Pandaily Digest｜May 26, 2023
Editor's note: On May 25th, Alibaba Group refuted recent rumors of large-scale layoffs. The company stated that it plans to hire 15,000 new employees in 2023 across its six business units.
Alibaba Denies Recent Layoff Rumors
On May 25th, Alibaba Group refuted recent rumors of large-scale layoffs. In an official announcement on social media, the company stated that it plans to hire 15,000 new employees in 2023 across its six business units, with over 3,000 of these positions designated for new graduates.Link
Headlines from China
Baidu Announces “AI Partner” and “AI BOT”
On May 25, at the 2023 Baidu Mobile Ecosystem Conference, Baidu unveiled beta features such as “AI Partner” and “AI BOT”, and showcased its beta product NEW APP.Link
A Shift in China: From Medal Pursuits to Mass Participation Sports and Public Well-being
China is experiencing a notable surge in mass participation sports, marking a strategic shift from prioritising medal attainment to promoting public well-being. With cycling, running, ultimate frisbee, and flag football gaining global popularity as outdoor mass participation sports, China is fully embracing this trend.Link
News You Shouldn't Miss
Xiaomi Reports Q1 2023 Performance: Progress in Chip Production, Electric Vehicles, and AI
Xiaomi has reported its Q1 2023 performance. In this quarter, the company achieved revenue of 8.42 billion USD, and an adjusted net profit of 452.6 million USD, marking a 13% year-on-year increase and a 121% sequential increase.Link
XPeng Motors Sees Q1 2023 Revenue Plummet 45.9%, CEO He Xiaopeng Predicts G6 Model will be a Hit
XPeng Motors has announced its financial results for the first quarter of 2023, which reveal a significant drop in revenue of 45.9% to approximately $572 million, lower than the estimated $598 million. The net loss for the company stood at approximately $333 million, exceeding the market’s expected net loss of $269 million. The loss per share after adjustment was $0.18.Link
BYD’s Shares Plummet After Being Reported by Great Wall Motors
On May 25, 2023, BYD shares took a dive in the middle of the trading day. As of the time of publication, BYD’s A-shares have fallen by 0.73%, and H-shares by 1.77%.Link
Li Auto CEO Proudly Champions Use of Domestic Chinese Suppliers
Li Xiang, CEO of Li Auto, took to Weibo in the late hours of May 25, 2023, to express his pride in the company’s extensive use of domestic Chinese suppliers. This announcement comes amidst criticism for the company’s heavy reliance on local suppliers.Link
China’s C919 Aircraft Set to Make Commercial Debut
After receiving its first domestically produced C919 aircraft at the end of last year, China Eastern Airlines’ C919 is finally set to make its commercial maiden flight. This information was confirmed today via the airline’s app, which displayed flight MU9191, scheduled to operate the Beijing-Shanghai route on May 28th.Link
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