CX Daily: Chinese Internet Giants Gear Up for Global E-Commerce Push
China’s preowned home market shows signs of stabilizing. Hong Kong steps up efforts to lure the super-rich to set up family offices in the city
Pinduoduo, Alibaba, JD.com and rivals are hunting for international growth opportunities after maxing out the domestic market.
E-commerce /
In Depth: Chinese internet giants gear up for global e-commerce push
Pinduoduo Inc., once China’s hottest internet newcomer, is tapping the U.S. market with its first cross-border e-commerce platform, leading a new wave of Chinese tech companies going abroad.
The company’s Temu platform launched Sept. 1 sells goods from $2 Bluetooth earphones to $4 sneakers with free shipping for orders totaling $29. It adopts the same low-price marketing strategy that Pinduoduo is known for in China. Temu’s downloads ranked No. 15 among all shopping apps in the U.S. as of Sept. 11.
FINANCE & ECONOMY
Officials are planning roadshows across Asia and Europe to showcase the city’s advantages as a base for family offices of the super-rich. Photo: VCG
Family offices /
Hong Kong steps up efforts to lure billionaires’ business
Hong Kong officials are planning roadshows across the Middle East, Europe, Southeast Asia and the Chinese mainland to lure the super-rich to set up family offices in the city, part of a strategy to bolster its position as an international asset and wealth management hub.
Hong Kong is trying to reboot its image and economy, which have suffered as a result of strict Covid policies and an exodus of tech and financial talent. The city recently lost its title as Asia’s top financial center to Singapore in the Global Financial Centres Index released in September, which ranks the competitiveness of the world’s leading financial centers.
Payment /
Alipay tests new feature to ease money transfers to WeChat friends
Ant Group’s Alipay is testing a new feature that would make it easier to transfer money to friends on the rival WeChat system.
The trials involving a limited number of Alipay users may represent a step toward connecting China’s two dominant mobile payment services in line with goals staked out by the central bank. However, a person close to Tencent’s WeChat Pay said the Alipay feature has nothing to do with WeChat Pay, and WeChat users are only “notified” through WeChat of the transfer.
PE /
Tiantu Capital gets closer to $500 million Hong Kong share sale
Tiantu Capital, backer of many popular Chinese consumer brands, is moving closer to a $500 million public share sale in Hong Kong to become the first Chinese private equity firm to trade on both the mainland and in Hong Kong.
Tiantu Capital said it received approval from the China Securities Regulatory Commission for an overseas share sale of as many as 199 million shares. The company is awaiting the Hong Kong stock exchange’s clearance for the listing.
Quick hits /
BNP Paribas joins China wealth market race with new approval
Opinion: What markets are getting wrong about yuan depreciation
BUSINESS & TECH
On October 18, Flowing Cloud was listed on the main board of Hong Kong Stock Exchange with the stock code of 06610.HK. Photo: Flowing Cloud
Metaverse /
Chinese metaverse firm Flowing Cloud drops in Hong Kong debut
Shares of Chinese metaverse firm Flowing Cloud Technology Ltd. fell in Hong Kong on their first two days of trading as speculation on the hype around the emerging industry cooled.
Flowing Cloud’s share price dropped 4.3% to HK$2.1 (27 U.S. cents) apiece Wednesday, extending a 4.1% drop on the shares’ debut after the company raised HK$532 million in its IPO.
The company’s main business is producing content and providing services to other businesses based on augmented reality (AR) and virtual reality (VR) technologies. Last year, it began to operate its own metaverse platform featuring VR-powered social interactions.
Property /
China’s preowned housing stages rebound after months of declines
China’s preowned home market showed signs of stabilizing amid an easing of property measures, with transactions in 15 surveyed cities rising 40% year-on-year to 1.9 million square meters during the first two weeks in October, according to data compiled by brokerage Cinda Securities Co. Ltd.
Last month, preowned home transactions in terms of floor space in 12 surveyed cities stayed unchanged from the same period last year, but that was after transactions plunged 33% in previous nine months, data from China Real Estate Information Corp showed.
Quick hits /
Analysis: The closing window for China’s mRNA vaccine developers
Foxconn unveils pickup, crossover models to expand EV lineup
Long Read /
The rural hardship behind the mine murders that shocked China
GALLERY
Tennis teen’s viral bamboo basket
