NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at Alibaba resolving the Tmall issue, Netease announcing a Fantasy Westword Journey film, Shanda Interactive’s management buyout, Happy Elements new round of funding and an article on the history and future of Amazon, Google, Facebook and Apple.
Alibaba Revises Rules, Ending Tmall Digital Protests
The issue that has plagued Tmall for the past week finally came to a close after the Ministry of Information and Technology ordered mediation of the problem. Jack Ma announced newly revised rules to appease irate merchants. Those who belonged to Tmall before Oct 10 and rank in the top 90% in terms of customer service will pay fees under the old rules until Sept. 30th, 2012. Alibaba has also invention over one billion RMB in consumer protection and other services.
Fantasy Westward Journey Film
The social gaming company Netease will invest RMB 100M in a film based on its MMORPG Fantasy Westward Journey. It should hit theaters during the Chinese Spring Festival.
Shanda Interactive Announces Management-led Buyout
The buyout would take the Nasdaq-listed company private. The management group apparently already controls 68.4 percent of the company and is offering to pay $41.35 a share for the other 31.6 percent. The company’s biggest source of revenue comes from its gaming unit which provides 77 percent of its revenue.
Happy Elements Pulls $30M in Funding
Game developer Happy Elements announces that they have obtained $30M in funding to be used for HR and expanding their mobile gaming business. The funding comes from Legend Capital and Doll Capital Management. Happy Elements is a top-ten gaming vendor on Facebook.
Fantastic Summary of Facebook, Amazon, Apple, Google and Their Future
A well written piece outlining the ongoing battle between Facebook, Amazon, Apple and Google. The article highlights the pitfalls these companies face while also suggesting that the next several years will bring even more incredible advances in the industry. “The coming years will be fascinating to watch because this is a competition that might reinvent our daily lives even more than the four have changed our habits in the past decade.”