So, what’s up in China? 🇨🇳 Issue 103, covering 8 – 14 November.

1.Both Alibaba and JD had record breaking Double 11 shopping festival this year. Alibaba finished with US$84.54 billion in gross merchandise volume, 8.45% growth yoy, the first single-digit GMV growth since the company created the shopping festival in 2009. (China internet watch)

2. Douyin welcomes Tencent’s request of interlinking with its platform, as announced by Douyin on 12 November. Walled gardens no more soon? (Dao Insights)

3. Tencent posted the slowest quarterly revenue growth since it went public in 2004. Also, the number of monthly active users (MAU) of WeChat grew slightly to 1.262 billion in the third quarter of 2021, according to Tencent’s quarterly results.(KrAsia and China internet watch)

4. Alipay’s new feature, called the “User Protection Center,” allows the app’s 1 billion users to track the ways Alipay collects data about them.(KrAsia)

5. On 7 November, Alipay renamed its online loan product 借呗(Jie Bei) to 信用贷 (Credit Loan) and prominently stated the names of the loan providers.(Dao Insight)

6. Baidu launches its metaverse environment. The metaverse app, called Xirang (“Land of Hope”), allows users to create avatars and chat with other participants. At the moment, there are only three scenarios available for exploration, including a virtual art show and two product displays. FOMO or real use case, still remains to see. (KrAsia)

7. Douyin has launched a “video-listening mode”, with which users can continue to listen to videos they’re watching on Douyin even after they’ve minimized the program or locked their screen.(Pandaily)

8. Xiaohongshu (RED) has raised US$500 million from existing investors after being putting its IPO plans on hold. The app has now been valued at about US$18 billion. In June, RED had an average of 63.67 million daily active users, an increase of 127% from last year, while monthly active users more than doubled to 239 million in the month.(NIKKEI Asia)

9. China will promote the digital yuan by improving link-ups with mobile payment apps.(KrAsia)

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