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Hong Kong’s Chong Mei Tobacco has injected USD 20 mln into a Chinese e-cigarette developer Bink, and will provide technical and resource support.
ByteDance-backed online education platform Gogokid is undergoing massive layoffs. Another ByteDance’s tutoring product aiKID has stopped operating for 4 months.
Chinese plastic surgery social network SoYoung Technology plans to issue 13 mln American depositary shares or 10 mln Class A common shares priced between USD 11.8 to USD 13.8 to raise at least USD 153 mln. According to their updated prospectus, the company achieved revenue of RMB 206 mln in Q1, up 81.8%.
Starbucks’ Chinese competitor Luckin Coffee files for US IPO and intends to list under the symbol “LK”. The company achieved revenue of RMB 480 mln while recorded a loss of RMB 530 mln in Q1.
Tencent-backed live-streaming platform Douyu has applied to list on the New York Stock Exchange under the symbol “DOYU” to raise up to USD 500 mln. In 2018, the company achieved revenue of RMB 3.65 bln, up 93.8%, and the gross profit was RMB 151mln.
Chinese TV producer Beijing Enlight Media releases their annual report. In 2018, the company generated revenue of RMB 1.49 bln, down 19.09% YoY. The net profit was RMB 1.37 bln, up 68.47% YoY.
Shanghai has announced as China’s first city to pilot 5G commercial use with 500 5G base stations. Shanghai municipal government signs a memorandum of strategic cooperation with China Unicom today, in which China Unicom promises to invest RMB 15 bln in the deployment of Shanghai’s 5G network by 2021.
China will enhance policy support to promote qualified futures firms to go public in the country
Huawei reports 39% total revenue growth for Q1 2019
China’s automobile manufacturer NIO announces that charging services will be provided in 41 cities from this week. Mobile charging service will cost RMB 380 each time and public charging points will cost RMB 280 each time.
According to China’s largest movie ticketing website Maoyan, Avengers: Endgame' presales in China has exceeded RMB 400 mln, breaking tickets sales records.
Tianhong’s Yuebao realized a total profit of RMB 6.559 bln in Q1, with an average daily return of more than RMB 72.87 mln for its investors.
Tianhong Fund’s revenue was RMB 10.125 bln in 2018, up 6.18% YoY while net profit was RMB 3.069 bln, up 15.82% YoY. both ranking first in the industry.
Tencent approved by authorities in Guangdong Province to sell Nintendo Switches in China.
China’s S.F. Holding and Hong Kong-based Golden Resources Development have established a joint venture GS EXPRESS to provide comprehensive logistic solutions in Vietnam.
China’s voice recognition technology firm iFlytek generated RMB 8.067 bln in revenue in 2018, up 48.16% YoY. CICC raises iFlytek’s target price by 16% to RMB 36 due to its good performance in Q1.
Volvo announces strategic cooperation with Huawei, targeting for the Chinese market. Volvo will embed Huawei’s app distribution platform into its next intelligent in-car interactive system.
China’s Ministry of Commerce announces that the online retail sales of physical goods in Q1 amounted to RMB 1.78 tln, up 21% YoY, accounting for 18.2% of the total retail sales of consumer goods.
Alibaba launches Tmall Genie CC, their latest smart speaker at the price of RMB 699 on Thursday which comes with a 7-inch IPS display for visual interaction, and is compatible with video streaming providers such as Youku, Bilibili, and Mango TV.
Baidu and China Telecom establish a comprehensive strategic partnership on Thursday. They will jointly develop the fields of smart homes, intelligent clouding services, and intelligent driving by using technologies of 5G and IoT.
PepsiCo China will raise the price of puffed food products from 1 May due to the increase of production costs.
China Mobile and Huawei signed the strategic framework agreement to jointly develop the technology of 5G vehicle networking. The two sides will produce end-to-end product solutions based on 5G C-V2X, boosting the development of automatic driving industry.
China’s National Development and Reform Commission approved 50 fixed-assets investment projects in Q1, with a total investment of RMB 370.3 bln.
Newzoo releases the report on top 25 publicly-listed gaming companies by revenues: These 25 companies account for nearly 80% of the global market, and generated USD 107.3 bln in 2018. Tencent’s revenue grew 9% to USD 19.7 bln, ranking first for the sixth year in a row.
Starbucks’ Chinese competitor Luckin Coffee has completed a USD 150 mln B+ round of financing, of which BlackRock’s private equity fund invested USD 125 mln.
BMW Brilliance will recall 360,000 vehicles in China from 30 August due to defective airbags.
YTO Express Group releases their annual report: In 2018, they generated RMB 27.46 bln in revenue, up 37.45% YoY; net profit was RMB 1.90 bln, up 31.97% YoY.