Bottom line: Alipay’s joint venture with Li Ka-shing targeting local Hong Kong customers looks like a shrewd approach in its first major foray of that kind, though it will face skepticism about its ability to protect user privacy.
Alipay turns up HK drive with new JV
After dancing around the globe for the last few years without too much to show for its efforts, Ant Financial’s Alipay electronic payments unit is finally taking the plunge into local currency services with a new joint venture in Hong Kong. Despite the relatively muted headlines, this story looks rather revolutionary because it represents the first time one of China’s up-and-coming private financial services companies is going after local consumers.
Nobody said the road to global recognition would be easy for Alipay, or for similarly popular electronic payment services operated by social networking giant Tencent (HKEx: 700) or the stodgier state-backed UnionPay, which has actually tried something similar without much success. But this is a step these 3 companies need to take, and post at least limited success, if anyone is going to take them seriously over the longer haul. Read Full Post…
The following press releases and news reports about China companies were carried on July 8. To view a full article or story, click on the link next to the headline.
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McDonald’s (NYSE: MCD) Said to Narrow Bids for $2 Bln China Rights (English article)
Huawei files with Second China Court in Samsung (Seoul: 005930) Patent Suit (English article)
Qihoo 360 (NYSE: QIHU) Gets $3 Bln Loan to Support Privatization (Chinese article)
HNA, Li Ka-shing Firm Short-Listed for CIT Plane Leasing Unit Sale: Sources (English article)
Bottom line: China’s “Big 3” Internet tycoons are likely to see their fortunes continue to grow at rates far faster than the broader economy over the next year, and they could even overtake some wealthier real estate magnates.
Jack Ma named China’s richest Internet tycoon
Hong Kong’s Li Ka-shing may still lead the list of wealthiest men in China and Hong Kong, but his traditional formula for success is rapidly losing ground to China’s fast-rising Internet magnates. The heads of China’s “Big 3” Internet firms were all among the top 10 people on this year’s just-published Forbes list of the wealthiest men in China and Hong Kong, spotlighting the huge role that the Internet is playing in China’s economy. Whereas Li’s fortune took decades to build, the founders of Alibaba (NYSE: BABA), Tencent (HKEx: 700) and Baidu (Nasdaq: BIDU) made their fortunes much more quickly, mostly over the last decade. Read Full Post…
The following press releases and media reports about Chinese companies were carried on October 23. To view a full article or story, click on the link next to the headline.
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