Pandaily’s Digest #20220401
Latest moves from the Chinese regulatory authorities suggest that the long-running Sino-US audit dispute is likely to hit a new milestone.
China Considers Granting Access to Audits of US-listed Chinese Firms
Latest moves from the Chinese regulatory authorities suggest that the long-running Sino-US audit dispute is likely to hit a new milestone. The China Securities Regulatory Commission (CSRC) was reportedly holding meetings with the Chinese units of the global “big four” accounting firms. The meetings were in regard to preparations for auditing inspections from the US over Chinese firms listed on US-based exchanges.
Five Chinese Firms Including Baidu Face Possible Delisting in U.S.
The United States Securities and Exchange Commission (SEC) on Wednesday added five Chinese firms to a growing list of companies that may get delisted from domestic stock exchanges. The newly named entities include securities firm Futu Holdings Limited, tech giant Baidu, video platform iQiyi, CASI Pharmaceuticals, and fishery firm Nocera. This is the third batch of Chinese companies to be included on the list since the beginning of March.
TikTok Ad Revenue Sees 300% Compound Annual Growth Rate
On Wednesday, Jiemian News learned from a source that ByteDance’s short-video platform TikTok saw a compound annual growth rate of 300 percent in advertising revenue. In addition, ByteDance’s advertising revenue in China moderated, but the e-commerce business of Douyin – TikTok’s sister app for the Chinese mainland – sustained growth.
Alibaba Replaces Manager of Second-Hand Goods Platform Xianyu
Jin Ke, the general manager of Xianyu, a second-hand goods platform owned by Alibaba Group, was officially transferred to AliExpress last week, LatePost reported on Wednesday. At present, Alibaba Vice President Liu Bo is directly responsible for Xianyu.
Recently, Xianyu integrated its product and community departments, and set up a user product center, aimed at integrating resources and enhancing the user experience. The executive in charge of this center is Ding Jian, who joined Xianyu after this year’s Chinese Spring Festival.
BYD Unveils Appearance of Seal Electric Sedan
Shenzhen-based automaker BYD unveiled on Wednesday the appearance of its new all-electric mid-size sedan, the Seal, which adopts the firm’s latest design language and is expected to be launched in April this year.
The BYD Seal adopts a closed air intake grille with a hood that has a raised part on both sides. The side of the car has sleek design and is equipped with hidden door handles. The model’s body size is 4800*1875*1460mm, and the wheelbase is 2920mm.
NIO Founder William Li Confirms Plans for Smartphone Business
William Li, the founder, Chairman and CEO of Chinese new energy car company NIO, responded to reports the company is working on smartphones during a Thursday interview. Li said the company is still researching and studying the industry, as reported by Sohu Tech. He also bluntly stated that there has been feedback from NIO users concerning the possibility of a phone with better connectivity to the cars, motivating NIO to study the industry.
Lifestyle Goods Retailer Miniso Applies for Secondary Listing on HKEx
Chinese budget lifestyle retailer Miniso, which is currently listed in the U.S., submitted an IPO application to the Hong Kong Stock Exchange (HKEx) on Thursday, with Bank of America, Haitong International Securities Group Limited and UBS serving as co-sponsors.
Miniso listed on the New York Stock Exchange in October of 2020, raising $608 million in the process. However, the company’s share price has fallen by more than 66% since its listing, and it closed at $7.88 on Thursday.
Asian Goods Shopping Platform Yami Secures $50M in Round-B Financing
Yami, the largest online shopping platform in North America specializing in Asian commodities, announced Wednesday that it has raised round-B financing of $50 million, co-led by Altos Ventures and Balsam Bay Partners, with participation from previous backers J.P Morgan and GGV Capital.
Yami was established in March 2013 and is headquartered in California. Up to now, the number of users of Yami has exceeded 2 million. Yami is a direct-to-consumer marketplace for Asian food, skincare products, and household goods, with more than 260,000 stock keeping units (SKUs).
Alibaba Invests in EQuota Energy
According to information available on Chinese enterprise data platform Tianyancha, EQuota Energy on Tuesday issued a change to its official registration with the Industrial and Commercial Administration, adding Alibaba as new shareholder and increasing its registered capital to about 8,282,900 yuan ($1,304,086).
Hesai Technology’s AT128 Lidar Sensor to Begin Mass Production and Delivery in H2 2022
Hesai Technology, a firm specializing in lidar solutions for autonomous and assisted driving, announced Thursday that its AT128 lidar has been selected for multiple advanced driver assistance systems (ADASs), totaling several million units from firms including Li Auto, JiDU, HiPhi, and Lotus. The sensor model will begin mass production in the second half of 2022.
The first pure electric SUV Eletre was released on Wednesday, equipped with a deployable lidar system and advanced autonomous driving assistance technology.