Pandaily's Digest #20220406
Fast fashion e-commerce company SHEIN is reportedly in talks with General Atlantic regarding a new round of financing, which could raise $1 billion at a $100 billion valuation.
SHEIN Seeks $10B in Financing for $100 Billion Valuation
Fast fashion e-commerce company SHEIN is now in talks with General Atlantic regarding a new round of financing, Bloomberg reported on Monday. Among the company’s existing investors are Tiger Global, IDG and Sequoia. SHEIN is reportedly raising $1 billion at a $100 billion valuation.
BYD Stops Producing Fossil-Fuel Vehicles
Chinese electric vehicle maker BYD on April 3 said it has stopped production of vehicles powered by fossil fuels, now focusing exclusively on electric and hybrid cars.
The Shenzhen-based company will still produce and supply components for gas-fueled vehicles and will provide services and after-sales guarantees to existing customers.
Alibaba International Station Bans the Sale of E-cigs From May 1
On Thursday, Alibaba International Station announced that it will ban the sale of e-cigarettes starting May 1, 2022. The ban will include cartridges, smoking sets and products sold in combination with cartridges and smoking sets as well as accessories, atomizers, nicotine for e-cigarettes and other related products.
Chinese Regulators to Support Enterprises’ Offshore Listing Places Choice
On Saturday, the China Securities Regulatory Commission (CSRC), together with three other government departments, released revisions to 2009’s confidentiality rules involving legal offshore listings.
The CSRC emphasizes that it firmly supports enterprises to choose their own listing places according to their own needs. The revision aims to clarify the information security responsibilities of listed companies, safeguard national information security and improve the efficiency of cross-border regulatory cooperation.
Chinese EV Maker NIO Negotiates With Rivals to License Battery Swap Technology
Zhang Hui, Vice President of NIO Europe, said recently that the electric vehicle (EV) firm is negotiating with Chinese and international automakers to license its battery swap system, the Financial Times reported on Tuesday. NIO aims to build 1,000 battery swap stations across Europe and the U.S. by 2025.
Alibaba Executive Jiang Fan Steps Down as Legal Representative of Several Firms
Recently, Jiang Fan, an executive of Alibaba, will no longer serve as the legal representative and chairman of several companies, including Zhejiang Taobao Network Co., Ltd., Zhejiang Tmall Network Co., Ltd., Alibaba Xunxi (Hangzhou) Digital Technology Co., Ltd., and others. At present, Jiang is no longer serving as the legal representative of any firm.
Chinese Battery Giant CATL Leads Global Power Battery Shipments
South Korean automotive industry research firm SNE Research published data on power battery shipments for the first two months of this year on Thursday, showing total shipment volume of 53.5 GWh, an increase of more than 100% from the previous year.
Among them, the shipments and market share of Contemporary Amperex Technology Co., Limited. (CATL) were 18.4 GWh and 34.4%, respectively, ranking first, further increasing its market share compared with the same period last year.
Listed Chinese Education Firms Transfer Subject Training Businesses
Publicly listed Chinese education companies are wrapping up the last off-campus training services for compulsory subjects, so as to restructure and transform their business models, 21st Century Business Herald reported on Friday. Companies including 51Talk and Beststudy Education Group have announced that they will transfer their curriculum-based training assets at the price of 1 yuan or 1 U.S. dollar.
How Long Could China Maintain Its Leadership Position as World Factory?
Is China-focused outbound investment as the theme for our first Fund solid enough? How long could China maintain its supply chain advantage?
In this op-ed, James Liang, founder of Skyline Ventures argues that with digitalization boosting China’s supply chain strength, China’s supply chain advantage could last at least another 20 years.
China NFT Weekly: Jay Chou’s Bored Ape Got Stolen
Digestible news on the latest developments across the fields of NFTs, blockchain and metaverse in China, compiled for you every week by Pandaily.
This week: Tencent‘s WeChat suspends NFT accounts, Chinese AR glasses maker Nreal raises $60 million in series C+ funding round, Taiwanese pop star Jay Chou claims someone stole his Bored Ape NFT, and more.