1. China announced that a new stock exchange will be set up in Beijing shortly to support the innovation and development of SMEs. (Pan Daily)
2. Alibaba will invest 100 billion yuan (US$15.5 billion) by 2025 in support of the country’s goal of common prosperity, becoming the latest corporate giant to pledge support for the initiative. 👏 (Pan Daily)
3. Short video app Kuaishou e-commerce GMV doubled in Q2 this year to 145.4 RMB billion from 72.5 RMB billion for the same period of 2020. (China Internet Watch)
4. Douyin takes down celebrity ranking amid “chaotic” celebrity fan culture. 🙈 (Dao Insights)
5. Chinese authorities issued detailed regulations stipulating that minors in China can no longer play mobile games for more than 3 hours per week. (Kr Asia)
6. China’s restrictions on international flights could last to 2022. The continuation of curbs means a full international travel recovery isn’t likely until 2024. ✈️ (Bloomberg)
7. The 11 firms, including Didi and Meituan, were ordered to cease “recruiting non-compliant cars and drivers, stop vicious competition and disorderly expansion, and ban practices that exclude or restrict competition”. (China Daily)
8. The State Administration for Market Regulation issued a notice of the plan to revise the China E-commerce Law, including measures to punish those who infringe on intellectual property rights on e-commerce platforms. (China Daily)
9. Tencent and Alibaba lose US$330 billion in market value since the end of 2020. (Nikkei Asia)
10. China will require nonbank payment apps such as Alipay and WeChat Pay to report new products and stock market listings to authorities. 💰 (Nikkei Asia)
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