DOUYIN
ByteDance founder Zhang Yiming reclaims top spot in China's rich list, thanks to his firm's AI push
The rankings released by The Hurun Research Institute on Tuesday reflected that the country's high-tech sectors were rising but others like consumer and real estate were under pressure.
The fake commute: How China's unemployed save face
Unemployed individuals in China are pretending to be employed to avoid family concerns about their jobless situation. Many are sharing tips online about how to navigate daily life while hiding their unemployment status. This behavior reflects the challenges posed by a struggling economy and increased job competition. As some individuals receive unemployment benefits, societal pressure from family members adds to their anxiety.
China's manufacturing scale shows the path to first-world status
Insights from a Chinese factory reveal striking contrasts in wages and car ownership between India and China. China's triumph in manufacturing shines through its extensive production capacities across diverse industries. The article underscores the necessity of cultivating core sectors like steel and machinery for robust economic development. Additionally, local tech firms have flourished in the absence of foreign rivalry, offering distinctive products.
China fuels rush to turn AI video into an industry
Shenzhen has emerged as a leading hub for AI filmmakers in China, attracting various local governments wanting to establish tech clusters. Amid rapid growth in AI-generated content, the industry faces the risk of oversupply and declining value. While production costs for AI films decrease significantly, concerns arise regarding copyright infringement and originality. Some consumers have expressed dissatisfaction with AI content and efforts to define its regulations are ongoing.
ByteDance secures $29.6 billion loan in AI push, sources say
ByteDance secured a massive $29.6 billion loan from nearly thirty banks. Chinese banks provided over sixty percent of this significant loan facility. The funds will primarily support ByteDance's ambitious overseas artificial intelligence expansion plans. This unsecured loan reflects strong lender confidence in the company's creditworthiness. The financing is the second-largest in Asia this year, highlighting sector enthusiasm.
Vietnam’s coffee farmers are betting on durian to strike it rich in China
Vietnamese farmers are shifting from coffee cultivation to durian farming. This change is driven by immense Chinese demand for the pungent fruit. Vietnam has become China's largest durian supplier, surpassing Thailand's long-held dominance. Durian exports are projected to reach four billion dollars this year. However, concerns about oversupply and quality control are emerging.
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Russia sees China's WeChat, Douyin as models for its homegrown Max messenger
The Kremlin is pushing Russians to use Max instead of Telegram, currently the country's most popular messaging app, but is facing stiff resistance from users, who argue that Max lags far behind its rival in terms of functionality.
China leaders take reins at TikTok Shop in US as sales miss goal
TikTok Shop in the US is navigating turbulent waters as it struggles to meet its ambitious sales targets. In a significant shift, ByteDance has appointed leaders with strong ties to China, leading to a wave of cultural adjustments and communication hurdles. As uncertainty looms, many employees find themselves either let go or leaving voluntarily, causing a stir within the organisation.
Tech giants Tencent and Douyin to help China's exporters pivot to domestic market
Tencent said on Thursday its program aimed to create 100 billion yuan ($13.7 billion) in sales for China's beleaguered export-dependent firms by helping them set up domestic-facing operations, as well as tap Southeast Asian markets.
Chinese Social media platform bans Tibetan language, Tibetans condemn decision
Tibetans in Tibet and around the world have expressed concerns over the Chinese social media platform Douyin's ban on Tibetan language content. The Tibetan Centre for Human Rights and Democracy (TCHRD) has condemned the decision, stating that the Chinese constitution allows minority people to speak in their language. TCHRD Director Tenzin Dawa questioned the restrictions imposed against the Tibetan language and questioned the Chinese government's stance.
Luxury influencers vanish from Chinese social media in wealth crackdown
Chinese social media censors have blocked multiple influencers known for showing off their lavish lifestyles after an official campaign to curb displays of ostentatious wealth online was announced. China's internet watchdog in April launched the "Clear and Bright" campaign to remove undesirable content from social media, vowing to crack down on influencers who created "ostentatious personas to cater to vulgar needs, and deliberately display extravagant lifestyles filled with money".
China video app Douyin Group CEO resigns to take new role within ByteDance
Zhang Nan, who also uses the English first name Kelly, posted on her personal social media account on WeChat that she was resigning from the position, in a move confirmed by ByteDance.
Bytedance says Zhang Nan resigns as Douyin Group's CEO
Zhang posted on her personal social media account on WeChat that she was resigning from the position, in a move confirmed by ByteDance.
Chinese internet company Baidu posts modest revenue growth in September quarter
The company unveiled the newest version of its AI chatbot Ernie in October, claiming it rivalled the capabilities of OpenAI's ChatGPT. Baidu said in an earnings report on Tuesday it made a profit of $996 million in the three months through September, a year-on-year increase of 23%.
ByteDance testing content paywall on TikTok's sister app Douyin
The Chinese internet giant has recently started to allow some content creators with more than 100,000 followers to put part of their videos behind a paywall on Douyin, TikTok's sister app in China, the person said, declining to be named as the feature was still undergoing testing.
China's ecommerce platforms not doing enough on climate: Greenpeace
In a report ranking the environmental record of six of China's ecommerce giants, Greenpeace said the discount online shopping platform Pinduoduo performed the worst, making "no progress whatsoever" on climate and environmental protection.
China removes anonymity of bloggers' accounts with more than 500,000 followers
Messaging and payment app WeChat, microblogging platform Weibo, Douyin, China's version of Tik Tok, search engine giant Baidu, social ecommerce app Xiaohongshu, video sharing website Bilibili, among others, published separate statements regarding the same.
Alibaba banks on aggressive Singles Day pricing to recoup sales mojo
While Alibaba has announced that it will offer 80 million products at their lowest prices this year during Singles Day, which began in late October and stretches till November 11, the push to get merchants to toe its line is unusual for the company, they said.
Regulator visits ByteDance's Douyin to discuss revised pricing rules
The regulator's research team visited Douyin where it listened to an explanation from the company on price compliance, and how to better understand and implement the "clear price tag and the provisions on the prohibition of price gouging," according to the statement.
Tencent bets big on WeChat Channels in push to build its own TikTok
WeChat Pay became the second-biggest player in China's mobile payment market within a year of its 2013 launch, behind Alipay which is owned by Jack Ma-founded Ant Group.
Alibaba, ByteDance share algorithm details with Chinese regulator
Algorithms used by tech companies like Alibaba and Bytedance are closely guarded globally, but in March, China rolled out regulations obliging firms to disclose these tools as concerns grow about data misuse.
ByteDance to reorganize, CFO steps down to focus on TikTok
The move comes after ByteDance shelved its plan to go public in April and said it had no imminent plans for an initial public offering. It had previously planned for a Hong Kong or New York listing.
ByteDance says it will downsize fintech business, plans to sell stock broker ops
ByteDance also operates Douyin Pay, its own third-party mobile payment, to facilitate users on e-commerce transactions on short video app Douyin, the Chinese version of TikTok.
Chinese social media platforms to ‘rectify’ financial self-media accounts
This follows an announcement by Cyberspace Administration of China that it would look into accounts that have repeatedly released financial news illegally, distorted economic policy interpretation, and disrupted network communications.
ByteDance says it has no immediate plans for public listing
ByteDance last month hired former Xiaomi executive Shou Zi Chew to a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.
ByteDance considers listing Douyin in New York or Hong Kong: Report
The company had also been considering listing some of its Chinese businesses including news aggregator Toutiao in Hong Kong or on Shanghai's STAR market.
TikTok owner's sales doubled to $35 billion despite US ban
The Chinese company managed to grow operating profit to roughly $7 billion in 2020 from less than $4 billion the prior year.
TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China
"The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin," Douyin said in a statement.
TikTok-owner ByteDance to rake in $27 billion in ad revenue by year-end-sources
The company's overall revenue goal for 2020 is around $30 billion, Reuters previously reported, which means ByteDance's ad revenue in China, accounting for the bulk of its total revenue, is in line with the company's plan.
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