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Pinduoduo shares surge after reporting quarterly profit for the first time

Aug 25, 2021
Pinduoduo shares jumped 22% on Tuesday after reporting a quarterly* *profit for the first time since it began trading on Nasdaq in 2018. Basic earnings per share was RMB 1.93 ($0.3) for the second quarter ended June 30, compared to the RMB 0.75 net loss per share in the same period last year. Total revenue increased 89% year on year to RMB 23 billion, missing the average market expectation of RMB 26 billion. The firm also announced a “10 Billion Agriculture Initiative” to address critical agricultural and rural needs in China. Pinduoduo pledges to invest all of its profits in the current and coming quarters to the initiative. [Pinduoduo press release]

Huawei auto partner Chang’an sets 60% EV sales goal by 2030

Aug 24, 2021
Chinese automaker Chang’an wants 35% of its annual car sales to consist of all-electric, plug-in hybrid or hydrogen-powered vehicles by 2025 and expects that number to reach 60% by 2030, chairman Zhu Huarong announced Tuesday. The Huawei manufacturing partner says it expects to sell a total of 3 million cars in 2025. [Reuters]

JD shares jump after top line beat for Q2

Aug 24, 2021
Shares in JD traded up 9% in Hong Kong after the online retailer posted better-than-expected results for the second quarter, ending in June. US shares of the Chinese e-commerce giant closed 1% up in overnight trading. The company’s revenue increased 26.2% year on year to RMB 253 billion ($39 billion) in the reporting period. However, net income slumped to RMB 794 million, compared to RMB 16.4 billion for the same period last year, as expenses increase. [JD press release]

Police investigate claims EV maker Nio tampered with car data after crash

Aug 23, 2021
Police in the eastern Chinese city of Putian have launched an investigation into a case accusing Chinese EV maker Nio of tampering with vehicle data after a fatal crash, Chinese media reported on Sunday. On Aug. 12, 31-year-old Lin Wenqin died in a car crash while driving a Nio ES8 with its driver-assistance feature activated. Lin’s family called the police on Aug. 17 and accused Nio of tampering with and destroying data from the crashed vehicle. The family shared with Chinese media documents on Sunday that show the police had accepted the family’s case. Nio released a statement on Aug. 16 denying the allegations. [Sina Tech, in Chinese]

BYD chip unit’s IPO suspended after advisory law firm got probed

Aug 23, 2021
Chinese carmaker BYD’s chip unit’s IPO plan was suspended by the Shenzhen Stock Exchange after China’s securities watchdog investigated a law firm advising the IPO. The China Securities Regulatory Commission launched an investigation into Tian Yuan Law Firm, the advisor, according to a Shenzhen exchange statement on Aug. 18. BYD Semiconductor, China’s largest maker of automotive microcontroller chips, filed the IPO application in May, aiming to raise up to RMB 2.68 billion ($412 million). [Shenzhen Stock Exchange, in Chinese]
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