China Development in Nov 2020: AI industry, Electric Bicycles, Online Game, Double Eleven

  1. AI

Statistics show that, as of the middle of October, China had 1,499 smart robot companies, 2,707 drone companies, 6,722 face recognition companies, 2,855 smart voice companies, and 6,143 smart driving companies.

About 783,000 industrial robots are currently in operation in Chinese factories and the outbreak of the COVID-19 pandemic sped up the development of AI in the medical field, the report said.

2. Electric Bicycle

China’s output of electric bicycles reached 25.48 million during the first 10 months of the year, a year-on-year increase of 33.4 percent, said the Ministry of Industry and Information Technology.

From January to October, the revenue of major bicycle manufacturing enterprises stood at 141.9 billion yuan (about $22 billion), a year-on-year increase of 16.8 percent, and the total profit reached 5.88 billion yuan, 25.1 percent up year on year.

3. Online Game

Honor of Kings, Tencent‘s flagship video game, announced a record 100 million daily active users worldwide and said it was expanding into other genres and forming a tie-up with British luxury group Burberry.

Honor of Kings is the most successful game Tencent has ever made. Tencent, China’s biggest video games and social media company, also saw the game as a perfect conduit to develop the now highly popular esports in China, as more and more young and affluent Chinese are willing to spend money on video games.

4. Double Eleven

As far as sheer transaction volume is concerned, no shopping festival in the world comes close to China’s Nov 11, or Singles Day, which falls on Wednesday this year.

Consultancy Bain & Co said the “Double 11” sales event has grown by an annual rate of 35 percent over the past five years, with the total gross merchandise value in 2019 reaching 410 billion yuan ($60.4 billion).

In part to boost spending amid the COVID-19 outbreak, Alibaba Group-the company behind the daylong shopping frenzy-added a parallel new “shopping window “from Nov 1 to 3 with the same preferential prices in order to entice customers to place orders at an earlier stage.

Sales so far have been brisk, with GMV of 100 brands, including Apple, Huawei, L’Oreal and Haier, exceeding 100 million yuan in 111 minutes after sales officially commenced, a speed the company said “reached a new record”.

Alibaba’s Tmall Singles Day sales hit 372.3 billion yuan ($56.28 billion) in 10 days and 30 minutes starting from Nov 1.
 


Relative Posts:
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  2. China Development in Oct 2020: Integrated Circuit, Medical Device, Rich Individuals, Tourism
  3. China Development in Sep 2020: Internet, Health Insurance, CIIF, Taobao Villages, Electricity

 

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