The ACT team hand-picks the most readable news of the day from China’s booming tech industry. Don’t miss out on these headlines:
Apple Watch sells 7 million, outstrips competitors
The Apple Watch has sold seven million units in six months since its launch, in spite of being faced with a component supply shortage earlier this year. According to a newly-released report from Canalys, the Apple Watch managed to outsell all of its competitors combined for five consecutive quarters approaching the end of quarter three 2015. Though the Apple Watch has fallen short of analysts’ sales estimates for the first new Apple product category in five years, many predict that sales for the fourth quarter holiday season will bring Apple up to speed.
China post bureau report: 13.7 billion deliveries in first 3 quarters
China’s State Post Bureau released a report on its financial performance in the first three quarters of 2015. The report shows that express deliveries reached 13.7 billion items in the first three quarters, 46% growth compared to the same period in 2014. The total income of the State Post Bureau in the first three quarters was RMB 187.88 billion (USD 29.6 billion), a 33.2% increase compared to a year ago. China’s real-name verification for package deliveries came into effect at the beginning of the month, creating fears that the added procedure will slow down deliveries.
Alibaba’s Tmall releases product authenticity insurance
Tmall, Alibaba’s B2C online retail platform announced on Thursday that it has collaborated with Ant Financial, Pingan Insurance, The People’s Insurance Company of China and other big insurance companies on a policy to ensure the authenticity of its products. Customers will be able to submit their products for testing and they will receive unconditional returns and refunds as well as compensation for four times the cost of fake products. International brands like Louis Vuitton, Samsung, Xiaomi and Panasonic will be included in this policy. Alibaba has been criticized for allowing the sale of counterfeit goods on its sites. A state inspection of Alibaba’s Taobao platform last year accused that 62.75% of its products were counterfeit.
China’s online fraud totals over USD 17.3 billion each year
20,086 cases of online fraud from January to September this year were reported to Liewang, an online fraud reporting platform, according to a report it released on Thursday. Liewang is a platform run by the Beijing police and the Qihoo 360 internet security company. According to the report, RMB 89 million (USD 14 million) was the highest amount of money involved in a single case. On average, RMB 4431 was lost per person. The report estimates that there are at least 1.6 million people involved in web fraud, with an annual output totalling over RMB 110 billion.