Fireworks at Victoria Harbour, HK.
Hi everyone,
Happy New Year! I want to THANK YOU for your support and interest in China fintechs and our newsletter over the past year.
To make this first day back to work a little easier, I promise that this week's updates will be the shortest you've ever seen from me. 😄
Ning
Product & Partnership Launches
UnionPayexpanded QR code payments to Laos after Vietnam.
OCBC has agreed to sell its 33.3% stake in Hong Kong Life Insurance to Yue Xiu Enterprises for HK$589.3 million, pending regulatory approval.
Nokia has filed a patent in China for a digital asset encryption device, marking its entry into blockchain security, though the reason for choosing China is unclear.
Financing, Investment & Acquisition
Lianlian DigiTech plans to sell a 14.27% stake in Express Technology Services, their Joint Venture with American Express (Amex), to Amex for 1.57 billion yuan.
PBOC has approved an increase in registered capital to 200 million yuan for Kuaishou’s payment subsidiary. Kuaishou is a leading Chinese streaming app, Tiktok’s main competitor in China.
Shein, aiming to list in London, faces a UK parliamentary hearing on January 7 regarding workers' rights in its supply chain.
Alibaba is reportedly reducing prices on its large language models, with discounts reaching up to 85%.
Other Read
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