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China Business News (2021-04-05)

1. A Tencent subsidiary is the most successful global game developer

The revenue of Tencent's TiMi Studios had reached CNY 10 billion in 2020, which means that TiMi has become the world's most successful game developer in terms of revenue. One reason is that many already successful game development companies outside China with strong IPs are working with TiMi to bring customized versions of their games to the Chinese market. It is challenging for an external game company to enter the Chinese market without a strong partner.


2. NIO announces new production lines at its own factory

NIO is commissioning an upgraded body production line for the manufacture of its ET7. The new production line at its Hefei (the capital of Anhui province) plant relates to the weld assembly of the body structure and panels. In the future, the new production plans can fully identify and solve the car body's problems in the production phase. Hefei Advanced Manufacturing Base specially builds the new welding production line for ET7.


3. Chinese second-hand goods platform's GMV reaches CNY 500 billion

Idle Fish (Xianyu) is the largest second-hand goods platform in China. In 2020, the app achieved higher growth than expected, and its trade volume (GMV) is expected to have reached CNY 500 billion last year. Xianyu (Idle Fish) is based on Alibaba Group's e-commerce system and is a subsidiary of Alibaba. As the second-hand market is complex in China, this platform provides unique functions to meet users' special requirements.


4. After Smart Share Global IPO; competition does a merger now

The competition with Smart Share Global (Energy Monster) now rules the power bank sharing companies as Jie Dian and Zhumang have officially announced their merger. The two will form a new group company together, whereby Jie Dian and Zhumang will retain two sub-brands. The original business and independent operation of both teams will also be preserved. The management teams of the former Jie Dian and Zhumang will form a new board of directors and jointly make decisions on the two brands' future development strategies. The IPO of Smart Share Global has made it transparent that the company is by far the market leader.


5. Tencent Video increases prices of premium membership

Tencent Video, one of the largest streaming services in China, has announced that it will increase the price of its premium services. Premium membership is required to be able to watch all movies and series on their platform. On average, this will increase the monthly price by 10 CNY (1.5 USD approx.) per month.


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