Chinese tech companies are planning to spend billions of yuan in virtual red packets for the upcoming Lunar New Year as they seek to grab a bigger share of internet traffic over the national holiday.
Short video app Douyin, owned by Beijing-based Bytedance, kicked off its red packet campaign on Tuesday with users able to share in 2 billion yuan (US$290 million) worth of cash handouts, while search engine giant Baidu launched its campaign on Wednesday with 500 million yuan of handouts for the holiday.