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With the crackdown on fintech firms over, the sector must look forward and realise its full potential in driving China’s recovery.
The likely impact of the US lender’s collapse is that China’s tech elite will look to banks in Hong Kong, Singapore and even Europe.
- Ant and Huawei’s collaboration is expected to benefit consumers who use Alipay and the Chinese tech giant’s devices across different scenarios
- The strategic cooperation underscores the growing momentum of HarmonyOS’ adoption in the world’s biggest e-commerce and smartphone market
McDonald’s China unit is part of the first batch of multinational food companies on the mainland that have committed to build apps based on Huawei’s self-developed HarmonyOS mobile platform.
Meituan aims to improve the operational efficiency of its retail businesses through technologies, such as artificial intelligence and drones.
PDD and Meituan both post bumper increases in third quarter revenues as former captures desire for bargain prices and latter benefits from hotels and travel rebound.
The disruptions affected some of the app’s 400 million users, as well as drivers across China, including in Beijing, Shanghai and Guangzhou.
More than 700 million devices currently run on HarmonyOS, with more than 2.2 million third-party developers creating apps for the platform, according to Huawei.
For every five new jobs in artificial intelligence in China, there are only two qualified workers available, a sign of the serious shortage of talent in the hot sector, according to a new report.
Big Tech firms agree day off on Lunar New Year’s Eve in move that may soften their reputation for punishing work schedules.
The start-up’s other investors included Ant Group, Meituan, Xiaomi and HongShan, the Chinese venture capital firm spun off from the former Sequioa Capital.
The Chinese version of TikTok is expanding to 24 new markets including Shenzhen and Tianjin to capture a larger slice of China’s lucrative food delivery pie.
The industry’s aggregate profits rose 29.1 per cent year on year to US$11 billion in the January-to-July period, led by the e-commerce and on-demand local services market segments.
The Chinese food delivery giant says its adjusted net profit in the second quarter more than tripled from a year ago.
Alibaba’s Taobao and Tmall unit is looking to fill 2,000 entry-level positions, while Tencent says it will offer a large number of job openings from AI to cloud computing.
Seven delivery riders won their cases for unpaid wages, sparking hope of more protection for thousands of others.
Local services offer a new source of growth for Chinese tech companies as some of their bread-and-butter businesses have plateaued.
ByteDance’s domestic short video app Douyin is making progress with on-demand local services but is still far from challenging market leader Meituan.
The slowing economy has resulted in a flood of new gig workers who have been reduced to working longer to get fewer orders than they saw during the pandemic.
The reinvigorated state of the tech sector is reflected in the recruitment efforts of several large firms, including Alibaba, ByteDance and Meituan.
The Hang Seng Tech Index, representing the 30 largest technology firms listed in Hong Kong, surged 6 per cent on Tuesday in response to the pro-growth message of China’s highest policymaking body.
Source Code Capital, which had invested in ByteDance and Meituan, is reportedly closing its early-stage investment programme.
As ByteDance’s Douyin pushes into the local delivery market, dominant player Meituan has taken a page from Douyin’s video playbook.
Alibaba-backed food delivery service Ele.me has committed to bringing more social security and welfare benefits to its roughly 3 million couriers, following a similar move by JD.com in March.
Since Beijing quashed Ant Group’s IPO in November 2020, a Big Tech crackdown spanning more than two years has left no big industry player unscathed.
The high-profile recognition marks a sharp contrast to Beijing’s previous crackdown on the internet industry.
China’s top economic planner has endorsed projects by 10 leading internet giants, including Alibaba, Tencent and Meituan, ending a two-and-a-half-year investigation into platform companies.
Didi recorded a net loss of US$166 million in the first quarter, a significant improvement from its US$2.3 billion loss in the same period last year.
Meituan is buying out four-month-old AI start-up founded by former executive and long-time aide of CEO Wang Xing.
Meituan co-founder Wang Huiwen’s resignation marks one of the latest in a series of senior executive reshuffles at China’s Big Tech companies.
Hong Kong and foreign investors on Monday started to use offshore yuan funds to buy and sell shares of Alibaba, Tencent and 22 other companies, marking another milestone in the internationalisation of the Chinese currency.
