1. Pinduoduo is the number one in Chinese eCommerce.
For the first time, Pinduoduo has surpassed Alibaba in annual active users, highlighting the meteoric rise of the Chinese eCommerce veteran over the course of five years. The company recorded 788 million active users in 2020, but Alibaba had a big lead in monthly active users with 902 million in December. Pinduoduo's MAU of the month was 720 million. Alongside this, however, founder and chairman Colin Huang is stepping down to pursue personal interests in the life sciences. He said he is in talks with Chinese universities to set up biotechnology research labs.
2. OFILM gets kicked out of Apple's supply chain.
OFILM has been kicked out of Apple's supply chain, sending its shares plummeting market value. The company had been supplying camera modules to Apple, which accounted for 22.51% of their total business revenue in 2019. Since July 2020, there have been many rumors about OFILM being kicked out of Apple's supply chain. OFILM has always denied such rumors. The company is now talking about realigning and optimizing its business structure, with other investors believing it is selling factories to survive without Apple.
3. Next Chinese dating and chat app about to go public?
There are rumors that Chinese dating and chat app Soul is planning an IPO, raising USD 200 million at a valuation of more than USD 1 billion. Investors even see a valuation ofUSD 2 billion as realistic. Soul does not want to confirm the rumors at this time. Soul was founded in 2016 and is a social application that does not want to rely on superficiality in dating. In Soul, all data and photos uploaded by users are anonymized and replaced with cartoon images to minimize the appearance. The number of registered users exceeds 100 million, and the average number of active users reaches 10 million.
4. Apples' conflict with Chinese tech firms over ad tracking technology.
5. Cloud service provider misses revenue growth..
Kingsoft Cloud, the largest independent Chinese cloud service provider, has released its Q4 results. In doing so, they released a smaller Q4 loss that was better than feared, driven by solid sales of public cloud services and enterprise cloud services. Total revenue of USD 294.7 million missed analysts' estimates of USD 297.23 million but was up 63.8% from the same period last year. Shares fell nearly 8% in premarket trading.