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11 Apr China’s young ultra-rich seen reshaping wealth management, art collection and luxury spending: HSBC summit speakers

Posted at 05:56h in Asia

China’s young, tech-savvy, ultra-rich cohort is shaping the wealth management and luxury spending industries, including art collecting, according to experts at a conference in Hong Kong.“The asset management landscape in Asia is undergoing significant transformations due to changing demographics and digitisation,” said Chen Ding, the...

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07 Apr China e-commerce: how SoftBank-backed Firework aims to help mainland merchants sell directly in overseas markets

Posted at 10:10h in Asia

“Live-stream shopping in China is very influencer-driven. People watch live streams because they trust the influencer,” he said. “Whereas in the US, it’s still brand-focused. The relationship is between the brand and the customer, not an influencer.”Unlike mainland China’s influencer-driven live-streaming e-commerce segment, the direct...

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05 Apr TikTok owner ByteDance stays hands-off as video app faces US ban, leaving local team to become more aggressive

Posted at 13:00h in Asia

The Chinese parent of TikTok has kept a safe distance from the troubles facing its short video app in the US, leaving the response to the local team and Singaporean CEO Chew Shou Zi as they face a possible legal battle against a forced sale...

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29 Mar ByteDance raises annual bonus for high-performing employees amid restructuring and latest TikTok crisis in US

Posted at 13:30h in Asia

While employees have started to receive their bonuses for the past year based on their performance review, those who were rated “M” or higher will be rewarded extra payment of between 5 per cent to 15 per cent of their original bonus, according to Hua...

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27 Mar TikTok owner ByteDance accelerates generative AI efforts with increased talent acquisition, release of new tools

Posted at 00:30h in Asia

Beijing-based ByteDance’s website listed more than 320 GenAI-related job openings as of Tuesday, up from 307 vacancies posted a month earlier, according to a search conducted by the South China Morning Post.A specific search for jobs in the development of large language models (LLMs) –...

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26 Mar ByteDance-owned Douyin launches stand-alone shopping app in China, heating up the competition against Alibaba, JD.com, PDD

Posted at 13:30h in Asia

Douyin Mall was launched last week as a downloadable app for Android users in mainland China, the world’s largest smartphone market. An Apple iOS version of the app was not released as of Tuesday.The new app serves “as an extension of the Douyin platform, designed...

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17 Mar China’s cryptocurrency investors made gains of more than US$1 billion in 2023 despite sweeping government ban

Posted at 10:00h in Asia

Hong Kong cryptocurrency investors realised gains of US$250 million last year, according to Chainalysis. In 2021, they made US$1.3 billion.The prices of cryptocurrencies against the US dollar are displayed on a screen in Hong Kong in this file photo from February 29, 2024. Photo: BloombergOverall,...

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14 Mar TikTok owner ByteDance acquires stake in memory chip firm InnoStar to bolster VR unit Pico as it takes on Apple’s Vision Pro

Posted at 11:00h in Asia

Picoheart, a Singapore-based affiliate of ByteDance, earlier this month invested an undisclosed amount to acquire a 9.5 per cent shareholding in state-backed InnoStar, which is headquartered in Shanghai, according to data from company registry information provider Qichacha.That investment was made “in hopes of utilising the...

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11 Mar TikTok gets thumbs up in China for ‘tough stance’ against US lawmakers pushing new effort to ban the ByteDance app

Posted at 12:30h in Asia

ByteDance, the Chinese tech unicorn that is again facing a US ban of its flagship TikTok app unless it divests, has earned a “thumbs up” at home after rallying its young users against the legislation in an effort mirroring some of the more aggressive tactics...

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06 Mar Alibaba said to lead new financing round for Chinese AI firm MiniMax that would value the start-up at over US$2 billion

Posted at 00:00h in Asia

Shanghai-based MiniMax, which was founded in 2021, is in the process of raising new funding that would value the company at more than US$2 billion, another investor with knowledge of the matter said. The two investors requested anonymity because they are not authorised to speak...

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