58.com does well at IPO, while poker app maker Boyaa is looking forward to one. WeChat battles newcomer Laiwang, anti-virus maker gets called out for “massive fraud”, and the government makes it easier to do startups in the country. Here’s this week’s top news from China.
Alibaba has continued its relentless promotion of its latecomer chat app Laiwang, and it looks like WeChat, its biggest competitor, has begun to fight back.
2. Alibaba secures Chinese government approval to sell funds on Taobao as it continues to disrupt the banking sector
The move marks the latest stride in Alibaba’s march into the online banking sector. The company’s financial product portfolio Alipay, the third-party payment platform which currently occupies 40 percent of the market.
58.com has 130 million monthly unique users. Its 2012 revenues hit $87 million but it made a loss of $30.4 million.
The company brought in RMB 8.892 billion (about $1.453 billion), marking a 42.3 percent annual increase. Operating profits, however, came in at RMB 3.338 billion (about $545.4 million), up just 1.2 percent from the previous year.
The IPO is expected to raise HKD 1.03 billion ($132.8 million) under the stock ticker HKG:0434. Among the company’s previous investors is Sequoia Capital.
P1.com (formerly P1.cn) is a Chinese social network for people with a taste for the finer things in life. Since 2007, it’s catered to people who identify themselves by their high social status.
7. Chinese anti-virus maker NQ loses over $700 million in value amidst concerns of “a massive fraud”
These fears about NQ stem from a report by the short-sellers Muddy Waters, which released a report last week lambasting NQ – formerly called NetQin – as “a massive fraud.”
China will streamline its corporate registration system by scrapping the minimum capital requirement, according to Xinhua. The process will be streamlined to ease market access and encourage social investment.
PPTV is one of China’s biggest – and longest standing – video-streaming sites. Persistent rumors of its acquisition this year have framed a number of potential buyers, including e-commerce titan Alibaba.