Not in Holiday Spirit: Alibaba and Tencent Spar over Virtual Hongbao
(Beijing) – Internet giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have gotten into tussle over the giving of virtual hongbao, or red envelopes.
Giving hongbao to relatives and friends for Spring Festival, also known as Chinese New Year, is a tradition that most Chinese people enthusiastically follow.
Tencent put a spin on the old custom last year, when it allowed users of its popular WeChat messaging app to send each other virtual hongbao that added real money to their bank accounts.
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