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The Latest Breaking News on China tech

Livestream Gamer DouYu Edges Ahead in Cost-cutting Battle

Key Takeaways: DouYu’s revenues fell by around 22% in the second quarter, but the company broke a six-season losing streak with an adjusted net profit of 23.50 million yuan Huya’s revenue tumbled 23% in the same period, and it barely eked out an adjusted net profit after slashing costs By…

Benzinga

Miniso Gets Dressing Down in Online Brouhaha

Key Takeaways: Miniso’s shares are down 17% since it was accused of mislabeling a Chinese-clothed doll as Japanese, and more broadly of trying to hide its Chinese roots The attack represents a relatively unique risk faced by both foreign and domestic companies doing business in China By Doug Young

Benzinga

Bride orders Shein budget £45 wedding dress and is stunned when she puts it on

The bride-to-be was astonished when she saw her wedding pictures

Manchester Evening News

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Chinese firm Miniso apologises for Japanese branding after outcry

Consumers complained the homeware and electronics company was not supporting its national roots

The Guardian - UK

China’s gamers hit pause button amid few releases, tough economy

Video game revenues decline for first time on record amid Beijing’s regulatory crackdown and strict pandemic curbs.

Al Jazeera

Shein shopper 'crying laughing' over vintage nightgown that looks like an oversized shirt

The online fast-fashion giant has become notorious for a few fashion blunders

Daily Record

Chris Xu: Who is Shein’s mysterious billionaire founder?

Very little is known about China’s king of fast fashion who has rapidly become one its richest men

The Guardian - UK

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Shein shopper loses it as £14 jumpsuit leaves her 'looking like an Oompa Loompa'

The overalls left her looking like she was going to work at Willy Wonka's Chocolate Factory.

Daily Record

Shein shoppers in stitches over denim shorts that leave your cheeks on show

The entire back part of the shorts has been completely cut away and there is no fabric or pants left to cover your backside.

Daily Record

Fast-Fashion Behemoth Shein Says It’s Cleaning Up Its Act. Will Anyone Buy It?

The turbocharged business model behind one of the world’s top startups is becoming the biggest threat to its continued success.

Businessweek

DJI halts Russia, Ukraine business to prevent drone misuse

Drone company DJI Technology Co has temporarily suspended business activities in Russia and Ukraine to ensure its products are not used during the hostilities in a rare example of a Chinese company publicly withdrawing from Russia due to the war

The Independent UK

HeyTea Heats Up Premium Tea Market With Contrarian Price Cuts

Key takeaways:

Benzinga

Bitmain Backed Cryptocurrency Miner BitFuFu Lands SPAC Deal: What Investors Should Know

A leading cloud-mining service provider announced a SPAC deal Tuesday to go public.

Benzinga

‘Tell me loudly, what’s the date today?’: Chinese e-commerce app Xiaohongshu blocked after Tiananmen anniversary post

Xiaohongshu had 14 million followers on Weibo but the page has become unavailable

The Independent UK

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Caixin Global

Online Educator Yuanfudao Bags Another $300 Million, Two Months After Raising $2.2 Billion

Online tutoring startup adds to cash war chest in battle for market share; Yuanfudao fundraising this year reaches $3.5 billion; online education booms as pandemic spurs shift to remote learning

Reuters

Chinese online tutoring start-up Yuanfudao raises $2.2 billion, values firm at $15.5 billion

Beijing-based education technology startup Yuanfudao said on Thursday that it has secured $2.2 billion from major Chinese and international investors in two recent rounds of financing that it said lifts the company's valuation to $15.5 billion.

Reuters

Tencent-backed online education firm Yuanfudao raises $1 billion in new round

Chinese online education platform Yuanfudao said on Tuesday it has raised $1 billion in a new financing round, led by Tencent Holdings and private equity firm Hillhouse Capital Group.

Reuters

Exclusive: Tencent-backed Yuanfudao near to close new fundraising at $7.5 billion valuation - sources

Chinese online education platform Yuanfudao, which is backed by tech giant Tencent Holdings <0700.HK>, is close to completing a financing round that would value it at around $7.5 billion, two people familiar with the matter said.

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