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
PDD Holdings shares plunged by more than 10 per cent in pre-market trading, despite a 44 per cent rise in third-quarter revenue, as concerns around China’s economic slowdown and fierce e-commerce competition weigh on investor sentiment. The owner of the budget-focused shopping app Pinduoduo and its overseas sibling Temu on Thursday reported 99.35 billion yuan … Read more
China’s second-wealthiest man on Wednesday made a surprise demand that the country’s richest man, founder of ByteDance, apologise for the perceived role that TikTok’s Chinese sibling Douyin has played in “spreading rumours and misinformation”. Zhong Shanshan, 69 – founder and chairman of China’s largest packaged drinks company Nongfu Spring and the country’s second-richest person, according … Read more
Colin Huang Zheng, the 44-year-old founder of PDD Holdings, and Zhang Yiming, the 41-year-old founder of ByteDance, are the richest tech entrepreneurs in China, according to a list published by Chinese magazine New Fortune on Wednesday. Huang, whose wealth is largely derived from the popularity of budget e-commerce platforms Pinduoduo and Temu, has a personal … Read more
Chinese social media platform Weibo has deleted a number of accounts publishing and spreading a retouched photo of a grey-haired and wrinkle-faced Pony Ma Huateng, Tencent Holdings’ founder and CEO, in the latest example of efforts to protect the country’s top entrepreneurs from online abuse. “A small number of users posted and hyped up false … Read more
