February 2024 - ChineseWire

ThursdayFeb 29, 2024 10:00 am

Report Shows Social Media Was Leading Marketing Tool for Multinationals in China

A recent report from Chinese social-media-management platform KAWO has revealed that multinationals in China overwhelmingly use social media as a marketing tool. After surveying 50 international business-to-business multinational corporations (MNCs) in the country, KAWO found that social media is a top marketing tool for MNCs in 20 different sectors. According to the B2B Social Media Marketing Research Report, 94% of international business-to-business MNCs based in China pointed to social media as a major channel for marketing. In addition, 70% said they plan to increase their social media marketing budgets this year. Furthermore, 86% and 66% of the respondents identified offline…

TuesdayFeb 27, 2024 10:00 am

As Domestic Sales Slow, Alibaba Looks to Overseas Unit to Bolster Growth

Alibaba Group Holding Ltd. (NYSE: BABA) has revealed that it will focus its attention on its overseas business to bolster company performance amid sluggish domestic consumption growth. The company has experienced rising year-over-year losses in recent years, partly due to poor economic conditions in the domestic market. China’s economy struggled to recover to pre-COVID levels after Beijing lifted coronavirus restrictions, leaving many critical sectors such as real estate in trouble. Several experts say the economic situation in the country is at a historic low. According to China Market Research Group founder Shaun Rein, China is currently experiencing record-low levels of…

ThursdayFeb 22, 2024 10:00 am

E-Commerce to Hit $3.6B Valuation Globally in 2024

Data from AltIndex.com has revealed that the global e-commerce industry’s valuation will increase by 15.6% to reach $3.64 trillion in 2024. This represents one of the most impressive growth rates across all industries and demonstrates e-commerce’s vitality in the face of inflation, changing consumer behavior and costly digital advertising expenses. The global e-commerce sector has seen its revenue jump by 108% over the past five years from $1.52 trillion in 2018 to a whopping $3.15 trillion last year. Although e-commerce was already a major form of trade as the 2010s drew to a close, the coronavirus pandemic kicked the sector…

TuesdayFeb 20, 2024 11:00 am

Chinese Tech Firms Battle to Produce Advanced Chips Despite US Sanctions

Although the United States has spent the past few years limiting China’s access to American-made semiconductor chips, the East Asian nation seems to be producing advanced chips on its own. SMIC, the largest chipmaker in China, appears to be manufacturing advanced chips despite the U.S. sanctions. Last year, the United States issued chip sanctions that prevented American companies from exporting computer chips to China to keep the country’s fledgling artificial-intelligence sector from growing. The export restrictions imposed new rules on sales reporting for different types of advanced chips, controls for the sale of advanced design software and chipmaking equipment to…

ThursdayFeb 15, 2024 10:18 am

Alibaba Adds $25B to Share Buyback Allocation

Alibaba Group Holding Ltd. (NYSE: BABA) has increased its share buyback allocation by $25 billion and secured early wins in its fight to attract merchants and buyers in the Chinese commerce arena. A recent quarterly earnings report from the holding company revealed that Alibaba’s marketplaces in China saw a surge in transacting merchants and buyers in the last three months of 2023. This increased economic activity increased Alibaba’s third-quarter revenue by 5% year-over-year. The Chinese holding company also announced that its cloud-computing business revenue increased by 3% year-over-year after Alibaba transitioned from project-based contracts with lower margins to cloud-computing contracts.…

TuesdayFeb 13, 2024 10:00 am

Frustrated Chinese Investors Resort to Chinese US Social Media Account to Vent

Tens of thousands of frustrated Chinese investors are flocking to social media to vent about the country’s struggling stock market. China’s economy has seen significant volatility in the past few months and is currently experiencing a historic low. Exasperated people from China are turning to Chinese-language social media accounts to express their frustration and anger with China’s struggling stock market. A post about protecting wild giraffes in Africa by a Chinese language account held by the U.S. embassy in Beijing attracted thousands of stock-market-related comments. One user asked the U.S. government to help stock investors in China. Many more posts…

ThursdayFeb 08, 2024 1:30 pm

China Looks Inward as US Restrictions on Nvidia Chips Tighten

American export restrictions are forcing artificial intelligence (“AI”) companies in China to find alternative microchip suppliers at home. Tensions between the United States and China have risen significantly in recent years as the two nations fight to be the world’s top economy. The escalating trade war has seen China and the U.S. sanction the export of key raw materials such as rare earth minerals and chips. With the nascent artificial intelligence sector going through major growth over the past couple of years, companies worldwide are racing to develop AI-based technologies. However, machine learning and AI technology require significant processing power.…

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Month: February 2024