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Xiaomi, Youku Tudou agree video content cooperation

TV, smartphone hardware maker might also invest $300m in iQiyi video provider

Chinese smartphone maker Xiaomi Technology Co reached an agreement with US-listed Chinese video streaming firm Youku Tudou Inc Wednesday to invest in the distribution and production of online video content, a move analysts said will be a win-win solution for the two companies.

The two companies will cooperate in online video content and technologies, according to a press release that Xiaomi e-mailed to the Global Times Wednesday. It didn’t specify how much the smartphone maker would invest in the video streaming firm.

Xiaomi announced on November 4 that it would inject $1 billion to develop its Internet TV content.

“The first batch of money (of the $1 billion) has been invested in Youku Tudou… Xiaomi will join in content distribution and production with Youku Tudou to provide favorable content to Xiaomi fans… The two companies will dedicate themselves to pushing forward the online video industry in China,” Xiaomi founder and CEO Lei Jun said on his personal Sina Weibo account Wednesday.

To expand its TV content business, Xiaomi hired Chen Tong, a former executive at Chinese Internet firm Sina Corp, to manage its TV business.

Chinese media also reported Tuesday that Xiaomi will invest $300 million in online video provider iQiyi, which China’s biggest search engine Baidu Inc owns a 96 percent stake of.

Calls to iQiyi went unanswered by press time Wednesday while Xiaomi refused to comment on this event.

Xiaomi’s moves in video content come a year after it unveiled its first 47-inch smart TV in September 2013, which has since gradually gained popularity among users.

The burgeoning TV hardware business of Xiaomi, including its TV sets and set-top boxes, “has already developed well,” and further “expansion in TV content will increase its profit space further,” Luo Lan, an analyst at Analysys International, a Beijing-based Internet consultancy, told the Global Times Wednesday.

Luo suggested Xiaomi and Youku Tudou focus on improving the quality of their TV content in the face of intense competition in the sector.

In addition to Xiaomi, other Internet companies also launched smart TVs to capitalize on the burgeoning market.

In September 2013, China’s biggest search engine Baidu’s online video provider iQiyi launched a 48-inch smart TV called “TV+” in partnership with domestic TV maker TCL Corp. In the same month, domestic e-commerce giant Alibaba launched three smart TV models in partnership with Shenzhen-based appliance firm Skyworth.

Luo noted that the cooperation between Xiaomi and Youku Tudou was “a win-win solution,” as Xiaomi will enable Yuku Tudou to get more access to the huge amount of Internet and mobile users that Xiaomi has accumulated since it was set up in 2010.

Youku Tudou’s expertise in the production of original content will also be helpful for improving the user experience for Xiaomi TV and smartphones, said Luo.

The total sales value of Xiaomi smartphones, TV, as well as its set-top box on Tmall, a leading Chinese e-commerce website operated by Alibaba group, hit 1.56 billion yuan ($254.28 million) on November 11, which is dubbed “Singles’ Day” in China, Lei Jun disclosed on his Weibo.

Xiaomi ranked third in the global top smartphone manufacturers list due to its focus on China and adjacent markets, according to the latest report by the International Data Corporation (IDC), a global market research company.

According to IDC, the global market share of Xiaomi stood at 5.3 percent, following Samsung with 23.8 percent and Apple’s 12 percent in the third quarter.

Weaving a high road to growth

Workers at the Beijing Institute of Fashion Technology prepare traditional Chinese-style outfits for participants in the 22nd Asia-Pacific Economic Cooperation Economic Leaders’ Meeting held on Monday and Tuesday in Beijing.

Chinese silk company uses APEC platform to highlight global plans

Riding on the back of endorsements from global leaders during the Asia-Pacific Economic Cooperation leaders’ meeting in Beijing, Chinese silk major High Fashion Silk (Zhejiang) Co Ltd is looking to spread its reach beyond the nation and enhance its standing as an icon of Chinese culture, a company official said on Tuesday.

High Fashion Silk, a leading woven silk and knitting fabric producer from Xinchang in Zhejiang province, rocketed to instant fame after top global leaders wore the company’s glitzy New Chinese Suits during the APEC welcome ceremony in Beijing on Monday night.

“We are honored to be the sole fabric provider for the APEC meeting,” said Lin Ping, chairman and chief executive officer of High Fashion Silk. “China is the cradle of cultivated silk and we hope the endorsement from global leaders and their spouses will lead to more taking to Chinese-style fashion.”

Lin said the company had offered four lots of fabric totaling 6,000 meters for the APEC meeting. Two sets were made from the top mulberry silk, while the other two were a blend of top mulberry silk and wool.

“Our focus is to transform and become a cultural and creative company, based on supportive policies and our own advantages,” said Lin.

According to Lin, the entire fabric-making process for the APEC took over a month to complete. “We traveled on the ancient Silk Road to draw inspiration for colors and designs. The finished product was achieved after 60 processes spread over one month.

“The New Chinese Suit stands for peace, happiness and beauty,” Lin said.

The fabric designs for the APEC meeting represent China’s commitment and vision to be a global leader in quality, he said. The same vision has now been translated into the commercial parlance of haute couture, which refers to the creation of exclusive custom-fitted clothing.

“We are planning to open several stores in Beijing soon,” said Lin, adding that in Shanghai, the company has inked cooperation agreements with Donghua University (formerly China Textile University).

High Fashion Silk posted flat revenue growth of 1 billion yuan ($164 million) last year and a net profit of 30 million yuan during the same period. During the past three years, its total output in terms of value exceeded 2 billion yuan, with $80 million in exports.

The company has an annual production capacity of 10 million meters of woven silk, 1,000 metric tons of silk knitting fabrics, 3 million pieces of home textiles and 3 million silk neckties.

The company is also looking to improve its technology and innovative skills by using its 38 patents and advanced equipment from Italy, Germany, France, Switzerland and Japan.

The main brands, designers and retailers it cooperates with are the Guangzhou-based Exception de Mixmind, Uniqlo Co Ltd from Japan, and Calvin Klein Inc, Diane von Furstenberg and Macy’s Inc from the United States.

Besides High Fashion Group, the parent company of High Fashion Silk, other leading silk companies in China include Wujiang Dingsheng Silk Co Ltd in Jiangsu province, Hangzhou-based Wensli Group, Zhejiang Jiaxin Silk Co Ltd and Jiangsu Xinmin Textile Science and Technology Co Ltd.

China’s exports of genuine silk products in 2013 totaled $3.5 billion, up 3 percent, while imports rose 3.5 percent to $260 million, according to data from the General Administration of Customs.

Shanghai-based CharColn Consulting said the value of Chinese silk products accounts for less than 0.5 percent of the nation’s entire textile industry, but these are high-value products with a strong cultural aspects.

China’s chip industry awaits boom despite challenges

While China is known as the “world’s factory,” seemingly capable of making everything, semiconductor chips have been conspicuously absent on the “Made in China” list.

Statistics show that China’s chip imports in 2013 grew 20.5 percent to reach 231.3 billion US dollars, exceeding imports of other goods, including crude oil. In fact, they have consistently topped China’s import list over the past decade.

Considered “the heart” of all electronic devices, chips are vital for developing the broader information industry. Experts have called for more government support and industry innovation, as prolonged underdevelopment of China’s chip sector could derail the country’s economic upgrade and blunt its competitiveness.

SMALL CHIP, BIG BUSINESS

Chips are widely used in computers, consumer electronic devices, automotive electronics and Internet communications. Though small in size — and getting smaller as technology advances — chips are high in value and represent an important link in the information industry chain.

“There are several stages in the production of a semiconductor chip, including its design, manufacturing, assembly and testing,” said Zou Xuecheng, a professor of semiconductor engineering at Wuhan-based Huazhong University of Science and Technology.

A semiconductor chip with production value of 1 US dollar translates into 10 US dollars in growth for the related information industry, and adds 100 US dollars to a country’s Gross Domestic Product (GDP), Zou said, citing IMF research.

“With China’s consumption of chips exceeding 200 billion US dollars, it means 20 trillion in GDP growth for the world’s economy,” Zou added.

However, China has failed to make gains in the chip production process. Though China’s semiconductor use accounts for more than half of the global market, the country is overly dependent on foreign chip suppliers.

The market share for chips made by domestic manufacturers is merely 10 percent in China, according to Li Ping, vice general manager of XMC, a semiconductor manufacturer based in Wuhan.

Though 77 percent of cell phones sold on the global market are made in China, only 3 percent of chips in those phones are from Chinese suppliers, Li added.

According to a research report issued last year by the State Council, China’s cabinet, China has the capacity to produce around 1.2 billion cell phones, 350 million computers and 130 million color TVs a year. Yet, Chinese companies have been reduced to worker bees for the international companies that take the lion’s share of profits through patent fees on chips.

BOOM, BOON

China’s industry insiders lament being mired in a vicious circle: companies cannot gain a competitive edge and increase profits without owning key technologies, while meager profits limit their ability to invest in research and development.

Countries such as the United States and Japan have long attached great importance to the semiconductor industry, promoting it as a strategic sector with huge research expenditures funneled into the field.

The world’s leading chip makers spend lavishly on research and expanding their production capacity. Statistics show that in 2012, Samsung invested 14.2 billion US Dollars and Intel spent 12.5 billion US Dollars.

Those amounts dwarfed what Chinese players can earmark for chip research. The fledgling industry is faced with scanty resources, even with government help. Semiconductor Manufacturing International Corporation (SMIC), China’s biggest chip maker, is only able to spend 100 million US dollars on research and production expansion a year.

Financial aid alone, however, cannot pull Chinese chip makers up, as the sophisticated industry also calls for top talent.

“The key is an abundance of talented researchers, but we have seen an exodus of talent in recent years,” said Yang Zhiyong, general manager of the electronics division of Wuhan-based FiberHome Technologies Group.

Yang Chunshi, professor at Xiamen University, said research institutions should focus on developing technologies that are suitable for industrial applications instead of a blind pursuit of high-end technology. He added that companies should also take the initiative and embrace new technologies, as dated production modes spell trouble.

Ma Xinqiang, Chair of China’s HGTECH, believes that with patience and persistence, China’s chip industry can thrive as the ongoing “Third Industrial revolution” powered by the mobile Internet, the Internet of Things and cloud computing will unleash great potential.

Experts share Ma’s optimism. They predict that as the volume of China’s domestic chip industry is expected to reach 160 billion US dollars next year, the industry will see more positive changes.

Xiaomi to raise $1.5 bln in latest funding boost: report

Chinese smartphone manufacturer Xiaomi Inc. is talking to investors and banks to raise about 1.5 billion U.S. dollars in its fifth round of financing, local media reported.

The fundraising target is roughly 1.5 billion U.S. dollars, which would be the largest investment (excluding IPO) raised by any Chinese company backed by venture capital, financial news website Jiemian of the Shanghai United Media Group reported on Saturday.

One of the investors is said to be DST Global, a London-based investment firm that focuses on Internet companies, Jiemian said in the report.

Xiaomi, currently the world’s third-largest smartphone maker after Samsung and Apple, will use most of the money raised to develop video content for Xiaomi TV, according to the report.

Xiaomi has said it will spend about 1 billion U.S. dollars to expand its own TV content. It hired Chen Tong, former editor-in-chief of popular news portal Sina.com, to revamp its Internet video business.

Xiaomi founder and CEO Lei Jun said that Xiaomi shipped 18 million smartphones in the third quarter, an increase of 18 percent from the previous quarter.

For the first nine months, Xiaomi, whose name means “millet” in Chinese, shipped a total of 44 million units, Lei said.

Xiaomi was founded in April 2010 by Lei and his friends in Zhongguancun, Beijing’s technology hub, which has been called “China’s Silicon Valley.” Xiaomi’s first smartphone debuted on Aug. 16, 2011.

In another development, Hong Kong-based South China Morning Post reported on Thursday that Xiaomi Inc., which is valued at 50 billion U.S. dollars, is aiming for an initial public offering as early as next year.

“Xiaomi is one of the large Chinese technology companies that would tap the IPO market next year,” the newspaper quoted a source as saying. “Hong Kong investors seem to be more receptive of hardware than software firms, making the city the likely IPO destination for Xiaomi.”

The current market appetite for technology firms with a clear growth outlook, such as Alibaba Group, is an incentive to do it soon, the newspaper said.

Xiaomi is seen by investors as the most likely candidate to become the next “Chinese IT legend” after Alibaba, which completed a 25-billion-dollar IPO in the United States in September.

Global market researcher International Data Corporation (IDC) said in its latest report that Xiaomi jumped onto the list of top 5 manufacturers for the first time at the number 3 position thanks to its focus on China and adjacent markets, which resulted in triple-digit year-over-year growth.

In the third quarter of this year, Xiaomi’s global market share stood at 5.3 percent, following Samsung’s 23.8 percent and Apple’s 12 percent, according to IDC.

Foreign language apps find a larger following

There has been a surge in the use of foreign language apps accessed by smartphones, according to a survey, with women in particular keen to be taught via their handset.

The study, carried out jointly by the country’s leading Internet education provider Hujiang.com and the online education platform of Baidu Inc, shows the most popular customers are the female, college students or white-collar workers, under the age of 30?a profile which accounted for 80 percent of users of the services.

In a sizeable snapshot of 25,000 users of Internet-based education products, 58.4 percent were women.

“The young people are generally keen to improve themselves through multiple ways and resources,” said Dong Xiaoliang, director of mobile business department of Hujiang.

Some 44.7 percent of mobile education users were based in second-tier cities, 26.5 percent came from first-tier cities, and nearly 30 percent subscribed from third- and fourth-tier cities.

The survey found that laptop or computer-based online education was prevalent in cities throughout the country and included a wider cross-section of society, said Dong.

“Compared with other areas, first-tier cities on the whole have more abundant educational resources available, both online and offline.

“Resources in second-, third- or fourth-tier cities are accessed from more sources.”

Foreign language studies were by far the most popular type of course, with a dominant 89.3 percent of respondents, followed by those accessing courses in lifestyle and hobbies (13.8 percent), and career certification and examination (13.5 percent).

The report also revealed many were not deterred by cost, with nearly one-third of those surveyed saying they would happily spend 500 yuan ($82) or above, while 27.3 percent chose free offerings.

“In recent years people have got into the habit of making more payments for using their smartphones, helped by the increasing popularity of e-commerce apps,” Dong said.

About half of those surveyed said they used their educational apps before they went to bed, with 38.8 percent gaining access to their course riding in an automobile and 37.6 percent during their lunch break.

The average weekly time studying on their mobile device was five hours, the report said.

A 26-year-old woman respondent named Qi Na was included in the study.

“Smartphone-based education has made studies more convenient and efficient,” she said.

“For example, I can read English news through my mobile phone when I wait for a bus or take a break from work. And I don’t have to take a book with me every day.”

Li Xuhui, founder of the nonprofit online education website Kuxuexi, said smartphone-based Internet education is appealing especially to people who need to study at fragmented times.

“The innovation of Internet technology and the prevalence of PC and smartphones allow people to learn whenever they want and wherever they are,” Li said, adding that mobile Internet education will become more common.

According to the China Online Education Report 2013-14, released by Internet consultancy iResearch Group, the online education market in China was worth around 84 billion yuan in 2013, a 19.9 percent increase on the previous year.

The latest industry estimates suggest the number of online learners is expected to grow to 120 million over the next three years.

Xiaomi ranked world No. 3

Xiaomi Inc has become the world’s third-largest smartphone vendor and taken the lead in China since entering the market only three years ago, research firms said yesterday.

Xiaomi won over consumers by offering them inexpensive models but with high-end features and selling them online. Globally, Xiaomi had a market share of 6 percent in the third quarter, just behind Samsung Electronics and Apple Inc. Samsung dominated with 25 percent, but down from 35 percent a year earlier while Apple fell slightly to 12 percent, according to Strategy Analytics, a US-based research firm.

“Xiaomi was the star performer,” Strategy Analytics’ Executive Director Neil Mawston said in a statement.

Other research firms including IDC and IHS iSuppli also put Xiaomi as the No. 3 player in the global smartphone market, ahead of domestic rivals Lenovo and Huawei.

Beijing-based Xiaomi expects to sell 60 million smartphones with revenue of 70-80 billion yuan (US$11-13 billion) this year after selling 26.1 million units in the first six months.

Evergrande launches infant formula product

Evergrande Group, a Chinese private conglomerate involved in property development, agriculture and sports, launched an infant formula on Monday following its acquisition of New Zealand dairy producer Cowala Dairy Ltd. last month.

The Guangzhou-based group also plans to build a dairy manufacturing base in China to tap the lucrative market. Chinese consumers have preferred to buy foreign brands following a series of tainted milk scandals in recent years.

The infant formula product under the name Cowala will hit the market nationwide soon, according to an announcement at its launch ceremony on Monday.

The Evergrande Group, which runs China’s most successful football club, Guangzhou Evergrandetaobao Football Club, appointed three players to serve as global promotion ambassadors for Cowala infant formula on Monday.

The group, established in 1997, made its fortune through real estate development, but has been diversifying its business in recent years by investing in agriculture, cultural tourism, dairy, livestock and sports.

The group’s sales in 2013 reached 100.4 billion yuan (16 billion U.S. dollars), while sales in the first eight months of 2014 reached 90 billion yuan, according to its official website.

Chery Jaguar Land Rover Changshu plant fully operational

The China-made Range Rover Evoque rolled off the production line of Chery Jaguar Land Rover’s plant in Changshu, Jiangsu province.

The first China-made Range Rover Evoque rolled off the production line of Chery Jaguar Land Rover’s plant in Changshu, Jiangsu province, on Oct 21, signaling the joint venture is ready to begin full business operation. It is also the first full-scale automobile manufacturing facility of Jaguar Land Rover outside the UK.

The 10.9 billion ($1.78 billion) yuan plant, a joint venture between Chinese automaker Chery Automobile and Jaguar Land Rover, is designed to produce 130,000 vehicles each year.

China has been Jaguar Land Rover’s largest market since 2012, accounting for almost one-fourth of its sales globally, and one in five Range Rover Evoques has been sold to China since its debut in 2011.

Locally made Evoques will reach the market in early 2015 and the automaker will make public their prices at that time.

Addressing questions whether the locally produced vehicles are equally good as those manufactured in the United Kingdom, president of Chery Jaguar Land Rover Chris Bryant said quality is the joint venture’s No 1 objective.

“Chery Jaguar Land Rover remains committed to delivering excellence in its quest to lead the Chinese premium automotive industry through its historic British lineage, world-class quality and unique shared value approach,” he said.

As a major milestone for the first Sino-British premium automotive joint venture, the opening ceremony also signifies the dawn of a new era for the Chinese premium automotive industry.

Yin Tongyue, president and CEO of Chery Automobile, said, “I strongly believe that Chery Jaguar Land Rover has a promising future and will provide premium auto products that exceed every Chinese consumer’s expectations.”

Dedicated to becoming a leading enterprise that inspires excellence in the premium automotive market in China, the joint venture has taken several steps to ensure it can provide top-of-the-line quality for its customers. These include establishing an industry leading quality control system, an advanced R&D Center and a nationwide sales network.

Equipped with top international standard press, body, paint, trim and final shops – along with an engine plant – the Changshu plant is “one of the world’s most advanced and efficient manufacturing facilities”, the company said.

Among other facilities, it has 306 robots that undertake 85 percent of the welding work and 20 percent of the finished models undergo full-vehicle checks at the plant’s quality center, according to the company.

Bryant said another critical element to ensure quality is to make sure employees understand the quality the automaker wants to deliver.

“I will give you an example. Our first workers at the plant were hired in June 2013, more than half a year before we started operation, so that they can understand the quality requirements,” he said.

Workers in key positions have received three months training in the UK and 95 percent of all workers in the plant have at least five years working experience, the company said.

Bryant also said local suppliers are selected according to the same standards as those in the UK.

“The Changshu plant is a significant milestone in our commitment to the Chinese market. We are small, but China is huge,” said Ralf Speth, CEO of Jaguar Land Rover at the plant’s opening ceremony.

Success story

Jaguar Land Rover sold 92,300 vehicles in the first nine months of the year in the Chinese market, a 38.7 percent surge from the same period a year earlier.

Now that the plant is fully operational, many in the auto industry believe the British premium brand will further close its gap in sales with the three German marques.

However, Bryant said sales alone are not the joint venture’s focus. “Both volume and profit are the output of a successful business. And we will be successful when we deliver to customers what they desire and deserve. So we focus not on the sales but on improving customer satisfaction.”

Chery Jaguar Land Rover has established a superlative operation and management structure, with a highly practical and efficient management team that is fully committed to realizing the joint venture’s long-term development in China, and to fulfill consumer expectations and needs with its products and services.

Through its jointly managed Integrated Marketing Sales and Service organization established earlier this year, Chery Jaguar Land Rover will promote efficient operation of marketing, sales and after-sales service work, to ensure customers enjoy the best possible relationship with the joint venture, as well as establish its position in the forefront of the premium automotive market in China.

Zhu Guohua, deputy president of Chery Jaguar Land Rover, said the joint venture has built a network of 243 dealerships nationwide, and will add more to extend excellent sales and after-sales services to Chinese customers.

In addition to the Range Rover Evoque already in production, Zhu said that by 2016, the plant will be producing three Jaguar Land Rover models. He added the plant would also produce joint venture brand models in the future.

Therefore, the joint venture is investing in making new breakthroughs in product research and development with the construction of a research and development center.

Staffed with more than 290 experienced product development engineers, the center covers product planning, project management, process, system and engineering applications, trial production, testing for finished vehicles, product localization design, improvement of emission and engine performance as well as new energy development.

Where have China’s big group-buying websites gone?

Just five years ago, when you wanted to watch a movie you went into a cinema and bought a ticket. These days, however, you can use your Internet-connected mobile phone to group-buy a virtual ticket, which can be exchanged for a real ticket.

If that seems easy and inexpensive, it is, and the ease and possible profit margin was not lost on eagle-eyed investors and others. The situation today is something of an economic mystery.

From Sept 23 to 5:30 pm, Oct 21, a total of 17,085 people group-bought their movie tickets, together with popcorn and a bottle of fruit juice, for 31 yuan ($5) on nuomi.com, a Chinese group-buying website. The original price for a single ticket in the cinema on Fuxing Road, Haidian district, Beijing is 90 yuan (almost $15).

The arrangement, and many like it, seemed like a win-win situation. Consumers saved money, while goods and service providers, such as restaurants, hotels and hairdressers, were able to capitalize on their unused capacity, promote their brand, or expand their service area.

South Beauty, a high-end restaurant chain hit hard by China’s frugality campaign, group-sold 12,165 “dinners for four people” at a price of 298 yuan on the group-buying sub-site of Dianping.com, a website where people post their reviews for restaurants, from April 11 to 5:30 pm, Oct 21. The original price was 1,234 yuan.

Tuan800.com, a group-buying navigation site, which also releases regular data analyses, provides a general picture of the industry. According to the website, a total of 120 million people in the Chinese mainland group-bought something or some service in August, up 109 percent year-on-year. Tuan800 added that the value for all these group-buying deals for this single month reached 7.7 billion yuan, up 108 percent year-on-year.

But just as group-buying seemed ready to enter daily life for good, Chinese group-buying websites – once the darlings of venture capitalists, now face an unpredictable future with many being gobbled up by larger companies and acquired, others vanishing from the Internet all together.

The following examples beg the question: what happened to China’s major group-buying websites?

October 2014, Lashou.com

Sunpower Group announced on Oct 19 it had acquired Lashou.com, one of China’s earliest group-buying websites, but has not disclosed the deal price, according to caixin.com.

Sunpower, headquartered in Nanjing, capital of South China’s Jiangsu province, has five business focuses, including real estate, health care and retail. ?Zou Yan, spokesman for Sunpower, told caixin.com that the acquisition of Lashou.com was to help improve Sunpower’s O2O (online-to-offline) platform.

Lashou.com, which went online in March 2010, received a total of $166 million yuan from investors between April 2010 and April 2011, according to Tuan800.com. Lashou even tried to go public, the first Chinese group-buying website to launch an IPO in the United States, and was valued at $1.1 billion yuan, but it failed at last.

Group-buying deals worth 300 million yuan were made on Lashou.com in the first eight months of this year, down 1.77 percent year-on-year, according to Tuan800..

The company might now have a market share of only five percent, according to a survey cited by caixin.com.

March 2014, Didatuan.com

Didatuan.com, which went online in July 2010 as a group-buying website and once had a top-five trading volume, closed its group-buying business on March 31 and turned to develop a group-buying navigation service, according to information posted on tuan800.com on April 3.

At the moment, however, didatuan.com cannot be accessed online.

January 2014, Manzuo.com

Shenzhen-listed Suning Commerce Group Co Ltd, China’s leading retailer, announced on Jan 27 it has fully acquired Manzuo.com, which went online in January 2010 and was China’s first group-buying website, according to cnstock.com. The exact details of the deal were not announced.

Manzuo.com was integrated into Suning’s local life department and Fang Xiaohai, Manzuo’s founder, stayed in Suning to expand the conglomerate’s O2O business.

Group-buying deals worth 70.8 million yuan were made in the first eight months of this year on Manzuo.com, up by 3.74 percent year-on-year, according to Tuan800.

August 2013 to March 2014, Ruomi.com

Baidu announced in August 2013 that it would invest $160 million into Ruomi.com and would gain a 59 percent stake of the group-buying website that went online in June, 2010.

At the end of 2013, Shen Boyang, the CEO of Ruomi.com resigned and on March 6, 2014, Ruomi was rebranded Baidu Ruomi.

According to Tuan800, group-buying deals made on Baidu Ruomi in the first eight months of this year hit 727.6 million yuan, up 7.55 percent year-on-year.

January 2013, 24quan.com

Du Yinan, founder of 24quan.com, a group-buying website, said his company has been closed due to failed talks with investors, Qilu Evening News reported on Jan 14, 2013.

August 2012 to January 2013, GaoPeng.com

In August 2012, GaoPeng.com, the Chicago-based Groupon Inc’s China joint venture, merged with Chinese group-buying website Ftuan to form a new company called GroupNet.

However, on Dec 12 the same year Ftuan was renamed GaoPeng and its domain name was changed back to gaopeng.com on Jan 15, 2013.

China adds 10.82 million new jobs in Jan-Sept

China’s job market proved to be quite resilient although the economic growth slowed in the first nine months, according to data from the Ministry of Human Resources and Social Security (MHRSS) on Friday.

From January to September, 10.82 million new jobs were created, or 160,000 more than a year ago, MHRSS said.

At the end of September, the urban registered jobless rate stood at 4.07 percent, lower than the annual employment control rate of 4.6 percent targeted by the government.

However, the registered jobless rate may undercount the actual unemployment numbers as a survey among 31 big- and medium-sized Chinese cities found the unemployment rate remained at around 5 percent in the first eight months.

The new jobs created in the first nine months exceeded the government’s full-year target of at least 10 million new jobs this year.