Ecommerce 

JD Finance apologises for potential user privacy infringement after customer screenshots stored online

The finance arm of Chinese e-commerce giant JD.com has apologised for a potential user privacy infringement case after a customer posted a video on Weibo showing that the Android app for JD Finance stored user screenshots without permission. The screenshots were filed under a folder in JD Finance, according to the video posted on Saturday, in which the user asked, “Why is JD Finance keeping a screenshot of my bank card? What you want to do [with it]?” The company said the problem of cached… Source link

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Ecommerce 

Why is JD.com spending US$400 million to buy this hotel in Beijing?

JD.com, China’s second largest e-commerce company, has closed a deal to buy the Jade Palace Hotel in Beijing for US$400 million, with the goal of transforming the five-star property into a new innovation and recruitment centre. The Nasdaq-listed company said on Monday that it acquired 100 per cent ownership of the hotel, which is located near the Chinese capital’s Zhongguancun technology hub. “The purchase of the hotel will serve JD.com’s long-term development,” a company spokesman said. “The hotel will be transformed into a space mainly for technology innovation and commercial…

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Ecommerce 

China’s PDD plans to raise more than US$1 billion in secondary offering

China’s upstart e-commerce company Pinduoduo Inc. and its shareholders filed to sell more than 50 million shares in a secondary offering that could raise about US$1.5 billion after the company’s public debut last year. The Shanghai-based company plans to sell 37 million American depository shares, while investors market 14.8 million, according to a securities filing. Its shares closed at US$30.33 in US trading, then dipped after hours to about US$29. The lock-up period for PDD’s shares expired last month and the selling shareholders include Banyan Partners, Sequoia, Sun Vantage Investment…

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Ecommerce 

China created a unicorn every 3.8 days in 2018

China fostered 97 unicorns – start-ups valued at least US$1 billion – last year, despite an economic slowdown and a prolonged trade war with the United States, according to Shanghai-based research firm Hurun Report. The world’s second largest economy had a total of 186 start-ups last year, with a combined valuation of more than 5 trillion yuan (US$736 billion). Alipay operator Ant Financial Services, an affiliate of e-commerce giant Alibaba Group Holding, led all Chinese unicorns with a valuation of more than 1 trillion yuan, according to the Hurun Greater…

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Ecommerce 

Technological revolution could plunge us into another world war, Chinese billionaire Jack Ma warns Davos

Jack Ma Yun, the chairman of Alibaba, has told the Davos summit that the world should be alert to the risk that the latest technological revolution will trigger another world war. The Chinese e-commerce billionaire told the World Economic Forum’s annual meeting in Switzerland that the rise of new technology, while bringing positive change to the world, was bound to create social problems. But he also expressed his innate trust in the ability of technology to do good. “First, as a technology company, we believe that technology is great for…

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Ecommerce 

Happy Honey Badger nightclub not only has Alibaba-themed cocktails – it’s named after ferocious fighter

On a recent business trip to the technology hub of Hangzhou and wanting to escape the confines of my hotel room one night, I joined a line of more than 100 people patiently waiting to get into the city’s hot new nightclub – HHB Music House. Although not a party-person, the club was interesting to me because it has become known as “Jack Ma Yun’s bar” after the founder of Chinese e-commerce giant Alibaba Holding Group, which is headquartered in the city and which also owns the South China Morning…

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Ecommerce 

Alibaba.com wants to move offline trade shows like CES into the online world

Alibaba Group Holding found success with its Taobao e-commerce platform in China in large part because the company modelled its online shopping experience after offline wholesale markets. Now, it is trying to do the same for Alibaba.com, the platform that connects both suppliers and buyers in the business world, by digitising trade shows. Alibaba.com is the original online platform set up by co-founder Jack Ma, together with 17 others, back in 1999. In recent years, the company has been striving to provide solutions for both buyers and suppliers to better…

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Ecommerce 

Chinese on-demand giants Meituan, JD.com invest in automation as delivery volumes surge

As more Chinese consumers embrace the concept of on-demand delivery – for everything from their morning coffee to furniture for a new apartment – the companies handling the logistics of that are investing heavily in automation to cut costs and speed up delivery. JD.com, China’s No. 2 online shopping platform, and Meituan Dianping, an online demand giant, both made their debut at CES in Las Vegas this week, showcasing their latest development efforts in autonomous delivery vehicles. At its CES booth Meituan demonstrated two autonomous delivery bots, one for a…

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Ecommerce 

Is Nexon founder Kim Jung-ju preparing to sell controlling stake in South Korea’s biggest gaming company?

The founder of Nexon, South Korea’s largest video game company, has fanned speculation he will sell his controlling stake in the company, which produces hugely popular action role-playing online games Dungeon & Fighter and MapleStory. Kim Jung-ju is considering new business opportunities, according to a company spokesperson, as Chinese and US firms emerge as possible buyers of his stake in Nexon. “I’m considering various ways that would help make Nexon a globally competitive company all the more,” Kim said in a statement published on Saturday. “I’ve been always in agony,…

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Ecommerce 

Here’s how China’s new e-commerce law will affect consumers, platform operators

China’s comprehensive e-commerce law, which was passed in August, takes effect on January 1, bringing increased pressure on online retail companies to fight the sale of counterfeit and copycat merchandise on their platforms. It covers the requirement for registration and licensing of e-commerce operators, taxation, electronic payment and e-commerce dispute resolution, as well as the protection of intellectual property, according to a post by Hong Kong-based law firm Deacons. The law comes amid the rapid development of China into the world’s largest e-commerce market, with US$1.53 trillion in sales last…

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