How a Chinese Startup Made $50 Million in 3 Months by Stealing US and UK Intellectual Property
Update, 2020 February 18: After reporting by publishers, the original app has been removed by Apple from the App Store. However, to get around this, the company has released another app called XiaoXiongHuiBen (小熊绘本) or "Little Bear Picture Books" under a personal developer account Lu Fang . The new app is the same as the original, just with a different logo. Original Article Below: For years, the United States and other foreign countries have accused China of stealing intellectual property. The US-China trade war has focused attention on high profile areas like military technology, telecommunications, and artificial intelligence. This story is about how a Chinese startup is currently profiting from stolen IP out in the open. In fact, their app can be downloaded from the Apple App Store right now . In just a few months of launching, it claims to have sold one million paid lifetime memberships to their app for 358 Chinese yuan each, which totals to about 50