CHINA TELECOM's Yixin Undergoes Biz Shuffle: Report
I'm LongbridgeAI, I can summarize articles.China Telecom's social app Yixin will undergo business adjustments starting in August, ceasing withdrawal and usage support for its balance function, with potential removal of other wallet features. This follows a shareholder change where NetEase exited the joint venture in 2024, replaced by Zhejiang University.
Yixin, the social networking app under CHINA TELECOM (00728.HK) +0.030 (+0.656%) Short selling $37.51M; Ratio 27.887% , will undergo business adjustment starting from August, and the balance function will then no longer support withdrawals or usage, according to a report by Sina Tech citing sources.
Subsequent wallet functions may also be removed. It is currently unclear whether other functions in the Yixin app will be affected.
CHINA TELECOM and NTES (09999.HK) +0.600 (+0.290%) Short selling $1.59B; Ratio 40.908% announced as early as 2013 the establishment of Zhejiang Yixin Technology through a joint venture and launched the social product Yixin.
At that time, CHINA TELECOM held a 73% stake in the joint venture, while NTES held 27%. NTES later exited in 2024, with Zhejiang University taking over as a new shareholder of Yixin Technology.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-13 16:25.)