Summer Ma, Author at Pandaily

Faraday Future Pushes for Arbitration to Break Deal with Evergrande

Faraday Future (FF) is pushing for an arbitration against Evergrande, a Chinese real estate conglomerate, in an effort to back out of a major investor deal with Evergrande Health, Evergrande’s healthcare division, according to a new filing by Evergrande Health Industry Group with the Hong Kong Stock Exchange on Oct. 7.

Bloomberg Hack Allegations Denied by Tech Companies

Over the weekend, tech companies including Amazon, Apple and Supermicro had put out statements to deny Chinese hacking allegations made by Bloomberg Businessweek last week.

Fan Bingbing Fined Over $100 Million for Back Taxes

Fan Bingbing, China’s most famous actress, and the companies she represents have been fined for 884 million RMB in back taxes and fines (about $130 million), perhaps one of the biggest tax evasion penalties in the recent memory.

China Dominates Tech IPOs on the U.S. Market in 2018

Throughout the first three quarters of 2018, Chinese tech companies far outnumbered U.S. companies in filing for IPOs on U.S. stock exchanges, according to an IPO report released by Renaissance Capital, a leading IPO investment research company.

Lenovo Launches New Smartphone with Quadruple Camera

After teasing the new Z5 Pro earlier this month, Chang Cheng, Vice President of Lenovo, released a quadruple camera design on Sept. 30, indicating that a new smartphone with four cameras will be released this October.

Tencent Undergoes Strategic Restructuring Awaiting the Arrival of 5G

To brace for the dawn of 5G and AI, Tencent Holdings is undergoing a strategic upgrade, which involves the establishment of two new business divisions—Cloud and Smart Industries Group (CSIG) and Platform and Content Group (PCG).

Alibaba Sets Up Chipmaking Subsidiary, First Chip to be Released in June 2019

Alibaba Group, the biggest e-commerce company in China, is setting up its own chipmaking subsidiary, Pingtouge Semiconductor Company, to make its in-house artificial intelligence inference chips.

Richard Liu Sexual Misconduct Case Submitted to the Prosecution

The sexual misconduct allegation against Richard Liu, founder and CEO of China’s e-commerce giant JD.com, has now been handed over for prosecution, according to a statement released by the U.S. Minneapolis police on September 20.

Second Internet Court Opens in Beijing

The second Internet court in China opened its doors in Beijing on Sept. 9, as the country looks to better address disputes and problems caused by the fast-growing cyberspace.

Tesla Shanghai’s Registered Capital Rose to 4.67 Billion RMB

Tesla’s arm in China, Tesla (Shanghai) Co. Ltd has increased its registered capital to a total of 4.67 billion RMB (about $680 million) on Sept. 7, according to the information shown by Shanghai Industry and Commerce Administration authority.

Alibaba CEO Jack Ma Names Daniel Zhang as His Successor

Alibaba Group, the largest e-commerce platform in China, has announced on Sept. 10 that chief executive officer Daniel Zhang will succeed Jack Ma as chairman of the board, effective one year from now.

Didi Launches Safety Rectification Plan, Suspending Late-Night Ride-hailing Services for 7 Days

Following the recent rape-and-murder case, Didi, the ride-hailing giant in China, announced the launch of a safety rectification plan on September 4, suspending all late-night ride-hailing services across the platform for a whole week.

Meituan-Dianping Updates Operating Data in IPO Prospectus, Raising Valuation to $55 Billion

Meituan-Dianping (Meituan), one of the most popular local online group purchase platforms in China, updated the operating data throughout its IPO Prospectus on September 3.

Xiaomi Successfully Tests 5G Connectivity on Upcoming Smartphones

Xiaomi has successfully tested 5G data connections on its smartphones for the first time, according to an official release on August 31. This marks a milestone in Xiaomi‘s foray into 5G networks, laying the foundation for the release of real 5G smartphones in the coming years.

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