Chinese tech giants typically focus on the consumer market. But their appetite for early stage investments in semiconductors is growing.
Douyin Pay was recently added to the app, allowing users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform.
Kuaishou is under tremendous pressure ahead of an IPO as it struggles to compete with rivals such as Douyin and Bilibili in the online entertainment sector.
The Covid-19 pandemic accelerated consumer adoption of e-commerce on WeChat and powered growth, as confined shoppers spent more time browsing on the app.