Tik Tok topped the ranking of mobile apps with most downloads on Apple App Store in China in October 2018. PUBG, iQiyi, Tencent Video, and Xiaohongshu all retained their positions. Toutiao, Qutoutiao, and Xianyu made big progress. Tencent’s Honor of Kings still earned most. Eight out of the top best earners were game apps.
China’s e-commerce startup Xiaohongshu, or “Little Red Book,” has raised US$300 million with a valuation in excess of US$3 billion on May 31, 2018. Alibaba led this financing round, some famous investors GSR Ventures, Tencent Investment, GGV Capital, Genesis Capital, Tiantu Capital, Zhen Fund, and K11 Adrian Cheng have also participated.