Pandaily's Digest #20210604
Tesla's China woes, Huawei's HarmonyOS operating system, Zongmu Technology's latest funding, Inflatable COVID-19 testing labs, XPeng and NIO's May delivery figures, yuan inflation, and more.
Tesla’s China Orders Halved in May Amid Regulatory Pressure and Public Relations Crisis, Report Says
Tesla’s vehicle orders in China dropped by almost half in May compared with the previous month, as the US automaker wrestles with backlash from regulators and customers alike in the world’s largest electric vehicle (EV) market, according to tech media outlet The Information.
Huawei Officially Launches Homegrown HarmonyOS, Teases Upcoming P50 Flagship Phone
Huawei Technologies officially launched its in-house Harmony operating system for smartphones on Wednesday, as the Chinese telecoms equipment maker seeks to become completely independent of American technology.
Short Video and “We-Media” Industry Castigated by Mainstream Platform Officials at Internet Convention
At the 9th annual China Internet Audio & Video Convention (CIAVC), which took place in Chengdu on June 3, mainstream video platform officials voiced criticism of short videos and so-called “we-media” platforms.
China Issues Regulation of Sharing Economy Companies, Maintains Crackdown on Monopolies
The Chinese government warned on Thursday that companies involved in the sharing economy need to comply with regulation and price their services properly.
BAIC Motor to Adopt Huawei’s HarmonyOS in New SUV Model
BAIC Motor officially announced on Thursday that it would adopt the in-house Harmony operating system recently launched by Huawei in the Arcfox Alpha S Huawei HI model and a new petrol SUV, both of which will be unveiled later this year.
Autonomous Driving Startup Zongmu Technology Raises $190 Million from Investors Including Xiaomi, Qualcomm
Chinese autonomous driving system startup Zongmu Technology announced that it has raised a total of $190 million in its Series D round of funding, including from a Xiaomi-backed investment fund.
China Esports Weekly: OPPO Signs Two-Year Strategic Partnership With TJ Sports for Wild Rift, Nongfu Spring’s Scream Sponsors FPX
Last week several prominent non-endemic partnerships surfaced within the League of Legends esports scene, as did a multi-million dollar Series B2 financing round from China’s biggest esports company, VSPN.
Inflatable COVID-19 Testing Labs Put into Use in Guangzhou Following Surge in New Cases
To increase Guangzhou’s capacity to administer nucleic acid tests, which are used to screen those suspected of being infected with COVID-19, four groups of inflatable COVID-19 testing labs are being put into use in the vast metropolis in the Chinese province of Guangdong. The first group has officially started operation on Wednesday.
Popular Kuaishou Livestreamer Accused of Selling Counterfeit Coolpad, ZTE Phones even after Paying Compensation for Previous Fakes
Kuaishou anchor Ping Rong (Lvsao) was reported to have been trading yet more fake brands after last month’s controversy for selling copycat Doov smartphones.
Biden to Revamp Trump’s Investment Ban Targeting Chinese Companies with Alleged Military Ties, Report Says
US President Joe Biden plans to amend a Trump-era restriction on investments in companies found to be affiliated with China’s military after the former administration’s policy confronted legal challenges, Bloomberg reported.
Chinese EV Frontrunners XPeng and NIO Report Mixed Delivery Figures for May Amid Global Chip Shortage
Chinese electric vehicle (EV) maker NIO saw its deliveries fall in May due to a global semiconductor shortage, while rival XPeng’s sales continued to grow at a robust pace as the company managed to prevent the chip crisis from hobbling its business.
China’s Central Bank Takes Action to Quell Mounting Inflation Concerns
Officials at the People’s Bank of China (PBOC) announced new measures late Monday night aimed at curtailing growth in the yuan’s value, which has recently surged to its highest level against the dollar in three years.
Tencent Sued over Honor of Kings Game for Alleged Violations of Minors’ Rights
Tencent has been sued by a Chinese public interest group on June 1 following accusations of providing “inappropriate content for minors” in its popular mobile game Honor of Kings.
Baidu-Geely EV Venture to Unveil First Model Priced Above $31,000 Next Year
Jidu Auto, the electric vehicle (EV) venture between Chinese search and AI giant Baidu and automaker Geely, will unveil its first model at the 2022 Beijing Auto Show, according to its top executive.
China VC Weekly: Logistics, Robots and Surgical Instruments
In last week’s VC news across China, logistics upstart YQNLink bags a whopping $100 million in its latest round, Hong Kong-based investment firm Gaw Capital Partners closes a further $430 million in funds, robotics startup MegaRobo closes a hefty $65 million investment round while Suzhou’s IntoCare Medical rakes in more than $15 million in its Series D fundraising round.
VSPN Secures Multi-Million Series B2 Financing Round Led by Morgan Stanley
Chinese esports company VSPN on Tuesday announced the completion of a multi-million dollar Series B2 financing round, led by Morgan Stanley Private Equity Asia (MSPEA). The funding will be directed towards the firm’s global business expansion and the development of its esports content matrix, the VSPN+.
Chinese Education Company GSX to Close Pre-school Education Business and Cut 30% of Staff amid Increased Regulatory Pressure
Chinese online education platform GSX Techedu is shutting its early education unit and cutting jobs as Beijing escalates a campaign against the country’s burgeoning after-school tutoring sector, multiple media outlets reported.