Pandaily's Digest #20210903
China to set up Beijing Stock Exchange, Alibaba to invest 100 billion yuan to support common prosperity, Xiaomi Auto's headquarters settle in Beijing, ByteDance to sell securities business, and more.
China to Launch Beijing Stock Exchange for SMEs
Chinese President Xi Jinping announced on Thursday in his speech via a video at the 2021 China International Fair for Trade in Services that a new stock exchange will be set up in Beijing to support the innovation and development of small and medium-sized enterprises (SMEs), deepening the reform of the National Equities Exchange and Quotations (NEEQ, known as the New Third Board).
Tesla Denies Shanghai Factory Halted Operation Due to Chip Shortage
News emerged that Tesla had temporarily halted some operations at its Shanghai factory last month for four days as the global shortage of semiconductors hit the electric car maker. Tesla responded that there is no relevant news at present.
Alibaba to Invest 100 Billion Yuan by 2025 in Support of Common Prosperity
Alibaba will invest 100 billion yuan ($15.5 billion) by 2025 in support of the country’s goal of common prosperity, becoming the latest corporate giant to pledge support for the initiative, Zhejiang News reported on Thursday.
China Bans “American Idol”-Style Programs to Help Promote Healthy Living for Teenagers
The National Radio and Television Administration issued a notice on Thursday in an effort to further strengthen regulations for radio and television industry workers.
Chinese Regulators Summon 11 Ride-hailing Firms Over Illegal Behavior
On Wednesday, five Chinese regulators have summoned and interviewed 11 ride-hailing firms, including Didi Chuxing and Shouqi, asking them to rectify illegal operation problems and actions that disrupt the market order.
Xiaomi Auto Headquarters Officially Settle in Beijing, Registered in Beijing Economic-Technological Development Area
Xiaomi Auto has confirmed the address of its headquarters on Thursday. According to a state-owned publicity website, the registered address of the company is Yizhuang Development Area in Beijing, a state-level economic and technological development zone situated in Daxing District.
NIO Announces OTA Upgrade, Adding Emergency Assistance Function for Drivers
NIO Inc. announced an OTA upgrade through its official WeChat account on Wednesday, saying that the Aspen 3.0.0 version was officially released on August 31st, and vehicles with the current 2.9.0 version and above would soon receive an upgrade notice.
Tencent Boosts Global Investments with European Games as Focus as Beijing Cracks down on Online Gaming
Ifeng reported on Wednesday that Tencent has increased its investment in overseas startups by more than seven times this year in an effort to accelerate its global expansion. The move is seen as a response to the tightening of Beijing’s recent regulatory scrutiny of the online gaming industry.
TikTok’s Parent Company ByteDance to Sell Securities Business
Chinese media outlet LatePost reported on Wednesday that ByteDance plans to sell its securities business. The business currently has an overall valuation of about 500 million ($77 million) to 1 billion yuan. ByteDance responded that the company is planning to shrink its financial businesses including selling the stock broking business in China.
XPeng Delivers 7214 Smart EVs in August, Expects Monthly Delivery Volume to Reach 15,000 in Q4
On Wednesday, Chinese smart electric vehicle company Xpeng announced that it had delivered 7,214 Smart EVs in the month of August, representing a 172% increase year-over-year. With its increased production output at the Zhaoqing factory, Xpeng now expects its monthly delivery volume to hit 15,000 in Q4, according to He Xiaopeng, Xpeng’s CEO.