Pandaily's Digest #20211129
China strengthens regulation of the country's fast-growing vaping industry, China issues $6 billion advance subsidy for new energy vehicles, Xiaomi Auto to build factory in Beijing, and more.
China Amends Tobacco Monopoly Law to Include E-Cigarettes
On the evening of November 26, China amended its tobacco monopoly law to include e-cigarettes, stepping up regulation of the fast-growing vaping industry in the world's largest tobacco market.
China’s Ministry of Finance Issues $6 Billion Advance Subsidy for New Energy Vehicles in 2022
Recently, China's Ministry of Finance issued a subsidy aimed at achieving energy conservation and emissions reduction goals in 2022.
Alibaba CEO Zhang Yong Decentralizes Power Within Firm
People familiar with the matter have indicated that Zhang Yong, CEO of Alibaba Group, is delegating power to the heads of various business departments of the company.
Xiaomi Auto Signs Contract to Build Factory in Yizhuang, Beijing in Two Phases
On November 27, Xiaomi signed a cooperation agreement with the Beijing Economic-Technological Development Area Management Committee, and announced plans to establish a Xiaomi Auto factory there.
Weibo Launches Global Offering of 11 Million Shares, No Higher Than $49.75 Per Share
Chinese Twitter-like platform Weibo announced plans to sell 11 million shares globally through its IPO in Hong Kong, including 5.5 million new shares and 5.5 million sales shares.
Meituan Q3 Revenue Reaches $7.6 Billion; Annual Transacting Users Reaches 667.5 Million
On Friday, Meituan released its financial results for the third quarter of 2021 as of September 30, 2021. The report shows that the company's revenue reached 48.829 billion yuan ($7.6 billion), an increase of 37.9% over last year.
Xiaomi Announces New Round of Organizational Restructuring
Xiaomi announced a new round of organizational restructuring, involving the group's executives, smartphone department, China region and Internet business department.
Faraday Future Receives Delisting Warning from Nasdaq, Asked to Submit Compliance Plan within 60 Days
Faraday Future (FF) said on Tuesday that it had received a delisting warning letter from The Nasdaq Stock Exchange dated November 17.
Pinduoduo Posts Q3 Results, Signals Sustainable Growth as Spending Shifts from Marketing to R&D
Pinduoduo appears to be forging a path to sustainable growth after garnering more than 800 million customers in record time.
Xiaomi and Huawei to Invest in NIO Battery Supplier Welion New Energy, Sources Say
Jiangsu Welion New Energy, a semisolid-state battery supplier of Chinese electric vehicle firm NIO, will receive investment from strategic institutions such as Xiaomi and Huawei.