1. China’s biggest tech companies have reported their weakest quarterly earnings in more than a decade. Most major Chinese internet companies reported their quarterly results over the last few weeks. (Bloomberg)
2. Hangzhou is providing a special fund of 5 billion yuan (US$750 million) for the e-commerce industry as China moves to shore up its economy. (South China Morning Post)
3. China’s warehouse storage sector expanded in May. The index tracking the sector’s development rose 3.7% from April to 50.2%, putting it back in the expansion range. (China Daily)
4. China giving out consumption vouchers? Many places in China are handing out billions of yuan in shopping vouchers and subsidies. Zhengzhou even announced it will issue vouchers worth 240 million yuan (about $36 million). (CGTN)
5. There are rising demands for meditation services in China among Gen Z, including meditation music and mobile apps offering tutorials on this practice. People under 25 years old account for 40% of one of China’s major meditation apps Tide, which has over 300,000 MAUs as of this April. (Dao insights)
6. China announced a broad campaign on Tuesday in which 26 automakers will create incentives for people in rural China to buy electric cars, in an attempt to revive flagging car sales after a wave of coronavirus lockdowns hit the country’s economy. (Technode)
7. On June 1, the lockdown in Shanghai was officially lifted for most of the city’s 26 million citizens. Residents in low-risk compounds are now free to roam the streets. Many have left their homes in the past 24 hours, carrying champagne bottles and Bluetooth speakers into the streets and letting loose. (Radii China)
8. ByteDance eyeing India? ByteDance is in talks with Mumbai-based real estate player Hiranandani Group and is looking to hire employees in the country. (Tech in Asia)
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