Pandaily's Digest #20220819
Pinduoduo, a Chinese agricultural-focused technology platform, is preparing a cross-border e-commerce app, expected to be released initially for the US market in mid-September.
Pinduoduo to Launch Cross-Border E-Commerce App in US Next Month
LatePost reported on August 17 that Pinduoduo, a Chinese agricultural-focused technology platform, is preparing a cross-border e-commerce app, expected to be released initially for the US market in mid-September. The model will follow Shein, which is now the largest Chinese independent cross-border e-commerce platform, and Pinduoduo has been attracting merchants from all categories. Among them, the key categories are low-priced daily necessities and home products that Pinduoduo itself is good at.
Tencent’s Q2 Disclosure a Mixed Blessing, Hoping to Defy Gravity in Shaky Market
Chinese internet giant Tencent logged its first-ever quarterly revenue fall along with declining net profit for the fourth consecutive quarter, according to its second-quarter 2022 results released on August 17. The non-IFRS measure of adjusted earnings, mostly pertaining to the social platform king’s principal operations, pointed to a narrower decline in earnings, however.
Alibaba’s Kaola E-Commerce App Shrinks to Less Than 20 Staff Members
According to a report by LatePost on August 18, as of July 2022, Kaola, a cross-border e-commerce platform acquired by Alibaba nearly three years ago, has shrunk from more than 400 people in 2021 to less than 20 people. The platform is now focusing on member e-commerce businesses for mothers and babies, as well as beauty items. Products and technologies are now only being maintained and are no longer receiving upgrades.
Stablecoin HUSD Faces Liquidity Issues, Huobi Withdrew in April
HUSD, an Ethereum network-based stablecoin issued by Stable Universal Limited, has become the latest cryptocurrency to lose its parity with the U.S. dollar, tumbling by as much as 14.7% on August 18, according to data from CoinMarketCap.
CATL Forms New Energy Vehicle JV with FAW Jiefang
Chinese battery giant CATL and FAW Jiefang, the commercial vehicle division of FAW Group, formed a joint venture on August 18 aimed at exploring the new energy commercial vehicle market.
Evergrande Auto Denies Merger And Acquisition Rumors
Regarding recent reports that Evergrande Auto will be acquired by another automobile company, on August 18, Liu Yongzhuo, president of Evergrande Auto, responded to domestic media that the company has been actively introducing strategic investors. Up to now, both local governments and many powerful enterprises have expressed their interest in Evergrande Auto, but there has been no M&A.
Chinese Variety Store Miniso Apologizes for Early Marketing as Japanese Designer Brand
On August 18, Chinese variety store Miniso issued a statement in which it apologized for earlier marketing efforts that presented the company as a "Japanese designer brand."
Tesla China Cuts Delivery Time for Rear-Wheel Drive Model Y to 4-8 Weeks
Tesla China’s website now shows that estimated delivery times for the rear-wheel drive version Model Y have been shortened from 8-12 weeks to 4-8 weeks.
Zotye Auto Denies Reports It Will Produce Vehicles for BYD
Market rumors have surfaced recently that Zotye Auto will help BYD produce its Dolphin, a hot-selling EV model. In April, some domestic media outlets reported that Zotye’s Changsha Factory will produce cars for BYD. In July, the factory was reported to be storing a large number of BYD vehicles.
Xiaomi Auto to Use Batteries from CATL and BYD
Power batteries are one of the core components of Xiaomi Auto, and the company has finalized two suppliers, CATL and FinDreams Battery, which is owned by BYD, 36Kr reported on August 17. These two battery companies dominate the top two places in battery installation capacity in China.
