Pandaily’s Digest #20220311
Chinese authorities have reportedly halted ride-hailing giant Didi's preparations for a public listing in Hong Kong through introduction, scheduled for sometime this summer.
Didi Reportedly Suspends Preparations for Hong Kong IPO
The Cyberspace Administration of China (CAC) on Friday informed executives of domestic ride-hailing giant Didi Chuxing that its proposals to ensure security and prevent data leaks had fallen short of rectification requirements, according to sources cited by Bloomberg. Didi Chuxing and its sponsor agencies have stopped preparations for a public listing in Hong Kong through introduction, scheduled for sometime this summer.
JD.com Builds China’s First Carbon-Neutral Intelligent Industrial Park
Chinese tech and e-commerce giant JD.com announced on Wednesday that its “Asia No.1” logistics park in Xi’an, Shaanxi Province, has obtained certificates for carbon neutrality issued by China Beijing Environmental Exchange (CBEEX) and Centre Testing International (CTI), becoming the first carbon-neutral intelligent industrial park in the domestic logistics industry.
Consumer Tech Startup Nothing Locks $70M in Series-B Financing
Nothing, a global consumer tech brand, announced on Wednesday its completion of round-B financing totaling $70 million, co-led by EQT Ventures and C Ventures, with additional participation from GV, Future Shape, Gaorong Capital and Animoca Brands.
Huawei Nova 9 SE and Other New Products to Be Launched on March 16
Shenzhen-headquartered telecommunications giant Huawei announced on Thursday that its new product launch conference will be held at 19:00 on March 16, Beijing time. The launch is expected to see the release of new smarthome products and other new devices. The poster for the event shows a metallic luminous ring, suggesting the attributes of the new products.
ByteDance’s Douyin and TikTok Earn over $258 Million in February
According to a report released by Sensor Tower on Thursday, in February 2022, TikTok and its sister app Douyin earned more than $258 million in the global App Store and Google Play, twice as much as the same period last year, once again ranking it first in the global non-game mobile application revenue list. The month before, in January, was only $128 million.
TikTok Nears Deal With Oracle on User Data Storage
Short video sharing platform TikTok is close to reaching a deal with American computer software company Oracle Corporation, Reuters reported on Thursday citing people familiar with the matter. Under the deal, TikTok would store its U.S. users’ information on Oracle’s servers, while ByteDance, the parent company of TikTok, would be unable to access the data.
Smart Cleaning Appliances Brand Speedfox Receives Nearly $16M in Financing
Smart cleaning appliances brand Speedfox has recently completed an A round of financing worth nearly 100 million yuan ($15.82 million), following funding by Tencent Investment, Sequoia Capital, BAI Capital, IDG, 5Y Capital, Toutoushidao Capital, Qianhai FoF, K2VC and others. Funds from this round will reportedly be allocated to continue water technology innovation and smart home ecosystem construction.
SMIC Achieves Revenue of $1.2B in January and February
Leading Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on Tuesday that in January and February 2022, the company achieved operating income of about $1.223 billion, a year-on-year increase of 59.1%, while the net profit attributable to shareholders was about $309 million, up 94.9% year-on-year.
Lithium Battery Manufacturer CALB to Apply for Hong Kong IPO
China Aviation Lithium Battery Technology (CALB) plans to file for an initial public offering in Hong Kong as early as this week, which may raise as much as $1.5 billion, and is expected to become the largest IPO in Hong Kong so far this year, Bloomberg reported on Wednesday, citing people familiar with the matter.
Wingtech Inks $791M Smart Home Deal With Apple
Wingtech, a manufacturing company that assembles smartphones and other consumer electronics, announced on Thursday that it has carried out a number of business cooperations with an overseas customer, covering fields including computers and smart homes. Mass production and shipment of the 5 billion yuan ($791 million) project is already underway.
