1. China Resources Beer launches 'Beer + Baijiu' dual-empowerment strategy According to Beijing News on February 23, Hou Xiaohai, CEO of China Resources Beer, stated at the second phase of the 2022 Alcohol Industry Innovation and Investment Conference that the company has initiated a 'Beer + Baijiu' dual-empowerment strategy. (Beijing News)
2. Taishan Beer considers Hong Kong IPO On February 24, Bloomberg cited sources saying that Shandong Taishan Beer Co., Ltd. is considering an initial public offering (IPO) in Hong Kong, potentially raising $200 million to $300 million. Taishan Beer is known for the number '7' on its bottles. Sources say Taishan Beer is working with Bank of America and China International Capital Corporation to prepare for the listing. The company could file a preliminary prospectus as early as June. (Interface News)
3. Alibaba's revenue up 2% last quarter On the evening of February 23, Alibaba Group announced results for the third quarter of fiscal 2023 (Q4 2022): quarterly revenue increased 2% year-over-year to RMB 247.756 billion, adjusted EBITA increased 16% year-over-year, and non-GAAP net profit increased 12% year-over-year. (The Paper)
4. Vipshop's GMV reached 175.2 billion yuan last year On February 23, Vipshop announced unaudited financial results for the quarter and full year ended December 31, 2022. In 2022, Vipshop achieved net revenue of RMB 103.2 billion, and non-GAAP net profit of RMB 6.8 billion, up 14% year-over-year. (Lianshang.com)
5. Douyin e-commerce tests PC shopping and content-driven sales Douyin e-commerce is focusing on building its PC platform, and has tested new features for showcasing and selling products on both mobile and PC, focusing on the ability to publish 'content' in the showcase to drive sales. Live rooms have added product attachment features, allowing users to shop on PC by scanning a QR code with the Douyin app. (36Kr)
6. Shanghai's fifth Sam's Club store to open soon Sam's Club's fifth store in Shanghai, the Zhenru store, is in the final stages of preparation and is expected to officially open in the second quarter of this year. This will make Shanghai the first city in China to have five Sam's Club stores. (Xinmin Evening News)
7. Tmall plans to launch hourly delivery service According to the Science and Technology Board Daily on the 22nd, Tmall is planning an 'hourly delivery' service, also known as the retail version of Ele.me. Liu Peng, Alibaba's vice president and president of the B2C retail business group, is the lead for this business, and is currently building a team. (Science and Technology Board Daily)
8. Junlebao's acquisition of Yinqiao Dairy assets approved Yesterday, the State Administration for Market Regulation published the latest list of unconditionally approved concentration of undertakings cases, including 'Junlebao Dairy Group Co., Ltd.'s acquisition of part of the assets of Xi'an Yinqiao Dairy (Group) Co., Ltd.', which was unconditionally approved on February 16, 2023. (Xiaoshidai)
9. Budweiser to produce three new high-end products in Sichuan At the recent Global Investment Promotion Conference for Investment in Sichuan and Chengdu Metropolitan Area held in Shanghai, the Budweiser (Ziyang) high-end beer production line project landed in Sichuan. A Budweiser official said that three new products will be added to production in Ziyang, expanding the existing capacity of Budweiser (Sichuan) Brewery Co., Ltd., and construction will start this year. (Sichuan Daily)