China | Pixr8 News

2Mar By reutersNo Comments

CHINA

China Party to Punish Former Tycoon for Microblog Posts

China's ruling Communist Party will impose "severe intra-party penalties" on a former property tycoon whose microblogs were closed at the weekend after he criticised government policy, state news agency Xinhua reported. Microblog portals such as Weibo.com and t.qq.com, among China's most popular, were ordered to shut the accounts of Ren Zhiqiang, a retired top executive from a state-controlled property developer who had more than 30 million online followers. China's Internet regulator said that Ren, a party member, had been "spreading illegal information". Chinese media has accused Ren of making remarks criticising state media and questioning whether taxpayers money should be used to promote the government. The Beijing city Xicheng district party committee said that Ren had "re...

28Jan By NitishNo Comments

CHINA

Alibaba Revenue Jump 32 Percent in Q4

AFP- Chinese e-commerce giant Alibaba revenue jump 32 percent year-on-year for the quarter ending in December, it said in a statement Thursday, despite slowing growth in the world's second-largest economy. Alibaba, which dominates the consumer-to-consumer market in China, said revenue reached $5.33 billion (CNY 34.54 billion or roughly Rs. 36,155 crores) in the December quarter, beating an average forecast of CNY 33.2 billion in a survey of analysts by Bloomberg News. Investors have hammered the New York-listed shares of Alibaba as a proxy for China's falling growth, weakening currency and domestic stock market turmoil. China's economy grew 6.9 percent in 2015, the slowest rate since 1990. Fourth-quarter growth alone slowed to 6.8 percent, its worst since the global financial cris...

Chinese Twitter-like Platform Sina Weibo Will Also Lift 140-word Limit

23Jan By NitishNo Comments

CHINA

Chinese Twitter-like Platform Sina Weibo Will Also Lift 140-word Limit

Chinese Twitter-like platform Sina Weibo will cancel its 140-word limit, a move Twitter is reportedly considering. Sino Weibo management team has sent a letter to its developers on Wednesday. However, Weibo users have always been allowed to write posts longer than 140 words. But previously they were required to type the extra content on a different site and link back to Weibo. Launched in August 2009, Sina Weibo is China’s largest social network with 222 million monthly active users as of the third quarter of 2015. The platform will start a trial with some of its microblog users in about a week on January 28, and lift the word limit for all users a month later on February 28.The new word limit is 2,000 words. The platform will only show the first 140 words on the feed, but readers...

China’s Richest Man Will Develop $10 Bln Industrial Park in India

22Jan By reutersNo Comments

BUSINESS

China’s Richest Man Will Develop $10 Bln Industrial Park in India

Chinese conglomerate Dalian Wanda Group said on Friday it would develop a $10 billion industrial park in northern India, its first project in the country. The company owned by China's richest man Wang Jianlin said it would be the lead investor in the project's initial infrastructure and also ask Chinese firms to take part. Construction on the first phase of the 13 square km park in Haryana state is due to start this year, the company said. "Haryana State will provide Wanda with the most preferential policies," it added in a statement. Dalian Wanda is aggressively spending on projects and acquisitions ranging from entertainment to financial services in a bid to diversify away from its core, but slowing, domestic real estate operations. The conglomerate which posted $44 billio...

First Store Chain in Japan to Use China’s Online Payment Solution Alipay

19Jan By AnkitaNo Comments

BUSINESS

First Store Chain in Japan to Use China’s Online Payment Solution Alipay

Japanese department store chain Kintetsu announced on Monday that it will introduce China's online payment solution Alipay in four of its department stores in Osaka so as to attract more Chinese tourists. According to Kintetsu, it would be the first department store chain in Japan to use Alipay, though the well-known Chinese online payment solution has already been used by the discount chain store Don Quijote and the consumer electronics retailer Yamada Denki in Japan since last year. "Alipay is a payment platform with over 400 million users in China. Chinese customers will be able to use the Alipay app on their cellphones to pay for the commodities they have bought in our department stores, which will be very convenient for them." said Aki Shokyoku, foreign business dire...

Chinese Shoppers Spent USD 128 Per Person On Overseas Purchases: Alipay Report

15Jan By AnkitaNo Comments

ANALYSIS

Chinese Shoppers Spent USD 128 Per Person On Overseas Purchases: Alipay Report

On Tuesday, Ant Financial, Alibaba’s financial service affiliate, released its 2015 Alipay consumer spending report. Alipay is a business operated by Ant Financial and China’s largest third-party online payment service provider. This annual report sheds light on the online consumption behavior of Chinese people and the penetration of mobile internet in China. 1. Shanghai tops the list Shanghai residents topped the list by spending an average of RMB 104,155 (USD 15,832) per person on Alipay in 2015, more than any other provincial-level regions in China. Zhejiang province followed closely at RMB 94,192, with Beijing, Jiangsu province and Fujian province tailing behind. In terms of total payment volume by provincial-level regions, Guangdong, Zhejiang, Jiangsu, Shanghai and Beij...

13Jan By reutersNo Comments

CHINA

China’s richest man buys Hollywood studio Legendary for $3.5 billion

Chinese conglomerate Dalian Wanda Group has bought U.S. film studio Legendary Entertainment for about $3.5 billion, turning its chairman into a Hollywood movie mogul as China's richest man steps up a drive to diversify his business empire overseas. At a news conference in Beijing on Tuesday, Wanda Chairman Wang Jianlin said he plans to package Legendary, behind hits like "Jurassic World", with existing movie production assets in China and sell shares in the merged operation in an initial public offering (IPO). The move makes Wanda the first Chinese firm to own a major Hollywood studio - a sign of the country's growing power in the global movie world, industry watchers said. "Wanda Cinema already has made tremendous development in China, but it isn't enough," said Wang, whose personal ...

How to set up a Chinese company as a foreigner

10Jan By AnkitaNo Comments

CHINA

How to set up a Chinese company as a foreigner

Every country has its own set of rules and regulations when it comes to setting up a business. China is no exception, but what are some of the challenges for foreigners setting up a business in China? Michael Michelini, will tell you how? A, 34 years, old Shenzhen-based American internet dude helping western companies leverage Chinese social media for business. Michelini is also the author of Destination China: Entrepreneurs’ Journey from Wall Street to business in China. What are some of the difficulties a foreigner faces opening and operating a business in China? Michelini: It’s a lot more difficult as a foreigner to open a company in China, it’s not the same as a Chinese person opening a company in China. Also maintaining a business is harder than for Chinese companie...

Decoding: Is Jack Ma the Rupert Murdoch of China?

10Jan By NitishNo Comments

Story

Decoding: Is Jack Ma the Rupert Murdoch of China?

Last Year China’s e-commerce giant Alibaba announced to buy Hong Kong’s oldest English newspaper the South China Morning Post (SCMP) and other media properties for an undisclosed amount. People related to tech and e-commerce world was surprised on this move. Many were asking questions on motive of acquisition? But People very close to Jack Ma said, Ma’s ambition to explore the media business is strategic. His e-commerce empire has seen him invest in the media sector and he has publically spoken about his interest in the sector. Jack Ma knows clearly why American and other European companies rule over the world? Reason is Media. So why not invest in it to sustain your power. Jack Ma recently told Bloomberg TV during an interview in November that Alibaba needs the media to promote SME...

9Jan By Press Trust of IndiaNo Comments

CHINA

China’s country code domain “.cn” becomes world’s largest

Beijing, Jan 9 (PTI) - China's country code domain '.cn' has become the world's most commonly used in the internet with 16.36 million users, surpassing Germany's '.de' domain. According to the data released yesterday by the China Internet Network Information Centre (CNNIC), which manages the domain, '.cn' had 16.36 million users by the end of 2015. The '.cn' domain is also world leading in domain resolution service, security and the ratio of benign uses, said CNNIC head Li Xiaodong. As China began to require real-name registration in 2009, the '.cn' domain is able to protect users' interests and reduce online theft, phishing and fraud, Li said. In the past, Germany's '.de' domain had the largest number of registered websites. The domain is not only widely used by Chinese institu...

China’s Drone Maker Comapny Ehang Unveils First Passenger-Carrying Drone

8Jan By AnkitaNo Comments

CHINA, Tech

China’s Drone Maker Comapny Ehang Unveils First Passenger-Carrying Drone

LAS VEGAS, United States, Jan. 6 (Xinhua) -- Chinese drone maker Ehang on Wednesday, unveiled the world's first drone capable of carrying one passenger, which might help achieve the long-standing dream of automated short-to-medium-distance everyday flights. The electrically powered Ehang 184, unveiled at the 2016 Consumer Electronics Show in Las Vegas, can carry a single passenger weighing up to 100 kg for a 23-minute flight at sea level at a speed of 100 km per hour, the company said. After setting a flight plan, passengers only need to send two commands: "take off" and "land," each controlled by a single click on an accompanying tablet, it said. There's no need for a runway because the drone takes off and lands vertically. "Due to the 184's fully automated navigation, made possibl...

31Dec By AnkitaNo Comments

Story

Video: The Story Of O2O (Online to Offline) Market In China

Online to Offline is a rather new but hugely popular concept in China’s E-commerce scene. Consumers place an order and make the payment online to receive offline goods or services. Now, this Internet-based business model is reshaping the home renovation market. Office worker of China, Mr. Ke Yong plans to renovate his apartment. Instead of going through the hassle of visiting different renovation companies for help, he has chosen a mobile app called Huizhuang to find a contractor. O2O renovation has become an increasingly popular option for renovation customers in China, with more economical, convenient, and transparent services, a reputation not so often associated with the traditional renovation industry. Part 2: Riding the O2O tide Liu Yuxi established Huizhuang in May 2013...