1. Another surge in shares? China signalled an easing of its regulation road on its tech sector as the country seeks to bolster the economy in the face of COVID-19 lockdowns, sending tech giant’s shares surging. (Reuters)
2. Alibaba launched “Alibaba Pay” on Friday, which mainly serves SMEs engaged in cross-border foreign trade. The initiative is reportedly aimed at becoming the world’s leading business-oriented cross-border financial service. (Pandaily)
3. NetEase and Tencent music are accusing each other of plagiarism, each saying the other uses off-brand copies of popular artists signed to the other, with easily confused names and sometimes identical song titles. (Sixth Tone)
4. China’s large internet companies reported steady revenue growth in the first quarter of the year. Revenue of these companies surged 1.4% YoY to reach 323.6 billion yuan (about $48.9 billion) during the period. (China Daily)
5. Meituan suspended the Beijing operations of Meituan Select as the Chinese food delivery and local life service giant joins local peers in scaling back community group buying businesses. (Technode)
6. China’s factory activity saw a decline in April, as the spread of COVID-19 led some enterprises to reduce or halt production, while the non-manufacturing sector also slowed in the same period. (CGTN)
7. Another milestone for China’s metaverse. Dior has teamed up with Meta Media to give birth to the world’s first fashion show in the metaverse. The installation was designed by one of China’s renowned architects, Ma Yansong, and sits on Xi Rang. (Dao insights)
8. Douban now requires overseas users to provide a mainland mobile phone number or an official identity document to continue using the site, as it comes under growing pressure from Beijing to strengthen content control. (South China Morning Post)
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