NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at VANCL possibly going public, Apple discussing the importance of the China market, the Chinese Government discussing group buy regulations, a new report on the group buy sector, and new subsidies for Chinese cloud computing.
VANCL to Go Public?
The Chinese online clothing site, VANCL, is in planing for its first public offering in the next month, according to sources reported by Tech Node. This listing could potentially be the largest public listing in the U.S. in the fourth quarter of this year.
China Market gets Sweeter and Sweeter for Apple
Although Apples quarterly earnings fell short of expectations, Chief Executive Tim Cook said the China is becoming increasingly important for the company. Greater China is Apples, “fastest growing major region,” and accounts for 16 percent of the their revenues this past quarter. Apple stores in China see more than 40,000 visitors per day, which is almost four times the traffic of Apple stores in the U.S.
China Authorities Work on Group Buy Regulations
According to Beijing Business Today, China’s State Administration for Industry and Commerce (SAIC) has invited representatives from nearly all major group buy sites to attend meetings to discuss and offer feedback on proposed group buy regulatory policies. Apparently the release of these new regulatory measures is now in final stages and something that we will be seeing in the near future.
CNNIC Releases Report on Group Buy Sector
According to the report 42.2 million Chinese netizens have used group buy sites in the last year. Despite all the difficulties the group buy sector has been going through in the past months they actually experienced a 125 percent growth in user numbers in the six months prior to June 2011. The report details user facts and statistics like factors in whether or not a user will buy a deal, deal buyers by gender etc.
2011 China Group Buy Users Investigative Report**
Chinese Government Subsidizes Cloud Computing
China’s National Development and Reform Commission (NDRC) announced that it would support domestic cloud computing with 1.5B RMB. This follows a tour of cloud computing efforts in Beijing, Shanghai, and Hangzhou. The cloud computing market in China has an estimated growth rate of 28 percent and is predicted to reach 60B RMB in 2012.