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☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

☆ Chinese online retailer Pinduoduo has a 'hyper-aggressive' culture with hours surpassing a '996' schedule, analysts write
▼ + stars: | 2023-08-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Temu's sister company Pinduoduo may have a "9127" culture, Bernstein analysts wrote. This is a play on "996" work culture, which encourages work from 9 a.m. to 9 p.m., six days a week. Temu sister company Pinduoduo is known for having an exceptionally intense workplace culture, Bernstein analysts wrote in a note published this week. "996" is a reference to a work culture that encourages tech employees to work from 9 a.m. to 9 p.m., six days a week. While Shein remains ahead of Temu in terms of buyer awareness, Temu sees high buyer retention rates, the Bernstein analysts noted.

Persons: Temu's, Bernstein, Temu, Jack Ma, Richard Liu Qiangdong, Robin Zhu, Pinduoduo, Shein Organizations: Morning, PDD Holdings, Pinduoduo, Representatives, Local Locations: China, Shanghai

China’s technology sector has taken a pounding since watchdogs cancelled Ant’s $37 billion stock market debut at the last minute in 2020. The Hang Seng Tech index (.HSTECH), which includes social media giant Tencent (0700.HK) and JD, has fallen another 38% this year. China's powerful market regulator proposed amendments on Tuesday to a law on unfair competition. The e-commerce giant intends, in addition, to allocate at least 10 billion yuan to offer employees interest-free loans to buy a house. The benefits include plans to allocate 10 billion yuan ($1.40 billion) to a fund to assist employees of JD and recently acquired courier firm Deppon Logistics with buying homes.

☆ JD.com Cuts Executive Pay as China’s Tech Firms Tighten Belts
▼ + stars: | 2022-11-22 | by ( Raffaele Huang | Yifan Wang | ) www.wsj.com time to read: 1 min

SINGAPORE–Chinese e-commerce giant JD.com Inc. told staff that it will cut executive salaries to improve employee benefits and ease financial pressure, as tech companies grapple with a weaker economy. Beijing-based JD.com will reduce the compensations of some 2,000 senior managers by 10%-20% from next year, with steeper cuts for higher-level executives, according to a letter Richard Liu , the billionaire founder of the company, sent to staff on Tuesday and seen by The Wall Street Journal. Mr. Liu in the letter apologized for cutting their pay and promised to restore it if JD.com could return to fast growth in the coming two years.

☆ We're not immune to the challenges from resurgence of Covid in China: Autonomous aerial vehicle firm
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're not immune to the challenges from resurgence of Covid in China: Autonomous aerial vehicle firmRichard Liu of EHang says although China's zero-Covid policy remains, it is a good sign that the government has reduced the quarantine time for international travelers.

☆ China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term
▼ + stars: | 2022-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 13 richest people in China lost $12.7 billion on Monday alone, per Bloomberg. Their losses were due to a massive market sell-off over President Xi Jinping's third term in office. Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, per Bloomberg. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong.

☆ A Chinese #MeToo Case Is Set for Trial Far From China
▼ + stars: | 2022-09-29 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

In a civil case that could galvanize China’s struggling #MeToo movement, a jury more than 6,000 miles from China, in Minneapolis, will decide whether a prominent Chinese technology executive raped a Chinese college student in 2018. Jingyao Liu , now 25 years old, is suing Richard Liu , the founder of Chinese e-commerce giant JD.com Inc., who was attending an executive program at the University of Minnesota while she was an undergraduate student volunteering for the program. JD.com is also named as a defendant in the lawsuit.

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