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China fines social media platform Douban for “illegal” information release

Dec 3, 2021
On Thursday, the Cyberspace Administration of China (CAC) said it had imposed a RMB 1.5 million ($235,000) fine on Chinese hipster social media platform Douban for “unlawful” release of information. The agency has summoned executives of the company, ordering the platform to “rectify immediately and punish people in charge of the matter.” The company said in a Thursday statement that it had suspended a reply function and a featured content function on the platform. [CAC announcement, in Chinese]

Didi to delist from US in preparation for a Hong Kong debut

Dec 3, 2021
Chinese ride-hailing giant Didi Global said Friday that it is preparing to delist from the New York Stock Exchange, only six months after its June IPO triggered a cybersecurity probe for overseas listings of Chinese companies. Meanwhile, the company will pursue a listing in Hong Kong, a preferred listing destination for Chinese IPO hopefuls due to increased scrutiny for overseas listings from Beijing. Last week, China regulators reportedly asked Didi’s top executives to come up with a plan to delist from the US bourse because of concerns about leakage of sensitive data. [Didi announcement, in Chinese]

“China’s Netflix” iQiyi poised for massive job cuts

Dec 3, 2021
Chinese video platform iQiyi reportedly plans to lay off 20-40% of its workforce as the Netflix-like firm tries to reduce costs amid increasing losses. The company had 7,721 employees in 2020. That means the layoff could wipe out some 1,500-3,000 positions. Being referred to as the largest round of job cuts in the company’s history by local media, the layoff would reportedly affect a range of business units such as content, gaming, and smart hardware. Middle-level management and senior employees are likely to be at the center of the storm according to reports. [Yicai, in Chinese]

Meituan restructures ride-hailing and robot delivery units: report

Nov 30, 2021
Meituan has completed an internal restructure, separating its ride-hailing and robot delivery businesses into two stand-alone units, LatePost reported Monday, citing unnamed sources. The restructure came as Meituan goes after Didi’s market share as Didi mires in a cybersecurity review that began in July. In October, Meituan provided around 1 million trips every day, only one-fifth of its rival Alibaba’s Amap, the report said. [LatePost, in Chinese]

Li Auto posts record revenue and narrowed losses in Q3 earnings

Nov 30, 2021
On Monday, Li Auto’s shares rose 6.42% after the Chinese electric vehicle maker reported third-quarter earnings that beat expectations. Total revenue surged 210% to RMB 7.78 billion ($1.21 billion) from a year earlier, slightly beating analyst expectations of RMB 1.16 billion, according to Benzinga’s market data. The company said it lost RMB 21.5 million in the quarter, compared with the loss of RMB 106.9 million in the same period last year. [Li Auto press release]
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