Pandaily's Digest #20220824
Huawei's internal forum published an article on August 22 about the whole company's business policy changing from pursuing scale to pursuing profit and cash flow.
Huawei Founder Emphasizes “Survival” Amid Economic Challenges
Huawei’s internal forum published an article on August 22 about the whole company’s business policy changing from pursuing scale to pursuing profit and cash flow, Chinese media outlet Yicai reported on August 23.
Virtual Power Plant Firm Vpptech Bags Tens of Millions of Yuan in Pre-A Funds
Virtual power plant operations and technology provider Vpptech has completed a pre-A round of financing worth tens of millions of yuan, following a joint investment by Sequoia China Seed Fund and China Merchants Venture, as reported by Chinese media outlet 36Kr on August 24.
Nreal X and Air AR Glasses Released in China, Priced From 2,299 Yuan
Nreal, a consumer AR glasses brand, held its first AR glasses launch event in Beijing on August 23, formally unveiling three new hardware products for the Chinese market.
E-Commerce Services Firm Baozun Applies for Conversion to Dual Primary Listing
On August 23, Chinese e-commerce services provider Baozun Inc. announced its voluntary application for conversion to a dual primary listing, with the effective date expected to be November 1, 2022.
XPeng to Launch New Car Next Year to Rival Tesla’s Model Y
During a telephone conference following the release of its second-quarter financial report on August 23, XPeng Motors said that it would speed up the pace of new product launches within a price range of 150,000 yuan to 500,000 yuan ($21,850 – $72,838). The Chinese EV maker will launch a B-class car and a C-class car to be matched against Tesla’s Model Y next year.
CATL Announces $1.19B in H1 Net Profits
The revenue of leading Chinese battery firm CATL maintained rapid growth in the first half of the year, despite the high price of upstream raw materials. A 2022 interim report released by the firm on August 23 showed that the net profit attributable to shareholders of listed companies in the first half of 2022 was 8.17 billion yuan ($1.19 billion), a year-on-year increase of 82.17%.
Autonomous Driving Startup WeRide Responds No IPO Plan
According to recent reports, Chinese autonomous driving technology startup WeRide is considering an initial public offering, which may raise about $500 million. It will submit a prospectus in September and plans to go public as early as this year, Bloomberg reported on August 23. However, WeRide has denied the report.
New Energy Truck Firm DeepWay Bags $67M in Round-A Financing
DeepWay, a smart new energy truck company, announced on August 23 that it has secured 460 million yuan ($67.19 million) in Series A financing. This is the first round of external financing for DeepWay, setting a record for the largest financing scale of a fresh entrant to the field of smart new energy trucks.
Great Wall Motor’s HAVAL to Stop Selling Fuel Vehicles by 2030
On August 22, Chinese automaker Great Wall Motor announced at a new energy strategy conference in Beijing that its sub-brand HAVAL will stop selling fuel-powered vehicles before 2030. The brand also revealed that by 2025, new energy vehicles will account for 80% of its sales.
New Oriental Education Sends Job Invitations to All Former Teachers
Recently, many netizens said on social platforms that the Chinese private tutoring institution New Oriental Education had sent job invitations to all former teachers. On August 21, the firm responded that the news was true.
