China has overtaken Japan to emerge as the second-largest wealth market, with an estimated 2.3 million high net worth individuals (HNWI) including almost 26,700 UHNWs in 2019 – though the market remains substantially smaller than the US, according to research company Wealth-X.
JD partners with Cloudflare in China’s cloud market
Cloudflare announced a significant strategic partnership with JD Cloud & AI, the cloud and intelligent technology business unit of JD.com (Jingdong).
China to account for 44% of global robotics market (including drones) by 2024
China is the largest robotics (including drones) market in the world. It is expected to account for 38% of the global total in 2020, with a total expenditure of US$47.38 billion according to IDC. By 2024, China will account for 44% of the global market. And, it will reach US$121.12 billion. IDC believes that in […]
XPeng delivered 5,147 EVs in April 2021, up 285%
XPeng delivered a total of 5,147 smart EVs in April 2021, representing a 285% increase year-over-year.
Ant Financial’s digital bank MYbank saw net profit growth of 91% in 2019
MYbank, a digital bank under Ant Financial Services Group, served 20.87 million small and micro businesses (SME) in China as of the end of 2019, an increase of 70% YoY, according to its annual report. MYbank worked with more than 400 financial partners to provide business loans to those Chinese SMEs as of 2019, and […]
China’s mobile search market overview 2020
The number of mobile search users grew to 705 million in 2019 in China, according to a Chinese research company iiMedia. Baidu has the largest market share reaching over 70% mobile users in China, followed by Shenma and Sogou. The actual spending on search advertisements in China was 1.13 times higher than the budget. Over […]
China’s Bitcoin mining machines manufacturer Ebang filed for U.S. IPO
Ebang International, a leading Chinese bitcoin mining machine manufacturer based in Hangzhou, Zhejiang Province, is trying to raise up to $100 million through an initial public offering (IPO) in the U.S..
China evening podcast users overview 2020
31.2% of the Chinese population have the habit of listening to audiobooks. And, China has over 200 million evening podcast users with a total playing duration of 10.9 billion hours, according to a recent report from research company Analysis. Users’ evening usage time in the mobile audio segment account for 46.3% of the total usage […]
WeChat advertising trends for luxury products
It has been 6 years since the first advertising for luxury products appeared on WeChat Moments in 2015 and the luxury sector first tested out WeChat Advertising. WeChat as a social platform has redefined luxury product marketing, allowing luxury brands to use social and digital ways to tell Chinese customers their own brand stories. Over […]
China gaming revenues rose 25% in Q1 2020
Gaming revenues in China exceeded 73.2 billion yuan (US$10.31 bn) in Q1 2020, an increase of 25% compared with Q4 2019 according to a joint report by China Audio-Video Digital Publishing Association and IDC.
Education trends in China amid COVID-19; K12 demand fastest growth
During the period of epidemic, the Internet has become the main source for people to acquire knowledge. Over the 30-day period from mid-Feb to mid-March, the average number of daily searches for knowledge content related to education on Baidu is over 350 million, an increase of 86% year over year. K12 and foreign languages are […]
Chinese cities issuing billions worth of e-coupons to stimulate consumption
Wuhan city government announced last Friday that it has officially launched “Wuhan Purchase 2020 consumption promotion campaign” with WeChat Pay and other platforms, which will issue 500 million yuan (US$70.73 million) of shopping vouchers.
Pinduoduo’s first strategic investment: household appliance retailer GOME
China’s leading social e-commerce platform Pinduoduo (NASDAQ: PDD) announced on 19 April 2020 it will subscribe to US$200 million in convertible bonds (“CBs”) issued by household appliance and electronics retailer GOME Retail Holdings Limited (“GOME”) (HKEX: 493.HK) as part of a strategic partnership to bring more value-for-money merchandise to its 585.2 million users.
Baidu launched cloud-based virtual smartphone
Baidu Smart Cloud officially released “Cloud Mobile Phone”. The so-called Cloud Mobile Phone is a virtual smartphone with all applications running on the cloud so that the performance of the mobile phones can no longer be limited by its hardware. Baidu Cloud Phone is a combination of ARM server, cloud computing, and Android OS. It […]
China GDP declined by 6.8% in Q1 2020
The gross domestic product (GDP) of China was 20,650.4 billion yuan (US$2,908.74 billion) in the first quarter of 2020, a year-on-year decrease of 6.8% at comparable prices according to the preliminary estimates of National Bureau of Statistics of China (NBS).