or bust”, to cite a saying among jobseekers from the country’s elite universities. Thein question refers to the original trio of Chinese internet stars: Baidu, a search engine; Alibaba, an online emporium; and Tencent, a mobile-payments and video-game titan. The acronym is overdue an update.
Start with the bigger of the two, Meituan. It was founded in 2010 by Wang Xing, an engineering graduate from Beijing’s Tsinghua University, selling those discount vouchers. Like Tencent and Alibaba, it has expanded into other areas. In 2013 it launched a meal-delivery business and a travel arm that lets users book hotels and flights. Two years later it merged with Dianping, a restaurant-review and booking platform similar to Yelp. In 2018 it paid $2.
He has a point. Chinese e-commerce sales could expand by 16% this year, to 14.4trn yuan , according to eMarketer, a research firm, even as total retail sales may dip by 4% to 35trn yuan as a consequence of lockdowns’ toll on bricks-and-mortar shops. Alibaba will capture perhaps half of this growth. Pinduoduo will slug it out with.com for the rest. Shoppers hit by the coronavirus slowdown may lean towards Pinduoduo’s bargains.
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