According to leading chinese website Sixthtone.com:
“Police in central China’s Hunan province recently cracked a digital currency pyramid scheme crime involving 15 billion yuan ($2.4 billion) and arrested 119 suspects, a local television station reported Monday.
Founded by a Bulgarian woman, Ruja Ignatova, OneCoin entered China in September 2014. Though it is promoted as a cryptocurrency, it operates a private blockchain, unlike popular rivals like bitcoin, which uses a transparent public ledger.
In December of last year, the Zhuzhou Intermediate People’s Court in Hunan ruled that OneCoin was an illegal pyramid scheme — a multilevel marketing business that raises profits primarily by recruiting new investors. The verdict also revealed that the organization had charged membership fees of 1,000 to 280,000 yuan. Law enforcement confiscated more than 1.6 billion yuan from the criminal network.
The phenomenal growth of cryptocurrencies over the past few years has attracted millions of investors while also creating opportunities for criminals to take advantage of hype around the technology.
Zhuzhou police were tipped off about OneCoin as early as March 2016, and in December the same year, state broadcaster China Central Television warned the public that OneCoin was one of more than 60 virtual currencies that exploited the concepts of blockchain technology
Tag Archive for China
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Sexist Job Ads Discriminate Against Women in China — Even Specifying Applicants' Required Height, Weight and Facial Structure
by Tara Francis Chan • • 0 Comments
Many job ads in China openly discriminate against women according to research from Human Rights Watch.
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Mannatech Celebrates Growth In Hong Kong Market and China E-Commerce
by Ted Nuyten • • 0 Comments
Mannatech, Incorporated (NASDAQ: MTEX) a global health and wellness company committed to transforming lives to make a better world, is celebrating its strong growth in the Hong Kong market and China e-commerce with an incentive trip for its highest performers in Asia.
“We’re incredibly excited about this region,” said Mannatech CEO Al Bala.
“Momentum is accelerating in Hong Kong and our ecommerce efforts in China, and it’s time to reward our Associates who are really growing their businesses.”
Bala will be accompanying Mannatech’s highest-performing Associates on a multi-day incentive trip on Australia’s Gold Coast.
“Sales in Hong Kong and China are growing very quickly,”
said Tim Chang, General Manager, Greater China Region, who will join Bala for the event.
“Business is very strong, and our business leaders are doing a wonderful job communicating the desirability of our products and are attracting customers at a very rapid pace.”
The Gold Coast Incentive Trip begins March 11 and runs eight days. Nearly 200 Mannatech Associates & guests will be participating in the reward celebration.
The Star Gold Coast in Australia
About Mannatech
Mannatech, Incorporated, offers a profound wellness experience that makes a difference in the lives of people across the world. Through its innovative Glyconutrition products, Mannatech changes lives, providing an
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LifeVantage Products Now Available Throughout China
by Ted Nuyten • • 0 Comments
LifeVantage Corporation (Nasdaq:LFVN) today announced the commencement of a unique cross-border e-commerce model that leverages social marketing in China, making LifeVantage products available for the first time ever throughout China.
LifeVantage is a Triple A classified opportunity by Business For Home, the top rank.
A burgeoning e-commerce market, Chinese government enthusiasm for e-commerce and entrepreneurialism, a ubiquitous need for full-time and secondary income in China, and a strong demand for nutrigenomic products are among a confluence of factors making the model a win-win for both Chinaand LifeVantage.
“As an organization, it is a great source of pride to be able to formally offer our products nationwide in China,”
said LifeVantage CEO Darren Jensen.
“LifeVantage has a long and successful track record in Asia, and we are excited to be in a position to expand that footprint.
We are thrilled about the entrepreneurial prospects this will introduce to the people of China and that they will now be able to benefit first-hand from our leading-edge products and begin their own biohacker’s journey.”
Effective Feb. 1, 2018, select LifeVantage products will be available for purchase throughout China via a secure e-commerce website hosted in China. Products will be shipped directly from the U.S. to consumers.
Those in China wishing
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Amway Made China A Billion-Dollar Market Now It Faces A Crackdown
by Ted Nuyten • • 0 Comments
As first published in the New York Times:
Feng Gang stood in front of 150 people in a conference hall in Beijing that Amway, the American marketing giant, calls its flagship “experience center.”
Introduced endearingly as Big Brother, he pitched the company’s newest product to an audience of recruits — men and women, young and old, one a street sweeper still in his orange municipal jumpsuit.
Mr. Feng said Amway’s energy drink, XS, could reduce blood-alcohol levels by as much as 70 percent. It could cure depression, he went on, or help someone who is drunk drive home. His aim: to get the crowd to go out and sell the products.
For more than a decade, scenes like this represented a financial salvation for Amway and other companies that use sales representatives to recruit others below them in what’s called multilevel marketing.
Facing declining fortunes in the United States and elsewhere, they turned to a ballooning consumer class in China hungry for new products — and susceptible to promises of the riches to be had by selling them.
Now, the future seems less promising. The giants of multilevel marketing have come under a dual assault, from regulators here and in the United States.
Two companies, Herbalife and
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Tiens – China’s Largest Network Marketing Company The Facts
by Ted Nuyten • • 0 Comments
Just for your information 🙂 herewith a number of facts and figures about china’s largest network marketing company, Tiens is rather unknown in the western world.
Revenue 2016 est. $695 million.
Tiens group International was founded in 1995 by Dr. Li Jin Yuan in Tianjin China.
Today Tiens group International has become active:
1. Bio – Tech
2. Education
3. Retail
4. Tourism
5. Finance
6. E – Business
7. Real Estate etc.
And with its business reaching over 190 Countries, Tiens group International has set up branches in 110 countries and regions, has established strategic alliances with top rank enterprises from many countries.
Products developed by the Tiens group International:
1. Preventive Healthcare Food Supplements
2. Healthcare Appliances
3. Skincare Applications
4. Household Products
Tiens group International is ISO 9001 – 2000 Certified, Full member of DSA and has donated more than RMB 1.5 Billion to charities.
Tiens group International Founder & Chairman Dr. Li Jin Yuan is:
A member of CEO Committee of WFDSA.
Vice President of China Health Association.
World most Influential Chinese Business Leader.
Rank amongst the Top 30 in the 14th China Economic Person of the year List.
Tiens group International has its own International Health Industrial Park (Invested over 7Billion RMB to established it). Tiens group International also has other manufacturing plants in:
a. Toronto, Canada
b. Seattle, Washington, USA
c. Indonesia
d.
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LifeVantage Introduces New Products
by Ted Nuyten • • 0 Comments
LifeVantage Corporation just concluded Elite Academy, 2017. The event, held at Disney’s Coronado Springs Resort in Orlando, Florida serves as an important forum for new product announcements, training, and motivation.
LifeVantage kicked off Elite Academy by announcing two new products: Omega+™ and Stacks. According to Chief Science Officer Nathalie Chevreau, Omega+ represents a new way to deliver the right combination of Omega 3s, Omega 7s, and Vitamin D in a high-end formula that’s purely sourced and completely traceable.
Stacks combines the company’s best-selling products into different combinations designed to target specific health needs, helping further cement LifeVantage as a worldwide leader in biohacking.
“Biohacking is about helping our customers take control of their health to get the results they want,” said President and CEO Darren Jensen.
“Stacks is a powerful line of nutrigenomic products that deliver on that vision with customized and targeted health solutions.”
LifeVantage also announced that the company has commenced a cross-border commercial pilot program in China. Still in commercial testing, the program will use an ecommerce model that is incremental to the traditional network marketing model LifeVantage conducts across the rest of its markets.
The new model, powered by independent in-country social marketers, capitalizes on the rising trend of social entrepreneurism.
The
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3 Tactics Entrepreneurs Can Use for Startup Success in China
by Andrew Kuiler • • 0 Comments
As one founder said, “You don’t need to make a cookie with pork floss or chicken feet to appeal to the Chinese market.”
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New opportunities – the benefits of sourcing products from China
by Owen Gough • • 0 Comments
I have met several small businesses in the UK who are excited about sourcing products and raw materials from China to sell in the UK, but are nervous about the perceived risks. Yet they could learn a lot from the many successful SMEs already harnessing the power of global trade by making the most of
The post New opportunities – the benefits of sourcing products from China appeared first on Small Business.
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China Goes After Pyramid Schemes – Media Mix It With Network Marketing
by Ted Nuyten • • 0 Comments
According to an article in – GoKunming- Southwest China’s largest and best English-language website – dozens of Pyramid leaders have been arrested.
The article:
“The headlines have been loud and slightly hysterical recently. The cover story of popular magazine Caixin features the gaping jaws of a great white and the words “Man Eaters” .
It turns out this sort of hyperbole is not about imminent shark attacks, but instead concerns the predatory pyramid schemes — sweeping across the country and bilking millions out of their hard-earned money.
Beijing recently stepped in after police uncovered scam after scam in nearly every corner of the country.
Marshaling the combined bureaucratic power of the ministries of Labor, Education, Commerce and Public Security, the ‘National Crackdown on Multi-Level Marketing Schemes’ is effective now and runs until November 15.
Pyramid schemes designed to defraud or swindle people out of money have been against the law in China since the 1990s. They were officially criminalized following the discovery of a string of large-scale operations in 2009. Since then, similar news stories sporadically appeared and then public interest would quickly ebb.
China arrest dozens of Pyramid ring leaders
However, over the past several weeks, four deaths circumstantially linked to separate MLMs operating in Tianjin and