Pandaily's Digest #20220128
Chinese EV maker NIO is considering a secondary listing in Singapore as early as this year, as its plans to list in Hong Kong face regulatory scrutiny.
NIO Considering Secondary Listing in Singapore
Chinese EV maker NIO is considering a secondary listing in Singapore as early as this year, as its plans to list in Hong Kong face regulatory scrutiny, IFR said today, citing people familiar with the matter. NIO said they would not comment on market rumors.
In July 2021, XPeng Motors went public in Hong Kong for the second time. A month later, Li Auto also successfully landed on the HKEx. However, the listing of NIO in Hong Kong has not been approved mainly due to the inquiries from the HKEx about its structure, including a user trust.
Centurium Capital Gains Control of Chinese Beverage Firm Luckin Coffee
A consortium led by Centurium Capital, a Beijing-based investment company, now owns more than 50% of domestic beverage chain Luckin Coffee, which was previously plagued by a series of scandals, according to a regulatory filing on Thursday.
BYD Semiconductor’s IPO Application Approved by ChiNext
The ChiNext Listing Committee at the Shenzhen Stock Exchange reviewed and approved BYD Semiconductor’s IPO application on Thursday. According to the prospectus, the firm plans to raise 2.686 billion yuan ($422.5 million) in the transaction.
China Unicom’s U.S. License Revoked, Local Operations to Stop Within 60 Days
The United States Federal Communications Commission (FCC) voted 4-0 on Thursday to revoke the 214 license of a China Unicom subsidiary on the grounds of “national security concerns.” This decision means that China Unicom (Americas) Operations Limited must stop all services in the country within 60 days. The company currently provides mobile services, leased lines, internet access and cloud services in the U.S.
Missfresh Joins Forces With ByteDance to Offer Livestream Grocery Shopping
Chinese fresh grocery e-commerce retailer Missfresh announced Thursday that it has entered into a strategic partnership with Ocean Engine, a digital marketing platform owned by Beijing-based tech giant ByteDance, and has expanded its presence on TikTok’s sister app for mainland China, Douyin, by launching a livestream grocery shopping service offering delivery across Beijing and Shanghai in less than one hour.
Beijing Winter Olympics Games to Be Broadcast Globally through Alibaba Cloud
The International Olympic Committee chose Alibaba Cloud on Thursday as its exclusive provider of cloud services at the upcoming Beijing Winter Olympics, bringing more than 6,000 hours of exciting broadcasting to several billion viewers around the world.
Lenovo’s Chipmaking Confirmed With Establishment of Semiconductor Subsidiary
Chinese business inquiry platform Qichacha shows that Dingdao Zhixin (Shanghai) Semiconductor Co., Ltd., which is 100% controlled by domestic computer giant Lenovo, has been formally established. It is categorized as a company wholly owned by a foreign-invested enterprise, with a total registered capital of 300 million yuan ($47.15 million).
Game Giant Perfect World to Lay Off Up to 1,000 Employees
Perfect World, a leading publisher of online games, disclosed its record of investor relations activities on Monday, mentioning that the company has streamlined some of its internal teams that pose challenges to its future development. The company previously laid off hundreds of employees in the fourth quarter of 2021.
Graduate Complains to Overtime Work at Tencent
On Tuesday night, a newly graduated employee at Tencent’s WeChat products department expressed his dissatisfaction in a 600-member group chat and accused the company of boasting abnormal values which encourage employees to work overtime. After questioning, the employee bluntly said that he would quit the company.
Huang Tieming, Head of WeCom, responded that the department would discuss a set of specific plans to solve such problems as soon as possible.
China NFT Weekly: NFTs as Status Symbols
This week: Chinese label Modern Sky debuts first virtual musician, The Sandbox to launch metaverse incubator program, Chinese government rejects metaverse trademark applications, and more.