[ad_1]
Chinese language Web Firms to Give Away Almost 15 Billion Yuan in New 12 months Pink Envelopes
By Liu Shuangshuang, Yuan Ruiyang, Qian Tong and Mo Yein / Jan 22, 2020 03:44 PM / Enterprise & Tech
The Chinese language New 12 months has lengthy been a battlefield for web primarily based corporations to try to lure prospects away from their rivals’ providers utilizing totally different promotions, together with by means of direct money funds.
In response to Caixin’s calculations, this 12 months, corporations have pledged to provide away practically 15 billion yuan ($2.2 billion), primarily within the type of digital “hongbao”. Hongbao are conventional “pink envelopes” containing cash exchanged between pals and relations. Digital variations, akin to wire transfers have developed within the period of smartphone apps.
Many corporations started to supply digital hongbao lengthy earlier than the beginning of the week-long vacation, often known as Spring Competition, which kicks off Friday.
Among the many largest spenders are Tencent, which mentioned it might spend 1 billion yuan to advertise its short-video service, known as Weishi, seen as a problem to ByteDance’s plethora of short-video platforms, together with Douyin, often known as Tik Tok. ByteDance mentioned it might hand out 2 billion yuan in digital hongbao.
Learn the total story at Caixin World later right this moment
Contact reporter Mo Yelin (yelinmo@caixin.com)
Associated: China’s Web Giants Hand Out Billions of Yuan in Digital Pink Envelopes
[ad_2]
