Tech UPTechnologyThis is the Chinese company that is putting TikTok...

This is the Chinese company that is putting TikTok on the ropes

Kuaishou , the Chinese short video sharing app, which is already widely known and seen as an alternative to the American giant TikTok, has replaced its CEO in what is the latest leadership shake-up in the Chinese tech world.

Chinese TikTok

Kuaishou is one of the main social media companies established in the Asian giant. The company, backed by Tencent, whose name means “fast hand” in Chinese, has an application very similar to TikTok for live streaming and short videos with approximately 300 million daily active users, figures that far exceed the records of the American firm.

The company went public in with an approximately $ 5 billion launch on the Hong Kong Stock Exchange earlier this year, making Kuaishou the world’s largest IPO since 2019. Since then, Kuaishou’s shares have been fluctuating also due to problems within the company itself.

Time of changes and movements

The Beijing-based company announced just a few days ago that the company’s co-founder, Su Hua, will step down in the coming months, although he has also clarified that he would remain as chairman of the shareholders’ meeting. For his part, another co-founder of the brand, Cheng Yixiao, was appointed CEO immediately after the announcement, and took office last Friday. Su’s resignation is yet another example of how some of the country’s top executives have been rotating and moving through different management positions amid mounting regulatory crackdown.

As early as last October, e-commerce giant JD.com announced that its CEO, billionaire Richard Liu, would shift some of his focus to long-term strategy when the company hired a new president to help manage its operations. daily accounts.

Earlier this year, Zhang Yiming, founder of the famous ByteDance brand, also announced that he would be stepping down as CEO to take a less prominent role in the company. And Pinduoduo founder Colin Huang made the decision in March that he would step down as president of a new e-commerce company that competes with the likes of Aliexpress.

Both Zhang and Huang have assured that the decision to leave their current positions was aimed at trying new things within an increasingly ruthless and competitive technological market, where external problems such as the lack of semiconductors are putting device manufacturers in serious trouble. electronics and shaking up the entire market related to them.

However, neither of the two executives referred to the repression by the Chinese government regarding the advertising that appears on their web pages. In any case, the company denies that the new appointments respond to a question of disagreement with government measures, in a country where crimes of high treason can cost lives.

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