Pandaily's Digest #20210901
Xiaomi's automotive division is formally established, regulators introduce new time limits for underage players of online games, Universal Beijing Resort sets its grand opening, and more.
Xiaomi Auto Formally Established With Team of Nearly 300 People
On Wednesday, Lei Jun, Chairman and Founder of Xiaomi, announced via his Weibo account that Xiaomi Auto Co. Ltd has been officially established, with registered capital of 10 billion yuan ($1.5 billion). Lei Jun himself serves as the legal representative of the company.
China Cuts Time Minors Can Spend on Online Games
On Monday, Chinese regulator slashed the amount of time players under the age of 18 can spend on online games. Those under the age of 18 can now only spend an hour playing online games on Fridays, weekends and holidays.
Universal Beijing Resort Sets Official Grand Opening for September 20
Universal Beijing Resort (UBR) announced its official opening this Monday. The UBR theme park, two hotels and Universal CityWalk Beijing will be open to the public.
Li Auto Reports Decrease of 34.6% in Q2 Net Loss, Expects Q3 Shipments to Top NIO
Chinese electric vehicle manufacturer Li Auto announced its second-quarter financial report on Monday, showing a net loss of 235.5 million yuan ($36.5 million), a decrease of 34.6% compared with 360 million yuan in the first quarter of 2021.
China’s Ministry of Education: No Key Classes for Compulsory Education
China’s Ministry of Education held a press conference on Monday to introduce the new policies related to primary and secondary education in the upcoming semester after instituting the “double-reduction” policy.
Geely to Issue 3.7 Billion Yuan in Stock to 10,000 Employees
Geely Auto Group’s board of directors approved a share award plan for a total of up to 350 million shares and granted about 167 million shares to 10,884 incentive recipients under the plan, or about 3.7 billion yuan ($573.003 million) based on the latest market value, the company said in an announcement at the Hong Kong Stock Exchange on Monday.
Tesla Seeks Partner for 4680 Cylindrical Cells in China
36Kr reported on Tuesday that Tesla is now looking for a 4680 cylindrical battery partner in China. The EV maker is in negotiation with its current battery suppliers CATL and LG Chem, and several other major cylindrical battery companies, including EVE Energy Co., Ltd. and BAK Battery.
Tencent Exits All Exclusive Music Copyright Agreements
Tencent said on Tuesday that it has exited all exclusive music copyright agreements it had been engaged in after Chinese regulators barred it from such deals last month, requiring the company to relinquish exclusive music licensing rights within 30 days.
Photos of New Xpeng Motors Mid-Size SUV Leaked, Revealing Lidar and Air Suspension System
Auto blogger Dabaozili recently exposed a group of interior photos of Xpeng’s new mid-size SUV, showing that the new car may be the fourth mass production model of the company. It will reportedly be produced on the same platform as the Xpeng P7 and is expected to enter the market in 2022.
ByteDance Employees Receive First Salary Since Cancellation of ‘Big/Small Week’ Work Schedule, Pay Drops 17% on Average
ByteDance employees in China have received their salary for last month on August 31, after the “Big/Small Week” overtime working schedule was discontinued by the company.
