Chinese internet giant Tencent said its WeChat Pay digital payment system will slash transaction fees for small and medium-sized merchants, Reuters and Chinese media outlets reported. Tencent’s move comes at a time when China’s regulators continue to tighten their control over the country’s biggest internet platforms, through antitrust crackdowns and other measures. Earlier this week, food...
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Sequoia Capital China Buys Discounted Stake in Prominent E-Commerce App
Sequoia Capital China recently acquired a stake in Chinese social e-commerce app Xiaohongshu from existing investors at a discount to the company’s most recent equity financing valuation, according to three people with knowledge of the matter. Sequoia China, which is preparing to separate from Silicon Valley’s Sequoia Capital next year, bought the Xiaohongshu shares earlier this...
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