8/19 TBC Insider Digest
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Insider Digest 8/19/21: Adjusting High Incomes? Happay (China BNPL), and Personal Information Privacy Law
The Discord migration is basically complete! Thanks everyone for your participation and help! You need to go to bit.ly/tbcidiscord and sign in using your memberful email and password. You can always reset your password if you don’t remember it. This links your Insider account to your Discord account!
If you don’t have a Discord account, you should make one using the same email address as your Insider account. If you are having trouble, just email us at team@techbuzzchina.com or message Freya / myself on WhatsApp and we’ll help you out!
Weekly Chat will be in Discord as well! It worked fantastically last week so do join us if you can. We’ll still stick to the 6AM PST / 9AM EST / 9PM Asia Time for this Friday 8/20! We always find something fun to talk about, so do join us!
8/18/21 CFEEC Meeting Notes: Adjusting High Incomes?
The biggest news of the week was meeting notes released from the 10th meeting of the China Central Finance and Economics Commission (CFEEC), which is headed by — you guessed it — Xi Jinping himself. The NDRC, MoF, MoHRSS showed up to talk about common prosperity, and the PBoC, CBIRC, CSRC, NDRC and MoF (again) talked about the prevention and resolution of major financial risk. I read the document and found it very much to be, as some described it, boilerplate. I highlighted the most relevant parts for you, but they include the “3 distributions” (the third being philanthropy a la Tencent’s recent announcement of a donation) and the “adjustment of high incomes” which I think was a bit overblown (I can’t imagine it applying to the average tech worker, but upper management, sure).
Happay (China's First BNPL) Raises Near $100mm Series A
As most of you probably know, BNPL (Buy Now Pay Later) is responsible for some of the biggest unicorns on the market currently. There's Klarna (currently valued at $46Bn) and Afterpay, who was just acquired by Square for $29Bn, and Affirm, which went public (market cap: $17Bn). China, of course, now has its own, Happay.
8/19 Personal Information Protection Law - China's GPDR
The big news of today was the passing of the Personal Information Protection Law (PIPL) -- often referred to as China's GPDR and indeed shares much in common -- that will be enacted on November 1. Alibaba, JD and ByteDance have all launched initiatives re: securing personal data in the last month (in Chinese). Tencent (WeChat) and 43 other apps are chastised for having illegally transferred data and given a week to rectify.
Other Links
There were a lot of excellent comments and links shared on Discord this week, here are just a few …
Sheji shared the Social Commerce in Indonesia and Who is Shopee reports
Anton shared China’s attempt replace ASML and Chinese companies competing with Nvidia
Jezz shared a Chinese translation of the BAML equity research likening internet to telco and banks, 2 sectors that were regulated in the past and became “permanently de-rated”
Chris shared some sentiments from his groups of Chinese internet entrepreneur and investor on WeChat, but you’ll just have to log on Discord to see it!
That’s it! Please check the forums for amazing contributions from our members!
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