China Digest: Three sites block Etao, StartupWeekend Beijing, and more
October 31, 2011 by Egi SEPTIADI
Here are some startup news snippets from China, not only in its capital, Beijing, but also other startup hubs such as Shanghai, Hong Kong, Hangzhou, and many more.
(1) Two top Chinese B2C websites Dangdang and Suning have joined 360buy’s move to block Etao, putting the fate of Alibaba’s infant online shopping search engine at risk. Competition between China’s largest e-commerce giants intensifies. Also read this.
(2) StartupWeekend Beijing featured four teams gunning for the winner’s prize: an exhibitor’s package to TechCrunch Disrupt.
(3) Chinese Internet giant Tencent has agreed to buy an 8% stake in ChinaVision Media Group Limited, a Chinese TV and film producer, for HK$247.8 million (about USD 32 million).
(4) UC Web, a leading mobile browser in China, accused Tencent’s QQ Mobile Browser of misleading statistics and unfair competition. UC Web’s public letter attacks Tencent’s ‘Open Strategy’ as fake openness.
(5) Chinese e-commerce giant Alibaba Group refuted media accusations that it loans out money being held in escrow for Alipay users. Alipay, China’s leading online payment service, holds money in escrow until a buyer confirms that he/she has received their goods, upon which the payment is released to the seller.
(6) Baidu now holds 77.7% market share by revenue and Google 18.3% in China’s search engine market, according to 2011 Q3 data from iResearch.
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About The Author
Egi SEPTIADI - SGE Alumnus - Intern
Egi is currently pursuing Chemistry at the Nanyang Technological University in Singapore. While not mixing compounds in the lab, the Indonesian is always on the hunt for recommended "makan" (Malay for "eat") places for local food. But the true blue foodie admits that "as long as the food tastes good, he'll go for it".
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