Hi everyone,

Happy New Year! I want to THANK YOU for your support and interest in China fintechs and our newsletter over the past year.

To make this first day back to work a little easier, I promise that this week's updates will be the shortest you've ever seen from me. 😄

Ning

Product & Partnership Launches

• UnionPay expanded QR code payments to Laos after Vietnam.
• OCBC has agreed to sell its 33.3% stake in Hong Kong Life Insurance to Yue Xiu Enterprises for HK$589.3 million, pending regulatory approval.
• Nokia has filed a patent in China for a digital asset encryption device, marking its entry into blockchain security, though the reason for choosing China is unclear.

Financing, Investment & Acquisition

• Lianlian DigiTech plans to sell a 14.27% stake in Express Technology Services, their Joint Venture with American Express (Amex), to Amex for 1.57 billion yuan. 
• PBOC has approved an increase in registered capital to 200 million yuan for Kuaishou’s payment subsidiary. Kuaishou is a leading Chinese streaming app, Tiktok’s main competitor in China. 
• Shein, aiming to list in London, faces a UK parliamentary hearing on January 7 regarding workers' rights in its supply chain.
• Alibaba is reportedly reducing prices on its large language models, with discounts reaching up to 85%.

Other Read

• China’s Year in Numbers
• Diamonds and Eels: China's Year in Trade
• Touch and Go: Will Alipay’s ‘Tap!’ Gamble Pay Off?
• Chinese youth flock to civil service, but slow economy puts 'iron rice bowl' jobs at risk

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