China’s e-commerce giant Alibaba Group has signed a cooperation agreement with the municipal government of Hangzhou, where the company is headquartered, signaling government support for the platform economy’s growth in a healthy, regulated way, local government-backed Zhejiang Daily reported on Tuesday.
Smartphone sales in mainland China reached about 20.47 million units in November 2022, rising slightly by 2% from the previous month, but sliding 21.7% from a year earlier.
Chinese tech giant Tencent will step up its efforts in cost reduction and efficiency enhancement, said chairman Pony Ma at an internal staff meeting last Thursday, according to mainland news outlet Jiemian News.
The Hang Seng Tech Index jumped as much as 5% at one point before paring gains to 4.4% as of 11:04 am local time. Bilibili is jumping 11%, JD.com up 6.6%, Kuaishou, Meituan and Baidu up more than 6%, Alibaba gaining 5.2% and Tencent up over 4%.
Tencent Holdings has acquired a 20% stake in a South Korean video gaming studio amid its overseas expansion, according to South Korean media Money Today Network.
China released 20 measures to build a data management system to take advantage of the country’s massive data and rich application scenarios and strengthen the digital economy.
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Goldman Sachs pushed back its estimate of recovery timing of Meituan’s businesses by roughly one year, in view of the epidemic resurgence
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