Alibaba to spend $431 million for Lunar New Year AI push as chatbot war heats up [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Yahoo! Finance
The pledge by Alibaba, which triples the spending promised earlier by rivals Tencent and Baidu, is ?set to start on February 6. It will involve incentives for dining, drinks, entertainment and leisure, with "large red envelopes distributed continuously," Alibaba said in a statement. Tencent and Baidu announced late last month they would spend 1 billion yuan and 500 million yuan respectively on ?similar promotions for their AI ?chatbots. Chinese tech companies have long used the Lunar New Year festive period - when hundreds of millions travel home and spend time with ?family - as a marketing battleground to acquire new users. The most notable case was in 2015, when Tencent leveraged its WeChat messaging app to distribute digital red envelopes, helping its WeChat Pay service ?gain ground against Alipay, which then dominated China's mobile payments market. The public holiday ?period this year begins on February 15 and is nine days long, longer than in most previous years. Comp
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