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China Business News Monday (2021-03-22)


1. Weibo launches aggressive eCommerce support on its platform.

Weibo has announced that it will provide massive coverage and cash incentives for successful eCommerce accounts on its platform next year. These channels will be specially promoted on the platform with free reach, and also, there will be more than CNY 100 million cash incentives. With this, it is clear that Weibo wants to establish itself as a platform that further disrupts eCommerce.

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2. Alibaba sets up a "community group-buying" business.

Despite strict oversight and regulation in the community group-buying industry lately, Alibaba has still gone ahead and set up such a business unit. It will mainly focus on community group buying in the food industry. This concept for ordering food in that particular way is being tested in Zhengzhou city of Henan province. This can be seen as another reaction from Alibaba to attack Pinduoduo's business model and another proof that Alibaba is hugely threatened by the recent rise of its rival in the market.


3. Changzhou NRB becomes supplier of FAW Volkswagen.

Changzhou NRB announced that it has recently become a series supplier of the FAW Volkswagen joint venture. Changzhou NRB will now supply wheel hub bearings for FAW Volkswagen's Magotan model. The wheel hub bearing is the most widely used product of their public Modular Transverse Matrix (MQB) platform.


4. Real estate information platform plans Hong Kong IPO.

Anjuke has concrete plans to raise at least USD 1 billion in an initial public offering in Hong Kong later this year. Anjuke is an online platform that provides information about real estate on the Internet with many informative websites. The company has websites for home buyers, rentals, and business properties. The company has offices in 31 cities of China and over 1,500 employees. The number of visitors to the websites offered by Anjuke exceeds 66 million per month.


5. Is Tencent the largest corporate startup investor in the world?

China's Internet giant Tencent invested in 163 startups across various industries in 2020, with a total investment of more than USD 12 billion. This puts Tencent ahead of Alibaba Group in supporting new businesses. Currently, Tencent is the company with the highest investment in startups among China's non-financial companies. By the end of February 2020, they had acquired equity from about 880 companies. Their balance sheets show that the value of their equity in listed startups excluding its subsidiaries has increased to USD 137 billion by the end of September 2020, a twelvefold increase in five years.


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