Monday Tech Briefing: China Mobile Plans to Launch First 5G Phone in 2019
Alibaba's sales during Sunday’s "Double 11" shopping event (also known as "Singles Day") reached 213.5 billion yuan ($30.8 billion) this year, up around 26% from last year. The number of packages ordered on the e-commerce giant topped 1 billion for the first time.
JD.com, another dominant e-commerce player, enjoyed similar growth in sales but its performance still lagged behind its long-time competitor. Its sales grew 25% to 159.8 billion yuan, 33% less than that of Alibaba.
State-owned telecommunication corporation China Mobile is launching its first 5G phone in 2019, company officials said at the World Internet Conference Friday in Wuzhen, Zhejiang.
The company also set a target to roll out 5G on a large scale by 2020 and has reportedly been working to prepare for 6G. Experts, however, estimate full-fledged commercialization of 5G may not happen until the late 2020s. (Xinhua, link in Chinese)
Xiaomi is scheduled to open its first standalone store in the U.K. later this month, as the company aims to tap into the high-end of the global phone market.
The British launch will mark the first time Xiaomi is selling its high-end Mi8 Pro outside of China. The Mi8 Pro competes with premium models offered by Apple, Samsung, and Huawei.
Europe has become an attractive destination for outbound expansion with Chinese investment coming under scrutiny in the United States, Australia and Canada. (Caixin)
JD.com has made a dozen apartments available for rent through a joint venture with rental company Tiaoma Community. The release was timed to coincide with the ‘Singles Day’ shopping event on Sunday.
Unlike past partnerships where JD.com merely offered web traffic resources to rental companies, it is supplying Tiaoma apartments with furniture and electronic devices.
Observers, however, are pessimistic about whether JD.com can replace existing partners of large rental companies, whose supply chains are well-established. (Caixin, link in Chinese)
Tencent-backed fashion and lifestyle e-commerce platform Mogu filed for initial public offering (IPO) Friday, meaning all major Chinese e-commerce platforms are now on track to be listed.
Mogu is looking to raise a maximum of $200 million in the NYSE IPO. The 7-year old company has yet to turn a profit. In the six months leading up to September 2018, Mogu had a net loss of 300 million yuan and revenues of 489 million yuan.
Discount online retailer Pinduoduo went public on Nasdaq in July, following earlier IPOs by major e-commerce platforms including Alibaba, JD.com, and Suning.cn. (Caixin, link in Chinese)
Compiled by He Shujing
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