China’s Internet Giants Hand Out Billions of Yuan in Digital Red Envelopes

*China’s web giants handed out billions of yuan over the Lunar holiday in a bid to lure users to their services

*Short-video up-and-comers also joined in with Bytedance’s TikTok handing out 500 million yuan in return for personal information

Internet and technology giants have once again handed out enormous amounts of cash in the form of virtual red envelopes, or “hongbao,” during the weeklong Lunar New Year holiday.