Pandaily’s Digest #20221207
Bilibili reportedly launched a round of systematic cost reductions. A Bilibili spokesperson acknowledged that some businesses have been adjusted recently, but denied any large-scale layoffs.
Bilibili Denies Layoffs as it Cuts Costs and Increases Efficiency
Shanghai-based video streaming platform Bilibili recently launched a round of systematic cost reductions and moves to shore up efficiency, which is expected to save the company more than 2 billion yuan ($13.9 billion). Specific measures include staff cuts and reduction of business input, LatePost reported on December 5. Regarding the matter, a Bilibili spokesperson acknowledged that some businesses have been adjusted recently, along with various personnel adjustments, but denied any large-scale layoffs.
US Accuses Four Chinese Solar Panel Companies of Circumventing Tariffs
On December 2, the U.S. Department of Commerce issued preliminary determinations in the circumvention inquiries of solar cells and modules from China. Four Chinese enterprises, including LONGi Green Energy, Trina Solar, Canadian Solar and BYD, were found to be circumventing tariffs.
Luckin Coffee Launches Franchise Expansion Drive
Chinese beverage chain Luckin Coffee announced its launch of a new round of partner recruitment to expand franchised stores on December 5. The initiative covers nine provinces and 41 urban areas, mainly in third- and fourth-tier cities.
ByteDance’s Reading App Shiqu to Stop Operating on Dec 12
A ByteDance-owned reading tool called “Shiqu” will officially stop all operations and services from December 12. This app, launched by ByteDance in April this year, allows users to subscribe to desired information based on keywords and data sources.
Hainan, China Adjusts COVID Prevention Measures, Tourism Soars
With Hainan being a popular tourist destination in China, many domestic tourist platforms showed that orders of air tickets and hotels soared after the province adjusted its pandemic prevention and control measures. According to Chinese travel platform Qunar.com, within one hour after the announcement was released, the search volume of air tickets to Sanya, Hainan Province increased by 1.8 times and the booking volume increased by 3.3 times compared with the same period of the previous day. Hotel bookings in the city also surged three times compared with the previous period.
Meituan Invests in Sodium-Ion Battery Developer Chaona New Energy
Beijing-based life services e-commerce platform, Meituan, had one of its subsidiaries invested in Huzhou Chaona New Energy, with a shareholding ratio of 10%. According to public information, Chaona New Energy was established in August 2021, and is a manufacturer of sodium-ion batteries. The company independently researches and developes key materials for sodium-ion batteries, featuring low cost, long life, high safety and high energy density products. The products can be used in low-speed electric vehicles, large-scale energy storage, electric vehicles and other fields.
Xiaomi Invests in Automobile Chip Firm “Rhino”
Hanxing Venture Capital, a Xiaomi affiliate, recently increased its investment in Hefei-based chip firm Rhino. The company’s core products are autonomous driving chips but is also involved in developing autonomous driving solutions and development tool chains.
Founder of Chinese COVID Testing Firm Nucleus Gene Found Guilty of Academic Misconduct
The “false negative COVID results” of Lanzhou Nucleus Gene Huaxi pulled by the Shenzhen-based nucleic acid testing company and its actual controller Zhang Hezi from behind the scenes to the front and center. This company, relying on transformations to carry out nucleic acid testing in China, expanded rapidly during the pandemic. Until now the company has carried out nucleic acid testing in over 45 cities across the country conducting a total of over 700 million tests. The company currently has an IPO on the agenda.
REPT, a Chinese electric vehicle battery manufacturer backed by leading nickel and stainless steel producer Tsingshan Holding Group, has submitted an application for an overseas public listing, according to the official website of the China Securities Regulatory Commission. Tsingshan Holding Group, which is one of the world’s top 500 companies, is known as the “Nickel King” in China.
Tencent’s Anime AI Picture Generator Hits Global Social Platforms
Different Dimension Me, an anime photo generator developed by Chinese internet giant Tencent, has recently become popular on global social platforms. However, this AI-generated content (AIGC) tool has also received allegations of racial discrimination due to limitations of its algorithms and image recognition functions.
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