Pandaily Digest | Mar 8, 2023
Editor's note: On March 8, Wang Xing, CEO of Meituan, revealed that he would participate in the A round financing of Wang Huiwen’s startup and serve as a director.
Meituan Co-Founder Wang Huiwen’s Chinese Version of OpenAI Receives Support from Wang Xing
Wang Huiwen announced on February 13 that he plans to invest $50 million to build a Chinese version of OpenAI. On March 8, Wang Xing, CEO of Meituan, revealed that he would participate in the A round financing of Wang Huiwen’s startup and serve as a director. Link
Headlines from China
Meituan to Reduce Investment in Ride-Hailing Sector
According to an internal notice circulated by Chinese food delivery giant Meituan on March 6, the company will reduce resources and manpower investment in its online ride-hailing sector. Link
SCEP to Gain Wider Access to Chinese Stock and Bond Markets
According to the official website of China Securities Regulatory Commission (CSRC), the examination of qualified foreign institutional investor (QFII) of Sequoia China Equity Partners (SCEP), Sequoia Capital China’s affiliate for open market, has been accepted. Link
OnePlus Ace 2V Debuts in China, Starting From $404
After unveiling the Snapdragon 8+ Gen 1-powered Ace 2 last month, OnePlus launched the Ace 2V in China on March 7. The President of OnePlus China, Louis Li, praised the device’s appearance, gaming experience, and operating system. Link
Chinese State-Owned Automaker Dongfeng Motor Cuts Prices after Chairman Change Up
Dongfeng Motor has begun offering incentives to customers. After its own subsidies and government subsidies combined, the discount totalled between 10,000 yuan ($1,442) and 90,000 yuan ($12,984). Link
Alibaba Helps Rural Students in China via Cloud Computers
Alibaba Group donated a batch of cloud computers and cloud computing resources to the China Education Development Foundation. The computers are to be installed in 87 rural primary schools, helping 35,000 rural children to explore advanced technology. Link
JD.com Begins Largest Ever Promotion to Restore Low-price Reputation
In terms of the recent discounts across the platform that started March 6, Xin Lijun, CEO of e-commerce giant JD.com‘s retail arm, explain that the move is only the beginning of re-creating the platform’s low-price reputation. Link
Former Kuaishou AI Tech Researcher to Develop Large Model
Li Yan, former head of multimedia understanding at Chinese short video platform Kuaishou, has gone on to establish Yuanshi Technology, an AI company which is mainly engaged in the research and development of multimodal large models, in the second half of 2022. Link
DingTalk Acquires Collaborative Work Tool Maker Wolai
DingTalk has completed the wholly-owned acquisition of wolai. Once the acquisition is completed, wolai’s production and research team will be made into regular employees of DingTalk, and the customer service team will be transferred to Alibaba‘s outsourcing team. Link
ByteDance-Backed Feishu Confirms Head of Business Expansion in Japan
Feishu currently has 150 employees in charge of the commercialization and orders from its nearly 6,500 Japanese enterprise customers. Last year, Qi Junyuan joined Feishu and now has begun to take charge of the Japanese market. Link
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