.

 

Alibaba Buys Into Smartphones With Meizu

BY SEEKING ALPHA

Alibaba will purchase a minority stake in Meizu, a well-respected second-tier player in the Android smartphone business, $590 million . This investment shows that China’s Internet companies increasingly see smartphones as a critical component of their future business. More M&A in the space is expected in the next year.

 

China Now Has 557M Mobile Internet Users, Grand Total of 649M Netizens

BY TECH IN ASIA

According to the China Internet Network Information Center (CNNIC), there were 557 million mobile internet users in China by the end of 2014, representing an increase from half a billion users at the end of 2013. However, China’s user growth is slowing while India’s spurts. India currently has 300 million mobile internet users.

 

Chinese Daily Deals Site 55tuan Sets Date For US IPO

BY TECH IN ASIA

The SEC filings of 55tuan, backed by US-based capital firm Axiom, revealed that $60 million stock will go on sale on the NASDAQ stock exchange on February 25, right after China’s Spring Festival holiday. The company has listed in English as Wowo Ltd. with the code “WOWO”. As of Q3 2014, the company, which is a daily deals site as well as a local e-commerce merchant platform, boasted more than 34 million subscribers and covered 150 Chinese cities.

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