Caixin
BUSINESS & TECH

Tencent, Alibaba Send Lunar New Year Revelers Money-Hunting

(Beijing) — Homebodies may miss out on lucky money doled out by China’s tech giants in the coming Lunar New Year, while their more-adventurous counterparts will be busy hunting for millions of yuan worth of digital coupons and cash that’s scattered across China.

The latest campaigns from Internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are a cybertwist to the tradition of giving and receiving red packets of auspicious gift money, or hongbao, during the Spring Festival. The pastime has become a hot topic for dinner conversations during the weeklong celebration and even an obsession for some, as friends and family try to “snatch” virtual envelopes on Tencent’s WeChat and on Alipay, the former financial arm of Alibaba.

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