So, what’s up in China? 🇨🇳 Issue 138, covering 19 – 25 Jul.

1. No NFTs for Tencent? Tencent is reportedly planning to close its NFT platform Huanhe a year after launching. (Technode)

2. Weibo and Douyin will require influencers to disclose agency names on profile pages. Under the new measure, MCNs are required to provide the two platforms with updated information about which influencers they manage. (South China Morning Post)

3. China’s e-sports industry garnered 76.497 billion yuan (US$11.31 billion) in H1. E-sports games’ revenue accounted for about 83.29% of the e-sports industry, followed by the 13.96% generated by the livestreaming of e-sports. (Pandaily)

4. China is planning more digital advances. China’s digital economy has entered a new stage of development, with its market size having reached 45.5 trillion yuan ($6.74 trillion) last year, the world’s second-largest. (China Daily)

5. Soon-to-expire food the new fad in China? China’s middle-class consumers are fanning a new craze as they adapt to tougher economic times: a rush to buy soon-to-expire food and drink at deep discounts. (Financial Times)

6. China’s cross-border services trade is exceeding pre-pandemic levels. ✈️ The country’s cross-border services trade balance recovered to the 2019 level last year, and the figure further climbed 26% YoY in the first quarter of 2022. (Shine)

7. China is building national archives to preserve and pass on civilization. The China National Archives of Publications and Culture aims to act as a “seed bank” for Chinese culture by playing a significant role in the preservation of ancient texts and modern publications in the country. (Global Times)

8. American pastry brand Lady M announced that it would be exiting China from September 10 onwards. Fans in Shanghai rushed to place orders with the popular dessert parlor at once. On Weibo, a video depicting a high number of delivery drivers in a Lady M shop with nearly empty shelves has gone viral, and a related hashtag has gained 100 million views. (Pandaily)

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