Pandaily's Digest #20220817
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
NFT Weekly: Huobi’s Big Move
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Tencent halts sales on its NFT platform Huanhe amid regulatory scrutiny, Huobi founder to sell majority stake in the exchange at a $3 billion valuation, China shuts down 12,000 crypto-related social media accounts, and more.
HUYA 2022 Q2 Financial Analysis: User Expansion and Operational Optimization Drive Sustainable Development
Facing some turbulence in the macro and regulatory environment, the live streaming industry in China has been under pressure over the past few months. Many companies across the sector have been adjusting their business strategies to ensure long-term development.
Sunwoda EVB Completes $886M Financing Round
Sunwoda Electric Vehicle Battery Co., Ltd. (Sunwoda EVB), a subsidiary of Chinese firm Sunwoda, has completed a new round of financing totaling 6 billion yuan ($886 million). The proceeds greatly exceed the round’s planned amount of 3 billion yuan, with a pre-investment valuation between 22 billion yuan and 23 billion yuan, domestic media outlet 36Kr reported on August 16.
Localization Rate of Tesla China’s Supply Chain Exceeds 95%
Grace Tao, Global Vice President of Tesla, announced via domestic microblogging platform Weibo on August 15 that the localization rate of Tesla China’s supply chain has exceeded 95%, as the firm’s Shanghai Gigafactory has now produced more than 1 million vehicles.
CATL’s Battery Plant in Sichuan Stops Production Due to Power Brownouts
Recently, many areas in China were subject to high temperatures and intense heat which resulted in many places, such as Sichuan and Anhui, running short of electricity. To respond to the shortage, many provinces have had to start coordinating electricity consumption. Industrial enterprises are being asked to produce at different peaks, ensuring people’s livelihood and issuing proposals for saving electricity. On August 16, Jiemian News learned from local insiders that CATL’s factory in Yibin, Sichuan Province, stopped production due to power brownouts, and the duration of power brownouts rationing lasted from August 15 to August 20.
First Look at Geely’s New Medium-Sized MPV LEVC TX5
Domestic media outlet Yiche reported on August 16 that Geely’s new SUV LEVC TX5 has been revealed. Compared with the previously released commercial version of the TXN, which focused on commercial operations, this new SUV will focus on the 7-seat medium-sized MPV market for home use. Owing to its high body design, the vehicle boasts a spacious interior.
Forking VR Receives Tens of Millions of Yuan in New Investment
On August 15, Shanghai-based VR content production company Forking VR announced its completion of a pre-A round of financing totaling tens of millions of yuan, with investment from Sequoia China Seed Fund. The funds will be used mainly for product development and technical team expansion. A few months ago, Forking VR received exclusive investment from Source Code Yisu, which operates the seed-stage business of Source Code Capital.
BYD Frigate 07 Rumored to Start Accepting Pre-Sales at Chengdu Auto Show
According to a report by Yiche on August 15, some dealers have mentioned that the BYD Frigate 07 will start pre-sales at the Chengdu Auto Show on August 26 and will then be listed at the end of September. This model has passed the declaration of the Ministry of Industry and Information Technology in the first half of this year and focuses on the medium-sized SUV market.
Nreal to Return to China After Exploring Overseas Markets
After years of hard work in overseas markets, Nreal, a Chinese AR startup, plans to expand its Chinese market presence and will soon release consumer-grade AR products.
Custom Alibaba Sans Typeface Available For Free Use in 178 Languages
At its annual U Design conference held on August 12, Chinese tech giant Alibaba debuted a new version of its custom Alibaba Sans typeface in traditional Chinese, Japanese, and Korean scripts. The typeface will be freely available for general use, offering great support for small and medium-sized enterprises’ overseas business and cultural exchange.