Pandaily's Digest #20210806
ByteDance and Gaotu layoff employees amid China's education crackdown, WeChat resumes user registration, Luckin achieves profitability, China to introduce stricter rules for "idol" programs, and more.
ByteDance’s Dali Education and Gaotu to Layoff Employees Under Pressure of Double Reduction Policy
With the implementation of the so-called “double reduction” policy, on Thursday, many Chinese media reported that ByteDance’s Dali Education plans to lay off some of its employees, while those that remain will switch to different products under the ByteDance umbrella. Bytedance did not confirm this report. On the evening of July 30th, Chen Xiangdong, founder and CEO of Gaotu Techedu, confirmed that quite a few employees would be let go.
Xiaomi Denies Authorizing Mi Store Portugal’s Acceptance of Cryptocurrency Payment
A spokesman for Chinese technology giant Xiaomi announced via Weibo on Friday that Mi Store Portugal’s accepting cryptocurrency payment was not officially authorized. The third-party Portuguese store, which operates independently in the local area, has nothing to do with the operations of Xiaomi Group.
Xiaomi Wins Top Spot in June’s Global Mobile Phone Sales with Market Share Exceeding 17%
A report released Thursday night by market research company Counterpoint Research showed that in June 2021, Xiaomi’s global mobile phone market share increased to 17.1%, surpassing Samsung (15.7%) and Apple (14.3%) to secure the first place globally.
AI Chipmaker Axera Secures “Hundreds of Millions of Yuan” in Series A+ Financing, Led by Meituan
Chinese AI vision chip maker Axera announced it has secured hundreds of millions in Chinese yuan from a Series A+ funding round, led by Inno Chip and Meituan, followed by GGV Capital, Fengyuan Capital and others.
Chinese Space Program Launches Zhongxing-2E Satellite from Xichang Facility in Sichuan Province
At thirty minutes past midnight in the early hours of Friday, China added another active component to its expanding line of satellites orbiting the earth with the successful launch of its Zhongxing-2E mission.
BYD Reportedly to Supply Tesla With Blade Batteries Next Year
Chinese media outlet cls.cn reported on Thursday that BYD, a major Chinese EV and battery manufacturer, will supply Tesla with “blade batteries” in the second quarter of next year, and that Tesla models equipped with “blade batteries” have entered the Type C testing stage. BYD has so far declined to comment on the matter.
NetEase’s Youdao Releases Six Quality Education Products
Youdao, founded in 2006 as part of NetEase, Inc., on Thursday held a press conference themed “Creating the Future of Quality Education” to unveil six new quality education products. The new offerings, which have been cultivated for many years, cover such fields as programming for children, the game of Go, science, art and robotics.
WeChat Resumes New User Registration
After carrying out a series of technology security upgrades, Tencent on Thursday resumed new registrations for WeChat personal and official accounts.
Meituan Upgrades Assurance Services for Unused Travel Orders Due to the Epidemic
Meituan posted on its official Weibo account on Thursday that, in order to help travelers in the next round of epidemic prevention and control, the company has upgraded its assurance services for orders affected by the pandemic to better help in any need of hotel or air ticket change or refund.
JD Retail Announces New Executives
36 Kr reported on Thursday that JD Retail has adjusted its personnel, appointing Feng Yi, former president of Dashang Super Omni-channel Business Group, as president of its Fashion Home Business Group and who will now directly report to Xu Lei, CEO of JD Retail. Meanwhile, Zhao Yingming, the former president of Fashion Home Business Group, will report to Feng Yi instead.
E-Cigarette Use by Minors to Be Prohibited: Xinhua
Xinhua News Agency, an official media of Chinese government, on Wednesday issued a document highlighting the necessity to prohibit e-cigarettes from being used by minors. As a result, many e-cigarette concept stocks listed on the A-share market were among the top losers at the opening, especially RELX Technology, an e-cigarette giant also listed in the US, having closed down by 4.95%.
China VC Weekly: Self-driving Trucks and Biotech
In this week’s VC news, self-driving truck pioneer Inceptio Technology closed a $270 million round of financing and aims to start mass producing its proprietary autonomous driving system. Wealth management company Noah Holdings has reently invested in US-based financial technology platform iCapital Network, while biotech firms BioMap and Bota Bio each raised $100 million from prominent investors including GGV capital and Sequoia Capital China.
Luckin Coffee Achieves Profitability in Cut-throat Market
Tech Planet reported on Thursday that Luckin Coffee began to be profitable in May this year, meaning it has achieved its annual target ahead of schedule. Luckin Coffee declined to comment.
WeChat Pay Score Launches Immediate Delivery Service
WeChat Pay Score officially launched an immediate delivery service on Wednesday. Delivery fees can be deducted automatically after users send out their packages. The service is meant to optimize users’ experience and reduce the contact risk. Deliverymen ‘pick up and leave’, which helps to improve the efficiency of picking up. In addition, an appointment can be made by typing the address, telephone number and name in your chat box.
Beijing to Grant Parents Having a Third Child 30 Days of Maternity Leave
The official account of the Beijing Citizen Hotline on Wednesday quoted the Beijing Municipal Health Commission as saying that, as regulated after May 31st, those who give birth to a third child will enjoy 30 days of maternity leave and 15 days of paternity leave.
The National Radio and Television Administration calls for Strict Controls on “Idol” Programs
After a one-month special investigation and rectification of online shows, the National Radio and Television Administration on Tuesday proposed strict controls on so-called “idol cultivation programs”, while focusing on the management of talent shows by monitoring the setting of voting procedures.
Didi’s ChengXin YouXuan Preferred Headquarter Relocation, Reducing All Employees’ Salaries and Eyeing Profit
ChengXin YouXuan, an e-commerce platform under ride-hailing giant Didi Chuxing, moved its headquarters from Chengdu to Beijing and Hangzhou at the end of July. The firm then moved on to weaken the functions of its headquarters and cancelled the extra salary of employees. Their major business goal has also shifted from pouring money into business growth to pursuing profits.
China’s YOOZOO Games to Implement Strict New Measures for Minors
Tencent has issued a series of measures for the protection of minors in the gaming world. YOOZOO Games has recently posted on its official account that it will improve the anti-addiction mechanism of its products to prevent minors from becoming addicted to its game offerings and create a green and healthy gaming environment based on technology.
Tesla China Raises Prices for Model S and Model X, the Second Price Increase from July
The website of the Chinese division of American electric vehicle manufacturer Tesla on Wednesday showed that the price of the Long Range Model S price was raised from 829,990 yuan ($128,466) to 859,990 yuan, an increase of 30,000 yuan. The price of the Long Range Model X was also raised to 909,990 yuan, an increase of 30,000 yuan.