[HowardMei]

Nah, the Chinese companies just don't believe that a business moat could be built by pure technologies given there're a surplus supply of fundings and capable engineers, as well as the mediocre IP protection law enforcement in China market.

Instead, they believe in building moat upon customer data retentions, user behavior bindings and collaboration network or ecosystem.

It's all about tradeoff between profit margin vs. volume scale, while in China market the latter one always prevail.