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Chinese gift card market outperformed global peers, recording the strongest growth in 2020. The Chinese economy bounced back sharply with 4.9% growth between July and September 2020, outperforming global markets. Consequently, both retail and corporate consumer sentiment has turned positive, and in turn expected to drive growth of gift card in 2021.
Being the global leader in the e-commerce segment, the increasing number of internet users is driving the strong growth in China. With more than 900 million internet users, adoption of digital gift cards (e-gift cards) in China is faster than other comparable markets.
Increasingly, gift cards are being integrated into smartphone devices to enable mobile payment. Open loop gift cards and gift cards from leading online retailers are outperforming rest of the market, a trend expected to continue over the forecast period.
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Li Ka-Shing Is Again Hong Kong’s Richest Person as Zoom Investment Pays Off
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Spare a thought for Hong Kong’s property tycoons, who saw their wealth shrink slightly in 2020 amid an economic recession caused in part by the pandemic that battered the city.
Overall, though, the wealth of the city’s richest people grew 7.5% to $331 billion, according to the latest Forbes ranking of the region’s super-rich, even as the local economy contracted 6.1%, its worst showing since 1998.
Li Ka-shing regained his crown as Hong Kong’s richest man, gaining $6 billion this year as the pandemic raged, bringing his wealth to $35.4 billion.
Mukesh Ambani Is Richest Asian Again As China s Zhong Shanshan Loses $22 Billion Mukesh Ambani Is Richest Asian Again As China s Zhong Shanshan Loses $22 Billion Mukesh Ambani spent most of the past two years leading the ranking of Asia s richest people, taking over from Alibaba Group Holding Ltd. s Jack Ma.
Mukesh Ambani and his wife Nita Ambani arrive for the company s annual general meeting in 2019
India s Mukesh Ambani is back to being the wealthiest person in Asia.
Despite a brutal week for markets, his Reliance Industries Ltd. was relatively unscathed as it said it would spin off its oil-to-chemicals business into an independent unit. With a net worth of about $80 billion, Ambani is again richer than Zhong Shanshan, whose bottled-water company tanked a record 20% this week. The Chinese tycoon is worth $76.6 billion, down more than $22 billion from a peak just last week, according to the Bloomberg Billionaires Index.
Chinese Trucking Startup Files Confidentially for US IPO
China’s Uber-like startup Full Truck Alliance confidentially has filed for an initial public offering that could raise at least $1 billion as soon as this year, according to people familiar with the matter.
The startup backed by Tencent Holdings Ltd. handed in its IPO filing in the U.S. recently, the people said, requesting not to be identified because the matter is private. Full Truck Alliance is working with Morgan Stanley and China International Capital Corp. on its American debut after eking out a slim 2020 profit thanks to a pandemic-era shipping surge, the sources said.