1. Tencent targets about $14.5 Billion in divestments. Tencent has set a soft target of divesting about 100 billion yuan ($14.5 billion) of its $88 billion listed equity portfolio this year as it shifts strategy. (Bloomberg)
2. Metaverse development in the Yangtze River Delta region has been fast tracked. The Yangtze River Delta Metaverse Industry Research Institute and the Yangtze River Delta Metaverse Industry Alliance have officially launched in Shanghai. (Shine)
3 . Andy Lau’s online concert on Douyin draws 350 million viewers. The two-hour concert was live-streamed on Douyin. Initially attracting about 100 million viewers within a half-hour and then quickly drawing hundreds of millions more before it concluded. (South China Morning Post)
4. Nansha, Guangzhou is on its way to becoming a techhub. By 2025, its industrial added value of strategic emerging sectors is expected to reach 121 billion yuan ($17.9 billion), or 40% of the district’s GDP. (China Daily)
5. Global firms are bullish on China’s services development. Foreign firms are tapping into the ongoing 2022 China International Fair for Trade in Services, eyeing growing opportunities amid the country’s opening-up endeavours. (Xinhua)
6. Baidu revenue declines but its cloud growth beats estimates. Total revenue shrank by 5% to 29.65 billion yuan ($4.43 billion) in the second quarter. While revenue at Baidu’s AI Cloud unit grew 31% YoY in the quarter. (Reuters)
7. Pinduoduo launched a cross-border e-commerce platform named Temu, targeting the US market. Similar to Shein, Temu offers free shipping on items over $49, but the two platforms charge different shipping rates for items under $49, with Temu charging $2.99 per order compared to its rival’s $3.99 per order. (Technode)
8. Chinese localities urge the public to stay put or reduce travel during upcoming holidays to stop the pandemic. Mid-Autumn Festival and National Day Holiday are approaching, however many Chinese localities have asked residents to stay home or restrict travel during the holidays to stop the virus’ spread. (Global Times)
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