Pandaily Digest | Feb 1, 2023
Editor‘s note: Lotus Technology, a luxury electric vehicle maker backed by Chinese automotive giant Geely, will carry out a public listing on the Nasdaq under ticker symbol “LOT”.
Geely-Backed Lotus Tech to Go Public on Nasdaq Via Business Combination
Lotus Technology, a luxury electric vehicle maker backed by Chinese automotive giant Geely, will carry out a public listing on the Nasdaq under ticker symbol “LOT” via a merger with a special purpose acquisition company L Catterton Asia Acquisition Corp, which went public in 2021 and raised $250 million. Link
Headlines from China
Tesla’s Revenue Growth in China Slowed Down Sharply in 2022
According to a 10-K document submitted by Tesla to the US Securities and Exchange Commission on January 31, the firm’s total revenue in 2022 was $81.462 billion, up 51% year-on-year. Link
BYD Expects Profits to Top $2.5B in 2022
Chinese electric vehicle and battery maker BYD released its performance forecast for 2022 on January 30. The company expects to have achieved an operating income exceeding 420 billion yuan ($62.19 billion). Link
Great Wall Motor Introduces New CEO to Its WEY Brand
Chen Siying, former deputy general manager of Geely’s Lynk & Co’s sales company, officially joined Great Wall Motor on January 30 as CEO of the WEY brand and general manager of marketing for the TANK brand. Chen will report to Li Ruifeng, chief growth officer of Great Wall Motor. Link
Chinese Insurance Tech Startup Cheche Group Mulls US Listing through SPAC
Following the listing of Waterdrop on the NYSE in 2021, nearly two years later, another Chinese insurance technology company, Cheche Group, announced that it would complete its listing in the United States within this year. Link
News You Shouldn't Miss
Li Auto Founder Releases Vehicle Launch Plan, Lower Year-End Award Triggers Controversy
Li Xiang, the founder of Chinese electric vehicle Li Auto, revealed the cost positioning of each model on Twitter-like Weibo on January 30. The company’s L9 will remain in the price range of 400,000 yuan to 500,000 yuan ($59,225 – $74,031). Link
OnePlus Inks Three-Year Strategic Cooperation with Genshin Impact
Chinese smartphone maker OnePlus announced on February 1 that it had reached a three-year strategic cooperation with miHoYo’s action role-playing game Genshin Impact. Link
JD.com Shrinks E-Commerce Business and Strengthens Logistics in Southeast Asia
Chinese e-commerce giant JD.com has reportedly closed its sites in Thailand and Indonesia. In response to a request for comment by Pandaily, the company’s spokesperson said that it will continue to serve global markets. Link
Hong Kong Monetary Authority Plans to Bring Stablecoins into Scope of Supervision
On January 31, the Hong Kong Monetary Authority (HKMA) stated that it would give priority to the supervision of stablecoins. The major global financial centre is striving to become a virtual asset center. Link
Douyin’s Content Product Manager Zhi Ying Transferred to TikTok
Zhi Ying, vice president and head of content products of Douyin and Xigua Video, has been transferred to TikTok, Douyin’s sister app. She will be responsible for TikTok’s products, content ecology and other businesses. Link
In order to optimize your reading experience, articles linked in our newsletter have changed from those hosted at Substack.com to those on our own website at Pandaily.com. If you have any question regarding this matter, please contact us at contact@pandaily.com