Feb 11, 2019 03:01 PM

Monday Tech Briefing: China Box Office Sets New Single-Day Record

1.Lunar New Year Box Office Sets New Record

Chinese cinemas kicked off the Year of the Pig with record-setting box office receipts of nearly 1.44 billion yuan ($213 million) on Tuesday, beating last year’s single-day record of 1.27 billion yuan, according to industry tracker and ticketing platform Maoyan.

China’s box office performance during the Lunar New Year holiday is seen as an indicator for the coming year’s performance. China’s yearly box office receipts hit a record 61 billion yuan in 2018. (Caixin)

2.German Government Said to Rule Out Huawei Ban in 5G Expansion

The German government will not bar Huawei from supplying equipment for the country's expanding fifth-generation (5G) wireless network, an unnamed government official told Bloomberg amid ongoing discussion by cabinet members.

The administration will come up with a list of security criteria to determine the level of scrutiny leveled at companies, which will be completed in the next couple of weeks. Auctioning for the country’s 5G network is expected to begin in March. (Bloomberg)

3.Snap Lists ByteDance and TikTok as Its Major Competitor in Asia

American social media company Snap has identified Chinese unicorn ByteDance and its super popular video app TikTok, known in China as Douyin, as major competitors in Asia, according to the company’s latest filing to the U.S. Securities and Exchange Commission.

Bytedance has made “internationalism” its major strategy, and its global push has drawn the attention of U.S. firms. In November, Facebook announced the release of a new short-video app — Lasso — seen as a counter to TikTok. (Caixin)

4.Tencent Said to Be Leading Reddit’s Latest Round of Funding

Chinese tech giant Tencent is leading a series D round of funding for American website Reddit, according to a report by TechCrunch.

The latest round for Reddit, a popular content-based online community, is estimated to raise $150 million to $300 million, according to TechCrunch. Reddit will reach a pre-money valuation of $2.7 billion after Tencent’s investment.

Reddit reportedly has more than 330 million monthly active users and attracts an estimated 18 billion page views per month. (Caixin)

5.Chinese Gene-Editing Firm Gets $10 Million in New Fundraising Round

EdiGene Inc., a Beijing-based company developing genome-editing technologies into therapeutics for genetic diseases and cancer, announced it has completed a new round of fundraising worth $10 million.

Genome editing has been in the spotlight since late last year, when Chinese scientist He Jiankui said a team he led had removed genes from two fetuses in an attempt to make them HIV-resistant. (Caixin)

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