In the face of massive competition from state-owned businesses, stalwarts like Youku Tudou, and mobile-only start-ups, Chinese Internet video website Letv.com says it’s profits are bursting. Letv.com published its unaudited annual performance pre-announcement for 2013, stating that the company expects to see net profit between CNY250 million and CNY270 million, a year-on-year increase of 30% […]
Just as the hectic Chinese Lunar New Year holiday shopping and travel season peaks, two of China’s business titans have joined forces to make online shopping faster and easier. China UnionPay, Sina.com, and Sina’s payment subsidiary jointly announced that the three parties have reached a deal to further improve Internet payment services by integrating their […]
Chinese search engine company Baidu announced that the company has signed an agreement with Renren.com to acquire an additional stake in Nuomi.com held by Renren, making Nuomi.com a fully-owned subsidiary of Baidu. The deal is expected to be closed in the first quarter of 2014. In Mandarin Chinese, “nuomi” means “sticky rice”. Launched on June […]
Chinese Internet video group Youku Tudou will provide video software services to smart TVs made by Haier. This is Youku Tudou’s latest strategic cooperation with smart TV makers following its partnership with Shenzhen Coship Electronics formed at the end of 2013. With these moves, Youku Tudou Group intends to seize the opportunities in family TV […]
More than a decade after the website sunk into oblivion, the new owners of the China.com domain name are hoping an international revival will grab users back to the site. Guoguang Global Media Holdings Limited, the industrial management platform of China Radio International, recently announced growth plans for its acquired business, China.com. Founded in May […]
Wang Yong, chief executive officer of DeNA China, announced in an internal email that he will resign his position as CEO at the end of January 2014. Wang also said after his resignation, Ren Yi, vice president of DeNA China, will take control of the China business. This has reportedly all been confirmed and decided […]
LinkedIn has appointed Shen Boyang as its global vice president and president for the China region. In this new position, Shen will be responsible for the planning of LinkedIn’s services for Chinese members and customers. This appointment marks an important step for LinkedIn’s entry into the Chinese market. LinkedIn revealed in a report that the […]
Chinese B2C e-commerce website JD.com announced the launch of its free instant messaging product “Jingdong Dongdong” for individual users. This product is mainly used for communications between individual users. It also has a customer service consulting function. JD.com previously released the PC beta version of this product and the one launched this time is an […]
Sina.com and Alipay.com announced that the two parties will realize full intercommunication between Sina Weibo and Alipay accounts to provide convenient Weibo payment services to users in China. With the cooperation, users will be able to complete online payments on the Weibo microblogging platform as well as use for offline daily retail consumption with the […]
Singapore video service provider Viki has formed a partnership with Chinese search engine Baidu. Headquartered in Singapore, Viki hails itself as the “Hulu outside America”. In September 2013, the company was acquired by the Japanese e-commerce giant Rakuten for USD200 million. Viki is mainly engaged in providing high-quality movies and TV programs. With the help […]
Chinese media platform BesTV has reportedly reached an agreement with Walt Disney to set up a digital technology joint venture in China. This joint venture will reportedly focus on digital technology consulting services related to services, products and contents of BesTV and Walt Disney in mainland China. The total investment for the joint venture will […]
Shanda Literature announced that Hou Xiaoqiang, chief executive officer of the company, has stepped down from the position, and he has been replaced by Qiu Wenyou, chairman of the company. According to a notice published by the board of directors of Shanda Literature, Hou’s resignation is due to health reasons and he needs time for […]
Zhu Shunyan, chief operating officer of China-based UCWeb, revealed during the Global Mobile Game Development Trend Summit that they have acquired PP Assistant and integration will soon be completed. Zhu did not disclose any financial details of the deal involving Teiron Network Technology, parent of PP Assistant. In October 2013, rumors swirled that UCWeb would […]
Five Chinese government units, including the People’s Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission, have jointly issued a notice about preventing risks against Bitcoin speculation. Though the warnings were not full condemnations of the cyptocurrency, sell prices on exchanges as […]
From January to September 2013, Beijing’s Internet retail sales reached CNY63.73 billion, exceeding the retail sales of traditional department stores, and the sales accounted for over 10% of the total retail sales in Beijing for eight consecutive months, according to Lin Ya, secretary general of Beijing Electronic Commerce Association. Lin said that compared with traditional […]
Microsoft has formed a partnership with Guangming Founder, which will operate Skype for Microsoft in mainland China. Founded in 2011, Guangming Founder is a joint venture between Gmw.cn and Founder, a Chinese computing company. The company mainly focuses on developing mobile new media businesses. Financial terms of the deal were not revealed. According to Microsoft, […]
Chinese telecom operator China Mobile is trying to generate buzz around its new business brand “And” that launches on December 17, 2013. The new brand is reportedly formed by a green English word “And”, an exclamation mark, and a pink Chinese character “He” 9which means “and’ in Mandarin), which aims to create an image of […]
Chinese lifestyle service provider Ganji.com has joined the project named Openmap on Baidu’s location-based service platform. With this move, users will be able to gain various lifestyle service information from Baidu maps and Ganji.com, including recruitment information, real estate data, express delivery, and wedding arrangements. Baidu LBS recently launched this new Openmap project to developers. […]
Starting November 24, 2013, Microsoft will take over Skype’s business in the China region. Tom-Skype, the business unit within China-based TOM Online Inc. that has run Skype’s business for many years, published a report on its official website to announce the handover. The report also revealed that so far Tom-Skype has gained over 100 million […]
Chinese Internet video website Letv.com published its financial report for the third quarter ended September 30, 2013, stating that the company’s total operating revenue increased by 122.42% year-on-year to CNY613 million. The company’s net profit increased by 55.72% year-on-year to CNY67.61 million. The company also revealed that during the first three quarters of 2013, Letv.com’s […]
Suning Commerce announced to Chinese local media that the group cooperated with Legend Holdings’ Hony Capital to jointly invest USD420 million in PPTV, a Chinese Internet video website. After this strategic investment, PPTV will maintain its independent development. According to electronics retailer Suning, the company will invest USD250 million in PPTV, accounting for 59.52% of […]
China’s Internet consumption maintained rapid growth and the 3,000 retail enterprises monitored by China’s Ministry of Commerce realized a year-on-year increase of 34.7% in the Internet sales sector from January to September 2013. Mofcom predicted that during the first three quarters of 2013, the Internet consumer retail sales would reach CNY1.3 trillion, which is equal […]
SocialTouch, one of the many startups in China trying their hand at monitoring Chinese social media, has raised its latest round of investment. The company’s Series C investment round was led by Sierra Ventures and included existing investors GGV Capital and Legend Capital. This new round of funding will be used for product development and […]
Chinese Internet portal Sohu.com has confirmed that Liu Chun, vice president and chief editor of Sohu.com, will depart the company. Liu’s departure is reportedly due to personal reasons. Liu joined Sohu.com in July 2011. During his service at Sohu.com, he worked as vice president of the company, chief operating officer of the video section, and […]
Chinese online video company Youku Tudou Group has reportedly sued Chinese mobile phone upstart Xiaomi for video-on-demand infringement. Youku Tudou reportedly claims that Xiaomi’s Miui Box illegally provided the VOD service for ten movies and TV series which infringed on Youku Tudou’s rights because they allegedly owned those rights. Youku Tudou asked Xiaomi to immediately […]
ShopRunner, an American online shopping company and competitor to Amazon, has gained investments of USD206 million in the latest financing round, which is reportedly led by China’s Alibaba Group. This represents a major U.S. move for the Chinese e-commerce group, who is considering an initial public offering in the country. Prior to this, Alibaba already […]
Internet video group Youku Tudou has reportedly reached a multi-year content agreement with the British media company FremantleMedia. FremantleMedia is the producer and distributor of many popular TV shows, including The X Factor USA and America’s Got Talent. According to FremantleMedia, some 202 hours of programming will be available on Youku Tudou’s VOD channels. Those […]
Twitter’s just-released initial public offering prospectus shows China is still an important deficit in its global growth strategy. In Twitter’s F-1 IPO statement, the company said it is raising USD1 billion, which is largely a pro forma number until the company calculates fees and eyes its roadshow. The company recorded USD317 million in revenue in […]
