So, what’s up in China? 🇨🇳 Issue 78, covering 17 – 23 May.

1. Tencent Q1 highlights. Revenues up 25% to RMB 135.3 billion. WeChat MAU up 3.3% YoY to reach 1,241 billion users. (China Internet Watch)

2. JD’s Q1 highlights. Net revenue for Q1 RMB 203.2 billion. Annual customers grew 29% to 500 million. (China Internet Watch)

3. Baidu Q1 highlights. Revenue reached 28.13 billion RMB. Baidu App MAU reached 558 million. (Pan Daily)

4. ByteDance co-founder Zhang Yiming is stepping down as CEO. ✌️ (Pan Daily)

5. Tencent has launched a social e-commerce app called Xiao’e Pinpin, using a PDD-like model. 🙈 (Kr Asia)

6. As of end of 2020, there were 617 million livestreaming users in China, number of livestreamers had exceeded 130 million. 🚀 (Dao Insights)

7. China will more than double its millionaires by 2025 according to HSBC. 😱 (Bloomberg)

8. China will provide US$3 billion in aid within the next 2 years to help developing countries fight against the COVID-19 pandemic. (CGTN)

9. Chinese agronomist Yuan Longping, renowned for developing the first hybrid rice in 1970s that pulled countless people out of hunger, has passed away aged 90. The country is mourning. (China Daily)

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