China app Developer Expected to Lose HKD 7.8M Investment Money in India and Stated that the Chinese government Could Not Help
The Indian government banned 43 mobile device programs for the national security reason last week, including various apps under China Alibaba. Until now, it has already suspended a total of 267 apps developed in China. Li Jialun, the boss of China Technology Company Club Factory, indicated that he has already accepted the destiny of being ruled out in the Indian market. And he expected that there are heavy investment losses, and has adjusted the development focus to Europe and the United States.
Club Factory is selling low-cost fashion and household products. According to the report from England Financial Times, Li raised US$100 million (HKD 780 million) from the investors to enter the Indian market last year. At that time, Club Factory was at the top of India download ranking and expected to be profitable. He indicated that he could see more opportunities in India than in the crowded market in China.
Li does not know when the Club Factory can resume operations, but he will certainly lose most of the investment. He indicated that the uncertain prospects for several months had frustrated business. “If consumers cannot see you in a long period, they will never come back.” Li also said that the Chinese government could not help at all.
Source from: Apple Daily #Nov29
https://hk.appledaily.com/international/20201129/UDVVXBAW4BE5DA3TBNTS5BA22Y/
#India #China #Alibaba #Europe #UnitedStates #FinancialTimes #ClubFactory
The Indian government banned 43 mobile device programs for the national security reason last week, including various apps under China Alibaba. Until now, it has already suspended a total of 267 apps developed in China. Li Jialun, the boss of China Technology Company Club Factory, indicated that he has already accepted the destiny of being ruled out in the Indian market. And he expected that there are heavy investment losses, and has adjusted the development focus to Europe and the United States.
Club Factory is selling low-cost fashion and household products. According to the report from England Financial Times, Li raised US$100 million (HKD 780 million) from the investors to enter the Indian market last year. At that time, Club Factory was at the top of India download ranking and expected to be profitable. He indicated that he could see more opportunities in India than in the crowded market in China.
Li does not know when the Club Factory can resume operations, but he will certainly lose most of the investment. He indicated that the uncertain prospects for several months had frustrated business. “If consumers cannot see you in a long period, they will never come back.” Li also said that the Chinese government could not help at all.
Source from: Apple Daily #Nov29
https://hk.appledaily.com/international/20201129/UDVVXBAW4BE5DA3TBNTS5BA22Y/
#India #China #Alibaba #Europe #UnitedStates #FinancialTimes #ClubFactory