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Tag: China

  • China is Ted Baker’s savior

    China is Ted Baker’s savior

    China has helped drive a solid half year for men’s fashion retailer Ted Baker.

    The UK-based chain has been rolling out concessions in the mainland with a local partner. That helped the company’s average retail square footage to rise by 8.5 per cent over the period to reach 386,252 sqft. Store openings in Indonesia – and its newest market, Bahrain – also helped.

    Additionally Ted Baker’s website now delivers to over 200 countries with the retailer rolling out language specific websites – helping to drive impressive online growth and broaden its global reach.

    Fiona Paton, an analyst with Verdict Retail, describes Ted Baker as a go-to destination for Christmas gifting and self-treating due to its stylish designs, distinctive collection of partywear and its range of high-quality accessories and leather goods which appeal to aspirational shoppers. “It is therefore no surprise that Ted Baker has reported another impressive performance this Christmas.”

    UK retail sales will benefit from Ted Baker’s increasing international brand awareness, as the retailer becomes front of mind among tourists wanting to take advantage of the weaker pound and buy into British brands and premium goods while visiting the UK, says Paton.

    “Over the next five years menswear is going to be the fastest-growing clothing sector in the UK. Ted Baker benefits from a unisex brand appeal so should capitalise on this and invest in its menswear proposition to increase its appeal among new 25-34 year old shoppers looking to graduate from Topman and River Island, and who are prepared to spend more on their clothing.”

    She says refreshing its designs and increasing the frequency of newness in collections will also help protect Ted Baker against emerging competitors, such as Superdry, which launched a premium menswear collection with Idris Elba in 2016, Whistles and Jigsaw.

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  • Burberry Korea price cut is needed

    Burberry Korea price cut is needed

    Burberry Korea is under fire for cutting prices “too little, too late”.

    It’s not the first time Burberry has been criticised for its Asian pricing strategy. Last May,

    Jack Chuang, a partner with Hong Kong-headquartered OC&C Strategy Consultants, said that of all the luxury brands, Burberry is the one with the most significant price gap between Asian and European markets.

    “Prices in Mainland China are almost 40 per cent higher than in UK, while in Hong Kong, it is 20 per cent higher.”

    The South Korean office of Burberry recently marked down the price of some of its products to reflect the fallen value of the British pound, but only by a small margin compared with the currency’s depreciation, fashion industry officials said Wednesday.

    Burberry Korea dropped the local price by an average 9 per cent as the pound fell after Britain’s decision to leave the European Union in June last year. Industry officials say the markdown, however, falls far short of the 17 per cent fall of the British currency against the US dollar. The pound’s exchange rate against the South Korean won dropped 17 per cent from 1765.90 won in February last year to 1468.13 won as of January 9.

    The price adjustment in Korea also falls behind Burberry’s decision for Hong Kong, where the fashion brand’s product prices were taken down 10-15 per cent in September. Some of the products were down by 20 per cent. The markdown rate was more than the 9.75 per cent fall of the pound against the Hong Kong dollar at the time.

    Burberry Korea declined to talk on the matter despite repeated calls by news agency Yonhap.

    Consumer groups have long complained that foreign brands often take advantage of their popularity in South Korea to push demands they do not make in other countries or exclude South Korea from their market action.

    Swedish furniture maker Ikea caused ire last year when it kept selling dressers in South Korea that were recalled in the US and Canada after reported accidents involving children that resulted in deaths. The company had argued that the dressers meet local safety regulations. Volkswagen, who already settled on compensation to its consumers in the US from faked emissions tests, has yet to carry out full recalls or offer compensation steps in South Korea.

    US credit card company Visa in May came under fire for deciding to raise the processing fee by 10 per cent for overseas transactions, effective in South Korea but not in Japan or China.

    Such discriminatory actions are more stark at duty-free shops, industry officials say, who fiercely compete to host highly sought brands.

    “In case of popular brands, they often insist on excessive requirements, such as the cost of interior decorations when deciding to open their store,” an official at a Seoul duty-free shop said. “The retailers have to be compliant because of the brand power and because they have to attract customers, and they end up having to accommodate the demands.”

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  • Lalamove to expand to 100 Asian cities

    Lalamove to expand to 100 Asian cities

    Hong Kong-based logistics startup Lalamove has raised US$30 million in Series B funding to enable it to push into more than 100 cities in Asia by the end of the year.

    It is already established in 45 cities across China and Southeast Asia.

    Since it launched as EasyVan in 2013, the company has raised a total US$60 million in funding, with its latest round being led by Xianghe Capital from Beijing, with Blackhole Capital participating as a new investor. Previous investors Crystal Steam and Mindworks Ventures also contributed.

    Lalamove MD Blake Larson says the company is close to being profitable.

    Lalamove says it already has the largest service area for intracity deliveries in Asia with more than 500,000 drivers using the platform. More than 5 million people have used the service.

    Founder/CEO Shing Chow said he believes the logistics industry is underpenetrated by mobile platforms, citing the US$1.7 trillion market in China as an example.

    “The evolution of the logistics industry has not been as rapid as some other markets like communication, but we believe we are at a tipping point where transformation will now happen very rapidly.”

    Dubbed the “Uber for logistics” because it applies the on-demand economy to the delivery industry, Lalamove lets users choose pick-up and drop-off points, type of vehicle and either “advance booking” or “immediate delivery”.

    A company can schedule up to 20 stops per order, customise an account with “favourite drivers” and use one-click optimised routing to save time, reports E27.

    In Thailand, Lalamove partnered with Japanese chat company Line to set up Line Man so its user base could buy and deliver documents, packages, groceries and food items.

    In November, the company expanded into the Philippines, where its option to request round-trip deliveries for cash-on-demand was important.

    The company rebranded from EasyVan in November 2014, ahead of its Bangkok launch.

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  • Shares of world’s largest footwear maker plunge on false sales data

    Shares of world’s largest footwear maker plunge on false sales data

    Pou Sheng International Ltd, a unit of the world’s largest producer of branded footwear, recorded the largest intraday plunge in its stock price since 2008, after firing its chief financial officer for publishing inaccurate sales figures, and announced the departure of its chief executive.

    Shares of the company tumbled as much as 37 per cent to an intraday low of HK$1.30 in Hong Kong, wiping out HK$4.1 billion of its value. Share prices of Yue Yuen Industrial Holdings, the 62 per cent shareholder of Pou Sheng, fell as much as 9.8 per cent.

    “The Company discovered on 6 January 2017 certain incorrect sales records in the month of December 2016, which could potentially lead to recognition of revenue for sales transactions that did not take place before end of year 2016,” Pou Sheng said in its filing to the Hong Kong stock exchange.

    “The incident revealed weakness over the financial controls,”the Hong Kong-based company said, even though the relevant figures were not significant compared with the group’s overall revenue and did not materially affect any financial information published prior to the announcement.

    The retailer said it has sacked CFO Chen Luo-leng, while CEO Kwan Heh-Der has resigned.

    Pou Sheng is a spin off of Taiwan’s apparel and footwear maker Yue Yuen, which owns factories in mainland China, Vietnam and Indonesia, producing 300 million pairs of shoes every year for Nike, Adidas, Reebok, New Balance, Puma and Timberland.

    Deloitte has been hired by the Hong Kong-based retailer to carry out a check on accounting records of the company, Pou Sheng said.

    Pou Sheng has been in a tight financial spot for the past few quarters, as same store sales growth — a crucial gauge on a retailer’ s business well-being — slowed to 4.6 per cent for the first three quarters of the year from 6.7 per cent for the first half, spurring investor concerns over its long-term prospects.

    The incident has triggered a series of downgrades by research houses on Pousheng and Yue Yuen’s shares.

    “We are worried that a slowdown in Yue Yuen’s retail arm will only be more severe than what the market had feared, and the resignation of the CEO could lead to near term disruption of the company, indirectly affecting Yue Yuen’s financial performance,”a UBS report issued Monday said.

    Credit Suisse cut Yue Yuen’s rating to Underperform from Neutral, as it reckoned its earnings will be weighed down by a projected decline in Pou Sheng’s net profits, according to a Monday note. “This should significantly affect operations and financials of Pou Sheng in the near-term,”the investment bank suggested.

    However, Hugo Suen, an analyst with Sunwah Kingsway, painted a slightly rosier picture for Pou Sheng.

    “After all, this company has the best international sports brands [as its business partners], and the swift action by the board should be able to rescue its reputation in the long term,” Suen said.

    Pou Sheng closed Monday trading at HK$1.61, down 22.22 per cent while Yue Yuen erased some of the earlier losses to settle 6.88 per cent down from the previous close at HK$27.05.

  • Tata Motors” arm reports 12% rise in December retail sales

    Tata Motors” arm reports 12% rise in December retail sales

    Tata Motors’ subsidiary — Jaguar Land Rover (JLR) has achieved its best ever December sales performance in 2016, with total retail sales of 55,375 vehicles, up 12% on the prior year, primarily driven by the ongoing success of the Jaguar F-PACE, Land Rover Discovery Sport and the Range Rover Sport as well as strong demand for the long wheel base Jaguar XFL in China. JLR total retail sales for the full 2016 calendar year also reached record levels with sales of 583,312 units, up 20% compared to 2015.

    JLR’s global retail sales performance for December shows strong growth in China (up 36%), North America (up 30%) and Europe (up 8%) but softer sales in the UK (down 3%) and in other overseas markets (down 16%).

    Jaguar retail sales were up 95% in December 2016, retailing 16,349 vehicles driven by the ongoing success of the F-PACE and strong demand for the long wheel base XFL in China. Jaguar retail sales for the full 2016 calendar year reached 148,730, up 77% compared to 2015.

    Land Rover retailed 39,026 vehicles in December 2016, down 5% compared to December 2015 as strong retail sales of the Discovery Sport and Range Rover Sport were offset by lower sales of the discontinued Defender and Discovery models. Land Rover retail sales for the full 2016 calendar year reached 434,582, up 8% compared to 2015.

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  • S4M sets new target in travel retail

    S4M sets new target in travel retail

    Mobile advertising tech company S4M has launched a service to target more than 30 million airport travellers each week.

    Using enriched geo-localised user behavioural and contextual data, the company wants to help brands boost their presence in 30 global airports.

    “Airports are more than just transit areas – they present a huge opportunity for brands to engage with consumers,” says S4M VP of APAC sales Gavin Buxton.

    “The smartphone is an extension of the individual, so it is a must-have touchpoint when creating fully integrated brand experiences. Advertisers should be combining the omnipresence of the mobile medium with real-time geolocation at airports to deliver seamless customer journeys.”

    S4M’s “geofencing” technology helps advertisers analyse and understand mobile user profiles at airports. The company combines anonymous mobile device identifiers with GPS co-ordinates, device language settings and online periods. This mix provides advertisers with more insights into consumer behaviours and offers a new opportunity to engage with travellers at airports.

    “Consumers break away from their daily behaviours when travelling, and the only constant is their smartphones,” says S4M CEO Christophe Collet. “Our goal is to reach people in transit, whether tourists or business travellers, when they are away from their everyday routines. Brands that can deliver tailored messages to their customers, even when they are hundreds of kilometres from home, are truly transforming mobile advertising into a valuable service”.

    About 1 million people a day travel through the Skytrax-rated top five airports in Asia: Singapore Changi, Incheon, Tokyo Haneda, Hong Kong and Beijing.

    More than two-thirds of air travellers are from middle- to high-income groups, according to figures from the World Bank.

    Demographics such as luxury-brand shoppers, digital high-tech users, high-end car buyers and business travellers can be reached in a duty-free setting via mobile. Luxury brands such as L’Oreal have already used S4M’s technology for cross-country campaigns.

    S4M (Success for Mobile) is an innovative advertising technology company that transforms mobile ads into personalised content for individual users. Founded in 2011 by mobile marketing pioneers, it now services more than 350 advertisers internationally. S4M has its headquarters in Paris with more than 95 employees and five offices covering Asia Pacific, Europe, Latin America and the US.

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  • CapitaLand to manage La Botanica mall

    CapitaLand to manage La Botanica mall

    CapitaLand Mall Asia has signed its second management contract within five months, to manage the shopping mall in La Botanica, a township in Xi’an’s Chan-Ba Ecological District.

    The mall is being developed by (Xi’an) Property Development, a JV between CapitaLand and Hong Kong-based Henderson Land.

    The deal follow CapitaLand’s announcement in August that it is managing the retail component of Fortune Finance Center in Changsha, China, for Changsha Pilot Investment Holdings. It also follows the acquisition of CapitaMall Xinnan (formerly Galleria, Chengdu) by CapitaLand Retail China Trust in September.

    “We are fast-tracking the growth of our shopping-mall network in western China to capitalise on the region’s favourable economic prospects, which have been boosted by the Chinese government’s Western China development program One Belt, One Road economic initiative as well as the Sino-Singapore Chongqing Connectivity Initiative,” says CapitaLand Mall Asia CEO Jason Leow.

    “CapitaLand’s asset-light expansion strategy through management contracts will continue to gather momentum with this deal in Xi’an, and complement our core strategy of developing, owning and managing malls.”

    Under the contract, CapitaLand will oversee asset planning, pre-opening and retail management for a five-storey mall – four levels above ground and a basement level – with a gross floor area (GFA), excluding car park, of about 50,000 sqm.

    Expected to open in 2019, the mall will double CapitaLand’s retail presence in Xi’an, where it owns and manages CapitaMall Xindicheng, a 60,000 sqm one-stop shopping mall, about 10km south of La Botanica.

    Flagship developments

    Including the mall in La Botanica, CapitaLand manages a portfolio of 14 malls in western China with a combined retail GFA of about 1.13 million sqm. The region is also home to two CapitaLand flagship Raffles City integrated developments – Raffles City Chengdu, which opened in 2012; and Raffles City Chongqing, Singapore’s single largest investment in China at RMB24 billion (about US$3.4 billion) that will be opening in phases from next year.

    Leow says CapitaLand is preparing to open eight more malls this year, six of which will be in China. “As we continue to enhance our retail scale and network through acquisitions and management contracts, we will also look at reconstituting our portfolio to achieve an optimal asset mix to provide us with stability and a strong recurring income stream. ”

    CapitaLand-Henderson (Xi’an) Property Development GM Wu Xianyue says La Botanica is envisioned as a world-class garden city. It is in the heart of Chan-Ba Ecological District, a planned urban area integrating ecological, commercial, residential and cultural components. Targeted for completion in 2023, the township spans 3 million sqm, of which about 87 per cent is pegged for residential use. There is a commercial zone of more than 310,000 sqm, plus a 50,000 sqm central park, seven community schools and a general hospital.

    The shopping mall is at the heart of La Botanica’s commercial zone and will be served by arterial roads, 20 bus routes and a metro line. It is expected to serve an estimated 600,000 residents and working professionals living within a 5km radius. The population catchment is projected to reach about 1 million in the next four years.

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  • Alibaba moves to privatise Intime Retail Group

    Alibaba moves to privatise Intime Retail Group

    Alibaba has announced a proposal to privatise the Intime Retail Group, an investment-holding company that manages department stores and shopping malls in China.

    Alibaba Investment, a wholly owned subsidiary of Alibaba Group Holding, together with an entity wholly owned by Shen Guo Jun, the founder of Intime Retail, have asked the board of directors of Intime to put forward to shareholders a proposal to privatise the company by way of a scheme of arrangement.

    Under the proposal, shares in Intime would be cancelled in exchange for a payment by the joint offerors at HK$10 (US$1.29) a share, representing a premium of about 53.59 per cent over the average closing price of Intime shares over the past 60 days, and 42.25 per cent over the closing price of HK$7.03 before trading was suspended on December 28.

    Intime runs 29 department stores and 17 shopping malls, mainly in first- and second-tier cities in China. It has a particularly strong footprint in Zhejiang province, where Alibaba Group is headquartered. Alibaba owns about 28 per cent of the equity interests in Intime pursuant to an initial investment in July 2014 and a conversion into equity of convertible debt securities in June last.

    Under the proposed transaction, Alibaba would become the controlling shareholder of Intime, and it is expected its shareholding in the company would increase to about 74 per cent. This reflects Alibaba Group’s strategy to transform conventional retail by leveraging its substantial consumer reach, rich data and technology.

    Dynamic shift

    The dynamic shift to mobile in China has enabled Alibaba Group to work with brick-and-mortar retailers to integrate online and offline customer data, enhance consumers’ in-store experiences as well as achieve improvements in inventory efficiency and sales turnover.

    As of the quarter ended September, 78 per cent of the gross merchandise volume on Alibaba Group’s China retail marketplaces was generated from mobile, and monthly active mobile users reached 450 million in September.

    “China’s total retail sector is a US$4.5 trillion economy and is growing at 10.7 per cent a year,” says Alibaba Group CEO Daniel Zhang. “Alibaba is working with offline retailers to transform conventional approach, create new consumer shopping experiences and use actions to embrace future opportunities under the new retail model.

    “We don’t divide the world into real or virtual economies, only the old and the new. Those who cling on to the old ways of retailing will be disrupted, and brick-and-mortar businesses will be able to create value for consumers if they are integrated with the power of mobile reach, real-time consumer insights, and technology capability to improve operating efficiency. Our combination with Intime will enable us to tap into the long-term growth potential of a new form of retail in China powered by internet technology and data.”

    Alibaba says the maximum amount of cash needed for the Intime proposal is expected to be about HK$19.8 billion. The two companies are financing the transaction through internal cash resources and/or external debt financing.

    The proposed transaction is subject to customary closing conditions, including approval from Intime’s independent shareholders and the sanction of the Grand Court of the Cayman Islands where the company is registered.

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  • Taco Bell China launches in Shanghai

    Taco Bell China launches in Shanghai

    Mexican-inspired restaurant chain Taco Bell has opened its first outlet in China, near Shanghai’s landmark Oriental Pearl Tower in the Lujiazui business district.

    The restaurant has opened in conjunction with Yum China Holdings, which is the licensee of Yum! Brands in Mainland China.

    “Leveraging our deep insights into Chinese consumer preferences, developed from close to 30 years working in this market, we researched and fine-tuned the Taco Bell menu for China, and the initial response from customers is very encouraging,” says Yum China CEO Micky Pant.

    Favourite items on the brand’s menu have been adapted to local tastes, plus sauces have been developed. Items such as the Shrimp and Avocado Burrito will be offered only in China Taco Bells, and the Crunchy Taco Supreme now has Taco Bell’s signature nacho cheese sauce while the Volcano Chicken Burrito features spicy Sriracha sauce.

    Customers can order shared plates featuring seasoned nacho chips, spicy fried chicken and Mexican fries. Drinks available include cold draft beer and specialty cocktails such as the Margarita and the Mojito.

    There is an open kitchen so customers can see their food being made to order. There are also self-order kiosks.

    The restaurant has been officially launched following a soft opening during which customers have been sharing their experience of the brand through social-media posts, blogs and videos. More than 1000 people took part in a selfie soft-opening promotion.

    taco-bell-shanghai-inside

    California inspiration

    “Built around the concept of ‘Live Mas’, which literally means ‘Live More’, Taco Bell encourages its customers to try new things,” says Pant. “I look forward to creating experiences that surprise and delight people as we expand the Taco Bell brand in China.”

    The Shanghai restaurant showcases Taco Bell’s classic California-inspired look and design. It features surfboards hanging from the ceiling as well as guitars and graffiti art. It also integrates advanced technology throughout, including free Wi-Fi, digital ordering kiosks, digital menu boards and a range of payment options.

    “Building restaurants in new international markets is a key component to the overall growth and evolution of Taco Bell, and we’ve just scratched the surface of our global unit expansion potential,” says CEO Brian Niccol. “The opening of this restaurant in China is an exciting milestone for the brand, as this market holds tremendous growth potential.”

    Taco Bell has more than 7000 restaurants, more than 300 of them in 26 countries outside of the US. It aims to reach 1000 restaurants internationally by 2022.

    Yum China Holdings, with executive offices in Shanghai, has exclusive rights in mainland China to KFC and Pizza Hut as well as Taco Bell. Yum China also owns the East Dawning and Little Sheep concepts. With more than 7300 restaurants and 400,000-plus employees in more than 1100 cities, Yum China generated more than $8 billion in system sales in 2015.

    Taco Bell, a subsidiary of Yum! Brands, was the first quick-service restaurant to offer American Vegetarian Association (AVA) certified menu items. Taco Bell’s 350-plus franchise organisations serve more than 42 million customers each week through 7000 restaurants across the US, as well as through its mobile, desktop and delivery ordering services.

    Based in Louisville, Kentucky, Yum! Brands has nearly 43,000 restaurants in 135 countries and territories. Worldwide, it opens more than six new restaurants a day on average.

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  • Kasikornbank expands in China with local incorporation

    Kasikornbank expands in China with local incorporation

    Kasikornbank will soon be Thailand’s second bank to be locally incorporated in China, with hopes of cashing in further on the growing trade between the two countries.

    Thailand’s fourth largest bank by assets is currently going through the final procedures with the Chinese authorities, with official approval to be completed by mid-2017, Chairman Banthoon Lamsam told reporters on Thursday. Incorporation in China will enable Kasikornbank to operate on the same conditions as a local bank, including offering full-scale renminbi services to local clients. It would become the second Thai bank to incorporate in the country after Bangkok Bank.

     Also in 2017, the bank will open a new branch in Shanghai, its fourth in Chinese territory after those in Chengdu and Shenzhen on the mainland, and one in Hong Kong.

    “China is a super power country, especially at a time when so much change is going on in the global political landscape,” Banthoon said. He added: “The trading power of the West will be more difficult to rely on. We must lead on the East in which China stands as an important country.”

    Neither the economic slowdown nor the massive shadow banking industry in the country seems to bother Banthoon. “China does have its own problems but they have the system to adjust and control so the situation will remain manageable and can go on,” he said.

    Currency settlement

    Additionally, Kasikornbank on Thursday signed an agreement with Chinese fintech firm International Business Settlement to develop a baht-yuan cross-currency settlement system using blockchain technology.

    It will be based on an IBS platform which the Chinese company claims will be a cheaper, quicker and safer alternative to the dominant SWIFT settlement system. IBS Chairman Luo Feng said that his company is working with central banks in Europe and other regions in the world to develop the new settlement and clearing network.

    “IBS has the technology and network to facilitate international settlement that is not based just on the U.S. dollar, at a time when the yuan’s international presence is increasing,” Banthoon said.

    The system IBS is developing will enable direct settlement of transfers between baht and yuan, without the need to use U.S. dollar conversions at any point in the procedure.

  • Why Vietnam should care about how much Chinese tourists splurge

    Why Vietnam should care about how much Chinese tourists splurge

    More spending by Chinese visitors can boost Vietnam’s GDP by 1 percentage point. As more Chinese travel around the world, they leave bigger impacts wherever they go. Now experts say for countries that receive a large number of Chinese arrivals, including Thailand and Vietnam, their economic growth will be influenced by the spending habits of these visitors.

    A 30 percent increase in spending by Chinese tourists would boost Vietnam’s gross domestic product by nearly 1 percentage point, citing Credit Suisse. For Thailand, that would be around 1.6 points.

    Vietnam’s economy is expected to expand 6 percent this year, before speeding up to 6.8 percent next year.

    Mainland China accounted for 30 percent of all tourists to Vietnam, with more than 2.48 million coming in the first 11 months this year, up 54 percent from the same period last year. It was the biggest source market, and only came after Hong Kong in terms of growth.

    In October, the Chinese Tourism Administration released a top 10 list of favorite destinations for Chinese travelers, ranking Vietnam at seventh.

    Edward Lee, an economist with Standard Chartered Plc in Singapore, said that tourism in Southeast Asia will benefit from the growing Chinese demand.

    The number of Chinese tourists into Asia as a whole has grown tenfold since 2000, Lee said. They now account for a quarter of tourists in Thailand, which came first in the China’s list of top 10 favorite destinations.

    “Chinese tourism is pretty big for ASEAN now, and all the countries rely on Chinese visitors to keep coming and keep spending,” Lee was quoted as saying.

    Many direct flights are serving Vietnamese major cities from China. A large number also entered via northern border provinces, particularly Quang Ninh, home to the much loved Ha Long Bay.

    Quang Ninh has announced that it will ease visa requirements for Chinese visitors from January 1, allowing groups of Chinese travelers to stay for up to three days without a visa.

    Harry Sa, a research analyst at the S. Rajaratnam School of International Studies, told that “China can do wonders for the economy and the countries in the region understand.”

    Most countries welcome that, even those that have tensions with China, he said, referring to the overlapping claims in the South China Sea (which Hanoi calls the East Sea) that involve Malaysia, the Philippines and Vietnam.

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  • AirAsia named “Most Influential Airline in China” at Beijing awards ceremony

    AirAsia named “Most Influential Airline in China” at Beijing awards ceremony

    AirAsia was named The Most Influential Airline in China at the 2016 New Power of Travel Awards held in Beijing on Friday.

    The awards, hosted by Sina Travel and Youku Travel websites, review the development and trends of China’s travel industry.

    In statement today, AirAsia said Sina is the world’s largest Chinese-language web portal, while Youku is one of China’s top video and online streaming platforms.

    “The two websites evaluate travel-related companies and products based on the content and readership by over 800 million people who visit it.

    “The awards honour outstanding companies and products as voted by users, and provide travel guides on airlines, hotels and destinations for travellers.

    “The awards committee said AirAsia had influenced free and independent travellers in China with its young, passionate and creative brand image since entering the market,” it added.

    Meanwhile, AirAsia North Asia President Kathleen Tan said the airline is focused on presenting the very best content on Chinese social media, as the country is a very important market for it.

    “China is an incredibly dynamic market and we want to deliver an even better travel experience to our fans in China. This includes information on where to find the best food, hidden gems and great travel destinations where amazing memories can be made.

    “In line with this, we are working hard with our travel tourism partners and local governments to bring the world to China and vice versa,” she added.

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  • McDonald’s China and Hong Kong deal formally announced

    McDonald’s China and Hong Kong deal formally announced

    McDonald’s has confirmed the sale of its China and Hong Kong operations to an investment consortium for US$2.08 billion (HK$16.14 billion).

    Under the deal, the purchasers, Citic Limited, Citic Capital and The Carlyle Group, will open 1500 new outlets.

    Phyllis Cheung, CEO of McDonald’s China, says the Beijing-based Citic companies will together hold a majority 52 per cent stake in the spun-off business and US-based Carlyle and McDonald’s will hold 28 per cent and 20 per cent, respectively. The consortium will run the business for 20 years.

    McDonald’s says it will now re-franchise all its 2600+ stores in Mainland China and Hong Kong to improve sales performances, part of a global effort to cut costs.

    Cheung told China Daily the new company will use its Citic’s strategic relationship with SF Express and Tencent Group Holdings (the owner of WeChat) to facilitate delivery, enhance restaurant convenience and boost its “retail digital leadership and menu innovation”.

    “China and Hong Kong represent an enormous growth opportunity for McDonald’s,” said McDonald’s CEO Steve Easterbrook in a statement confirming the deal, which has been an open secret for some weeks.

    “This new partnership will combine one of the world’s most powerful brands and our unparalleled quality standards with partners who have an unmatched understanding of the local markets and bring enhanced capabilities and new partnerships, all with a proven record of success,” he said.

    The deal will be finalised in mid-2017.

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  • Chinese cross-border eCommerce rankings revealed

    Chinese cross-border eCommerce rankings revealed

    Surprisingly, Asia does not feature in the top 10 destinations of Chinese cross-border eCommerce during the holiday season.

    First to market, DHGate.com, a B2B transactional crossborder eCommerce marketplace, has released lists of the 10 destinations accounting for the largest volumes of shipments during the holiday season.

    The data includes the highest-selling product categories, the top countries for GMV (gross merchandise volume), the best-selling products, and the product categories with the largest increase in sales…

    Top 10 product categories
    1. Cell phones and accessories
    2. Consumer electronics
    3. Home and garden
    4. Health and beauty
    5. Sports and outdoors
    6. Shoes and accessories
    7. Apparel
    8. Toys and gifts
    9. Baby/children/parenting products
    10. Lights and lighting

    Top 5 products
    1. Holiday projector using LED lights to project Christmas images
    2. Baby shoes with LED lights
    3. Children’s building blocks, mini-figures
    4. Christmas-themed sequin cushion covers
    5. Nail-art stickers and tools

    Largest increase in sales
    1. Home and garden
    2. Health and beauty
    3. Shoes and accessories
    4. Apparel
    5. Baby/children/parenting products

    Top 10 countries for GMV
    1. US
    2. UK
    3. Canada
    4. Australia
    5. France
    6. Spain
    7. Italy
    8. Holland
    9. Germany
    10. Mexico

    Founded in 2004, DHgate.com services about 10 million global buyers from 230 countries and regions, with 1.4 million global sellers offering 40 million products.

  • Alipay users set spending record

    Alipay users set spending record

    Users of China mobile wallet app Alipay hit spending records last year both online and in stores.

    Of the app’s 450 million users, most are in Shanghai, paying out an average US$20,400 last year, says the Alibaba spin-off company. This was 1.5 times more than they spent the previous year.

    While the average middle-class wage in Shanghai is $35,000, this does not account for undisclosed income such as from rented property.

    These figures have been released just weeks after the app hit a record 1 billion transactions in a single day.
    Other highlights from Alipay’s year:

    • 71 per cent of Alipay transactions were on mobile devices, up from 2015’s 65 per cent
      Cash-strapped millennials, in China classified as those born in the 1990s, spent an average of $1080 through the app
    • Gen Y, those born in the 1990s, averaged $1590
    • The top 10 destinations outside China where Alipay was used for in-store shopping were South Korea, Hong Kong, Thailand, Macau, Taiwan, Japan, Australia, Singapore, New Zealand and Germany
    • Its single biggest overseas spender splurged $38,900.

    Meanwhile, the company has been signing up airports, major malls and top restaurants so China’s record 133 million overseas tourists can still use the app.

    About 2.3 billion Alipay transactions were chalked up using the built-in Ant Credit Pay, allowing for payment in installments, up 344 per cent from 2015.

    Alipay’s small loans service, Jiebei, issued loans worth $43.4 billion to 12 million users.

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