Pandaily's Digest #20210804
Car rental firm eHi's IPO plan, Richard Liu-backed cargo airline, Oppo's under-screen camera technology, China unveils mass fitness program, Alibaba delivers Q2 financial results, and more.
Shanghai-Based Car Rental Firm eHi Eyes Hong Kong Listing as Industry Gives Nod to Domestic Car Rental Market
In response to rumors that it would seek an IPO in Hong Kong, employees from Chinese car rental firm eHi said on Wednesday, “there is indeed a plan to go to Hong Kong for IPO, but the specific time has not yet been set.” The company believes the listing can help further expand its influence in the market.
Cleared for Take Off: Cargo Airline Backed by JD.com Founder Receives Regulatory Approval
China’s top regulatory body in charge of civil aviation gave the green light on Tuesday for the establishment of Jiangsu Jingdong Cargo Airlines, a new enterprise whose chief investor is led by founder of domestic e-commerce giant JD.com Richard Liu (刘强东 Liu Qiangdong).
Oppo Unveils Next-Generation Under-Screen Camera Technology
Chinese leading smart device brand Oppo announced the latest iteration of its under-screen camera (USC) technology on Wednesday, delivering both high display image and camera quality through innovations in hardware and OPPO’s proprietary algorithms “without compromising the integrity of the screen.”
Huawei to Invest $100M in Asia-Pacific Spark Program Over Next Three Years
The Huawei Cloud Spark Founders Summit was held on Tuesday in Singapore and Hong Kong. At the meeting, Huawei announced intentions to invest $100 million in its Asia-Pacific Spark Program throughout the next three years to help create a sustainable start-up ecosystem in the region.
Who Is Still Supporting Tarnished Superstar Kris Wu?
Arguments from Kris Wu’s supporters held firm even after the superstar’s detention. They represent some of the recurring voices against China’s feminist movement in general.
Nayuki Tea Says Recent Reports Questioning Food Safety Won’t Severely Affect Operations or Finances
Hong Kong-listed Nayuki’s Tea on Wednesday announced that recent reports regarding food safety issues and the review of the regulatory authorities will not have any significant adverse impact on the group’s operations and financial situation.
HeyTea Denies Reports of Plan to List on Hong Kong Stock Exchange Next Year
On August 4, Chinese domestic media reported that HeyTea may go public in Hong Kong next year, with a target valuation of HK $150 billion ($19.29 billion). However, HeyTea responded that they have no listing plan at present.
China’s State Council Rolls Out Mass Fitness Program to Promote Digital Transformation of Sports Industry
China’s State Council issued a circular on August 3 to push forward an extensive new five-year mass fitness program. It proposes that by 2025, the proportion of people who regularly take part in physical exercise will reach 38.5% from 37.2%, and the sports industry should see a value of 5 trillion yuan accordingly.
Alibaba Delivers Q2 Financial Results, Indicates Largest Share Repurchase Program in Company’s History
Alibaba Group on Tuesday announced its financial results for the quarter ended June 30, 2021. The company continues to show confidence in its long-term prospects by increasing its share repurchase program from $10 billion to $15 billion.
Tesla to Reduce Sales Outlets in China’s First Tier Cities
CBN reported that Tesla intends to reduce the number of sales outlets in malls in China’s first tier cities. Instead, the company plans to build more outlets in the form of traditional 4S stores in the typical automobile business districts to improve its product exhibition and after-sales service.
Tencent Strengthens Protection Measures for Minors After Lambasting by Chinese State-Run Media
On Tuesday, a report called video gaming “spiritual opium” by the Economic Information Daily, a newspaper managed by the Xinhua News Agency, criticized Tencent’s online game “Honor of Kings”. Tencent said it will gradually introduce seven new measures of “double reduction, double strikes and three initiatives” for its all games.
Autonomous Truck Company Inceptio Technology Completes B Round Financing of $270 Million
On August 3, Inceptio Technology, a leading autonomous truck company, announced it has completed a B round of financing worth $270 million. The round was led by JD.COM, Meituan and PAG, followed by Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads and BVF and its original shareholders including GLP, CATL, NIO Capital and Eastern Bell Capital.
Evergrande Sees Temporary Rebound in Share Price After Selling 11% Stake in Hong Kong Firm
Following a tumultuous first half of 2021, China Evergrande Group rebounded during Monday trading at the Hong Kong Stock Exchange as it made moves to sell off assets and stabilize its debt-ridden finances.
Li Auto Seeks to Raise $1.9 Billion in Hong Kong Offering
Chinese electric vehicle maker Li Auto said on Tuesday that it plans to sell 100 million shares at a maximum offer price of HK$150 per share.
Hello Group Announces Name Change from Momo
Chinese mobile social and entertainment platform Hello Group Inc. announced on Monday it has changed its name from “Momo Inc.” to “Hello Group Inc.”.
Xiaomi’s Phase 2 Smart Factory Expected to Produce 10 Million High-End Mobile Phones Per Year
At the opening ceremony of the Global Digital Economy Conference on August 2, Lei Jun, founder, chairman and CEO of Xiaomi, said that the second phase of Xiaomi’s Smart Factory is expected to be put into operation by the end of 2023, with an annual output of 10 million high-end smart phones and an annual output value of 50-60 billion yuan.
BEST Inc. Partners with Cainiao to Launch Cross-border Logistics Services from China to Thailand, Vietnam and Cambodia
Today, BEST Inc., an integrated smart supply chain solutions and logistics services provider in China, launched its full-chain, direct logistics service to ship parcels from China to Thailand, Vietnam and Cambodia. The services will be operated in partnership with Cainiao Smart Logistics Network, the logistics arm of Alibaba Group.