Industry Archives

Tencent Will Shut Down MOO Music, Service Ends on December 31st

On December 3rd, Tencent Music Entertainment Group announced that MOO Music, a subsidiary of the group, will officially cease its services on December 31st, 2023.

Sunyard Issues A Clarification Announcement, Stating that There Has Been No Business Dealings with Pika

On November 30th, Sunyard released a clarification announcement stating that Demi Guo, one of the founders of Pika, is the daughter of Sunyard’s actual controller Guo Huaqiang. Apart from this relationship, there are no other connections between Sunyard and Pika.

NVIDIA CEO Reaffirms Plans to Return to the Chinese Market

On Wednesday, Jensen Huang, CEO of Nvidia, reiterated the company's commitment to the Chinese market at the 2023 DealBook Summit.

VMware Is Acquired by Broadcom, Employees in China May Receive New Contracts or Severance Pay

Broadcom has acquired VMware for $69 billion. Recently, there have been reports that the Beijing branch of VMware is undergoing trademark changes and personnel adjustments.

Pinduoduo Q3 Financial Figures Exceed Market Expectations

Pinduoduo's revenue reached 68.84 billion yuan in Q3, 2023, a 93.9% increase from the same period last year, nearly doubling, and a net increase of nearly 16.6 billion yuan from 52.281 billion yuan in the second quarter, far exceeding market expectations.

Apple’s Vision Pro Heads into Mass Production, Boosting Mainland China’s Supply Chain Involvement

Apple will officially start mass production of the first generation MR (Mixed Reality) product Vision Pro in December this year, significantly boosting mainland China's supply chain.

ByteDance’s Gaming Subsidiary, Nuverse, Initiates Large-Scale Layoff

ByteDance's gaming subsidiary, Nuverse, is said to initiate a large-scale layoff starting from Monday.

ByteDance Seeks to Sell Moonton for $5 Billion

ByteDance is seeking to sell its subsidiary gaming company, Moonton Technology, for a price not less than $5 billion, and has hired Goldman Sachs as a financial advisor to assist in finding and contacting potential buyers.

Trip.com Group Forms Partnership with China International Culture Association

On November 17, Trip.com Group signed a three-year Memorandum of Understanding with the China International Culture Association to promote inbound tourism.

Jiang Fan: Alibaba International Continues Rapid Growth Despite Uncertain International Market Environment

Alibaba released its financial report for the quarter ended September 30. Alibaba International Digital Commerce Group, or Alibaba International, exhibits the fastest growth rate among all six major business groups.

Alibaba Denies the Rumor of ‘Laying Off 25,000 Employees’

On November 19th, Alibaba clarified that 'the rumors of layoffs are false.' And Alibaba has reported to the police regarding these rumors.

Tencent Released Q3 Financial Report, Showing a 39% Net Profit Growth

On November 15th, Tencent Holdings Ltd. released its third-quarter financial report, showing a revenue of 154.63 billion yuan, a year-on-year increase of 10%, and a net profit (Non-IFRS) of 44.92 billion yuan, a year-on-year increase of 39%.

ByteDance Is Considering Selling A Game Studio Valued at ＄4 Billion

According to informed sources, ByteDance is considering selling its subsidiary game studio MOONTON Games in order to streamline operations and focus on core business.

Chip IP Company Imagination Lays Off 20%, Involving the Chinese Market

Affected by global macroeconomic factors, UK GPU chip design technology company Imagination plans to lay off 20% of its workforce worldwide.

Analyzing HUYA 2023 Q3 Financial Results: Solidifying Long-term Development by Pushing Strategic Transition, while Executing Share Repurchase Program

HUYA Inc. released its third quarter financial results on Tuesday, recording quarter-on-quarter growth of 3.7 percent in Huya Live’s mobile MAU, reaching 86 million, with total net revenues standing at 1.65 billion yuan ($225.8 million).

Apple Halts Shake-to-Open-Ad Feature, Multiple Apps Affected

Apple asked multiple Chinese apps to remove the feature of "Shake to Open", which leads the users to advertisement pages and has led to lots of complaints lately.

Pony Ma’s Keynote at Tencent’s 25th Anniversary Celebration

On November 11th, Tencent held its 25th anniversary celebration, with Pony Ma and other Tencent executives having an internal communication with employees.

Global Asset Management Giant Vanguard Confirms Its Withdrawal from China

Global asset management giant Vanguard confirms its withdrawal from China and the closure of its offices in the country.

BEST Inc. Receives Acquisition Offer from Buyer Consortium Including Alibaba and Cainiao

On November 7th, BEST Inc. announced that its board of directors had received a preliminary non-binding offer from a buyer consortium consisting of Alibaba, Cainiao, and the company's founder, Zhou Shaoning, to acquire all of the issued ordinary shares.

Beike Announces Forecast-beating Third Quarter 2023 Unaudited Financial Results; Shares Rise Pre-market

Beike announced its unaudited financial results for the third quarter, seeing a 63.4% year-over-year increase in net income.

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