Pandaily's Digest #20210820
Tencent announces plans to invest 50 billion yuan in common prosperity, Meituan to offer social security to delivery drivers, EV prices in China continue to drop, and more.
Tencent to Invest 50 Billion Yuan in Common Prosperity
After investing 50 billion yuan ($7.7 billion) in sustainable social value innovation strategy, Chinese technology giant Tencent announced plans on Wednesday to invest another 50 billion yuan in further supporting people’s livelihood, including rural revitalization, income increases for low-wage workers, improvements in the primary health care system and balanced development of education.
Meituan to Pay Social Security for Food Delivery Riders as Required by Chinese Government, Share Price Plummets
China’s State Administration for Market Regulation, along with seven other governmental departments, jointly issued “Guiding Opinions on Implementing the Responsibilities of Online Catering Platforms and Effectively Protecting the Rights and Interests of Food Delivery Staff” (hereinafter referred to as the Opinions) on July 26, which contained comprehensive requirements for protecting the legitimate rights and interests of food delivery staff.
Electric Vehicle Prices Continue to Drop in China as Europe Sees 28% Rise
Reporting from vehicle data analysis company Jato Dynamics indicates that the price of electric vehicles (EV) has dropped sharply in China but increased across Western countries over the past decade.
Fresh Food E-commerce Industry in China to Exceed 1 Trillion Yuan By 2023, According to iResearch
China’s fresh food e-commerce sector will exceed 1 trillion yuan (US$154.6 billion) in sales by 2023, as the country’s fresh food retail market (online and offline) grows from 5 trillion yuan (US$770 billion) in 2020 to 6.8 trillion yuan (US$1.05 trillion) in 2025, according to data released in iResearch’s 2021 China Fresh Food E-commerce Industry Research Report.
Geely Plans to Sell 3.65 Million Vehicles in 2025
At an interim results conference on Wednesday, Chinese carmaker Geely Auto Group said that its revenue in the first half of the year reached 45 billion yuan ($6.92 billion), a year-on-year increase of 22%, while net profit was 2.41 billion yuan. In addition, the firm set a goal to sell 3.65 million vehicles annually in five years from now.
Chinese Government Issues New Regulation on Automobile Data Security, Requiring Enterprises to Not Collect Data by Default
The Cyberspace Administration of China (CAC) and other departments recently published a document entitled “Several Provisions on Management of Automobile Data Security (Trial),” which will take effect on October 1, 2021, according to information released on CAC’s official WeChat account.
Xgimi Technology’s Net Profit in First Half of 2021 Increases by 98%
Xgimi Technology, a Chinese manufacturer of multi-functional smart projectors and laser TVs, announced on Thursday that it achieved an operating income of 1.687 billion yuan ($259 million) in the first half of 2021, representing a year-on-year increase of 47.48%. Meanwhile, its net profit reached 193 million yuan, a significant year-on-year increase of 98.06%.
Evergrande Issues Response After Interview by Chinese Government, In Negotiations with Xiaomi About Auto Business
Departments of the People’s Bank of China and the China Banking and Insurance Regulatory Commission (CBIRC) interviewed senior executives of property developer Evergrande Group on Thursday, demanding that efforts be made to maintain operational stability and actively resolve debt risks in order to protect real estate and financial markets.
Chairman of Duoyi Network Reveals Former CEO’s Corruption
Duoyi Network, a Chinese online gaming enterprise, on Thursday published an article written by its chairman Xu Bo, accusing former CEO Tang Yilu of corruption.
Wan Long, Chairman of WH Group, Publicly Accused by Son of Financial Misconduct
Shares of the world’s largest pork producer WH Group tumbled 11% on Wednesday after the company’s billionaire chairman Wan Long was publicly accused by his son of financial misdeeds.
Bilibili’s Net Loss Reaches 1.12 Billion Yuan, An Increase of 96% YoY
Bilibili, the iconic brand and a video community for younger generations in China, announced today its unaudited financial results for the second quarter this year, with its net loss reaching 1.12 billion yuan ($173.7 million), compared with 570.9 million yuan in the same period of 2020.
New Oriental to Provide One-Month Free Courses for Wall Street English Students
Wall Street English (WSE), a language training company founded over 50 years ago, has recently declared the bankruptcy of its China operations as it struggles to manage an outstanding value of 1.2 billion yuan ($185 billion) in tuition fees and unpaid salaries.
Beijing Targets ‘Chaotic’ Online Fan Clubs by Removing Apps from Stores
Several popular Chinese apps for fans have been removed from online stores, while other apps that weren’t removed have become off limits for minors. Domestic authorities contend that the move is designed to put an end to the ‘chaos’ of online fan clubs, the Securities Times reported on Thursday.
JOYY’s 2021 Q2 Revenue Increases by 39.7% Year-on-Year
Live streaming platform and BIGO owner JOYY announced its unaudited financial results for the second quarter of 2021 on Thursday, showing revenue reaching $662 million, up 39.7% year-on-year.
Chinese Authorities Interview Firms Including Huolala and Didi to Ensure Rights and Interests of Freight Drivers
China’s Ministry of Transport has said that it would work to further protect the legitimate rights and interests of truck drivers. At a policy briefing on Wednesday held by the State Council Information Office, officials contended that platform enterprises should not induce unreasonable quotations from shippers and engage in vicious low-price competition among freight drivers.
How China-Canada Relations Have Reached a Tipping Point as the Finale of Huawei CFO’s Trial Nears
There was a recent time when China-Canada relations were at their best. Back in September 2016, Chinese Premier Li Keqiang announced the beginning of a new “golden decade” in the two nations’ relations when he met Canadian Prime Minister Justin Trudeau in Ottawa. But it didn’t take very long for the luster to fade away. When the Canadian police in December 2018 abruptly detained Meng Wanzhou, Huawei’s CFO, aided and abetted by U.S. authorities, China-Canada relations were inevitably slipping into an awkward position.
Tencent Video Sues Bytedance’s Douyin for Copyright Infringement
Tencent Video is taking Douyin, the Chinese version of TikTok, to court for allowing its users to upload clips from the internet giant’s hit TV series Crime Crackdown and airing them without authorization. The court accepted the case on Tuesday.
Tencent to Invest 50 Billion Yuan in Common Prosperity
After investing 50 billion yuan ($7.7 billion) in sustainable social value innovation strategy, Chinese technology giant Tencent announced plans on Wednesday to invest another 50 billion yuan in further supporting people’s livelihood, including rural revitalization, income increases for low-wage workers, improvements in the primary health care system and balanced development of education.
Great Wall Motor Acquires Daimler Factory in Brazil, Targeting Annual Capacity of 100,000 Vehicles
Hebei-based automaker Great Wall Motor has purchased a factory in Brazil from Daimler AG for an undisclosed price, the company announced on Wednesday. Over the next five years, Great Wall Motor plans to invest more than 5 billion yuan ($770.13 million) in the factory, aiming for an annual production capacity of 100,000 vehicles.
Battery Maker CATL Signs Deal to Set Up New Production Base in Shanghai
Fujian-based battery manufacturer CATL has signed an agreement with the Shanghai Municipal People’s Government on Wednesday to set up a new battery production base in the eastern Chinese metropolis.
NIO Owners Refuse So-Called “Owner Statement” of the NOP Accident
On August 18th, the joint statement of NIO vehicle owners became a trending topic on social media and caused some debate as to its use. One NIO car owner later posted on Weibo that he had not seen the statement in NIO’s APP before and wasn’t involved in the statement. More NIO owners joined in the team.
Zero Run Technology Completes Financing Round of 4.5 Billion Yuan Led by CICC
Zero Run Technology, which mainly develops, produces, and sells new energy vehicles, announced today that it had completed a new round of financing worth 4.5 billion yuan ($694 million).
XPeng Signs Agreement for Zhaoqing Smart EV Manufacturing Base Phase Two Expansion Project
Chinese EV maker XPeng announced today it has signed an agreement with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone to build the Phase Two expansion project of the XPeng Zhaoqing Smart EV Manufacturing Base located in Guangdong Province.
Tencent’s Total Revenue in Q2 Reaches 273.6 Billion Yuan, A 23% Increase Year-on-Year
Today, Tencent released its financial report for the second quarter of 2021, showing its total revenue reaching 273.6 billion yuan ($42.3 billion), up 23% year-on-year. Operating profit was 42.8 billion yuan, an increase of 14% YoY.