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Anta's success mirrors the transformation of China's consumption patterns.

Any host who is found to be implying, inducing or encouraging users to give large rewards by hyping or spreading vulgar content will be put on a supervision list and reported to radio and television management authorities, it said.

Any agreement it deems as acting against the national interest will be terminated, including existing agreements.

Ann Winblad is a Founding Partner of Hummer Winblad Venture Partners. (HWVP Photo)

Another major trend which has been widely observed among leading sovereign wealth funds is that they are more active in management after investment. They have participated in corporate governance, using their votes on issues like environmental protection and internal management. They have also paid more attention to their obligations to provide more added-value services to the companies they have invested in, said Tu.