Pandaily Digest|Mar 13, 2023
Editor's note: Many Chinese Hong Kong-listed have sought to reassure investors by stating that their cash deposits in SVB were not significant.
Chinese-Based Firms Confirm Minimal Exposure to Silicon Valley Bank
The recent shutdown of Silicon Valley Bank (SVB) by regulators marks the largest bank failure in the United States since 2008. Many Chinese Hong Kong-listed companies, including Noah Holdings, Broncus Medical, and CStone Pharmaceuticals, have sought to reassure investors by stating that their cash deposits in SVB were not significant. Link
Headlines from China
Baidu Launches AI Chat App WiseAI For Global Users
Following the launch of an AI virtual chat community App “Xiaokan Planet” in China, Baidu launched a similar AI chat App named “WiseAI” for the overseas market, Tech Planet reported. Link
Douyin Now Supports Alipay’s QR Code for Payment
ByteDance’s short video app Douyin has begun supporting Alipay’s collection code, a mobile and online payment platform, to finish payments, though the function is not available for Tencent‘s super app WeChat just yet, Tech Planet reported. Link
Tencent Fires A 47-Year-Old Front-End Expert
Tencent‘s highest front-end developer, Stone Hang, who had been with the company since 2005, was unexpectedly fired this January at the age of 47. Huang’s wife revealed the notice from Tencent and emphasized that it was a “layoff” rather than a “retirement.” Link
News You Shouldn't Miss
Michelle Yeoh Becomes First Woman of Asian Descent to Win Best Actress Oscar
Michelle Yeoh won best actress at the 95th Academy Awards on March 12, becoming the first woman of Asian descent to win the award. 60-year-old Yeoh earned the trophy for her acclaimed performance in “Everything Everywhere All at Once. Link
BYD and NETA Announce Construction of EV Factory in Thailand
On March 10, BYD and NETA announced the construction of their factories in Thailand. Both sides said that the factory aims to produce cars for Thailand and ASEAN countries and other regions. Link
Li Auto Starts Construction of Super Charging Stations
With the imminent launch of pure electric vehicles, Li Auto has set itself the goal of building about 300 ultra-fast charging stations within the year, with about 10 stations already deployed on high-speed roadways. Link
XPeng Launches New P7i Sports Sedan in China, Delivery Beginning in March
XPeng, an electric vehicle maker, on March 10 launched its new P7i sports sedan for the Chinese market. The new P7i is divided into four editions: 702Pro, 702Max, 610Max Performance, and 610Wing Performance, with pricing starting at 249,900 yuan ($35,877) to 339,900 yuan ($48,796). Link
XPeng Reportedly Reshuffles Duties of Core Executives
XPeng has experienced significant changes since Wang Fengying, a former executive at Great Wall Motor, became its president on January 30 of this year. As a result, many core executives have either left or are expected to leave the company, although XPeng denied the report. Link
Spy Photos of BYD’s “F” Brand Unveiled
Spy photos of leading Chinese automaker BYD’s new “F” brand have surfaced recently. The new vehicle is an off-road SUV with a length of nearly 5 meters, a wheelbase of 2.8 meters, and maximum output power exceeding 500 kW. Link
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