NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at Taobao’s sales on 11/11/11, the anti-monopoly investigations against China Telecom and China Unicom, VANCL’s December IPO, PC Industry’s growth in India, and the iPhone 4S’s release in Hong Kong.
Taobao 11/11/11: Incredible Sales Amid Reports of Manipulated Prices
11/11/11 or Super Singles Day (an informal holiday that originated among netizens in the 90’s) saw incredible sales particularly on Taobao’s e-commerce platform. Within the first minute of the sale 3.42 million users hit the website. After only eight minutes the site had $15.8 million in transactions, 24 minutes later it had reached $47.3 million. The day’s sales figures reached 5.2 billion RMB. However, there have been reports that buyers noticed that prices had been manipulated to seem like they were better deals than they were.
China Investigating China Telecom and China Unicom
China announced it is investigating the two major state-owned companies for monopolistic behavior. This will be one of the first major anti-monopoly investigations of a non-foreign company, which have been the primary targets in the past. What effect this investigation will have is still unclear, though the investigation seems to be focused on the issue of pricing.
VANCL to IPO in December
VANCL has submitted the listing application to complete its IPO, which will occur next month at the earliest. US Securities and Exchange Commission has not yet listed VANCL. The company went through a series of large layoffs in September due to the recession but this is also believed by some to have been a tactic to make financial reports look better.
PC Industry Sees Large Growth in India
The Research firm Gartner found that India saw a nearly 13 percent increase in the number of units shipped in the third quarter compared to the same quarter in 2010. This growth is almost 10 percent higher than the worldwide market growth, which is at 3.2 percent. According to Vishal Tripathi, principal researcher at Gartner, this quarter was the best in the history of the Indian PC market.
iPhone 4S in Hong Kong
The launch of the iPhone 4S in Hong Kong this past Friday was met by a line of nearly 1,500 fans hoping to get their hands on the new phone. Around 40 police officers were stationed to ensure order. The 4S is expected to hit the mainland by December.