Pandaily's Digest #20221010
Shen Peng, the founder of WaterDrop Inc., said at a forum that when exploring overseas markets, Chinese companies cannot copy China's prevailing "996" work culture.
Waterdrop Founder Won’t Pursue “996” Work Culture Outside China, Triggering Controversy
Shen Peng, the founder of Beijing-based insurance tech platform Waterdrop Inc., said at the FutureChina Global Forum in Singapore on October 7 that many Chinese companies see Singapore as the first stop for overseas expansion, and that localization is key for them to gain a regional foothold. By this logic, Shen said, they cannot copy China’s prevailing “996” work culture – a 12 hours per day, six days per week working schedule.
Meituan to Expand On-Demand Delivery Services to Hong Kong
On October 9, STAR Market Daily learned from inside sources at Meituan that the company’s on-demand delivery business unit is preparing to enter the Hong Kong market, and it is currently recruiting staff. Bloomberg also reported that an individual familiar with the matter said that Tony Qiu, the former head of internationalization at Kuaishou who joined Meituan earlier this year, would be made responsible for international expansion. Meituan has not yet responded regarding the matter.
Halted Acquisition by Tencent May Underpin Layoffs at Gaming Phone Firm Black Shark
On October 10, STAR Market Daily learned from several independent sources that Black Shark, a Chinese gaming smartphone brand, has recently been significantly shrinking its number of employees, with layoffs involving various departments and reaching a rate of nearly 50%. Individuals familiar with the situation said that Tencent‘s acquisition plan for Black Shark has run aground, which may be a major reason for the recent staff cuts. Regarding the matter, Black Shark CEO Harrison Luo said “no comment.”
Justin Sun Is Reportedly the Core Investor of Huobi Acquirer About Capital
Justin Sun, a Chinese cryptocurrency entrepreneur and the founder of Tron, a blockchain DAO ecosystem, is the core investor of Hong Kong-based investment company About Capital Management, which recently purchased crypto exchange Huobi Global, Wu Blockchain reported on October 10, citing multiple sources.
Chinese Consumer Electronics Giant Xiaomi’s Financial Business Map
On September 14, Lei Jun, founder and CEO of Chinese consumer electronics giant Xiaomi, stepped down as chairman of Beijing Xiaomi Electronic Software Technology Co., Ltd. The news triggered a heated discussion among netizens. The company is not the main operator of Xiaomi‘s smartphone business, but one of the subsidiaries of Xiaomi, focusing on the financial business. At the same time, personnel changes have taken place in Airstar Digital Technology, which has a mutual agreement control relationship with Beijing Xiaomi Electronics Software Technology.
Flying Cars Encounter Turbulence: Kittyhawk to Shut Down while XPeng Increases Investment
Flying cars, as the intersection of automobiles, aviation and new energy, have attracted plenty of capital over the past few years. However, one company, Kittyhawk, founded in 2010 by Sebastian Thrun, the “father of Google’s unmanned vehicles” and fundes by Larry Page, the founder of Google, suddenly announced it is shutting down on September 21 this year. This is undoubtedly pouring cold water on the currently very hot flying car industry. According to DoNews analysis, the shutdown of the company shows that flying cars are still facing many challenges as they try to enter commercial operation on a larger scale.
Chinese Ambassador to US Thanks Tesla CEO Elon Musk for His Taiwan-Related Remarks
On October 9, Qin Gang, Chinese Ambassador to the US, posted on Twitter in response to Tesla CEO Elon Musk’s Taiwan-related remarks. Qin expressed his gratitude to Musk for his call for peace across the Taiwan Strait.
China-Made Tesla Model Y Named Australia’s Best-Selling SUV in Sept
During September, Tesla’s Model Y became the top-selling SUV model in Australia and ranked among the top three best-selling vehicles overall in the country, Tesmanian reported. At the same time, the Model Y became the top-selling vehicle in New Zealand.
German Car Rental Firm Sixt to Buy 100K EVs From BYD
BYD, a new energy giant based in China, announced on October 4 that it has signed a cooperation agreement with Sixt, a leading German car rental company, under which it will provide new energy vehicle (NEV) rental services for the European market, jointly promote the electric transformation of the sector, and help reduce overall global carbon emissions.
Dissecting Tencent’s Operations in the Automotive Field
Amid a surging tide of car manufacturing across China’s internet technology industry, Tencent‘s layout in the field has always been regarded as light, far less than that of leading industry players such as Baidu, Huawei, and Xiaomi. However, at the beginning of September this year, Cham Zhong, the vice president of Tencent, said at a conference that “Tencent Intelligent Mobility has built a rich auto service ecology with more than 40 car companies such as Mercedes-Benz, BMW and Audi, with more than 150 models. The company helps more than 100 car companies and travel technology companies with cloud services.” According to Chinese media outlet Cyber Car, this shows that Tencent‘s auto business is actually progressing quite well.