Tech

China’s RedNote: what you need to know about the app TikTok users are flocking to

Published

2 months ago

January 15, 2025

Laura Li, 28, and her cousin Diego Deng, 20, search on the Chinese social media platform Xiaohongshu, in Hong Kong, China, April 30, 2024. REUTERS/Tyrone Siu/File Photo Purchase Licensing Rights

Chinese social media app RedNote has been thrust into the limelight after more than half a million TikTok users recently joined the platform in protest against a likely imminent ban on the short video app in the United States.

Known by its Chinese name “Xiaohongshu” in China, the platform is a popular lifestyle app where users document their lives and post recommendations.

Here are some details about the app:

WHAT IS THIS APP?

RedNote is often regarded as a localised adaptation of Instagram in China. Its Chinese name Xiaohongshu translates to “Little Red Book” in English, a phrase which traditionally refers to a collection of sayings by Chinese Communist leader Mao Zedong.

It is widely regarded as the go-to search engine these days in China for recommendations and the most popular topics on the app span beauty, fashion, travel and food. Its users in China are mostly young and female.

Its interface is different from TikTok or Instagram in that it displays multiple posts – either video, photos or longer-form texts – simultaneously.

Users are able to engage in discussions, share their posts, call each other and purchase products. The platform has recently been making a big push into livestreaming sales.

As of 2023, it had more than 300 million monthly active users, according to Chinese media reports.

Laura Li, 28, and her cousin Diego Deng, 20, search on the Chinese social media platform Xiaohongshu in Hong Kong

WHO OWNS REDNOTE?

The app was co-founded by Miranda Qu, its current president, and Charlwin Mao, its CEO, in 2013 in Shanghai. They initially called the app “Hong Kong Shopping Guide” and targeted Chinese tourists looking for recommendations outside the mainland.

RedNote is viewed as a potential IPO candidate. Shareholders include Chinese tech giants Alibaba (9988.HK), and Tencent (0700.HK) Singapore state investor Temasek as well as venture capital firms GSR Ventures, DST Global, and GGV Capital.

Mao has personal wealth of some 18 billion yuan ($2.5 billion) while Qu has a fortune of 12 billion yuan, according to China’s Hurun rich list.

DOES IT HAVE GLOBAL AMBITIONS?

The app is mainly used by Chinese people and while users have the option to change the app’s language, most of the content to date has been in Mandarin.

The influx of TikTok users has appeared to catch RedNote by surprise. Two sources familiar with the company said they were scrambling to find ways to moderate English-language content and build English-Chinese translation tools.

RedNote maintains only one version of its app, rather than splitting it into overseas and domestic apps. In contrast, Tencent runs overseas and domestic versions of its WeChat app while ByteDance also has a version of TikTok for mainland China called Douyin, in part to comply with Chinese government moderation rules.

The company is keen to mine the sudden rush of attention, as executives see it as a potential path to achieving global popularity similar to TikTok’s, the sources said. RedNote did not respond to a request for comment.

($1 = 7.3317 Chinese yuan)

Source: www.reuters.com

Tech

EU approves 920 million euro German aid for Infineon chips plant

Published

1 month ago

February 20, 2025

Net News Ghana

The European Commission said on Thursday it had approved a 920 million euro German state aid to Infineon for the construction of a new semiconductor manufacturing plant in Dresden.

The measure will allow Infineon (IFXGn.DE), to complete the MEGAFAB-DD project which will be able to produce a wide range of different types of chips, the Commission added.

Chipmakers across the globe are pouring billions of dollars into new plants, as they take advantage of generous subsidies from the United States and the EU to keep the West ahead of China in developing cutting-edge semiconductor technology.

The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030.

“This new manufacturing plant will bring flexible production capacity to the EU and thereby strengthen Europe’s security of supply, resilience and technological autonomy in semiconductor technologies, in line with the objectives set out in the European Chips Act,” the Commission said in a statement.

The Commission said the plant – which will reach full capacity in 2031 – will be a front-end facility, covering wafer processing, testing and separation, adding that its chips will be used in industrial, automotive and consumer applications.

The aid will take the form of a direct grant of up to 920 million euros to Infineon to support its investment amounting to 3.5 billion euros. Infineon has said the plant will be the largest single investment in its history.

Infineon has agreed with the EU to ensure the project will bring wider positive effects to the EU semiconductor value chain and invest in the research and development of the next generation of chips in Europe, the Commission said.

It will also contribute to crisis preparedness by committing to implement priority-rated orders in the case of a supply shortage in line with the European Chips Act.

Source: www.reuters.com

Tech

Trump says he is speaking to China about TikTok

Published

1 month ago

February 20, 2025

Net News Ghana

U.S. President Donald Trump told reporters on Air Force One on Wednesday that he was talking to China about TikTok as the United States seeks to broker a sale of the popular app.

Source://www.reuters.com

Tech

AT&T’s bundled 5G, fiber plans boost holiday-quarter subscriptions

Published

2 months ago

January 27, 2025

Net News Ghana

An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File Photo Purchase Licensing Rights

AT&T’s (T.N) fourth-quarter wireless subscriber growth surpassed expectations on Monday, fueled by strong demand for its discounted premium plans combining 5G mobile with high-speed fiber data services.

Shares of the company rose about 2% in premarket trading.

The U.S. telecom giant added 482,000 net monthly bill-paying wireless phone subscribers in the holiday quarter, outpacing analysts’ estimated gains of 424,550, according to Visible Alpha.

As the pool of potential new wireless customers shrinks in the United States, AT&T’s strategy of bundling high-speed fiber internet with wireless phone services has helped drive growth for the company.

Its fiber business added 307,000 new customers in the fourth quarter, higher than 226,000 additions in the prior quarter, marking its best fourth-quarter fiber net additions.

The last three months of the year are typically strong for telecom operators, driven by factors such as Black Friday promotions, trade-in deals for new iPhone launches and the gift-giving season around Christmas, all of which contribute to higher subscriber additions.

Rival Verizon (VZ.N) reported its best quarterly wireless subscriber growth in five years on Friday, with 568,000 monthly bill-paying wireless subscribers added in the fourth quarter.

AT&T expects annual adjusted profit between $1.97 and $2.07 per share, excluding the contribution from its 70% stake in DirecTV, which the company is selling for $7.6 billion. It was not immediately clear if the range could be compared with the estimate of $2.18 per share, according to data compiled by LSEG.Nasdaq futures slump after a cheaper Chinese AI model sparks panic in Silicon Valley.

AT&T said last month that it expected free cash flow to be more than $18 billion in 2027 and would reach more than 50 million locations with fiber by 2029.

Excluding items, it reported a profit of 54 cents per share, higher than analysts’ estimate of 50 cents per share, according to data compiled by LSEG.

Total revenue rose about 1% to $32.3 billion, compared with an estimate of $32.04 billion.

AT&T began offering bill credits for network outages from Jan. 9, part of a new initiative to attract customers in a highly competitive market.

Source: www.reuters.com/