Tech companies in China became big by asking their workers to make long hours, 996 in jargon. But those days are over says business analyst Shaun Rein to CBS. Not only is it illegal to let people work those long hours, but qualified workers also leave their jobs, because they want to have a life next to their work too.
Category Archives: Tencent
Investor Jim Rogers tried to buy an ice-cream in Beijing but discovered you cannot buy it for money, you need a mobile. Alibaba and Tencent have become giant technology firms that have changed day-to-day life.
Workers in China’s tech industry have been fighting the long work hours they make, the 996 – nine to nine working, six days a week. It’s difficult, admits William Bao Bean, managing director of startup accelerators Chinaccelerator and MOX, in the Asia Nikkei. The art for leaders at startups is motivating their teams.
Major industries like travel, retail, automotive, telecom and others see their traditional business models changing very fast. At Shanghai-based SOSV managing director William Bao Bean helps startups to make money in new ways, based on data, and capture fast emerging markets, he tells at the Phocuswright Europe conference in Amsterdam last week. Companies should not cling to melting margins, but identify where money can be made, he argues.
Sequoia, Tencent and IDG are the top investors in Chinese unicorns, says last weeks Hurun report on 202 unicorns, start-ups valued at more than US$1 billion, in China as of the first quarter of 2019. Shanghai’s new tech board would be an attractive listing option for Chinese unicorns, said Rupert Hoogewerf, founder and chief researcher of Hurun at the South China Morning Post.
China’s retailers, with Alibaba’s Hema at the helm, are leading the AI revolution in online and offline space. Consumer expert Ashley Dudarenok explains how AI, online and offline retail combine at a dazzling pace, at CFOinnovation.
The main reason for the current tech winter in China was the flush of money that has hit the industry, especially by the government, says VC veteran William Bao Bean to the BBC. A re-structuring of China’s start-ups’ scene is long overdue and that is good news for investors, he argues.
Facebook is struggling to remain relevant for its users and had a good look at China’s WeChat where group interactions are more private than the chaotic mess Facebook offers. But business analyst Ben Cavender wonders if the Chinese approach works at Facebook, he tells the South China Morning Post.