Living under a rock this week? Yeah, we know, it’s a tough housing market these days! But no worries, we’ve got your back. Here’s the big stuff you missed.
1. Tudou Posts $8m Profit in Q3 2011
In its first financial report after its successful IPO, video-streaming site Tudou posted an $8m profit. Who saw that coming? Not many people. Previously, industry experts had predicted that no one in the video sector was likely to post a profit before 2012, and perhaps even 2013. It seems Tudou’s recent partnership with LeTV may have given them a leg up on the competition.
2. Adobe Opens Online Store in China
Adobe has finally set up an online store to sell its products — like Photoshop, Illustrator, and many other programs used by design, video, and web professionals — but they’re charging the same high prices they charge everywhere else. Fair? Sure, but will Chinese designers go for it when pirated versions can save them literally thousands of dollars? We kind of doubt it, but this is still good news as it proves more companies are finally looking to cater to the China market and offering services commensurate with the services they offer abroad.
3. 24quan Closing Offices, Withholding Wages, Ignoring Debts
24quan seems to be the latest Chinese group buying site to get into trouble, and its trouble seems to be pretty significant. On this post, be sure to also check out the comment from 24quan CEO Du Yinan, who we’ll be speaking to in more depth for a follow-up post this upcoming week.
4. VeryCD Goes Legit, Loses 50% of Traffic
VeryCD was the king of the internet back when intellectual property rights weren’t an issue anyone discussed on the Chinese internet. But these days, things are different, and VeryCD has been moving to legitimize itself and shed its (wholly earned) reputation as a haven for free downloads of, shall we say, dubious legality. Unfortunately, it turns out a lot of Chinese net users prefer having things for free, and VeryCD’s traffic has suffered heavily as a result.
5. Citron Attacks Qihoo 360 Again
Get out your popcorn, folks, ’cause this little spat is starting to get interesting! After a first round swing that left many analysts shaking their heads, Citron has come back with another haymaker, accusing the Chinese anti-virus company of fraud.
6. Netease Weibo Has Over 88 Million Users. Wait, who?
Just when you thought it was down to Sina and Tencent, Netease reported in its latest financials that its Netease Weibo microblogging service has 88 million users. Uh, really? None of us have ever met anyone who has used Netease Weibo, so we’re a bit skeptical about those numbers, but you never know!
Thanks for reading again this week, folks! For our full spread of China coverage, you can click here or subscribe to our China RSS.
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