The HotBrand this week is WeChat once again, but with ICBC, which is one of China’s biggest banks. As you know, digital Hongbaos (red gift envelopes that you can post to your community), is the topic that is the most discussed by Chinese each year. Alibaba and WeChat Tencent battle it out each year to be the leader of the digital Hongbao.
This time, the founder of WeChat, Zhang Xiaolong said that despite the huge success of WeChat’s digital Hongbao, there was a risk that it could diminish. He therefore wanted to re-invent the mechanism for Valentine’s Day, by introducing a golden envelope, with milligrams of real gold (indexed from the gold market). For example, 1314 milligrams of gold equal 360 RMB, so you can actually give an envelope with 1314 milligrams of real gold through this association between WeChat and the ICBC bank.
You may wonder why the number is 1314 — in Chinese pronunciation, I SAN I TZE is very close to One life and forever, which is highly appropriate for Valentine’s day!
So this new Hongbao envelope was launched in the hope of winning China’s ‘Hongbao war’, which is a key element of the BAT war (Baidu / Alibaba / Tencent), and has been a big success!