Newborn Town says apps not banned in IndiaBusiness | 2 Jul 2020 5:39 pm
Liu Chunhe, founder and chief executive of mainland mobile app developer Newborn Town (9911), said the company was less impacted by the escalating tensions between China and India as measures had been taken in advance.
None of the company's mobile apps has been banned by the Indian government, and the business was not affected, Liu said.
India on Monday banned 59 mobile apps in the country, most of which are Chinese apps including Bytedance’s TikTok and Tencent’s (0700) WeChat.
He said India is one of the company's major markets with a relatively large user base, and the company complies with local laws and regulations, as well as religious customs.
The company set up a "glocal" strategy, which emphasizes localization for its overseas operations, he added.
The company also announced to acquire shares in Mico, a social networking app with over 100 users in the Middle East, Southeast Asia and North America.
Newborn Town will hold around 25.62 percent stake and provide a convertible loan of 50 million yuan (HK$54.85 million) to Mico upon completion. Shares of Newborn Town surged by 10.31 percent to HK$2.14 today.