NAMES YOU SHOULD KNOW:
1. Li Jiaqi
Li Jiaqi, also known as “Lipstick King”, one of the most popular livestreamers in China, applied to have his catchphrase “Oh, my god!” and “Buy it, buy it!” trademarked. Audio logos are eligible for trademark registration in China since 2014, but only five percent of its total 750 applications were approved.
2. Uzi or Jian Zihao
One of China’s best League of Legends professional gamers, Uzi, announced his retirement, citing that he was suffering from chronic stress, poor health and injuries.
COMPANIES YOU SHOULD KNOW:
1. Dada Group
Dada Group, an on-demand delivery and retail platform, has launched its IPO process on Nasdaq. It is hoping to raise US$300 million. (1 June)
To compete against TikTok for international market share, Kuaishou launched Zynn, specifically targeting the US market. While Zynn topped the App Store last week (because it pays users to sign up, watch videos and refer others to sign up), it remains to be seen whether they could retain their popularity. (31 May)
Following Alibaba, NetEase will be the second US-listed Chinese tech company to launch a secondary stock listing on the Hong Kong stock exchange. JD.com, Baidu and Ctrip are reportedly planning similar moves. This came amid new Nasdaq audit rules that could restrict their access to American capital markets. (1 June)
A TERM YOU SHOULD KNOW:
1. Street Vendor Economy
A new pro-growth measure, which was banned since 2005, came back to life: roadside vendors and mobile merchants can operate again. With an unemployment rate of 6 percent (one of the highest since 2000) and 600 million people earning less than US$140 a month, this approach could create temporary jobs and help those who were heavily marginalized because of Covid-19. For example, Chengdu allocated 36,000 vendor spaces, which roughly equate to the creation of 100,000 jobs. On the other hand, there were concerns raised with regards to food safety, product quality and appropriate use of public spaces.