Headlines from China: Will Alibaba Reacquire Stake in Momo?

photo: Weibo.

Will Alibaba Reacquire Stake in Momo?

On May 29, Chinese tech company Momo, which is known as China’s largest location-based social network, releases its unaudited first-quarter 2018 financial report. According to the report, the company’s Q1 net revenue is $435 million, up 64% year-on-year. Stock price of Momo swiftly reaches 44.86 yuan ($6.99), which is close to the highest point last year. More than one year ago, Alibaba sold down stakes in Momo four times and lost its position as the second largest shareholder. Momo’s live streaming business then unexpectedly took off last year and brought the company significant amount of revenue. If Alibaba maintained as a major shareholder, it could earn 900 million dollars more in the past year. Read more on Sohu

Filmmaker Bi Zhifei Wrote to China Film Bureau to Accuse Review Site Douban

On May 30, Chinese director Bi Zhifei, who directed drama film Pure Hearts: Into Chinese Showbiz, posted a letter he wrote to China Film Bureau on Weibo. In the letter, he accuses Douban, a top film review site in China, for intentionally manipulating scores. On a scale of 1 to 10,  the score of Pure Hearts is 2, which makes the film the lowest-rating film on the site. Consequently, Douban users label Bi Zhifei as the “worst director ever.” In his letter, Bi responds that this score reveals the unjust movie rating system in China. With a master’s degree in film, a doctor’s degree from Peking University, and experience of visiting the U.S. as a film scholar, Bi says that the film which he spent twelve years to prepare should in no case receive such a poor score. “It is a shame of our country,” Bi remarks. Read more on Mtime

Homogeneous Offerings Hinder Development of Chinese Theme Parks

Currently, there are about 2000 theme parks in China. However, 70% of the parks are running at a loss, 20% can breakeven, and only 10% are profitable. Homogeneous offerings have become the main problem that hinders the development of the theme park sector in China. At a recent theme park conference in Qingdao, the following solutions are presented to diversify Chinese theme parks’ services and business models. First, Chinese theme parks must further integrate cultural elements into their designs and product offerings. Second, many Chinese theme parks mimic foreign theme parks’ designs and services, yet without strong technical support, the resemblance only remains on the surface. Creative design combined with high technology will help theme parks improve visitor experience. Read more on entgroup.cn