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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]

WeChat allows users to access rival platforms’ links

Nov 30, 2021
Tencent’s popular messaging app WeChat has opened up access to rival platforms, allowing users to open external links within one-to-one direct messages on WeChat, according to a statement released by the company on Monday. WeChat will also start opening up to shopping links from third-party platforms within WeChat group chats as long as they “ensure security and user experience”. Alibaba and ByteDance are among the Chinese tech giants that have previously accused Tencent of fending off competition by blocking external links within its mega app. The company removed the blocks in response to an order from regulators to end the long-standing practice. [WeChat press release, in Chinese]

Douyin tests a paywall feature for short video dramas

Nov 30, 2021
TikTok sister app Douyin has started testing a payment feature for its short video dramas, a popular format that has hooked viewers with fast-paced plots and soapy relationship sagas. Users can view the shows for a fee starting from RMB 1 ($0.16) per episode or at a discounted flat fee for the whole series. The format has also seen a rapid rise on TikTok rival Kuaishou (Kwai), which claims a daily short drama viewership of more than 210 million on the app. [Tech Planet, in Chinese]

Regulators asked Didi to plan to delist from the US: report

Nov 29, 2021
Chinese regulators have asked Didi to propose a plan to delist from US exchanges due to concerns about leaking sensitive data, Bloomberg reported Friday, citing unnamed sources. The possible options for the proposal include a straight-up privatization or a secondary listing in Hong Kong after delisting in the US, the report said. Didi’s shares fell 2.84% to $7.88 on Friday. [Bloomberg]
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