Headlines from China: Alibaba, Tencent Make Fortune’s Top 10 Most Profitable Companies in China

Alibaba, Tencent Make Fortune’s Top 10 Most Profitable Companies in China

Today, Fortune China released the most recent top 500 Chinese companies. The total revenues of the 500 companies are near 40,000 billion yuan, a 18.22 percent jump compared to last year. U.S.-listed online video platform iQiyi is among the 47 companies that are newly added to the list. In terms of profitability, the majority of the top 10 most profitable companies are banks or insurance companies. Exceptions include internet companies Tencent and Alibaba, which are ranked No. 7 and No. 10, respectively. Read more on entgroup.cn

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Jiang Wen’s ‘Hidden Man’ Premieres in Beijing  

On July 10, a premiere event for Jiang Wen’s highly anticipated Hidden Man took place in an ancient town under the Great Wall in Beijing area. After the 137-minute screening, renowned Chinese director Ning Hao commented that the film is very “Jiang Wen,” indicating that the film is a strong demonstration of Jiang’s unique style. As the last film in Jiang’s “Beiyang” trilogy, Hidden Man is set during the Republic of China and inherits the style of the other two films (Let The Bullet Fly and Gone with The Bullets) in the series. ‘Hidden Man’ is written, directed, and edited by Jiang Wen. Jiang also plays the lead character. The film is set to open in Chinese theaters on July 13. Read more on Mtime

Tencent’s WeGame to Enter Global Market, Challenge Steam

It’s reported on July 10 that Tencent will launch an international version of its WeGame platform in Hong Kong, helping homegrown PC games gain more market share internationally. As the largest game distribution platform in China, WeGame currently provides around 220 games for users to download. As of this April, Don’t Starve Together, a game developed by Canadian company Klei Entertainment, has reached sales volume of 2M on WeGame. Before the disclosure of Tencent’s strategy, American game company Valve had announced its plan to bring its platform Steam to China in collaboration with China’s Perfect World. “Though facing fierce competition with Steam, WeGame still has its own advantages, including its original content, supporting system for Chinese indie game developers, and Tencent’s giant social network platform as backup,” says Turian Tan, an IDC game analyst.Read more on entgroup.cn

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