Chinese retailer Miniso’s founder slams ByteDance-owned Douyin for exorbitant fees

Chinese retailer Miniso’s founder slams ByteDance-owned Douyin for exorbitant fees

Douyin, the Chinese version of TikTok with domestic e-commerce operations, has been slammed for charging exorbitant promotion fees amid insufficient sales by the head of Chinese budget retailer Miniso Group, which runs multiple stores on the ByteDance-owned platform. Miniso founder and chief executive Ye Guofu, 47, levelled his criticism of Douyin via his WeChat post … Read more

China added 1 unicorn per week last year despite slumping global investments thanks partly to AI frenzy, report says

China added 1 unicorn per week last year despite slumping global investments thanks partly to AI frenzy, report says

China last year bred an average of one new unicorn each week amid frenzied growth in the country’s artificial intelligence (AI) sector, bucking a declining trend in global venture capital investments, according to a new research report. The nation added 56 unicorns – start-ups valued at more than US$1 billion – in 2023, trailing only … Read more