So, what’s up in China? 🇨🇳 Issue 79, covering 24 – 30 May.

1. Tmall kicked off 618 Shopping Festival on 24 May. This year discounts will start on 1 June. (China Internet Watch)

2. Pinduoduo highlights for Q1 2021. Average monthly active users 724.6 million, an increase of 49% YoY. 📱Pinduoduo’s total revenues in Q1 were RMB22,167 million (US$13,383 million), an increase of 239% YoY. (China Internet Watch)

3. Kuaishou highlights for Q1 2021. Daily active users reached 295 million. Revenue for the first quarter was estimated in US$ 2.6 billion. (Kr Asia)

4. Pinduoduo is in the process of developing new logistics system after generating 33% of all parcels in China. 📦😱 (Kr Asia)

5. Value of top 10 Chinese tech giants fell over $800 billion (30%) since February. (Nikkei Asia)

6. China’s industrial profits surge 106% YoY in first 4 months of 2021. 💪 (CGTN)

7. Food delivery platform Eleme launches 1-hour fast-track channel allowing merchants to join the platform in just 1 hour. (Dao Insights)

8. China has set the goal of becoming a museum powerhouse by 2035 by establishing world-class museums with Chinese characteristics. (CGTN)

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