Hi folks, we are back with our weekly edition of China’s Digital Digest, wherein we 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. ByteDance Sales Surpass Tencent’s to Reach US$110 Billion
ByteDance’s sales surged in 2023 to more than US$110 billion, according to people familiar with the matter, potentially overtaking arch-foe Tencent Holdings in a sign TikTok’s fledgling e-commerce business is driving growth at a time of economic malaise.
The world’s most valuable start-up’s growth broadly matched the 30 percent pace it managed in 2022 when it reported sales over US$80 billion, the people said, asking not to be identified as the information isn’t public. That’s despite economic turbulence in China and elevated scrutiny and restrictions in key markets from the US to India.
2. China’s Finance Live Streamers Face Stricter Rules On Tencent
Tencent Holdings has tightened its rules for live streamers producing financial content on its popular social media platform WeChat, as Beijing ramps up scrutiny of online speech to arrest waning confidence in the country’s economy and markets.
Only licensed professionals are now permitted to be finance live streamers on WeChat, and they must show up in person during live sessions, according to new platform requirements. Finance live streamers whose topics cover stocks, bonds, funds, insurance, and trusts are also banned from sharing specific investment advice, such as market predictions and analyses of so-called candlestick charts.
3. Alibaba Names New Taobao And Tmall CEO in a Major Move to Fend Off Rivals
Eddie Wu Yongming, chairman of Alibaba’s Taobao and Tmall Group (TTG), will become the chief executive of the combined e-commerce group, adding to his responsibilities as CEO of Alibaba Group and its cloud computing unit, according to a letter signed by Alibaba’s chairman Joe Tsai.
Trudy Dai Shan, who was appointed CEO of Taobao and Tmall in March, will step aside to assist in setting up an asset management company for Alibaba. The reshuffle marks the start of a revamp of Taobao and Tmall that aims to direct the two e-commerce platforms to focus more on consumer services and experiences.
4. Alibaba Promotes Millennials to Key E-Commerce Leadership Roles
Alibaba Group Holding is pushing millennials to take key roles in the country’s largest online market, as the Hangzhou-based e-commerce giant repositions itself to fend off fierce competition from rivals such as PDD Holdings.
The company’s Taobao and Tmall Group has promoted six young executives to lead key departments in a sweeping reshuffle after Eddie Wu Yongming replaced Trudy Dai Shan as the CEO of the unit. The promotions come as Alibaba’s bread-and-butter e-commerce business, which contributes to the bulk of its earnings, is in critical need of a revamp to win back young consumers from more budget-focused platforms.
5. Douyin Enhances Its Intelligent Search With The Testing of The ‘AI Search’ Feature
Douyin recently tested a new feature called ‘AI Search’ within its main app. This is an artificial intelligence-based search and question-answering service that can provide users with quick, accurate, and comprehensive answers.
The ‘AI Search’ feature is located within the search interface of the Douyin app, alongside other search services such as products, group buying, users, and videos. Users only need to input relevant questions or information in ‘AI Search’ to obtain answers generated by intelligent search technology. The answers not only come from high-quality videos within Douyin but also include information from third-party websites, with provided links for users to view more details and explanations.
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 December report, click here.