Pandaily’s Digest #20221031
Crowds of Foxconn employees walked along the highway to their hometowns due to an outbreak of COVID19 cases at the world's largest iPhone manufacturing facility in Zhengzhou, a central Chinese city.
Disrupted Production at Foxconn’s iPhone Plant in China to Have Heavy Impact
Pictures and videos have recently spread widely across Chinese social media showing crowds of Foxconn employees walking along the highway to their hometowns due to an outbreak of COVID-19 cases at the world’s largest iPhone manufacturing facility in Zhengzhou. This factory is currently the leading source of employment in the central Chinese city of over 10 million people.
Micro-Lenders Under JD.com, ByteDance, Meituan and Others Accelerate ABS Issuance
On October 14, the Shanghai Stock Exchange approved asset-backed securities with a total amount of 3 billion yuan ($412.7 million), issued by a micro loan subsidiary of leading Chinese e-commerce company JD.com. This is the third batch of ABSs applied for by the micro lender this year, and all three applications have been approved by the stock exchange, with a total amount of 11.39 billion yuan.
Kuaishou Resumes Links to Taobao and JD.com to Boost Double 11 Traffic
Taobao and JD.com, two of China’s leading e-commerce platforms, have recently announced the resumption of links connecting them with short video platform Kuaishou, mainly aiming at the annual Double 11 Shopping Festival. It remains to be seen whether the changes will last beyond the event.
BYD to Spend Nearly $688M on Ships to Reduce Global Logistics Costs
According to a report by Caixin on October 28, a BYD affiliate intends to order eight ships capable of carrying 7,700 cars in Shandong Province, with a total cost of nearly 5 billion yuan ($688 million). Among them, six ships are determined to be built, while the other two ships are optional.
Hong Kong Unveils Measures to Develop Virtual Assets Value Chain
The Hong Kong government issued a policy statement on the local development of virtual assets at the opening of the city’s flagship tech conference Hong Kong FinTech Week on October 31, aiming to promote the city as an international crypto hub.
Binance Invests $500M in Elon Musk’s Twitter Acquisition
With Elon Musk taking over Twitter, Binance, the world’s largest crypto exchange, confirmed on October 28 that it was an equity investor in the billionaire’s $44 billion acquisition. Binance CEO Changpeng Zhao, commonly known as “CZ”, said on Twitter that Binance remitted about $500 million two days ago, which was the amount that Binance agreed to participate in the Twitter acquisition before.
Tesla’s Humanoid Robot Optimus to Appear at China International Import Expo
Tesla announced on October 28 that it will bring its humanoid robot Optimus, also known as Tesla Bot, to the fifth China International Import Expo, to be held in Shanghai from November 5 to 10. In addition, Tesla’s energy architecture, gigafactory and the S3XY lineup of its car models will collectively make their debuts. Among them, the Model S Plaid and Model X Plaid are expected to attract significant attention.
How Alibaba Secures Business Growth Certainty for Merchants During This Year’s 11.11?
Alibaba kicked off the 14th edition of its 11.11 Global Shopping Festival, featuring more than 290,000 brands. The Chinese leading e-commerce player equips merchants with tools and solutions to secure business growth certainty for merchants during and beyond 11.11.
Li Auto Denies Canceling Infrared Sensor in L8 Pro SUV
In response to recent reports that an infrared sensor in the rear row ceiling of Li Auto‘s L8 Pro SUV model has been discontinued, the Chinese new energy auto firm confirmed on the evening of October 27 that this is false information and that the vehicle’s configuration had not changed.
Gotion High-Tech Batteries to Be Installed in Volkswagen Cars Next Year
Chinese battery manufacturer Gotion High-Tech released its latest financial report on October 26, showing operating income of 14.426 billion yuan ($1.99 billion) in the first three quarters of the year, an annual increase of 152%. In addition, The Paper reported that batteries supplied by the company to Volkswagen will be installed next year. Volkswagen China is Gotion High-Tech’s largest shareholder.