Pandaily's Digest #20210809
ByteDance denies IPO rumors, Alibaba's #Metoo scandal, VIPKid to stop offering foreign-based tutoring, Chinese authorities require Meituan and Alibaba to protect the rights of workers, and more.
Bytedance Denies Reports of Impending IPO: “This News is Not True”
A representative from Beijing-based internet technology firm Bytedance has denied a recent report regarding its alleged plan to launch an initial public offering (IPO) at the Hong Kong Stock Exchange in the near future.
Li Auto Sets Hong Kong Offering Price at HK $118
Beijing-based EV firm Li Auto has priced its upcoming Hong Kong offering at HK$118 ($15.16) per share, according to an official company announcement on the evening of August 6. Class A ordinary shares in the company are scheduled to begin trading on the main board of the Hong Kong Stock Exchange on Thursday.
Alibaba to Permanently Fire Male Employee Suspected of Sexual Assault
In the early morning of August 9, Alibaba’s CEO Daniel Zhang told employees in a memo that a male employee recently accused of rape in what has become a high-profile national case is to be fired.
Geely and Renault to Jointly Explore Hybrid Vehicles for Chinese and South Korean Markets
Car manufacturers Geely and Renault said on Monday they would jointly work to develop petrol-electric hybrid vehicles for core fast-growing markets such as China and South Korea.
VIPKid to Cease Offering Foreign-Based Tutoring Courses to Students in China
After Chinese regulators issued a set of rules known as “double reduction” to mitigate student pressure, domestic private education services firm VIPKid announced on August 7 that it will no longer sell new course packages involving overseas foreign teachers. The decision, which was published to the company’s official WeChat account, also expressed that existing customers will only be able to renew classes taught by overseas-based tutors until Aug 9.
Tencent Merges Short Video Platform Weishi and Tencent Video
Chinese media outlet LatePost reported on August 8 that Tencent Video and Weishi have started a new round of integration, even while they continue to develop independently.
Chinese Authorities Require Enterprises to Ensure the Health and Safety of Staff Such as Food Deliverymen
Last Saturday, officials from the Chinese government required Meituan, Alibaba and other enterprises to hold a meeting, demanding that they effectively protect the rights and interests of workers such as food delivery riders.
Chinese Electronics Company Luxshare Precision Joins Supply Chain for Apple’s iPhone 13
Luxshare Precision Industry Co., Ltd, a Chinese electronics manufacturer, has bagged 3% of iPhone 13 orders from Foxconn and Pegatron, according to Nikkei Asia. The firm is about to win 2.7 million to 2.85 million iPhone orders, based on the reported figure.
Alibaba’s CEO Daniel Zhang Apologizes Following Rape Allegations Against Its Employee
An employee of Alibaba’s retailer Taoxianda published a post on Alibaba’s internal forum accusing her supervisor, Wang Chengwen, of sexually assaulting her during a business trip to Jinan City in Shandong Province. Local police are currently investigating the case, and Alibaba’s CEO Daniel Zhang has apologized for the company’s poor handling of the matter.
Meituan to be Fined $1 Billion for Suspected Monopolistic Market Behavior
Chinese antitrust regulators are considering to fine Meituan, the country’s largest online catering platform, about $1 billion for allegedly monopolistic behavior, the Wall Street Journal reported on Friday, citing sources familiar with the matter.