Electric vehicle maker Faraday Future debuted on the Nasdaq on Thursday. The company’s shares gained 1.45% from an issuing price of $13.78 during its first of trading day. The California-based EV startup has no product offerings yet and plans to produce a limited-edition $180,000 EV in the next 12 months. Chinese entrepreneur Jia Yueting, who filed for bankruptcy in 2019, founded Faraday in 2014 and now serves as its chief product and user officer. [CNBC]
Nio announced Thursday it had started exporting vehicles to Norway. The company has shipped an undisclosed number of ES8 premium crossovers from Shanghai Waigaoqiao Port, which are scheduled for September delivery. The Chinese electric vehicle maker exported the first batch of battery charging and swap facilities to Norway earlier this month, after revealing a Europe expansion plan in May. [Nio press release, in Chinese]
China Telecom approved to list in Shanghai. The listing comes as US-China rivalry spreads to the equity sector.
China’s online retail sales increased 10.9% year-on-year to RMB 11.8 trillion ($1.8 trillion) in 2020, state-backed media People’s Daily reported. The figure represents roughly a quarter of the country’s overall consumer retail sales. Livestream sales reached RMB 388 million by the end of December, more than doubling from March 2020. [People’s Daily Online, in Chinese]
As deadly floods hit central Henan province, Chinese tech majors collectively donated more than RMB 1 billion ($154.5 million) as of Thursday.
HeyTea led a RMB 100 ($15 million) A round in upscale Seesaw Coffee as the Chinese bubble tea chain ups its investment in coffee, ChinaVenture reports. The proceeds will be used for storefront expansion, supply chain upgrading, and digitization. Seesaw, a Shanghai-based a specialty coffee chain, operates more than 30 stores across five first-tier cities in China. [ChinaVenture]
Chinese telecommunication companies have built 961,000 base stations for the next-generation 5G network by the end of June, said the country’s Ministry of Industry and Information Technology (MIIT) in a July report. China has 365 million 5G subscribers, growing 83.4% from the end of the last year, the ministry said. China launched its commercial 5G networks in November 2019. [MIIT, in Chinese]
Forbes China named Alibaba’s billionaire founder Jack Ma as the biggest charity donor with nearly $500 million donations in 2020 in its annual China charity list. Tencent’s Pony Ma came in third with about $402 million, and ByteDance’s Zhang Yiming was fifth with $189 million. [Forbes China, in Chinese]
China’s internet regulator, the Cyberspace Administration of China (CAC), fined Kuaishou, Tencent’s messaging app QQ, Alibaba’s Taobao, and Weibo for spreading illegal child content, including promoting extravagance, pornographic and violent content. The regulators asked the companies to “rectify” and “clean up” inappropriate child-related content by a specific deadline without providing details. [CAC statement, in Chinese]
Xpeng Huitian, an autonomous aviation unit at electric vehicle maker Xpeng Motors, showcased a “flying car” prototype at Taobao Maker Festival 2021.