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"For the latter, many gold jewelry manufacturers launched 3D-printed gold collections, which are lightweight (as most of them are hollow gold with an empty space inside) and are thus cheaper, but look as good as solid gold jewelry. Some manufacturers choose to increase supplies of 18-karat or 22-karat gold, which contain other metals and are less expensive but more durable to be crafted into jewelry," he said.

"Grandjoy has been actively upgrading its business after the consolidation. With the new move, Grandjoy will continue to elevate our business through integrating cultural elements so as to serve people's needs of living better," said Zhou Zheng, chairman of Grandjoy.

"Fighting counterfeits is a long-term process. We have learned a lot from the likes of Alibaba and imposed stricter fines on unlawful merchants," said Colin Huang, Pinduoduo's founder and chairman, during a media briefing last week.

"Hawaii" Yee Xiao Hao started playing the online game Defense of the Ancients, also known as Dota, with friends at high school in Brunei.

"For multinational corporations, more decentralized decision-making at the country level, faster rollout of products, and more localized endeavors to stay tuned to customers' needs are some of the decisive factors for their outperformance," Jason Yu, managing director of Kantar Worldpanel and one of the authors of the report, said. For instance, the role of e-commerce has moved from the periphery to the forefront in many businesses of multinational brands in China.