Pandaily's Digest #20210702

Dingdong's Didi confusion; China's bitcoin miners in exile; Miniso's global ambition; Chinese online education sector in its darkest hour, NIO and Xpeng's Q2 deliveries; Didi's US IPO, and more.

Dingdong Maicai Price Surges as Ticker Symbol Might Have Been Mistaken for DIDI

Dingdong Maicai, a Chinese fresh grocery e-commerce platform, triggered the circuit breaker twice on the second day after being listed. As this article is being written, its price is reportedly at USD 38.4 per share. Its total market value has dropped to USD 9 billion.

China’s Bitcoin Miners Stumble amid Crypto Crackdown

From Inner Mongolia to Xinjiang and Yunnan, Chinese domestic Bitcoin miners have been expelled by ever tightening financial and environmental policies. Now that Sichuan is no more a haven, where to go?

Looking Beyond China, Budget Store King Miniso Eyes Growth Opportunities in Overseas Markets

The economic recession triggered by the coronavirus pandemic has spawned a global cohort of newly budget-conscious consumers, which has given a push to low-priced retailers such as Miniso.

COVID-19 Has Given China’s AI Industry a Shot in the Arm

From contact tracing systems to driverless food delivery and medical supply vehicles, AI technology has been used in more daily life scenarios during the Covid-19 pandemic in China.

China Esports Weekly: LoL Esports Manager Receives Game Approval, ImbaTV to Host Valorant Invitational

Over the past week, China’s esports industry saw a slowdown after Tencent announced multiple partnerships and upcoming plans at its annual esports global summit. Nevertheless, there were a number of new developments across China’s gaming industry worth noting this week. 

From Gold Rush to Minefield: Can the Chinese Online Education Industry Survive Its Darkest Hour?

For Chinese K12 online education companies, this June has been unnervingly quiet due to tightening regulation targeting the online education industry.

Chinese EV Giants Nio and XPeng Announce Vehicle Delivery Results for June and Q2 2021

Nio and XPeng, two leading Chinese smart electric vehicle companies, announced on Thursday their vehicle delivery results for June and the second quarter of this year.

Asia Innovations Group Plans U.S. IPO, Eyeing between $600 Million to $800 Million

Asia Innovations Group (AIG), the tech start-up behind live streaming service Uplive, dating app Lamour, and star-chasing app Super Fans Club, plans to go public in the US this year. The company expects to raise between $600 million to $800 million, according to media. AIG has not made any official response to these claims yet.

XPeng Announces Global Offering of 85 Million Shares at HK$165 Per Share

Leading Chinese smart electric vehicle maker Xpeng announced on Wednesday the pricing of an offering of 85,000,000 Class A ordinary shares at HK$165 ($21.25) per share which comprises both an international offering and a Hong Kong public offering.

Chinese Ride-hailing Giant Didi Chuxing Goes Public on New York Stock Exchange

Chinese ride-hailing giant Didi Chuxing went public on the New York Stock Exchange on Wednesday night with an issue price of $14, meaning that the company’s market value is expected to reach about $67 billion.

Upcoming Nokia X60 Series Will Run HarmonyOS, Sources Say

The Nokia X60 and X60 Pro are expected to be launched later this year, according to the Chinese Taiwanese media, and these two models are likely to be the first Nokia phones featuring the HarmonyOS. Nokia is also the first smartphone manufacturer that carries HarmonyOS aside from Huawei.

French Telecom Company Orange Says Cooperation with Huawei Is Going Well despite European Concern

The CEO of Orange said on Wednesday that it would avoid using the equipment from Chinese suppliers when developing European 5G networks due to European companies’ concerns about large Chinese enterprises, but there is no problem in cooperating with Huawei in Africa. Huawei, as an equipment supplier for many telecom operators, occupies a dominant position in the industry.

BYD Semiconductor Lists on GEM of Shenzhen Stock Exchange

BYD Co., Ltd. announced on Wednesday that it has implemented a plan to make its subsidiary BYD Semiconductor go public on the GEM of the Shenzhen Stock Exchange.