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.
1. More chat app silliness: Tencent allegedly blocks invites to Laiwang on rival app WeChat
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.
3. China’s Craigslist launches IPO, hits NYSE higher than expected at $22 per share
58.com has 130 million monthly unique users. Its 2012 revenues hit $87 million but it made a loss of $30.4 million.
4. Baidu Q3 revenues up 42% annually, but profits thin as company funnels investments in mobile
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.
5. Chess and poker app maker Boyaa to snag $133 million in IPO
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.
6. China’s most exclusive social network hits 3 million users, pivots to mobile
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.
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