New Oriental Education ($EDU), the largest Chinese tutor on the block, recently posted a year-end summary: Revenues in 2021 decreased by 80%; 60,000 employees were dismissed; and the company lost 20 billion yuan ($3 billion) through such expenses as tuition refunds and severance pay.
Tencent has off-loaded $3 billion worth of shares in the Singapore-based gaming and ecommerce firm Sea, in a move to align its portfolio to match the priorities of Beijing’s “common prosperity” and sustainability push.
Updated October 26: The China Project's tracker of all of China's different crackdowns — now affecting 19 different industries or interest groups.
Chinese bookshops nearly died under the assault of ecommerce companies, but they are booming again as cultural centers and recreational spaces where books are just one part of the offering.
Pinduoduo is now China’s largest ecommerce platform by annual active users, surpassing Alibaba.
More and more Chinese people are getting their prescription medicine from online pharmacies, but the young industry has plenty of growing pains.
Apart from strongman politics, China’s logistical networks — ultra-fast, thoroughly diffused, and widely trusted — helped a nation weather lockdown during COVID-19.
The livestream industry is flourishing in China, with the top hosts gaining celebrity status and earning thousands per day off commissions. But becoming the next livestream star is not as easy as it seems.
Worker abuse, pollution, and a big squeeze on small business.