Tag: pinduoduo
ByteDance founder Zhang Yiming to step down as CEO by end of 2021
Zhang Yiming, the storied co-founder of ByteDance, is stepping down from his role as the CEO and passing the torch to Liang Rubo, another co-founder of the TikTok parent and one of the world’s most valuable internet juggernauts. In an internal letter to employees, 38-year-old age Zhang said he is…
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What grocery startup Weee! learned from China’s tech giants
When Larry Liu moved to the U.S. in 2003, one of the first challenges he experienced was the lack of Chinese ingredients available in local groceries. A native of Hubei, a Chinese province famous for its freshwater fish and lotus-inspired dishes, Liu got by with a limited supply found at…
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China’s top short video apps and e-commerce giants pally up
JD.com, the online retailer that is Alibaba’s long-time nemesis, announced Wednesday a strategic partnership with Kuaishou, the main rival of TikTok’s sibling in China, Douyin. The collaboration is part of a rising trend in the Chinese internet where short video apps and e-commerce platforms increasingly turn to each other for…
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China’s Pinduoduo raises $1.1 billion in private share placement
Chinese e-commerce firm Pinduoduo said on Tuesday it had raised $1.1 billion in a private share placement that will enable its further expansion and allow it to capture “additional opportunities” during the times of uncertainty. The Nasdaq-listed firm said some of its long-term investors financed the deal. The investors were…
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