This Week In China Tech: Facebook Loses App Dominance, Tencent Undercuts Didi, And More

This Week In China Tech: Facebook Loses App Dominance, Tencent Undercuts Didi, And More

Facebook has lost its crown as the most downloaded app in the iOS app store to a Chinese social media company, Tencent came out with a 50% cheaper offer for commuting vs Didi, and a no money down rental business model emerged, backed by Alibaba. This Week In China Tech focuses on telling you the stories that you won’t find in the Western press and helping you keep tabs on why it all matters. Chinese App Douyin Tops iOS App Rankings, Replacing Facebook You’ve likely never heard of Douyin, but you may have heard of Tiktok, which is the western version of the Chinese social media network where users can make 15-second musical selfies. The app officially beat out Facebook (article in Chinese) as the most downloaded non-game iOS application worldwide in Q1 of 2018 with 45.8 million downloads. In China, however, renting is about to become a big business trend with companies like "La Rent" providing no money down rental options for popular technology like drones, iPhones, GoPros and more. This week, La Rent announced their latest round of funding (article in Chinese) from Zhong Guang Cun and made media headlines with their instant credit approvals and zero money down rental options for users with good credit. As Chinese companies go, they are not alone in doing so... Tencent Undercuts Didi With Car Sharing Service Pony Ma, founder, and CEO of Tencent (China’s Facebook) launched a poll in April on WeChat asking their users which city they wanted to see the company roll out their new car-sharing service to next. If a user has a 700 score or better, they can rent a car with no money down. Tencent’s car-sharing service is now available in 15 cities, including Beijing, Shanghai, and many Greater Bay cities. The company plans to expand to 20 cities in 2018 and have a total car rental fleet of 20,000+ cars by year-end.

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What an eventful week we’ve had in China. Facebook has lost its crown as the most downloaded app in the iOS app store to a Chinese social media company, Tencent came out with a 50% cheaper offer for commuting vs Didi, and a no money down rental business model emerged, backed by Alibaba. This Week In China Tech focuses on telling you the stories that you won’t find in the Western press and helping you keep tabs on why it all matters. Here’s the news.

Chinese App Douyin Tops iOS App Rankings, Replacing Facebook

You’ve likely never heard of Douyin, but you may have heard of Tiktok, which is the western version of the Chinese social media network where users can make 15-second musical selfies. The app officially beat out Facebook (article in Chinese) as the most downloaded non-game iOS application worldwide in Q1 of 2018 with 45.8 million downloads. While Facebook still has the lead in overall downloads, this is a major milestone for Chinese companies. To enter the western market, localize effectively, and beat out the world’s most powerful social network is unprecedented.

Tiktok is part of the Toutiao portfolio of companies and is currently scaling across the world. The app is now in 150 countries and boasts 100 million monthly active users, with further growth predicted in the coming months. It’s too early yet to predict if Tiktok will be the next Snapchat or Instagram, but its the first Chinese social app to establish a major global footprint, and its reach is only growing.

An Apple iPhone X on display during an Apple event at their main store Tuesday, March 27, 2018, in Chicago. (AP Photo/Charles Rex Arbogast)

New ‘No Money Down’ Rental Model Takes China By Storm

Renting or lease to own business models are not…

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