Pandaily's Digest #20220826
Oriental Selection, the livestreaming platform of Beijing-based New Oriental Education, has recently launched an independent app.
New Oriental’s Livestream Platform Launches Independent App
Oriental Selection, the livestreaming platform of Beijing-based New Oriental Education, has recently launched an independent app. Regarding the matter, New Oriental Education said on August 25, “All new businesses are in the process of preparation and promotion, and it is not convenient to disclose more details for the time being.”
Anta’s H1 Revenue Surpasses Nike in China for First Time
Anta Sports Products Limited, a prominent sportswear company in China, increased its overall revenue in the first half of the year by 13.8% to 25.97 billion yuan ($3.79 billion), higher than Nike China’s $3.7 billion in the same reporting period.
Metaverse Firm Shadow Creator Reportedly Facing Salary Arrears
Shadow Creator, one of the earliest companies in China to engage in the metaverse field, was reported by social media users on August 23 to be owing wages of more than 200 employees. An online discussion about whether the metaverse has now entered into a cold winter ensued.
Baidu Reveals Superconducting Quantum Computer and World’s First All-Platform Integration Solution
On August 25, one of China’s leading AI companies, Baidu, unveiled its first superconducting quantum computer that integrates hardware, software, and applications. The company also introduced the world’s first all-platform quantum hardware-software integration solution that provides access to various quantum chips via mobile apps, PCs, and the cloud.
Luxury E-commerce Platform Secoo’s Shanghai Subsidiary Given Notice of Bankruptcy Filing
On August 25, Shanghai Secoo E-Commerce Co., Ltd., an affiliated company of luxury e-commerce platform Secoo, added a bankruptcy review case. The applicant was Shanghai Weiqi Trading Co., Ltd. and the handling court was the Shanghai Third Intermediate People’s Court.
Full Truck Alliance May Acquire China Arm of Startup Plus
Reports have surfaced suggesting that digital freight platform Full Truck Alliance will acquire Plus, an autonomous driving truck company, according to Huxiu on August 25. However, a Plus spokesperson stated that Full Truck Alliance may only acquire the China arm of Plus.
GAC Group to Set Up Battery Firm for Independent Research
Chinese automotive firm GAC Group announced two important proposals on August 25, including one to set up an independent battery company, and another to allow a company it has invested in to build a battery production base.
AR Tech Firm Nreal Bags $15M in New Funds
Nreal, an augmented reality (AR) technology startup based in Beijing, announced on August 25 that it has received strategic investment of $15 million from IICOMBINED, the parent company of South Korean sunglasses brand Gentle Monster.
Zeekr Denies Reports of IPO Plan
On August 25, Bloomberg reported that Zeekr, a high-end smart electric vehicle brand owned by Chinese firm Geely, is considering plans to conduct IPOs in the US and Hong Kong. Zeekr then told Chinese media that it doesn’t have new financing plans now, and that information released by the firm itself takes precedence.
Binance Confirms Support for Upcoming Ethereum Merge
Leading crypto exchange Binance announced on August 25 that it plans to support and protect users’ funds regardless of the outcome of the Ethereum merge, which is expected to take place between September 10 and September 20.