Pandaily's Digest | Nov 29, 2023
Editor's note: ByteDance's gaming subsidiary, Nuverse, is said to initiate a large-scale layoff starting from Monday.
ByteDance’s Gaming Subsidiary, Nuverse, Initiates Large-Scale Layoff
Around noon on Monday, ByteDance officially announced that “the gaming business under Nuverse is going to undergo a massive business contraction.” Link
Headlines from China
SHEIN Covertly Files for US IPO, Valuation Could Surpass $80 Billion
Chinese fast-fashion e-commerce platform, Shein, has reportedly submitted an application to the U.S. Securities and Exchange Commission in secret, to prepare for a U.S. listing. It will be one of the largest IPOs in the U.S. securities market in recent years. Link
Geely Holding and NIO Sign A Cooperation Agreement on Battery Swapping Business
On November 29, 2023, Geely Holding and NIO signed a strategic cooperation agreement on battery swapping in Hangzhou. Link
VMware Is Acquired by Broadcom, Employees in China May Receive New Contracts or Severance Pay
Broadcom has acquired VMware for $69 billion. Recently, there have been reports that the Beijing branch of VMware is undergoing trademark changes and personnel adjustments. Link
Pinduoduo Q3 Financial Figures Exceed Market Expectations
Pinduoduo's revenue reached ¥68.84 billion in Q3, 2023, a 93.9% increase from the same period last year, nearly doubling, and a net increase of nearly ¥16.6 billion from ¥52.281 billion in Q2, far exceeding market expectations. Link
News You Shouldn’t Miss
Apple’s Vision Pro Heads into Mass Production, Boosting Mainland China’s Supply Chain Involvement
Apple will officially start mass production of the first generation MR (Mixed Reality) product Vision Pro in December this year, significantly boosting mainland China's supply chain. Link
Huawei’s Richard Yu: The New Company Has Invited the “Four Jie”, Hoping FAW Will Join
On November 28th, Richard Yu, CEO of Huawei Consumer BG, stated that Huawei has extended invitations to Seres, Chery, JAC Motors, and BAIC, and hopes that FAW Group will also join. Link
Changan Auto Launches L07/S07 Models in Bangkok, Southeast Asia Debut Set for Nov 29
Changan Automobile has officially established a Southeast Asia Division. At the same time, it sets up three local companies and localized operation teams. The construction of a new-energy vehicle production base in Thailand has also begun. Link
DiDi App Crashed, Full Repair Pending
On the late evening of November 27, the Chinese ride-hailing app Didi crashed. DiDi users in Shanghai, Beijing, and Guangzhou reported on social media that they were unable to use the DiDi app and that the maps were not loading. Link
Huawei and Changan Auto Establish a New Joint Venture
On November 25th, Huawei partnered with Changan Automobile to create a new company, relocating its smart car business unit there. Link
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