Pandaily Digest | Feb 6, 2023
Editor's note: Boston-based Temu, a shopping app owned by China’s PDD, has started internal testing in Canada, five months after the app arrived in the US.
PDD Holdings’ Temu Starts Internal Testing in Canada
More than half of the products offered by Temu, a shopping app owned by Shanghai-based internet giant PDD Holdings, have started internal testing in Canada. Boston-based Temu’s impending foray into Canada comes on the heels of the platform’s arrival in the United States in September of last year. Link
Headlines from China
China’s C919 Passenger Jet Rumored to Experience Failure During Verification Flight
A C919 aircraft, the new passenger jet model built by the Commercial Aircraft Corporation of China (COMAC), did not arrive in Hefei as scheduled in its verification flight, but instead returned to Shanghai due to complications with its left-hand thrust. Link
Retail Brand Miniso Opens First Flagship Store in China
Chinese variety store Miniso opened its first flagship store on February 5 along Chunxi Road, a pedestrianized shopping street in Chengdu, the capital of China’s Sichuan Province. Link
Alibaba Introduces Carbon Reduction Action at UN ECOSOC 2023 Partnership Forum
Alibaba Group’s Chief Marketing Officer Chris Tung delivered a keynote speech to introduce the company’s carbon reduction action model and call on more enterprises to jointly promote low-carbon consumption at a side event during the 2023 Partnership Forum at the UN Economic and Social Council (ECOSOC). Link
Cross-Border Travel between Mainland China, Hong Kong and Macao Resumes on Monday
Cross-border travel between mainland China, Hong Kong and Macau will fully resumed from February 6, with no advanced reservation requirement and no cap on the number of passengers arriving from these two special administrative regions via land ports in Guangdong province. Link
News You Shouldn't Miss
Li Auto Sees Resignation from Multiple Departments and Lower Sales Expectations of First Pure EV
As the first electric vehicle maker with a monthly sales volume of over 20,000 units last year, Li Auto did not give enough rewards to its employees because of this achievement, but greatly reduced their year-end awards. Affected by this, employees in many departments have left their jobs after the Spring Festival holiday. Link
COO of Huawei’s Smart Car Solution Business Unit Suspended
Huawei’s Smart Car Solution Business Units saw a number of personnel adjustments recently. Wang Jun, COO of the business unit and president of the intelligent driving solution product line has been suspended, according to Chinese media outlet HiEV. Link
Goods Returning to China’s Cross-Border E-commerce Welcomes Favorable Policies
On January 30, China’s three departments jointly issued an announcement on the tax policy for returned goods in cross-border e-commerce. The returned goods will be exempted from import duties, import value-added taxes and consumption taxes. Link
Starbucks China’s Comparable Store Sales Falls by 29% in Fiscal Q1 2023
On February 2, American multinational coffeehouse and roastery chain, Starbucks, reported its financial results for its 13-week fiscal first quarter ended January 1. Its revenue rose to $8.71 billion, which was still lower than market expectations. Link
BYD Acquires an Internet Insurance Company for $530M
According to Chinese commercial information query platform Tianyancha, BYD’s proposed acquisition worth 3.6 billion yuan ($530 million) for Yi’an Property Insurance Co., Ltd. was put in place on January 31. BYD will acquire 100% equity of the Internet insurance company. Link
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