Pandaily’ s Digest #20210707
Xpeng’s shares rose 1.8%, UK’s Largest Chipmaker Acquired by Chinese-Owned Nexperia Amid Ongoing Semiconductor Crisis, LinkDoc to List on NASDAQ and more.
Shares of Xpeng Rise 1.8% in Hong Kong Dual Primary Listing Debut
Xpeng’s shares rose 1.8% at the opening of trading to reach 168 Hong Kong dollars a piece, as the company carried out a dual primary listing on the Hong Kong Stock Exchange.
UK’s Largest Chipmaker Acquired by Chinese-Owned Nexperia Amid Ongoing Semiconductor Crisis
Representatives from Nexperia, a subsidiary of Shanghai-based Wingtech Technology, announced on Monday their acquisition of the largest producer of semiconductors in the UK, Newport Wafer Fab (NWF). Following the agreement’s implementation, the Welsh facility is to be redubbed “Nexperia Newport”.
Oppo Executive Denies Public Speculation Regarding Possible Vehicle Production
In response to previous reports about Oppo’s entry into the automotive field, Bo Liu, President of Oppo China, affirmed that “there is no need for the company to produce vehicles at present”.
LinkDoc to List on NASDAQ, Sets Sights on $1.5 Billion Market Value
LinkDoc Technology Limited, a Chinese medical technology company, updated its IPO application on July 6, planning to list on NASDAQ under the ticker symbol “LDOC”.
CAR Inc. Sets For Privatization And Will Delist on July 8
MBK Partners has completed the compulsory acquisition of CAR Inc., which is now a wholly-owned subsidiary of MBK.
Geely Automobile Sales Hit 100,163 Units, Down 9% Year-on-Year
Chinese automaker Geely Automobile announced on Tuesday that the company’s total sales volume in June saw a year-on-year decrease of about 9% and a quarter-on-quarter increase of about 4%.
Chinese New Retail Unicorn KK Group Raises $300M Led By JD.COM
Chinese new retail enterprise KK Group, formerly known as KKguan, has recently completed a new round of financing worth approximately US$300 million.
Li Auto Responds to Rumors That Their Products Contain Mercury
In response to a video saying that Li Auto’s vehicle contains mercury, the company responded that they did not use toxic mercury in any production phase.
Live Streaming E-Commerce Is All the Rage In China
On July 2, Chinese tech giants Bytedance invested in Hangzhou Weinian Brand Management Co., Ltd(Weinian), a contracted company of Li Ziqi, one of China’s most globally popular online influencers. This move showed Bytedance’s ambition to expand its footprint in the booming livestream and new consumption sectors.
China VC Weekly: Autonomous driving, SaaS and ZWC’s New Fund
In last week’s China VC news, autonomous driving technology startup HoloMatic completed its Series B1 round of financing, SaaS vendor G+ bagged 180 million yuan for further business expansion, while prominent VC ZWC Partners closed a new $774 million US-dollar fund.
Merger of Huya and Douyu Stopped
On Monday, China’s antitrust regulator blocked Internet giant Tencent’s plan to merge Huya and Douyu, two major domestic video gaming platforms.
Beleaguered Retail Group Suning.com receives a $1.4bn State-Backed Investment
On Monday, Suning.com, the retail arm of Suning Group, announced that Jiangsu provincial SASAC (State-owned Assets Supervision and Administration Commission) and Nanjing municipal SASAC took the lead to establish the second phase of Jiangsu Xinxin Retail Innovation Fund, which would acquire 16.96% equity of Suning.com at a price of 5.59 yuan per share, marking the latest move by China to rescue debt-ridden conglomerate.
Xiaomi to Provide over 110 Million Shares to Retain Talents
On Tuesday, Lei Jun, founder of Xiaomi, announced that he would issue a new stock incentive plan, awarding 119,650,000 shares to 122 outstanding employees including technical experts, the first batch of candidates of the Entrepreneur Program for a New Decade, as well as middle and senior managers.
SMIC Executive Departs Company
On July 4th, SMIC announced that Wu Jingang, a core technician, recently applied to resign from his position for personal reasons and completed the resignation procedures.
Vivo Asks App Developers to Review Data Privacy Compliance Requirements
On Monday, Vivo posted on its official WeChat account asking App developers to ensure that their apps and programs are in line with privacy compliance requirements. Should any app fail to meet the requirements, it will be removed from app stores.
Sharp Slump in Bitcoin Price Issues Meitu $17.3 Million Loss
Meitu, a Chinese smartphone maker and owner of a popular photo retouching app, announced on Tuesday that it lost $17.3 million in bitcoin due to a nosedive in its value. However, the Xiamen-based company has not expressed plans to sell the cryptocurrency in the short term.