Big Tech’s red packet war is still hot, but sees waning interest

Chinese Big Tech companies’ seasonal rush to offer billions of yuan in electronic red packets, known as lai see in Cantonese, for the Lunar New Year holiday fell short of last year’s offerings, a sign of intensified competition among the country’s consumer-facing technology giants.Alipay, Baidu, JD.com, Kuaishou Technology and ByteDance’s Douyin, the Chinese version of TikTok, among other Chinese tech firms, pledged to hand out a total of 8.4 billion yuan (US$1.3 billion) in cash for the Spring…

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