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Nov 12, 2020 08:15 am ·

China's E-Commerce Giants Announce Record Sales on Singles' Day 2020

The turnover on Alibaba's e-commerce platform Tmall, in the first 30 minutes of 2020's 'Singles' Day' shopping holiday (November 11) exceeded CNY 372.3 billion, surpassing the 2019 figure. After 35 minutes on November 11, Tmall had more than 300 brands with transaction volumes that broke 100 million. Meanwhile, Apple, Huawei, Midea Haier and other brands exceeded CNY 1 billion. As of 12 AM on November 12, the whole-day turnover of Tmall reached CNY 498.2 billion, an increase of 85.62% compared with 2019's CNY 268.4 billion. The Taobao nemesis JD.com (JD:NASDAQ) announced that, as of 0:09 AM on November 11, the cumulative amount of orders had exceeded CNY 200 billion. The final turnover of JD.com on this year's Single's Day reached CNY 271.5 billion. Private retailer Suning.com (002024:SZ) also made great progress this time, with the online sales growing by 75% between November 1 and November 11. Pinduoduo (PDD:NASDAQ), one of the hottest Chinese stocks this year, has decided not to announce its sales data. The firm's officials said they focus more on whether their consumers enjoy the shopping process than transaction data. Above all, the Single's Day festival this year is about more than surprising figures. From businesses to consumers, from foreign factories to fields, from live broadcast ecology to logistics systems, from offline commerce to technical support, from home to overseas, people are feeling the heat and power of consumption under the special background of COVID-19, which is adding more layers of meaning to this year's Single's Day.

News EO
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News EO
Nov 11, 2020 12:21 pm ·

China's Tech Titans Suppressed by New Antitrust Guideline

On 10 November, the Chinese State Administration for Market Regulation published the draft version of 'Antitrust Guidelines on the Platform Economy,' targeting the largest Chinese tech titans like Alibaba, Tencent, Meituan's market power in some areas. The guideline is to curb monopolistic behaviors in the field of the Internet platform economy. It set out unregulated conducts, for example, unfair prices, lower than the cost selling, deal decline and different treatment to consumers. Behavior such as WeChat (from Tencent) banning Tik Tok's or Taobao's links may be illegal, according to the draft. The guideline has resulted in BABA declining by around 9.5%, Tencent dropping by about 9.4%, Meituan and JD.com sinking by 9%, 7.3% respectively within two days from the time of the report. Alibaba and Meituan are the 'victims' because of their incredible market shares and power. According to Equalocean's research, Alibaba owned 50.1% cake of China's E-commerce business in 2019. Based on Trustdata, Meituan grabbed the lion's share of 65% in the Chinese delivery food area over the same period. Alternatively, CITIC Securities' analysts believe that the announcement harms Tencent the least as its market shares in related sectors have not let the company reach significant monopolistic positions. It may affect WeChat, but in gaming, advertisement, and finance landscapes, the social media giant hasn't dominated these spaces.

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Nov 4, 2020 02:09 pm · Information Times

Dada Break Its Record of Daily Order

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