China’s top ride-hailing app dropped Swedish fashion retailer H&M from its listings as Chinese celebrities stopped endorsing foreign labels in a growing uproar over Western accusations of forced labour in Xinjiang.
More foreign retail brands came under criticism from social media in China on Thursday, in the wake of Beijing's propaganda offensive against H&M over the Swedish company's previously aired concerns on Xinjiang.
Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan (£4.4 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.
Alibaba Group Holding Ltd said it will invest 200 billion yuan ($28 billion) in its cloud infrastructure over three years, following a boom in demand for business software as the coronavirus outbreak peaked in China.
China's top technology, e-commerce and consumer electronic firms are set to report a sharp slowdown in revenue growth for the June quarter, as a bruising trade war with the United States hurt consumer spending.
Acne Studios is bidding farewell to three equity funds. In their place, IDG Capital and I.T Group have acquired 41% of the company's capital, while Mikael Schiller and Jonny Johansson remain majority shareholders.