Pandaily Digest | Feb 17, 2023
Editor's note: PICO, a VR brand acquired by ByteDance, will launch two new products in the near future, one of which will be the PICO 4 Pro, and the other is the PICO Neo 3.
PICO Starts Small-Scale Layoffs, New Products to Be Unveiled in April
PICO, a VR brand acquired by ByteDance, will launch two new products in the near future, one of which will be the PICO 4 Pro, to be launched in April or May, and the other is a low-end version based on the PICO Neo 3 for the lower-end market, Tech Planet reported. Link
Headlines from China
Revenue of Mini-Game “Sheep a Sheep” Developer Breaks $15.6B
At the 2022 Game Industry Conference, Beijing Jianyou Technology Co., Ltd., the developer of the pass-through mini game “Sheep a Sheep”, which became a national online sensation on China’s social media last year, said that the company’s revenue had exceeded 100 million ($15.6 billion). Link
ByteDance-Backed Feishu Sees $100M Annual Recurring Revenue in 2022
On February 16, Feishu, an office tool owned by Chinese tech giant ByteDance, announced that its annual recurring revenue (ARR), a key indicator, reached $100 million in 2022, an increase of 2.7 times compared with 2021. Link
Nubia to Launch First AR Glasses at MWC 2023
Nubia, a Chinese smartphone manufacturer well-known for its Redmagic series of gaming smartphones, announced its first AR smart glasses – Neovision Glass on February 17. The glasses will be unveiled at MWC Barcelona this year, the world’s most influential exhibition for the connectivity industry. Link
Faraday Future Denies Rumors of Founder Jia Yueting’s Return to China
News emerged on February 15 that Jia Yueting, founder of EV maker Faraday Future, was about to return to China from New York on February 18 on China Eastern Airlines’ flight MU5171. The report was later denied by Faraday Future. Link
News You Shouldn't Miss
Top Financial Institution China Renaissance Loses Contact with Founder
Bao Fan, the billionaire founder and chairman of boutique investment bank China Renaissance Holdings Ltd., has not been in contact with the company lately. First reported by Caixin, the Hong Kong-listed company later issued a statement that it was unable to reach Bao, but business and operations remained normal. Link
Tencent Restructures XR Division, Affected Team Members Receive Two-Month Transition Period
Tencent announced the partial dissolution of its extended reality (XR) team, reported by domestic news portal 36Kr on February 16. According to Tencent, its XR division will be restructured as a result of an overhaul of the company’s hardware development plans. Link
Meituan Strengthens Short Video and Livestream Content to Compete With Douyin
Chinese shopping platform giant Meituan is revamping its short video and live streaming features in response to competition from Douyin’s entry into the take-out field, Tech Planet reported. Douyin is TikTok’s sister app in China. Link
Tesla’s Flagship Store on JD.com Attracted 530K Followers in Three Days
After Tmall, a Chinese e-commerce giant, welcomed Tesla, rival e-commerce platform JD.com also launched an official flagship store for the EV giant and attracted over 530K followers in only three days. Link
EU’s 2035 Ban on New Fossil Fuel Cars May Benefit Chinese EV Makers
The European Parliament formally approved a law to effectively ban the sale of new petrol and diesel cars in the European Union from 2035. Link
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