Android

Android 9 Pie (Go edition) arrives this fall

Posted by | Android, Android Go, android pie, Apps, Google | No Comments

With Android Pie now available (on a handful of devices, at least), Google’s prepping the launch of its low-powered counterpart. Android 9 Pie (Go edition) — the successor to the more pithily named Android Go — will be hitting arriving on devices this fall.

Like Android Oreo (Go Edition), the latest OS is a stripped down version of its latest full operating system, designed to run on devices with 1GB of RAM. The more modest hardware requirements make it a compelling match for low-cost devices and thus a solid option for developing markets.

Among other things, it will offer faster boot times than standard Android and will free up space on the phone’s storage. There are new security features on board as well, along with a dashboard for monitoring data consumption. There are a number of updates to individual Go apps, too, including the ability to read sites’ content aloud in Google Go and navigation in Maps Go.

According to Google, the Android (Go edition) is currently available on 200 devices in more than 120 countries.

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‘Unhackable’ BitFi crypto wallet has been hacked

Posted by | Android, computing, defcon, Gadgets, john mcafee, operating system, spoiler, Startups, tablet computer, TC | No Comments

The BitFi crypto wallet was supposed to be unhackable and none other than famous weirdo John McAfee claimed that the device – essentially an Android-based mini tablet – would withstand any attack. Spoiler alert: it couldn’t.

First, a bit of background. The $120 device launched at the beginning of this month to much fanfare. It consisted of a device that McAfee claimed contained no software or storage and was instead a standalone wallet similar to the Trezor. The website featured a bold claim by McAfee himself, one that would give a normal security researcher pause:

Further, the company offered a bug bounty that seems to be slowly being eroded by outside forces. They asked hackers to pull coins off of a specially prepared $10 wallet, a move that is uncommon in the world of bug bounties. They wrote:

We deposit coins into a Bitfi wallet
If you wish to participate in the bounty program, you will purchase a Bitfi wallet that is preloaded with coins for just an additional $10 (the reason for the charge is because we need to ensure serious inquiries only)
If you successfully extract the coins and empty the wallet, this would be considered a successful hack
You can then keep the coins and Bitfi will make a payment to you of $250,000
Please note that we grant anyone who participates in this bounty permission to use all possible attack vectors, including our servers, nodes, and our infrastructure

Hackers began attacking the device immediately, eventually hacking it to find the passphrase used to move crypto in and out of the the wallet. In a detailed set of tweets, security researchers Andrew Tierney and Alan Woodward began finding holes by attacking the operating system itself. However, this did not match the bounty to the letter, claimed BitFi, even though they did not actually ship any bounty-ready devices.

Something that I feel should be getting more attention is the fact that there is zero evidence that a #bitfi bounty device was ever shipped to a researcher. They literally created an impossible task by refusing to send the device required to satisfy the terms of the engagement.

— Gallagher (@DanielGallagher) August 8, 2018

Then, to add insult to injury, the company earned a Pwnies award at security conference Defcon. The award was given for worst vendor response. As hackers began dismantling the device, BitFi went on the defensive, consistently claiming that their device was secure. And the hackers had a field day. One hacker, 15-year-old Saleem Rashid, was able to play Doom on the device.

Well, that’s a transaction made with a MitMed Bitfi, with the phrase and seed being sent to a remote machine.

That sounds a lot like Bounty 2 to me. pic.twitter.com/qBOVQ1z6P2

— Ask Cybergibbons! (@cybergibbons) August 13, 2018

The hacks kept coming. McAfee, for his part, kept refusing to accept the hacks as genuine.

The press claiming the BitFi wallet has been hacked. Utter nonsense. The wallet is hacked when someone gets the coins. No-one got any coins. Gaining root access in an attempt to get the coins is not a hack. It’s a failed attempt. All these alleged “hacks” did not get the coins.

— John McAfee (@officialmcafee) August 3, 2018

Unfortunately, the latest hack may have just fulfilled all of BitFi’s requirements. Rashid and Tierney have been able to pull cash out of the wallet by hacking the passphrase, a primary requirement for the bounty. “We have sent the seed and phrase from the device to another server, it just gets sent using netcat, nothing fancy.” Tierney said. “We believe all conditions have been met.”

The end state of this crypto mess? BitFi did what most hacked crypto companies do: double down on the threats. In a recently deleted Tweet they made it clear that they were not to be messed with:

I haven’t really been following this Bitfi nonsense, but I do so love when companies threaten security researchers. pic.twitter.com/McyBGqM3bt

— Matthew Green (@matthew_d_green) August 6, 2018

The researchers, however, may still have the last laugh.

Claiming your front door has an unpickable lock does not make your house secure. No more does offering a reward only for defeating that front door lock, and repeatedly saying no one has claimed the reward, prove your house is secure, especially when you’ve left the windows open.

— Alan Woodward (@ProfWoodward) August 14, 2018

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Here’s where to sign up to get Fortnite for Android

Posted by | Android, epic games, fortnite, Gaming | No Comments

Fortnite’s journey to Android has been a complicated one. A few months back, Epic Games promised to bring the wildly popular survival sandbox title to the mobile OS, but only after sidestepping the traditional process for doing so. Fittingly, while it now appears to be live for Android, the process of actually getting the game is, well, complicated.

If you want to get started, you’ll need to sign up for a beta of the game. That’s right, while the title has been up and running on any number of other platforms (including its three-day head start on Samsung devices), it’s still in beta on Android. Give Epic your email address, and they’ll send you an invite…”as soon as you can play.”

How soon is that? Well, there appears to be a waiting list at the moment. How long all of this will take is anyone’s guess, though the company says it can take “a few days” for all of it to go through. Since the whole thing is bypassing the Google Play store (much to Google’s chagrin), you’ll need to install the Fortnite Installer APK to install Fortnite the game.

I went through a similar process to get the game on the Note 9. It’s weird and kind of annoying, but when it’s done, it’s done.

Oh, and you’ll want to make sure your phone is compatible. Epic’s got the full list here, which seems to include a pretty broad range, including Pixel devices and handsets from Huawei, LG, Nokia, OnePlus, Xiaomi, ZTE and Razer.

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Google will lose $50 million or more in 2018 from Fortnite bypassing the Play Store

Posted by | Android, android apps, Android games, Apps, epic games, fortnite, games, Gaming, Google, Mobile, play store, sensor tower | No Comments

When Fortnite Battle Royale launched on Android, it made an unusual choice: it bypassed Google Play in favor of offering the game directly from Epic Games’ own website. Most apps and games don’t have the luxury of making this choice – the built-in distribution Google Play offers is critical to their business. But Epic Games believes its game is popular enough and has a strong enough draw to bring players to its website for the Android download instead. In the process, it’s costing Google around $50 million this year in platform fees, according to a new report.

As of its Android launch date, Fortnite had grossed over $180 million on iOS devices, where it had been exclusively available since launching as an invite-only beta on March 15th, before later expanding to all App Store customers.

According to data from app store intelligence firm Sensor Tower, the game has earned Apple more than $54 million thanks to its 30 percent cut of all the in-app spending that takes place on apps distributed in its store.

That’s money Epic Games isn’t apparently willing to give up to Google, when there’s another way.

Unlike Apple, which only allows apps to be downloaded from its own storefront, Google’s platform is more open. There’s a way to adjust an Android device’s settings to download apps and games from anywhere on the web. Of course, by doing so, users are exposed to more security risks, malware infections, and other malicious attacks.

For those reasons, security researchers are saying that Epic Games’ decision sets a dangerous precedent by encouraging people to remove the default security protections from their devices. They’re also concerned that users who look for the game on Google Play could be fooled into downloading suspicious copycat apps that may be trying to take advantage of Fortnite’s absence to scam mobile users.

Google seems to be worried about that, too.

For the first time ever, the company is informing Google Play users that a game is not available for download.

Now, when users search for things like “Fortnite” or “Fortnite Battle Royale,” Google Play will respond that the app is “not available on Google Play.” (One has to wonder if Google’s misspelling of “Royale” as “Royal” in its message was a little eff u to the gamemakers, or just a bit of incompetence.)

In any event, it’s an unusual response on Google’s part – and one it can believably claim was done to serve users as well as protect them from any potential scam apps.

However, the message could lead to some pressure on Epic Games, too. It could encourage consumer complaints from those who want to more easily (or more safely) download the game, as well as from those who don’t understand there’s an alternative method or are confused about how that method works.

In addition, Google is serving up the also hugely popular PUBG Mobile at the top of Fortnite search results followed by other games. In doing so, it’s sending users to another game that can easily eat up users’ time and attention.

For Google, the move by Epic Games is likely troubling, as it could prompt other large games to do the same. While one odd move by Epic Games won’t be a make or break situation for Google Play revenue (which always lags iOS), if it became the norm, Google’s losses could climb.

At present, Google is missing out on millions that will now go directly to the game publisher itself.

Over the rest of 2018, Sensor Tower believes Fortnite will have gained at least $50 million in revenues that would otherwise have been paid out to Google.

The firm expects that when Fortnite rolls out to all supported Android devices, its launch revenue on the platform will closely resemble the first several months of Apple App Store player spending.

It may even surpass it, given the game’s popularity continues growing and the standalone download allows it to reach players in countries where Google Play isn’t available.

Meanwhile, there have been concerns that the download makes it more difficult on users with older Android devices to access the game, because the process for sideloading apps isn’t as straightforward. But Sensor Tower says this will not have a large enough impact to affect Fortnite’s revenue potential in the long run.

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Google isn’t sure how to spell ‘Fortnite Battle Royale’

Posted by | Android, Apps, fortnite, Gaming, Google, Startups, TC | No Comments

The launch of Fortnite Battle Royale has left Google in a slight predicament. While Google is in no way hard up for cash, Fortnite Battle Royale for Android certainly represented the potential for a relatively big revenue stream for an app. That is, until Epic Games decided it would launch Fortnite for Android from its own website, circumventing the Play Store.

But revenue aside, there’s also the matter of Google probably not liking the idea of huge titles circumventing the Play Store as a precedent. Plus, the lack of Fortnite Battle Royale within the Play Store poses a slight security risk to users, as there are quite a few V-bucks scams and malicious clones looking to capitalize on the popularity of Fortnite.

That’s why the Google Play store now displays a message to users in response to searches for “Fortnite,” “Fortnite Battle Royale” and other similar search queries.

“Fortnite Battle Royal by Epic Games, Inc is not available on Google Play,” reads the message.

That’s right. Google misspelled the “Royale” in Battle Royale. It was likely an honest mistake, but given the fact that Epic Games is making upwards of $300 million in revenue a month, which Google is not getting a cut of, it makes for some fun back-and-forth for us spectators.

Google lists PUBG Mobile, Fortnite’s biggest competitor, at the top of all Fortnite Battle Royale queries, but doesn’t include anything in its message around how to actually find the real Fortnite Battle Royale for Android .

While Google Play’s app review process should catch the vast majority of malicious clones, the message is at least moderately helpful for folks hearing about the Android version of Battle Royale without knowing the details around Epic’s launcher.

For what it’s worth, Fortnite for Android isn’t yet available to everyone. The game launched yesterday as a Samsung exclusive for folks with a Galaxy S 7 or higher, and will become available to all Android phone owners on August 12.

[via 9to5Google]

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Apple defends decision not to remove InfoWars’ app

Posted by | Alex Jones, Android, app-store, Apple, apple inc, Apps, hate speech, Infowars, iOS, iTunes, online marketplaces, play store, Policy, Social | No Comments

Apple has commented on its decision to continue to allow conspiracy theorist profiteer InfoWars to live stream video podcasts via an app in its App Store, despite removing links to all but one of Alex Jones’ podcast content from its iTunes and podcast apps earlier this week.

At the time Apple said the podcasts had violated its community standards, emphasizing that it “does not tolerate hate speech”, and saying: “We believe in representing a wide range of views, so long as people are respectful to those with differing opinions.”

Yet the InfoWars app allows iOS users to live stream the same content Apple just pulled from iTunes.

In a statement given to BuzzFeed News Apple explains its decision not to pull InfoWars app’ — saying:

We strongly support all points of view being represented on the App Store, as long as the apps are respectful to users with differing opinions, and follow our clear guidelines, ensuring the App Store is a safe marketplace for all. We continue to monitor apps for violations of our guidelines and if we find content that violates our guidelines and is harmful to users we will remove those apps from the store as we have done previously.

Multiple tech platforms have moved to close to door or limit Jones’ reach on their platforms in recent weeks, including Google, which shuttered his YouTube channel, and Facebook, which removed a series of videos and banned Jones’ personal account for 30 days as well as issuing the InfoWars page with a warning strike. Spotify, Pinterest, LinkedIn, MailChimp and others have also taken action.

Although Twitter has not banned or otherwise censured Jones — despite InfoWars’ continued presence on its platform threatening CEO Jack Dorsey’s claimed push to want to improve conversational health on his platform. Snapchat is also merely monitoring Jones’ continued presence on its platform.

In an unsurprising twist, the additional exposure Jones/InfoWars has gained as a result of news coverage of the various platform bans appears to have given his apps some passing uplift…

Well, the bans were great for Infowars app downloads. It’s the No. 4 news app in Apple’s App Store today, ranking above all mainstream news organizations.

(And yes, Apple and Google deleted some Infowars content but kept their apps available.) pic.twitter.com/NrJf0IIbnd

— Jack Nicas (@jacknicas) August 7, 2018

So Apple’s decision to remove links to Jones’ podcasts yet allow the InfoWars app looks contradictory.

The company is certainly treading a fine line here. But there’s a technical distinction between a link to a podcast in a directory, where podcast makers can freely list their stuff (with the content hosted elsewhere), vs an app in Apple’s App Store which has gone through Apple’s review process and the content is being hosted by Apple.

What percentage of people who discussed Infowars today understood the distinction between a podcast directory, actual file hosting, and whether software would allow manually adding a feed or listening to content?

— Ricky Mondello (@rmondello) August 7, 2018

When it removed Jones’ podcasts Apple was, in effect, just removing a pointer to the content, not the content itself. The podcasts also represented discrete content — meaning each episode which was being pointed to could be judged against Apple’s community standards. (And one podcast link was not removed, for example, though five were.)

Whereas Jones (mostly) uses the InfoWars app to live stream podcast shows. Meaning the content in the InfoWars app is more ephemeral — making it more difficult for Apple to cross-check against its community standards. The streamer has to be caught in the act, as it were.

Google has also not pulled the InfoWars app from its Play Store despite shuttering Jones’ YouTube channel, and a spokesperson told BuzzFeed: “We carefully review content on our platforms and products for violations of our terms and conditions, or our content policies. If an app or user violates these, we take action.”

That said, both the iOS and Android versions of the app also include ‘articles’ that can be saved by users, so some of the content appears to be less ephemeral.

The iOS listing further claims the app lets users “stay up to date with articles as they’re published from Infowars.com” — which at least suggests some of the content is identical to what’s being spouted on Jones’ own website (where he’s only subject to his own T&Cs).

But in order to avoid failing foul of Apple and Google’s app store guidelines, Jones is likely carefully choosing which articles are funneled into the apps — to avoid breaching app store T&Cs against abuse and hateful conduct, and (most likely also) to hook more eyeballs with more soft-ball conspiracy nonsense before, once people are pulled into his orbit, blasting them with his full bore BS shotgun on his own platform.

Sample articles depicted in screenshots in the App Store listing for the app include one claiming that George Soros is “literally behind Starbucks’ sensitivity training” and another, from the ‘science’ section, pushing some junk claims about vision correction — so all garbage but not at the same level of anti-truth toxicity that Jones has become notorious for for what he says on his shows; while the Play Store listing flags a different selection of sample articles with a slightly more international flavor — including several on European far right politics, in addition to U.S. focused political stories about Trump and some outrage about domestic ‘political correctness gone mad’. So the static sample content at least isn’t enough to violate any T&Cs.

Still, the live stream component of the apps presents an ongoing problem for Apple and Google — given both have stated that his content elsewhere violates their standards. And it’s not clear how sustainable it will be for them to continue to allow Jones a platform to live stream hate from inside the walls of their commercial app stores.

Beyond that, narrowly judging Jones — a purveyor of weaponized anti-truth (most egregiously his claim that the Sandy Hook Elementary School shooting was a hoax) — by the content he uploads directly to their servers also ignores the wider context (and toxic baggage) around him.

And while no tech companies want their brands to be perceived as toxic to conservative points of view, InfoWars does not represent conservative politics. Jones peddles far right conspiracy theories, whips up hate and spreads junk science in order to generate fear and make money selling supplements. It’s cynical manipulation not conservatism.

Both should revisit their decision. Hateful anti-truth merely damages the marketplace of ideas they claim to want to champion, and chills free speech through violent bullying of minorities and the people it makes into targets and thus victimizes.

Earlier this week 9to5Mac reported that CNN’s Dylan Byers had said the decision to remove links to InfoWars’ podcasts had been made at the top of Apple — after a meeting between CEO Tim Cook and SVP Eddy Cue. Byers’ reported it was also the execs’ decision not to remove the InfoWars app.

We’ve reached out to Apple to ask whether it will be monitoring InfoWars’ live streams directly for any violations of its community standards and will update this story with any response.

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Fossil announces new update to Android Wear watches with HR tracking, GPS

Posted by | Android, Apple Watch, computing, fossil, Gadgets, Google, gps, huawei watch, Qualcomm, smartwatches, TC, technology, ubiquitous computing, watches, wear os, wearable devices, Wearables | No Comments

Fossil’s Q watch line is an interesting foray by a traditional fashion watchmaker into the wearable world. Their latest additions to the line, the Fossil Q Venture HR and Fossil Q Explorist HR, add a great deal of Android Wear functionality to a watch that is reminiscent of Fossil’s earlier, simpler watches. In other words, these are some nice, low-cost smartwatches for the fitness fan.

The original Q watches included a clever hybrid model with analog face and step counter. As the company expanded into wearables, however, they went the Android Wear route and created a number of lower-powered touchscreen watches. Now, thanks to a new chipset, Fossil is able to add a great deal more functionality in a nice package. The Venture and the Explorist adds untethered GPS, NFC, heart rate and 24-hour battery life. It also includes an altimeter and gyroscope sensor.

The new watches start at $255 and run the Qualcomm Snapdragon Wear 2100 chip, an optimized chipset for fitness watches.

The watch comes in multiple styles and with multiple bands and features 36 faces, including health and fitness-focused faces for the physically ambitious. The watch also allows you to pay with Google Pay — Apple Pay isn’t supported — and you can store content on the watch for runs or walks. It also tracks swims and is waterproof. The Venture and Explorist are 40mm and 45mm, respectively, and the straps are interchangeable. While they’re no $10,000 Swiss masterpiece, these things look — and work — pretty good.

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Gmail for iOS and Android now lets you turn off conversation view

Posted by | Android, computing, email, gmail, Google, Google Allo, mail, outlook.com, Software, TC, webmail | No Comments

When Gmail launched with its threaded conversation view feature as the default and only option, some people sure didn’t like it and Google quickly allowed users to turn it off. On mobile, though, you were stuck with it. But here’s some good news for you conversation view haters: you can now turn it off on mobile, too.

The ability to turn off conversation view is now rolling out to all Gmail app users on iOS and Android . So if you want Gmail to simply show you all emails as they arrive, without grouping them to”make them easier to digest and follow,” you’re now free to do so.

If you’ve always just left conversation view on by default, maybe now is a good time to see if you like the old-school way of looking at your email better. I personally prefer conversation view since it helps me keep track of conversations (and I get too many emails already), but it’s pretty much a personal preference.

To make the change, simply tap on your account name in the Settings menu and look for the “conversation view” check box. That’s it. Peace restored.

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Google plans to roll out digital wellness features in Pie but Apple’s already got ’em

Posted by | Android, Apple, digital wellness, Gadgets, Google, Health, iOS, TC | No Comments

Google hopes to add a few digital wellness features to its latest desserted update, Pie (out today) but Apple is already on this health track with its latest update for iOS 12.

Digital wellness allows users to keep track of time spent on and unplug from your digital device when needed. Google announced the new wellness features coming to Android at I/O in May, including a dashboard for digital wellness, or the ability to track just how much time you spend on your device, an app timer that lets you set time limits on apps, a new Do Not Disturb feature that silences pop-up notifications and Wind Down, a feature to help you switch on Night Light and Do Not Disturb when it’s time to hit the hay.

Apple is also making digital wellness a focus. New features in this space were announced during its WWDC conference earlier this summer and the company has included an updated “Do Not Disturb” feature in the iOS 12 update, also out today.

Several studies have suggested the importance of unplugging and breaking our addictions to our smartphones for our sanity’s sake, and it seems Google would like to help us do just that with these new features. However, the new digital wellness features aren’t quite available in the latest Pie update, out today. We’ve asked Google why not and will update you when and if we hear back on that.

Meanwhile, Apple continues to roll ahead, adding its own controls to help iPhone owners curb their app and screen time usage. Similar to Android’s future offerings, iOS 12 includes a dash with a weekly report on how you spend time on your device. A feature called Downtime helps you schedule time away from your screen (versus just leaving your phone somewhere, seeing a notification and being tempted to pick it up), a feature to set time limits on apps and a way to block inappropriate content from reaching your screen as well.

Apple beats Android in this department for now, but those features will supposedly be made available to everyone with a Google phone eventually. For those wanting to check out the new digital wellness features for Android, you can still do that today, but only if you happen to have a Google Pixel — and only if you’ve signed up for the beta version.

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Chinese tech stocks tumble from more than just trade tensions

Posted by | alibaba group, Android, Asia, Baidu, China, e-commerce, economy, Europe, Google, martin lau, Naspers, pinduoduo, TC, technology, Tencent, United States, world wide web | No Comments

Editor’s note: This post originally appeared on TechNode, an editorial partner of TechCrunch based in China.

Reports of trade tensions between China and the US in the past few months have been hard to ignore. In early July, the US imposed $34 billion on Chinese goods, prompting the Shenzhen Component Index, dominated by technology and consumer product stocks, to fall to its lowest point since 2014, igniting fears among investors.

“The U.S. tariffs, coupled with a falling yuan, will significantly increase the cost for many Chinese technology companies that rely on imported raw materials, such as semiconductors, integrated circuits, and electric components,” Zhang Xia, an analyst for China Merchants Bank Securities, told the South China Morning Post.

Additionally, the U.S. commerce department announced yesterday it will place an embargo on 44 Chinese companies—including the world’s largest surveillance equipment manufacturer Hikvision—for “acting contrary to the national interests or foreign policy of the United States.” The move caused the companies’ share prices to fall by nearly six percent.

However, the focus has shifted to more than just the trade war. And a number of big Chinese tech companies have seen their share prices plummet for other reasons.

Pinduoduo, China’s latest e-commerce giant to list on the Nasdaq, found that an initial public offering (IPO) is not a panacea. Conversely, its listing has drawn attention to the company’s counterfeit products. And investors are not happy.

Tencent’s shares have nosedived by over 25 percent since its peak in January, erasing $143 billion in market value over the past seven months.

Search giant Baidu also hasn’t been immune. The company’s stock price dropped by nearly 8 percent this week following news that Google plans to re-enter the Chinese market.

Government crackdowns

While IPOs are usually a cause for celebration, Pinduoduo has proven this past week they can also be bad for business. The company—which has integrated e-commerce and social media—caters to low-income consumers living outside first and second-tier cities. It has been plagued by accusations of facilitating the sale of counterfeit low-quality goods.

Just days after going public, its share price tumbled by 16 percent, falling below its offer price of $19. The drop was, in part, initiated by requests made by television maker Skyworth to remove counterfeit listings of its products from the e-commerce firm’s marketplace.

The company announced (in Chinese) this week that it had removed 10.7 million listings of problematic goods. However, this did little to assuage concerns from investors and regulators after the latter launched an inquiry into Pinduoduo’s product listings. Its stock price dropped to 30 percent below its closing price on its first day of trading, wiping out over $9 billion in value.

This is unlikely to be helped by the fact that seven U.S. law firms have launched investigations into the company on behalf of its investors. The statement issued by the firms shows that investors suffered financial losses after Chinese regulators began looking into the company’s dealings. The company met today with regulators and agreed to improve its products’ vetting procedures.

However, it’s not only e-commerce platforms that have been affected. Video streaming service Bilibili has seen its stock price drop by almost 21 percent since July 20. The decline comes amid renewed efforts led by the Cyberspace Administration of China (CAC) to crack down on what it deems to be “vulgar” or “inappropriate” content.

The company has subsequently had its app removed from app stores in the country for one month. Nasdaq-listed Bilibili responded by saying it is “in deep self-review and reflection.”

Screenshot of the drop in Bilibili’s stock price. Accessed August 3, 2018

Rumored competition

Baidu, which runs China’s biggest search engine, found that even unconfirmed competition can cause stocks to tumble. In a move which could mark its re-entry into the Chinese market, news broke this week that Google has plans to launch an Android app that could provide filtered results to users in China.

Baidu currently commands nearly 70 percent of China’s search market. Google shut down its search engine in China in 2010 over censorship concerns, giving up access to a vast market. China’s online population now exceeds 770 million, double the entire populace of the U.S. and more than that of Europe.

Baidu’s income is still highly dependant on ad revenue, which increased by 25 percent in the second quarter. Google’s return is clearly seen as a threat, causing Baidu’s stock price to fall from $247.18 on July 31 to $226.83 on August 2. This marks the most significant fall since the company announced the departure of its chief operating officer Lu Qi in May.

Steady decline

Nonetheless, all these losses seem insignificant in comparison to Tencent’s. The company saw its stock price increase by 114 percent in 2017, reaching a record high in January 2018. However, since then, the price has dropped by nearly $130 per share, eviscerating a considerable portion of its market value. In July alone, its stock price fell by 9.9 percent. The company’s devaluation tops Facebook’s $130 billion rout following its earnings call last month.

In April, the company lost over $20 billion in value after South African investment and media firm Naspers — an early and loyal backer — announced it was trimming its stake by two percent. Additionally, Martin Lau, the company’s president, sold one million of his shares in the company. This, added to the Naspers sale and warnings of margin pressure, led to a loss of $51 billion in market value.

“Investors are increasingly pricing in lower expectations for Tencent’s interim results,” Linus Yip, a strategist at First Shanghai Securities in Hong Kong, told Bloomberg.

Yip expects the downward trend to continue, and not just for Tencent. “Overall, tech companies are facing a similar problem. They have been enjoying fast profit growth in the past few years, so it will be difficult for them to maintain similar growth in the future as the competition grows and some segments are saturated,” he said.

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