Caixin Global – Latest China News & Headlines

Home >


CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Tencent Posts 35% Profit Rise on Reviving Game Releases
Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests
Ninebot’s New Scooter Can Drive Itself Back to Charging Stations
Oppo to Unveil New Smartphone With 20x Zoom
Chinese Companies Usher in Age of Synthetic Meat
Record-Smashing Chinese Animation to Get Overseas Releases
WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs
Vipshop Stock Soars After Q2 Results Beat Expectations
Japan Replaces China as Largest Holder of U.S. Government Debt
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier
Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5
Beijing Grants Foreign Investors Wider Access to Entertainment Industry
Tencent-Backed Maoyan Turns Profit on Strong Ad Growth
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT
Xiaomi Receives Licenses for Second 5G Phone
Coal Industry Looks to Robots for Increased Safety
No Investor Love for Tencent, Lenovo and Luckin in Latest Reports
Livestreaming Platform Courts Under-25s With Purchase of Networking App

By Zhao Runhua / Jul 15, 2019 08:15 PM / Business & Tech

Photo: VCG

Photo: VCG

Hong-Kong listed livestreaming platform Inke Ltd. announced Sunday its $85-million acquisition of the social networking app Jimu, which is known as Hitup: in English and is popular among young Chinese.

The purchase is an apparent effort to woo China’s much-targeted urban under-25s, a demographic known for being significantly more internet-savvy and willing to spend money on entertainment compared with older generations.

Around 80% of all users on Hitup: — which connects users with other people nearby and allows them to chat — are city-dwelling Chinese born after 1995, the announcement said, without specifying Hitup:’s total number of users or downloads to date. The acquisition will help Inke establish a “closed ecological loop” integrating social networking and entertainment for young users, the announcement added.

Despite the purchase, Hitup: has yet to turn a profit. The company’s after-tax losses last year totaled 17.7 million yuan ($2.6 million), nearly three times the 2017 figure of 6.2 million yuan, according to the announcement. Inke said it plans to improve Hitup:’s fortunes by charging membership and advertising fees, but did not provide a timeline.

News of the acquisition was not enough to prevent Inke’s downwardly mobile stock prices, which fell 1.89% to HK$1.56 ($0.20) by Monday’s market close. The same day, the company warned investors that it expected to post losses of up to 60 million yuan for the first half of 2019.

Contact reporter Zhao Runhua (

Related: Livestreaming Sites Douyu, Huya Grab Tencent-Backed Funding

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.