Monday Tech Briefing: Tencent, Didi, Bilibili
Chinese internet giant Tencent Holdings unveiled a plan Sept. 30 to revamp its business structure, including consolidating several content-focused business groups and creating a new division devoted to cloud computing and data services aimed at corporate customers.
The restructuring will affect the company’s 50,000 employees and more than 30 vice president-level executives.
The 19-year-old company posted its first quarterly profit drop in 13 years in the second quarter as its core gaming business grappled with increasing government scrutiny. (Caixin)
Chinese ride-hailing giant Didi Chuxing has met with around a dozen passengers to get “all kinds of criticism and suggestions” regarding its services, the company said.
Didi’s CEO Cheng Wei, President Liu Qing and chief technology officer Zhang Bo were among the executives attending the consultation.
Late last month, China’s transport ministry joined a number of groups criticizing the company for monopolistic behavior, illegal operations and weak emergency management after the latest alleged rape and murder of a passenger using Didi’s Hitch car-pooling service by her driver. Didi has yet to announce when it will resume its Hitch service, which was suspended after the killing. (Company announcement, link in Chinese)
The new export orders sub-index of the Caixin Manufacturing Purchasing Managers’ Index has fallen to its lowest point since 2016, declining to 47.6 in September, down from 51.2 in May.
The survey indicates the China-U.S. trade war is affecting overseas sales – a reading over 50 shows expansion, while a reading below 50 indicates contraction. (Caixin, link in Chinese)
A U.S. court has extended the term of a court-appointed compliance monitor at Chinese telecom giant ZTE Corp. from 2020 to 2022.
ZTE agreed in June to allow the U.S. Department of Commerce to send a monitor to watch its business practice. It also agreed to pay a $1.4 billion fine to U.S. regulators in order to lift its trade ban.
The world’s fourth largest telecom company saw its revenue tumble 58% to $1.74 billion in the second quarter this year. (Caixin)
Chinese streaming platform Bilibili Inc. will receive a $317.6 million investment from its existing backer Tencent in exchange for shares.
Tencent will own 12.3% of Bilibili’s total issued shares after the transaction.
Bilibili reported a total net loss of 70.3 million yuan in the second quarter of 2018, while its total net revenue reached 1.027 billion yuan, up 76% year-on-year. (Company filing)
Tencent Music Entertainment Group has filed to raise up to $1 billion in a New York IPO.
China’s largest music streaming company was spun off by internet behemoth Tencent Holdings Ltd. earlier in the year.
By the second quarter of this year, Tencent Music had over 800 million monthly active users across several different platforms, including three streaming apps – QQ Music, Kugou and Kuwo, and an online karaoke platform called WeSing, the prospectus said. (Caixin)
Compiled by Ye Zhanqi
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