Cheetah Mobile, a subsidiary of Kingsoft, announced that the company has reached an agreement with Zoom Interactive, a Hong Kong online marketing company, on a full acquisition for USD30 million. The USD30 million consideration will reportedly include USD20 million in cash and about USD4 million in Cheetah Mobile restricted class A ordinary shares. In addition, […]
Chinese third-party Internet payment company Alipay revealed that the company has reached a deal with South Korean website Lotte.com to provide a RMB payment channel to Chinese users who shop on the website. Furthermore, the products purchased on the website will be directly shipped from South Korea to China. Lotte.com and the Lotte duty free […]
Facebook reportedly plans to establish a sales office in China to serve local advertisers in the country. Vaughan Smith, Facebook’s enterprise development vice president, said in a statement that Chinese companies have gradually become a major advertiser group for Facebook. Therefore, the company continues to explore new methods to support local services in China and […]
Chinese search engine company Baidu and South Korea entertainment giant S.M.Entertainment signed a strategic cooperation agreement covering music and video copyrights. With the cooperation, Baidu’s music division will license the music copyrights of stars from S.M.Entertainment; Baidu’s video branch Iqiyi will gain the genuine music videos and performance videos of S.M.Entertainment; and S.M.Entertainment’s artists will […]
Chinese smartphone maker Xiaomi has launched its new domain name Mi.com, and users will be re-directed to this domain when visiting the old one at Xiaomi.com. According to domain record information, the current holder of Mi.com is Xiaomi and the information updated date is April 21, 2014. Xiaomi reportedly spent over USD1 million on this […]
Shanda Media, the controlling shareholder of Ku6, will sell a 41% stake in this Internet video company to Xu Xudong, founder and controlling shareholder of Sky Profit. Sky Profit is registered in Cayman Islands and it operates iSpeak, a social platform that allows users to engage in real-time online group activities through voice, text and […]
Chinese telecom operator China Mobile announced its annual results for 2013 in Hong Kong, and those financial numbers did not impress. During the entire year of 2013, China Mobile’s operating revenue was CNY630.2 billion, a year-on-year increase of 8.3%; but its net profit was CNY121.7 billion, a year-on-year decrease of 5.9%. This is reportedly the […]
The People’s Bank of China has issued an emergency alert to stop the use of virtual credit card products as well as two-dimensional code payments that are often used with mobile devices. Chinese Internet companies like Alipay and Tencent previously launched such services. However, neither company has given any comment on the situation. The emergency […]
Chinese Internet video company Letv.com is buying a 100% stake in Dongyang Huaer Entertainment Media Co. Ltd. for CNY900 million. After the acquisition, Liu Hong, chief executive officer of Letv.com, will become chairman and general manager of Huaer Entertainment. Liu will control the operating planning and business direction of the company to realize its coordination […]
China Central Television published a report on China’s economic life between 2013 and 2014 which shows that 81.52% of Chinese families had online shopping experiences in 2013. Compared with other consumer groups, university students and people in management positions shopped online more often, especially those in the 18-25 age demographic. By region, citizens in Hainan, […]
Chinese group buying service website Didatuan.com will formally close its group buying business on March 31, 2014, and will transform its brand to a new business model in the future. Founded by Song Zhongjie, former sales general manager of Google China, in July 2010, Didatuan.com completed its integration with Velo, a Chinese coupon provider, at […]
Chinese Internet company Sohu announced just before the March 8 Women’s Day holiday that the company’s joint president and chief operating officer Wang Xin will depart due to personal reasons after serving the company for 15 years. Joining Sohu in 1999, Wang is reportedly the core executive who has been with the company for the […]
Sina’s financial report for the fourth quarter and the entire year of 2013 stated that its Weibo microblogging service realized a first-time operating profit of USD3 million in the fourth quarter of 2013. Sina Weibo also reportedly plans to launch IPO at the New York Stock Exchange in the second quarter of 2014. According to […]
Chinese tourism booking platform 17u.cn announced that the company has received a CNY500 million investment from Tencent, Boyu Capital, and Oriza Holdings. According to 17u.cn, the company still maintains the controlling stake after receiving the investment and the company still aims at an independent IPO in the future. Wu Zhixiang, chief executive officer of 17u.cn, […]
Chinese Internet company Tencent and American business technology website Business Insider reportedly signed a cooperation agreement, under which Tencent will become the exclusive content partner for Business Insider in Greater China. With the cooperation, Business Insider’s contents will be recommended to Chinese readers who pay attention to the global financial technology news via Tencent’s media […]
Suning Commerce Group confirmed that the company will acquire Chinese group buying website Manzuo.com for nearly USD10 million. According to a representative from Suning, as a new business model which integrates online and offline channels, the business has a broad market capability in China. Group buying is a catalyst that promotes the integration of online […]
In the face of massive competition from state-owned businesses, stalwarts like Youku Tudou, and mobile-only start-ups, Chinese Internet video website Letv.com says it’s profits are bursting. Letv.com published its unaudited annual performance pre-announcement for 2013, stating that the company expects to see net profit between CNY250 million and CNY270 million, a year-on-year increase of 30% […]
Just as the hectic Chinese Lunar New Year holiday shopping and travel season peaks, two of China’s business titans have joined forces to make online shopping faster and easier. China UnionPay, Sina.com, and Sina’s payment subsidiary jointly announced that the three parties have reached a deal to further improve Internet payment services by integrating their […]
Chinese search engine company Baidu announced that the company has signed an agreement with Renren.com to acquire an additional stake in Nuomi.com held by Renren, making Nuomi.com a fully-owned subsidiary of Baidu. The deal is expected to be closed in the first quarter of 2014. In Mandarin Chinese, “nuomi” means “sticky rice”. Launched on June […]
Chinese Internet video group Youku Tudou will provide video software services to smart TVs made by Haier. This is Youku Tudou’s latest strategic cooperation with smart TV makers following its partnership with Shenzhen Coship Electronics formed at the end of 2013. With these moves, Youku Tudou Group intends to seize the opportunities in family TV […]
More than a decade after the website sunk into oblivion, the new owners of the China.com domain name are hoping an international revival will grab users back to the site. Guoguang Global Media Holdings Limited, the industrial management platform of China Radio International, recently announced growth plans for its acquired business, China.com. Founded in May […]
Wang Yong, chief executive officer of DeNA China, announced in an internal email that he will resign his position as CEO at the end of January 2014. Wang also said after his resignation, Ren Yi, vice president of DeNA China, will take control of the China business. This has reportedly all been confirmed and decided […]
LinkedIn has appointed Shen Boyang as its global vice president and president for the China region. In this new position, Shen will be responsible for the planning of LinkedIn’s services for Chinese members and customers. This appointment marks an important step for LinkedIn’s entry into the Chinese market. LinkedIn revealed in a report that the […]
Sina.com and Alipay.com announced that the two parties will realize full intercommunication between Sina Weibo and Alipay accounts to provide convenient Weibo payment services to users in China. With the cooperation, users will be able to complete online payments on the Weibo microblogging platform as well as use for offline daily retail consumption with the […]
Singapore video service provider Viki has formed a partnership with Chinese search engine Baidu. Headquartered in Singapore, Viki hails itself as the “Hulu outside America”. In September 2013, the company was acquired by the Japanese e-commerce giant Rakuten for USD200 million. Viki is mainly engaged in providing high-quality movies and TV programs. With the help […]
Chinese media platform BesTV has reportedly reached an agreement with Walt Disney to set up a digital technology joint venture in China. This joint venture will reportedly focus on digital technology consulting services related to services, products and contents of BesTV and Walt Disney in mainland China. The total investment for the joint venture will […]
Shanda Literature announced that Hou Xiaoqiang, chief executive officer of the company, has stepped down from the position, and he has been replaced by Qiu Wenyou, chairman of the company. According to a notice published by the board of directors of Shanda Literature, Hou’s resignation is due to health reasons and he needs time for […]
Five Chinese government units, including the People’s Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission, have jointly issued a notice about preventing risks against Bitcoin speculation. Though the warnings were not full condemnations of the cyptocurrency, sell prices on exchanges as […]
