CNBC released their list of 2019 Disruptor 50 companies, containing the most influential and innovative companies in various industries, from biotech and machine learning to transportation, retail and agriculture. Two Chinese firms, the ride-hailing giant Didi-Chuxing and Xiaohongshu, ranked among the top ten.
CNBC dubs Didi-Chuxing as “China’s uber-disruptor”, after the Chinese firm acquired Uber’s China operations in 2016 after winning the majority of the local market share. So far, the company has entered global markets including Japan, Brazil, Mexico, and Australia. It is also expected to compete with Uber in the South American market, in countries like Peru and Chile. However compared with Uber, the company has been under intense public pressure to improve its security measures and optimize its internal management. Another ride-hailing app on the list is Grab, which is the most popular of its kind in Southeast Asia.
Chinese start-up Xiaohongshu, meaning “little red book”, has become China’s leading social e-commerce platform for overseas luxury goods, especially for products in categories such as fashion and beauty. Founded in June 2013 by Miranda Qu & Charlwin Mao, the online platform now has over 200 million registered users. The platform is specifically popular among the younger generation, with the majority of users born after 1990.
The company has recently elevated its standards for online key opinion leaders (KOL) and influencers, as only those with over 5000 fans and over 10,000 monthly exposures will be allowed to remain on the platform, which would significantly decrease the number of registered KOLs while boosting the overall quality.
Featured Image Source: CNBC