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Alibaba Expands Online Gaming Business With Ejoy Acquisition

Alibaba is becoming a serious player in the online gaming sector. The technology giant founded by Jack Ma today announced that it has acquired online gaming company Ejoy and revealed plans to establish for the first time a dedicated gaming unit to expand into the lucrative sector.

Tencent To Acquire 5% Of Chinese Investment Bank CICC In Bet On Financial Services

Tencent Holdings Ltd. has agreed to invest HK$2.86 billion (US$367 million) in China International Capital Corp Ltd (CICC) for a 4.95% stake in the company. At the same time, the two parties said they have agreed to establish a strategic partnership in a range of services and products leveraging Tencent’s financial technology and CICC’s wealth management capabilities, according to a joint announcement.

China Tightens Control Of Online Group Chat Ahead Of Annual Party Congress

Organizing chat groups on WeChat, one of the most common forms of multiparty digital communications in China, could soon be a high risk activity. China’s Cyberspace Administration issued new rules last week tightening control over WeChat groups and other such digital platforms, in a move that could make WeChat group chat organizers legally liable for any false information disseminated within their groups.

Chinese Innovation QR Code Mobile Payment Wants To Conquer The World

China is going cashless, no doubt. Chinese consumers spent a total of US$5.5 trillion via mobile payment platforms last year, or simply put, it was about 50 times more than their American counterparts (around US$112 billion), according to data from Forrester Research and iResearch. The credit of the country’s multi-trillion dollar mobile payment market goes to China’s third-party QR code-scanning mobile payment platforms, led by WeChat Pay and Alipay. Statistics show that from 2013 to 2016, the number of transactions …

Apple Accepts WeChat Pay In App Store As Apple Pay Fails To Make Inroads In China

Apple Inc. has accepted Wechat Pay for payments made in its App Store and music platform, after it accepted Alibaba’s Alipay as a mobile payment option for purchases conducted within its ecosystem. The action will likely drive up Apple’s revenue in China from in-store and music spending, as the U.S. tech giant continues to adjust its strategies for a fast-moving Chinese market.

Tencent Capitalizes On Massive User Data To Achieve AI Dominance

Chinese Internet giant Tencent Holdings Ltd. has a reputation for cautiously following in the footsteps of others in new businesses segments, then quietly outsmarting the first-movers. The company looks to be using the same strategy in the field of artificial intelligence (AI). So while rival Baidu Inc. has proclaimed itself an AI company, along with numerous other Chinese companies, Tencent is working behind the scenes to become a leader in the field.

China’s Central Bank Rejects Alibaba, Tencent’s Push For Cashless Society

Alibaba and Tencent wanted to kill cash. But their dreams of a cashless society may get crushed first. Concerned about the declining use of China’s fiat currency and alarmed by reports of merchants refusing the RMB as payment, the People’s Bank of China has taken action to ban, or at least limit the use of the word “cashless” in promotional materials published by digital payment giant Alibaba’s Ant Financial.

China Goes Cashless With Consumers Spending $5.5 Trillion Via Mobile Payments, 50 Times More Than Americans

Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw both its active mobile payment accounts and average daily payment transactions exceed 600 million, according to a new report released by Tencent Research Institute, The Chongyang Institute for Financial Studies at Renmin University of China, and research firm Ipsos.

Will Investors Pouring Billions Into Chinese Used-Car O2O Firms Get Run Over?

Investors are again throwing money at China’s online used-car e-commerce market. After a decade of massive new car sales, the Chinese used car market is growing fast and potential profits abound. But with the market highly fragmented and rival online-to-offline players burning cash faster than buyers can drive cars off the lot, one can’t help wondering if this market is about to crash, and which investors will get hurt.

Tencent Invests $23M In British Video Games Developer Frontier

China’s Internet giant Tencent Holdings Ltd. has agreed to make a strategic investment worth GBP17.7 million (US$23.2 million) in Frontier Developments plc, a British video games developer listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange.

Tencent Invests $66M In TCL’s Smart TV Unit In Exchange For 16.67% Stake

Tencent Holdings Ltd. has agreed to invest RMB450 million (US$66 million) in the smart TV unit of China’s biggest television maker, TCL Corp. The deal is Tencent’s latest investment in the smart TV sector as the technology giant seeks to replicate its dominance in mobile phones content in a broader distribution channel.

Tencent Leads $27M In U.S. Satellite Data Solutions Provider Satellogic

Chinese Internet giant Tencent Holdings Ltd. has led a US$27 million series B round in Satellogic, a satellite data solution provider headquartered in Palo Alto, California. The deal mark’s Tencent’s third investment in U.S.-based space technology companies in little over a year.

FountainVest, Tencent, CITIC Capital To Reap Billions In Profit From Focus Media Share Sale

A number of investors in Focus Media Information Technology Co., Ltd. are likely to reaped billions of U.S. dollars in profits after they offload their shares in the Chinese outdoor advertising company that was taken private in 2013 and re-listed in China two years later. According to a disclosure filing yesterday, Chinese private equity firm FountainVest Partners, Tencent Holdings Ltd. and CITIC Capital plan to sell their interests in Focus Media totaling around 14% of the company’s outstanding shares. The …