Tuesday Tech Briefing: Apple, P2P, ZhongAn



LARGE TECHNICAL COMPANIES

1. Apple removes illegal lottery apps from China Store

What: Apple has confirmed that it recently removed gambling apps from the store to collaborate with regulators. According to the state media, about 25,000 gambling apps have been drawn.

Why it is important: "Apple is subject to increasingly stringent regulations regarding its content in China, in a broader attempt by regulators to create a clean" cyberspace, which includes an improved censorship policy, "Reuters reported.

Large picture: In February, Apple moved its Chinese iCloud activities to China to meet new legal requirements. (Source: Reuters)

2. Alipay launches online tax refund in South Korea

What: Alipay joins Global Tax Free, headquartered in Seoul, to launch a paperless mobile tax refund facility in South Korea, the largest online payment service provider to be announced on Monday. It added that the two companies are planning to expand the tax reimbursement service to other countries in Asia in the future.

Why it is important: The service allows Chinese tourists to apply for tax reductions and claim for purchases made in South Korea via their mobile phone app, with in-city and airport tax return issues being completely bypassed, the Chinese company said in a statement. (Source: Caixin)

3. Chinese investors protest in the financial district of Shanghai about P2P misery

What: Approximately 300 investors in collapsed peer-to-peer (P2P) loan platform PPMiao protested at the office of HuaAn Future Asset, one of PPMiao's shareholders, in Shanghai on Monday. PPMiao said earlier that it stopped because investors had withdrawn money and some of their debtors were unable to repay loans.

Why it is important: The protest is the last sign of problems for the Chinese P2P industry, which has seen 243 companies collapse since June.

Large picture: "P2P platforms collect private investors' funds and lend to small business and individual borrowers, with the promise of high returns, and they thrived almost unregulated in China in 2011. At a peak in 2015, there were about 3,500 such companies . "(Source: Reuters)

OFFERS & FUNDRAISING

4. SoftBank invests in Chinese online insurance company ZhongAn

What: Chinese online insurance company ZhongAn International has announced that it will receive a strategic investment from the SoftBank Vision Fund and start a new operational entity, in collaboration with the fund. ZhongAn, who did not specify the size of the investment, will use the investment in the field of insurance, fintech and other technology companies in foreign markets.

Why it is important: ZhongAn International, established in 2017 to explore international business development, is a subsidiary of the first internet-only insurance company ZhongAn Online Property & Casualty Insurance Co. Ltd. (Source: Securities Lending Times, link in Chinese)

POLICY

5. Malaysian leader is close Look at the technology of China

What: Technological cooperation is high on the agenda of Mahathir's five-day visit to China. The Malaysian leader visited the offices of DJI, the world's leading drone maker and e-commerce giant Alibaba Group. He also witnessed the inking of a joint-venture deal for new energy cars between Geely Automobile Holdings in China and the Malaysian national car brand Proton.

Why it is important: Mahathir is on his first state visit to China after he resumed power in May. The carefully watched visit could determine the fate of a number of deals between China and Malaysia, of which Mahathir said he can postpone or cancel it. (Source: Caixin)

6. Chinese internet users exceed 800 million

What: The number of Chinese internet users has exceeded 800 million, with mobile internet users estimating 98.3% of all users at 788 million, according to the China Internet Network Information Center. The growth of the mobile payment app has stabilized, while the apps for rapidly transporting video apps and sharing economy are growing fast.

Large picture: Internet use in the world's most populous nation still has room to grow. According to the latest figures, the internet penetration rate in China is 57.7%, which is higher than the global Internet penetration level of 45.8% from 2016, but lower than the rates in the US and Europe, which from 2016 were at least 75%, according to data from the International Telecommunication Union. (Source: Caixin, link in Chinese)

Composed by Hou Qijiang and Qian Tong


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