Pandaily's Digest #20211110
Didi tests food delivery service for Chinese market, Tencent announces key cooperation with Apple in music streaming sector, social media firm Xiaohongshu secures new funding, and more.
Didi Tests Food Delivery Business in Chinese Market Again
It was reported by Tech Planet on Tuesday that the catering service project “Satisfying Gaifan”(满足盖饭) by mobile transportation platform Didi has undergone further tests. The business was reportedly started in 2020, and is currently being tested in the northeastern Chinese city of Tianjin after recently changing its name to “Aoao Dining”(嗷嗷吃饭).
Tencent Music Entertainment Group Announces Cooperation with Apple Music, Unveils Q3 Financial Report
Tencent Music Entertainment Group (TME), the online music subsidiary of Chinese internet giant Tencent, announced on Tuesday that record labels and artists who are part of TME Music Cloud can now distribute their music around the world via Apple Music.
Xiaohongshu Secures Financing Worth $500 Million, Valuation Reaches $20 Billion
Chinese media outlet 36Kr reported on Monday that Xiaohongshu, a lifestyle sharing platform, recently completed a new round of financing worth $500 million, led by Temasek and Tencent, followed by previous shareholders such as Alibaba, Tiantu Capital and Genesis Capital.
Evergrande Auto to Raise HK$500 Million for NEV R&D
Evergrande Auto, the automobile manufacturer under Chinese real estate developer Evergrande Group, announced on Wednesday that it had signed an agreement with its placement agent on Tuesday. The agreement comprises an issuance of about 175 million shares at HK $2.86 per share, with an expected total proceeds of about HK $500 million.
China Passenger Car Association: Tesla Sold 54,391 EVs in October
According to data released by the China Passenger Car Association (CPCA) on Monday, the U.S. EV maker Tesla’s wholesale volume in China in the month of October (including exports) was 54,391 units, a decrease of 2.97% compared to 56,006 units in September.
China VC Weekly: Autonomous Driving, Soft Drinks and HR
In last week’s VC news, prominent autonomous driving technology company Momenta raised $500 million in a Series C+ round, bringing its total Series C financing to a whopping total of $1 billion. Outside of the EV space, soft drink giant Genki Forest is reportedly preparing to complete a new round of financing worth nearly $200 million, while Moka, a startup digitizing human resources management, bagged a $100 million round led by Tiger Global.
Chinese Battery Maker CATL and NETA Auto Reach Strategic Cooperation
On Monday, leading Chinese battery manufacturer Contemporary Amperex Technology Co., Ltd. (CATL) has formally signed a strategic agreement with NETA Auto, a brand under Hozon Auto. As part of the deal, CATL will participate in the D2 financing round for NETA Auto and will start cooperation in the fields of technology research and development, as well as offer a supply chain guarantee.
Hello Inc. Secures $289 Million of Financing, Alibaba Becomes Its Shareholder
Chinese mobile travel platform Hello Inc. announced the completion of a new round of financing of $280 million on Tuesday, led by Ant Group and Alibaba. This is the second round of financing obtained by Hello Inc. this year. So far, it has closed financing deals totalling over $500 million this year.
EV Company Faraday Future Denies Rumors of China Headquarters in Hubei
According to a report by National Business Daily on Tuesday, in response to the rumor that Faraday Future (FF), an American EV supplier, will have its China headquarters and new car project settled in Hubei Province, an insider said:”Hubei is only one of the provinces and cities that we intend to contact for settlement, and the location has not been finalized yet. The company is accelerating the settlement and striving to complete it within the year.”
Chinese Game Live Streaming Platform Huya Reports Net Revenue of $461.8 Million and MAU of 85.1 Million
Huya, a live streaming platform for games in China, announced its third-quarter financial report on Tuesday, showing its total net revenue reaching 2.976 billion ($461.8 million), up 5.7% year-on-year. Non-GAAP net income attributable to Huya was 180 million yuan for the third quarter of 2021, compared with 361.2 million yuan for the same period of 2020.