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Zoom, one of the few success stories of the Covid-19 pandemic, now faces a new competitor in an app backed by Asia’s wealthiest person, Mukesh Ambani.
Google and Temasek Holdings Pte are in negotiations to join a funding round of between US$500mil (RM2.14bil) and US$1bil (RM4.28bil) for Indonesian e-commerce giant PT Tokopedia, according to people familiar with the matter.
For Chinese cloud services companies, the coronavirus outbreak has become a rainmaker, bringing in new business far and wide as firms shift work online and authorities develop apps and systems to help contain outbreaks and manage social restrictions.
Chinese e-commerce giant Alibaba Group Holding Ltd has fired Zhao Yan, the head of its fast-growing livestreaming division, on grounds of nepotism and accepting gifts, according to an internal memo announcing his termination.
Colin Huang stepped down as chief executive officer of Pinduoduo Inc after building the five-year-old startup into a force in China’s e-commerce industry and, in the process, becoming one of the country’s richest people.
A ByteDance subsidiary has become the third-largest shareholder of Beijing Dingtian Culture Entertainment, which runs multiple online reading platforms. The e-book sector is dominated by China Literature, backed by ByteDance rival Tencent Holdings.
India banned TikTok and 58 other Chinese apps, citing threats to its sovereignty and security as relations between the world’s two largest populations worsened.
With most foreign visitors barred from China, the Canton Trade Fair has transformed itself into an e-commerce platform with mini-shopping channels.
To benefit its merchants running 100,000 online stores, Cainiao plans to quadruple its chartered flights to 1,260 from 260 over the next nine months.
Standing in front of shelves laden with colourful backpacks, a saleswoman promoted bags on the Canton Trade Fair’s website without knowing whether anyone was watching as the world’s biggest sales event opened in cyberspace to avoid the coronavirus pandemic.