China

Douyin, the Chinese version of TikTok , has launched a web version of its app accessible to desktop users, shifting away from its “mobile-only” strategy as it seeks new growth in a saturated market. Douyin.com has much of the same functionality as the app, allowing users to search, upload, watch, like and comment on videos and livestreamed content. However, the web version looks more like a traditional video site, with an endless scroll of video thumbnails on the homepage for users to browse. This is in contrast to the app, which forces users to swipe through one video at a time. The website still relies on the platform’s signature recommendation algorithm, developed by the app’s owner ByteDance and a primary contributor to its success, which displays tailored videos depending on the user and device. The website is designed to “satisfy users’ needs for different scenarios”, a Douyin representative said. “Some professors and schools post educational or instructional content ... » Learn More about China’s TikTok gets its own web version as user growth plateaus, nearing the country’s total mobile user base

REUTERS: Li Tie will continue to lead China's national team after steering his side into the final round of Asia's preliminaries for the 2022 World Cup, the president of the Chinese Football Association confirmed on Tuesday. The former Everton midfielder, who took over as head coach following Marcello Lippi's resignation, led the Chinese to four straight wins this month to secure a berth in the next round of qualifying for Qatar. "We evaluate the coaching staff every year and as long as the team is making progress, the coaching staff will stay as they are," CFA president Chen Xuyuan told state news agency Xinhua. "We won't change the coach for just losing a game or two. "Li is now focusing on the team's preparations for the final round of the World Cup Asian qualifiers." China will join 11 other Asian nations in the draw on July 1 for the final phase of the continent's preliminaries, when four guaranteed places in Qatar will be at stake. A potential fifth berth is ... » Learn More about Soccer-CFA president confirms Li to remain at China’s helm

KUALA LUMPUR, June 18 (Xinhua): "China has made very strong strides in its development and I think China has gone through a very strong transformation, which is not possible without the visionary leadership of the Communist Party of China (CPC)," a former Malaysian ambassador to China has said. "I think the Party has played its role and brought up China to what it is today, a strong country economically, and has many friends in the world. China's success has contributed to the region and to the world," Abdul Majid Ahmad Khan, who served as Malaysia's ambassador to China in 1998-2005, told Xinhua in a recent interview. Serving as the president of Malaysia-China Friendship Association now, Majid still works to promote friendship and cooperation between the two countries. The veteran diplomat noted that China has adopted pragmatic diplomatic policies and "not only contributed economically but also in peace and stability" for the region and the whole world, he said. "For us in ... » Learn More about China’s transformation “not possible without the visionary leadership of CPC”, says former Malaysian envoy

BEIJING (China Daily/ANN): President Xi Jinping underlined on Monday (June 21) the need for China and the European Union to jointly uphold dialogue and cooperation as the mainstream of bilateral relations and mutual benefit as the main theme for bilateral cooperation. It was a hard-won outcome for China and the EU to secure an uptrend in bilateral relations amid the Covid-19 pandemic last year, and the two sides should make every effort to treasure this outcome, Xi said during a phone conversation with his Finnish counterpart Sauli Niinisto. Against the backdrop of a fast-changing global landscape and various new global threats and challenges, Xi called for cooperation instead of confrontation and efforts to seek win-win outcomes rather than a zero-sum game. The president expressed his hope that Finland can play a unique positive role in promoting the healthy and steady development of China-EU relations. He called on both nations to boost their complementary strengths, and ... » Learn More about China’s Xi calls on EU to jointly pursue cooperation

REUTERS: China's Full Truck Alliance Co Ltd raised nearly US$1.6 billion through a U.S. initial public offering on Tuesday, giving it a valuation of around US$20.6 billion and marking another high-profile Chinese float in New York this year. The company, which styles itself as the "Uber for trucks", sold 82.5 million American depositary shares (ADS) at US$19 per ADS, the upper end of its target range of US$17 and US$19 per ADS. Each ADS represents 20 Class A ordinary shares. Backed by high-profile investors such as SoftBank's Vision Fund and Tencent Holdings, Full Truck Alliance was formed in 2017 out of a merger between Chinese digital freight platforms Yunmanman and Huochebang. The company runs a mobile app that connects truck drivers to people that need to ship items within China. It is set to debut on the New York Stock Exchange later on Tuesday and will trade under the ticker symbol "YMM". Several richly valued Chinese tech startups have targeted IPOs in the United ... » Learn More about China’s Full truck Alliance raises US$1.6 billion in US IPO

REUTERS: Quanergy Systems Inc, a supplier of self-driving car technology, said on Tuesday it will go public through a merger with Chinese blank-check company CITIC Capital Acquisition Corp. Quanergy is the latest company developing LiDAR technology - which uses laser beams to help generate a three-dimensional map of the road - to turn to a special-purpose acquisition company (SPAC) to go public. Others that have done so include Peter Thiel-backed Luminar Technologies Inc and AEye Inc. The SPAC deal values Quanergy at US$1.1 billion, and the transaction is expected to close in the second half of 2021, the company said in a news release. Reuters first reported the company's plan to go public on Monday. CCAC raised around US$240 million in an IPO on the New York Stock Exchange in February 2020. It is sponsored by CITIC Capital Holdings Limited, which is backed by CITIC Group, China’s largest investment conglomerate. Under the proposed SPAC deal, Quanergy shareholders ... » Learn More about Self-driving car tech firm Quanergy in China-backed SPAC deal to go public

BERLIN: Germany needs an honest discussion about how to deal with trading partners such as China and must not duck confrontation if red lines on human rights are crossed, the head of the influential BDI industry association said on Tuesday (Jun 22). China has become Germany’s most important trading partner and German exports there have helped mitigate the impact of the COVID-19 pandemic on Europe’s biggest economy. However, concerns about China's growing assertiveness and its human rights record have caused concern. In a speech at an industry event, BDI President Siegfried Russwurm said Europe and Western countries needed to adopt a confident approach towards "difficult" customers and competitors such as China, Russia, Saudi Arabia, Brazil. "We need an honest discussion about how we deal with autocratic trading partners," he said. "We advocate responsible coexistence and cooperation - with clear boundaries." He added that part of that approach was accepting that different ... » Learn More about Germany must confront China on human rights despite trade, says industry group

SHANGHAI: Volkswagen AG's ID series - the backbone of its electric vehicle ambitions - is off to what even company sources call a worryingly slow start in China. Sales in May of two ID.4 electric SUV models, launched only two months earlier, came to a mere 1,213 combined. And that was about 200 fewer than in April, according to auto consultancy LMC. The sales fall far short of initial hopes, four people with knowledge of the matter said, and what some other automakers have achieved with early sales of flagship EV offerings in the world's largest auto market. Volkswagen's venture with state-owned SAIC Motor, which makes the slightly bigger ID.4 X model, had been targeting sales of 50,000-60,000 vehicles this year, according to comments by Yang Siyao, a company marketing executive, in Chinese media in March. A separate venture between the world's number 2 automaker and FAW which makes the ID.4 CROZZ had similar targets, one of the sources said. Those goals now seem unrealistic. ... » Learn More about Reality check for Volkswagen in China after sluggish start for electric car series

Tencent Holdings and Alibaba Group Holding are among the top 10 most valuable brands in the world as Chinese consumer Internet companies continue to mature despite antitrust scrutiny and intense competition at home. Kantar, a London-based data and consulting company, published its annual BrandZ report on June 21, evaluating 18,500 brands in 51 markets around the world, ranking the top 100 using a calculation based on the financial value of the parent company and the ability of the brand to grow sales. The top 100 brands were worth a combined US$7.1 trillion (RM29.52 trillion), according to Kantar. Tencent, owner of Chinese super app WeChat, took fifth spot, up from seventh last year, with a brand valuation of US$241bil (RM1 trillion), while e-commerce giant Alibaba (owner of the Post ) fell from sixth to seventh with a valuation of US$197bil (RM819.32bil). Amazon retained its position as the world’s top brand with an estimated value of US$684bil (RM2.84 trillion), followed by ... » Learn More about Chinese tech names among the fastest growing valuable brands in the world but US companies still dominate

BEIJING (Global Times/ANN): Chinese Ambassador to the US Cui Tiankai on Monday (June 21) issued a farewell letter as he prepared to wrap up more than eight years in the post since April 2013, his longest term overseas. China and US have made great achievements in diplomatic relations in the past 42 years, and the interests of the two countries are closely intertwined. Overseas Chinese in the US have been using their advantage in understanding both China and the West to act as non-governmental messengers of friendly exchanges between the two countries, Cui wrote. China-US relations are at a crossroads, and Washington's China policy is restructuring and facing choices between dialogue and cooperation on the one hand, and confrontation and conflict on the other. Overseas Chinese in the US shoulder a great responsibility, and Cui expressed his hope that they can continue to promote and contribute to the healthy development of relations, which is conducive to safeguarding their ... » Learn More about Outgoing Chinese envoy to US encourages overseas Chinese to continue role in mutual exchange