Pandaily's Digest #20211027
Tiger Brokers given green light to acquire Hong Kong brokerage firm, Huawei makes an apparent breakthrough in supply for its Mate 50 series, Tesla sets up R&D and data centers in Shanghai, and more.
Tiger Brokers Receives Approval to Acquire Licensed Hong Kong Brokerage Firm
During the pre-market hours of October 26 (EDT), Tiger Brokers announced that the company has received approval from The Hong Kong Securities and Futures Commission (SFC) for the acquisition of Ocean Joy Securities Limited, a Hong Kong-based brokerage firm licensed with SFC for Type Ⅰ and Type Ⅱ regulated activities. After the completion of the acquisition, the company will be able to offer customers in Hong Kong services, involving securities and futures brokerage.
Huawei Mate 50 Series Has Reportedly Made Major Breakthrough in Supply
Huawei’s Mate 50 series, which is affected by Huawei’s wider mobile phone business, seems to have reached a turning point recently. Digital blogger ‘Pengpeng Jun Jiadao‘ revealed on Monday that the “Huawei Mate 50 series has made a major breakthrough in supply and will come as scheduled in the future.”
Tesla Sets Up R&D Innovation Center and Data Center in Shanghai
Electric vehicle maker Tesla announced on Monday that its Shanghai Research and Development Center and its Shanghai Gigafactory Data Center are both online and operational as it continues to expand its presence in the Chinese market. The news comes as Tesla hit a market cap of $1 trillion for the first time.
New Oriental’s Koolearn to Stop Off-Campus Training Business for Compulsory Education
Koolearn Technology Holding Limited, an online education company under New Oriental, announced on Monday that the group will stop off-campus training services for compulsory education in mainland China, completing the termination by the end of November 2021.
Chinese Students From Beijing and Shanghai Sue Apple for Not Providing Chargers
Recently, a group of students from Beijing University of Chemical Technology and Donghua University have teamed up to take Apple to court because the company’s new products no longer offer adapters.
Power Crunch Poses Challenges to China’s Economic Recovery as Winter Approaches
China’s fast recovery from the coronavirus has helped the country grab a larger share of global markets from other manufacturing nations where pandemic-induced factory closures continue. To fill surging overseas orders, manufacturing plants across China are running in full swing, stimulating electricity consumption.
Chinese Self-Driving Startup QCraft Launches Country’s First 5G-Based Ride-Share Driverless Bus, Blurring Line Between Robobuses and Robotaxis
At the 2021 World Internet of Things Expo held in the eastern city of Wuxi between October 23 and October 25, Chinese autonomous driving startup QCraft introduced the country’s first 5G-enabled unmanned bus supporting online-based ride-hailing functions.
Ride-Sharing Platform T3 Travel Completes $1.2 Billion A Round of Financing
Chinese ride-sharing startup T3 Travel announced the completion of its Round A financing on Tuesday, amounting to 7.7 billion yuan ($1.2 billion), which was led by CITIC Consortium. This is the largest financing obtained by online car-hailing companies in China since 2018.
China VC Weekly: Flying Cars and More
This week’s China VC news: the flying car subsidiary of EV-maker Xpeng Motors, HT Aero, bagged a whopping $500 million Series A investment. Meanwhile, Online UI Design Platform JSDesign raised two hefty rounds of financing. Chinese SSD-maker TenaFe closed a $58 million Series B round. Lastly, Autonomous driving firm JIMU Intelligent bagged $31 Million in its C1 Financing round.
Luckin Coffee Reaches Preliminary Agreement Worth $175 Million for Class Action Settlement
Reuters reported on Wednesday that Luckin Coffee Inc. has reached a $175 million settlement in its shareholder class-action lawsuit. Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an “excellent result,” citing Luckin’s liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code.