The advancements coming out of China’s tech industry every moment have the potential to reshape our world as we speak. Every day, the ACT team brings you our hand-picked selection of breaking news, financial transactions rocking the industry, big people making big waves, and the coolest new gadgets. Don’t miss these headlines:
Leak: Tencent is developing a drone with social-network features
According to Tencent’s digital channel, an insider has leaked that Tencent is developing a palm-sized drone with automatic photo-enhancing features. Compared to prevailing drone products, Tencent’s new drone aims to be easier to control and more portable. Social network functions will be its main focus. The palm-sized drone will let users beautify their photos and share them on China’s largest social network.The new product will target young, selfie-loving social network users, rather than tech-obsessed geeks.
Vipshop received USD1.36 B net revenue in Q3, lower than expectations
On Tuesday, Vipshop.com, one of China’s leading online discount retailers, released its unaudited third quarter 2015 financial report on its official website.
According to the report, Vipshop’s net revenue saw a 63% increase to RMB 8.67 billion (USD1.36 billion). Its gross profit also increased by 63% to RMB 2.16 million.The increase is mostly attributed to the increase of total active customers, total orders and to increasing revenue contribution from mobile platforms.
The number of active customers in the third quarter of 2015 increased by 48% to 14.6 million. The number of total orders in the third quarter of 2015 increased by 58% to 44.8 million.
Despite the 63% increase of both total net revenue and gross profit, Vipshop’s RMB 8.67 billion net revenue is still lower than the anticipated number of RMB 9 billion, due to the decline of sales in Q3.
LeTV invests USD 800M in sports O2O with Bird’s Nest stadium parent company
China’s leading video provider LeTV’s sports section and the parent company of China’s National ‘Bird’s Nest’ Stadium announced that they will establish an investment fund with RMB five billion (USD 800 million). It will be used to produce new sports products for China and provide financial services with innovative new commerce models. There are already 15 projects under consideration. Next, they will establish a USD fund to bring in overseas sports technology and products, which will speed up the commercialization of sports in China.
Chinese authorities issue bylaw to further crack down on online fake goods
China’s State Administration of Industry and Commerce (SAIC) has issued a new bylaw to further crack down on fake goods sold online. According to the new rules, once they receive consumer complaints about knockoffs and fake goods being sold online, e-commerce sites who fail to verify and track the merchants are required to compensate their customers. The new rule calls for e-commerce sites to establish a sound guarantee system for the quality of goods sold online.
Cheetah Mobile Q3 financial results reveals USD 158.7M revenue, a 110.7% YOY increase
On Tuesday, Chinese leading mobile service provider Cheetah Mobile released its unaudited third quarter 2015 financial report with total revenue of RMB 1.09 billion (USD 158.7 million).
According to the report, its total revenues increased by 110.7% year-over-year and 15.9% quarter-over-quarter to RMB 1.09 billion (USD158.7 million), which is the first time Cheetah Mobile Inc. has exceeded 1 billion in total revenue. Mobile revenues increased by 522.0% year-over-year and 25.6% quarter-over-quarter to RMB 702.7 million (USD 110.6 million), taking about 69.7% of the total revenue.
It also saw an 891.6% year-over year growth of its overseas revenue to RMB 538 million, which accounts for 53.3% of its total income revenue and and 76.5% of the mobile revenue. According to Cheetah Mobile Inc., the company now has 567 million monthly active users, with 73 million users added this year and 74% of monthly active users from overseas.
(With contribution from Mochou Lee)