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WeChat creates 37 million jobs in 2020, China

Bringing together the latest business insights and trends of China's tech ecosystem.

China Tech

Tencent Holdings Limited is a Chinese multinational investment holding conglomerate whose subsidiaries specialize in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.

Tencent

WeChat is a Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent. It was first released in 2011, and by 2018 it was one of the world's largest standalone mobile apps by monthly active users, with over 1 billion monthly active users.

Wechat

Social Impact

Employment is increasingly shifting from traditional industries like manufacturing to the online services sector. Tencent's blockbuster platform WeChat has created 36.84 million jobs in 2020 within the ecosystem that developed around it, a 24.4% increase from the year before, according to a report co-published by WeChat and the China Academy of Information and Communications Technology on Thursday.

KEY STAT | WeChat ecosystem becomes job machine as digital economy booms | KrASIA

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KEY STAT | WeChat ecosystem becomes job machine as digital economy booms

Spotlighting Asia&#039;s next wave of innovations.

KrASIA

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Julianna Wu

Chinese companies raise USD 4.4 billion from IPOs in the US, Q1

Listing activity on domestic exchanges, meanwhile, has cooled down. In the first quarter of this year, 20 Chinese companies listed in the US, compared to six in Q1 2020, according to data from Deloitte China cited by local newspaper Securities Daily. The total amount of money raised reached USD 4.37 billion, which is nearly 12 times more than the USD 370 million from the same period last year.

KEY STAT | Chinese firms raise nearly 12x more money year-on-year in US markets | KrASIA

KEY STAT | Chinese firms raise nearly 12x more money year-on-year in US markets

Youzan decoded: China’s Shopify struggles to earn a profit despite SaaS clout

Alibaba Group Holding Limited is a Chinese multinational conglomerate specializing in e-commerce, retail, Internet and technology. 

Alibaba

Taobao

Tmall

E-commerce is the activity of buying or selling of products on online services or over the Internet. 

E-Commerce

Enterprise services is an over-arching term to describe an architecture combining engineering discipline and computer science to solve practical business problems. 

Enterprise Services

Visual Stories

Working in the background, Youzan has shaped China's massive e-commerce sector. It is now indispensable for online sales.

Youzan decoded: China's Shopify struggles to earn a profit despite SaaS clout | KrASIA

Youzan decoded: China&#8217;s Shopify struggles to earn a profit despite SaaS clout

Meituan-Dianping is a Chinese group buying website for locally found food delivery services, consumer products and retail services. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. The Meituan.com site offers deals of the day by selling vouchers on local services and entertainment.

Meituan

Food Delivery

An on-demand service platform connects waiting-time-sensitive customers with independent service providers.

On-Demand Services

Tencent will remain Meituan's biggest institutional shareholder with a 17.2% stake.

KEY STAT | Meituan raises funds to fend off challengers in lucrative localized lifestyle services | KrASIA

KEY STAT | Meituan raises funds to fend off challengers in lucrative localized lifestyle services

Tencent's total investment deals, Q1 2021: 103

The game industry is the economic sector involved in the development, marketing, and monetization of games. It encompasses dozens of job disciplines and its component parts employ thousands of people worldwide.

Gaming

Venture capital is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth.

Venture Capital

Tencent's investment arm has been the most active VC in China in the first quarter. Tencent Investment was the most active Chinese venture capital firm in the first quarter with 103 deals internationally, spending more than RMB 60 billion (USD 9.2 billion), according to the Qichacha data aggregator. Around 30% of its targets were game developers, suggesting that Tencent invested into a game company every three days in Q1.

KEY STAT | Tencent is investing in a video game company every three days | KrASIA

KEY STAT | Tencent is investing in a video game company every three days

Autonomous Vehicles is about self-driving. A self-driving car is also known as a robot car, autonomous car, or driverless car, is a vehicle that is capable of sensing its environment and moving with little or no human input.

Autonomous Vehicles

Mobility

The company currently operates in the US cities of San Diego and Tucson. Chinese startup TuSimple (NASDAQ: TSP) kicked off its public listing on Thursday, raising USD 1.1 billion at a market capitalization of USD 8.5 billion. The offering price of USD 40 was higher than the indicated range of USD 35 to 39. It ended the day unchanged.

KEY STAT | Driverless truck developer TuSimple debuts on Nasdaq | KrASIA

KEY STAT | Driverless truck developer TuSimple debuts on Nasdaq

Suning's estimated net profit, Q1, 2021: usd 69-84 billion

Suning

Retail

The retail cloud business is growing rapidly, adding 3,201 new stores last year and achieving profitability. Chinese retailer Suning, which runs both online and brick and mortar shops, expects to earn a profit between RMB 450 million and 550 million (USD 68.6 million to 83.9 million) in the first quarter of this year, after a loss of USD 83.9 million in the same quarter in 2020, according to company filings on Thursday.

KEY STAT | Retailer Suning expects to turn a profit in Q1 | KrASIA

KEY STAT | Retailer Suning expects to turn a profit in Q1

ByteDance to file IPO with a valuation of USD 400 billion

ByteDance or Beijing ByteDance Technology Co Ltd. is a Chinese Internet technology company operating several machine learning-enabled content platforms, headquartered in Beijing. It was founded by Zhang Yiming in 2012. ByteDance's core product, Toutiao, is a popular content platform in China.

Bytedance

Douyin

Kuaishou (Chinese: 快手) is a platform for recording with millions of original fresh videos everyday.

Kuaishou

Tiktok

With the spread of Internet global accessing (fastest Internet broadband connection TCP with accumulator cables and semi-fast connection), Short Video services have become very popular online. 

Short Video

The company's subsidiaries may seek their own listings in New York, Hong Kong, and Shanghai. With a valuation of nearly USD 400 billion, app factory ByteDance—known chiefly as the company behind TikTok, Douyin, and Toutiao—has submitted a letter to the Hong Kong Stock Exchange indicating the company is seeking underwriters for a listing in Hong Kong, local news media China Securities reported on Wednesday, citing an anonymous source.

KEY STAT | ByteDance initiates process for mammoth listing in Hong Kong | KrASIA

KEY STAT | ByteDance initiates process for mammoth listing in Hong Kong

700 people working for DJI's car-related business unit

Drones

Electric Vehicles

DJI is set to release a new auto-related product during the Shanghai International Automobile Industry Exhibition next week, local news media Yicai reported on Tuesday. In the launch poster, a silhouette of an automobile appears below the brand name DJI Chezai, which can roughly be translated as "DJI vehicle-mounted," keeping the mystery alive.