Hi folks, we are back with our weekly edition of China’s Digital Digest, wherein we would bring you weekly updates on China’s digital space. The report takes a quick glance at China’s complex and rapidly evolving social media landscape by providing updates on the latest happenings across the social media industry. Here are the major highlights of the report.
1. Tmall Luxury Bands With Rimowa to Launch Metaverse Experience
During this year’s 618 shopping extravaganza, luxury luggage brand Rimowa expanded its partnership with Tmall Luxury Products and the mobile Tmall APP, unveiling its first-ever digital exhibition hall called “Easy World Tour”, hosted in the immersive virtual world Tmall Luxury Pavilion.
Centred on the theme of global travel (an aptly chosen concept with China’s recent reopening of borders), this 3D exhibition transports visitors to a surreal space featuring diverse landscapes from around the world. A total of two new exhibition halls were launched during the 618 shopping festival, with more to debut in the future.
2. TikTok COO, Who Defended Firm Against China Fears, Quits After 5 Years
TikTok’s chief operating officer, V Pappas, is leaving the popular social media platform after nearly five years at the company.
In a note sent to employees and later shared on Twitter, Pappas said now that the company has achieved a lot of success, she felt it was the right time to move on and focus on “entrepreneurial passions”. TikTok CEO Chew Shou Zi said in a note sent to employees that Pappas, one of the company’s most public faces, will continue to serve as a strategic adviser.
3. Huawei, Alibaba, and JD.Com Rank Top in Hurun Industrial Internet List
Chinese telecommunications equipment giant Huawei Technologies Co, along with e-commerce giant Alibaba Group Holding and rival JD.com’s technology unit, led this year’s ranking of Hurun’s top 30 Chinese industrial Internet of Things (IoT) providers.
The rankings, published by the Hurun Research Institute, placed Huawei, Alibaba and JD.com first in smart manufacturing, business-to-business (B2B) transaction platforms, and customised operations management, respectively.
4. Alibaba Co-Founder Joe Tsai to Take Over As Chairman from Daniel Zhang
Daniel Zhang Yong, the 51-year-old Chinese business executive, has announced his resignation as Alibaba Group Holding chairman and chief executive to focus on Alibaba Cloud, the digital technology and intelligence backbone of the group.
Zhang will be succeeded as chairman by Joseph C. Tsai, who is currently executive vice-chairman, and Eddie Wu Yongming, chairman of Taobao & Tmall Group, will become CEO. Zhang will continue on at the company as chairman and CEO of Alibaba Cloud Intelligence Group, the company said in a statement. The change will take effect September 10.
5. US Mulls Legislation That Could Increase Temu And Shein Prices
As China’s cross-border e-commerce market grows, aided by the overseas success of budget e-commerce apps like Temu and Shein, some US government representatives are pushing for the removal of a valuable trade exemption for Chinese shippers, in a move that could potentially harm their price advantages.
Bipartisan bills were introduced to the US Congress last week that sponsors say would target China’s e-commerce sector by revising a “loophole” that allows millions of low-value Chinese shipments to enter the country duty-free each day.
6. Chinese Food Delivery Giant Meituan’s Co-Founder Resigns From Corporate Roles
One of Meituan’s co-founders, Wang Huiwen, has stepped down from his corporate roles at the Chinese food delivery giant because of “personal health reasons”, years after retiring from his senior management position at the company.
Wang, 44, has resigned as a non-executive director, a member of the Meituan board’s nomination committee, and an authorized representative of the company, according to the filing made by the Beijing-based firm to the Hong Kong stock exchange.
7. JD.Com Sets Out Ambitious E-Commerce Growth Plan On Anniversary Day
On its anniversary day last week, Chinese e-commerce giant JD.com said that over the next 20 years, it intends to build three enterprises with over 1 trillion yuan (US$140 billion) in revenue and 70 billion yuan in net profit each, five enterprises in the Fortune Global 500 list, and seven listed companies each with at least 100 billion yuan market cap, known together as its “35711 Vision”.
This ambitious plan comes at a time when China’s e-commerce market is losing growth momentum as the economy slows and as its population ages. JD.com, the main listed vehicle, saw its first-quarter revenue rise 1.4 percent year-on-year to 243 billion yuan, with a profit of 6.3 billion yuan.
8. Baidu Expands Fully Driverless Ride-Hailing Service to Shenzhen, After Beijing and Wuhan
Baidu, Inc. the Chinese technology conglomerate renowned for its expertise in Internet-based offerings, products, and artificial intelligence (AI), has received official licensing to commence commercial operations of its fully autonomous ride-hailing service in Shenzhen.
This groundbreaking development allows Baidu’s robotaxis to offer ride-hailing services without the presence of a safety operator inside the vehicle. Shenzhen now joins the ranks of Wuhan, Chongqing, and Beijing as the fourth Chinese city to experience the convenience and innovation of this autonomous service.
Wrapping Up
The vast and diverse nature of the Chinese Social Media space makes it incredibly challenging to keep a tab on the rapid developments taking place. However, China’s Digital Digest brings you all the latest updates from there to keep you abreast of all the evolving trends.
To delve deeper into the findings of the June report, click here.