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Search resuls for: "Evelyn Cheng Sheila Chiang"


2 mentions found


☆ Pinduoduo transaction revenue surges 315% as Chinese consumers hunt for bargains
  + stars: | 2023-11-29 | by ( Evelyn Cheng Sheila Chiang | Evelyn Cheng | Sheila Chiang | ) www.cnbc.com   time to read: +2 min
Consumers in China are hunting for bargains when they spend, the latest earnings from online retailers show. Chinese e-commerce giant Pinduoduo posted 94% growth in third-quarter revenue, far outpacing Alibaba 's 9% growth during the same period. Pinduoduo , known for its bargain-priced products, said Tuesday that third quarter revenue was the equivalent of $9.44 billion – beating revenue forecasts, according to LSEG. Pinduoduo said revenue from transactions skyrocketed by 315% in the third quarter to nearly $4 billion. JD missed third-quarter revenue estimates, according to LSEG data, despite net revenue rising 1.7% in the quarter from a year ago to the equivalent of $34 billion.
Persons: Pinduoduo, Temu, Alibaba, JD Organizations: JPMorgan Locations: China, FactSet, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain
☆ TikTok wants to distance itself from China — but Beijing is getting involved
  + stars: | 2023-03-24 | by ( Evelyn Cheng Sheila Chiang | Evelyn Cheng | Sheila Chiang | ) www.cnbc.com   time to read: +4 min
China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020. Florence Lo | ReutersBEIJING — China says it would "strongly oppose" a forced sale of TikTok, making clear the government's involvement with the social media giant that's trying hard to distance itself from Beijing authorities. ByteDance did not immediately respond to a request for comment on the Chinese Commerce Ministry's remarks. But the commerce ministry's claim of control over a TikTok sale or spinoff indicates Beijing wants to be involved. When asked about the commerce ministry's remarks Thursday, TikTok's CEO said the app isn't available in mainland China and is based in Los Angeles.
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