Here is this week’s roundup of China innovation stories.
Two IT corridors bridge the gaps in aspects of cooperation between China and India. When seeking and establishing more common grounds, India and China upset the US for their rises in tech development, and Dawei Chen shed some lights on how China is “luring” Indian tech firms with market access and free rent.
Moreover, in Mary Meeker’s annual “Internet Trends Report”, 9 of the top 20 global internet leaders are from China while 11 are from the United States. Alibaba impressively ranks 6th on the list.
Enjoy reading China’s tech news this week!
Lawsuits & Layoff
Tencent filed lawsuits last Wednesday against Bytedance, Douyin’s parent company and owner of Toutiao and Tik Tok, claiming 1 yuan for compensation and demanding public apologies to be published on the company’s new media platforms. A week later on June 1st, Toutiao fought back by suing Tencent, with a demand of 90 million yuan (US$14 million) in compensation.
Xiaohongshu (“Red” or “Little Red Book”), a shopping tip app gaining large popularity among Chinese millennials, just closed its $300 million Series D funding round led by Alibaba.
SenseTime, a Beijing-based company, raised $620 million in its latest Series C+ round of fundraising, remaining the world’s most valuable AI unicorn at a valuation of over $4.5 billion.
Mary Meeker published the 23rd edition of the annual “Internet Trends Report” and among today’s top 20 global internet leaders (ranked by market value), 9 of them are from China and the other 11 from the U.S.
On May 31, the product launch of Xiaomi Mi 8 was held at the Shenzhen Universiade Stadium as scheduled, during which Xiaomi CEO Lei Jun unveiled seven new products.
Republic of Gamers (ROG) by ASUS, released its first gaming smartphone in Taiwan.
Meizu released its new budget phone the Mblu 6T starting at $124.
This week on TechBuzz China by Pandaily, co-hosts Ying-Ying Lu and Rui Ma look at the resignation of Baidu COO and tech genius Lu Qi and how the move brought tidal waves of speculations, commentary, and reactions to the Chinese tech world.