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China fines tech giants as anti-monopoly crackdown continues

Nov 22, 2021
China’s State Administration of Market Regulation imposed fines on several major Chinese tech firms on Friday for failing to disclose 43 deals in violation of anti-monopoly legislation. Some of the biggest names in China tech such as Alibaba, JD, Tencent, Baidu, ByteDance, and Meituan were fined RMB 500,000 ($78,000) for each violation. Tencent and Alibaba were the worse hit in this latest regulatory crackdown, with 13 and 12 deals included on the list respectively. [SAMR press release, in Chinese]

Bilibili acquires animation firm U17 for $94 million

Nov 22, 2021
Chinese video streaming site Bilibili announced Thursday that it had fully acquired comics producer U17 from China-based animation studio Alpha Group for RMB 600 million ($94 million). U17, which creates original comics and animation series, claims 32 million users and the rights to numerous popular series such as One Hundred Thousand Bad Jokes. Bilibili also launched 51 new animation titles on Friday as part of a move to promote Chinese animation at home and abroad. [Jiemian, in Chinese]

Bilibili acquires payment license through $18 million investment: report

Nov 22, 2021
Chinese video platform Bilibili has obtained a payment license after acquiring a 65.5% stake in Zhejiang Yongyi Payment for RMB 118 million ($18 million), local media reported. Yongyi is among the more than 200 Chinese firms that hold one of the third-party online payment licenses issued by China’s central bank. The deal means that Bilibili is moving closer to launching its own e-payment service, an important step for tech companies looking to build a closed-loop experience for users. The Nasdaq-listed firm has been recruiting for payment business positions on its website since last year and registered payment-related domains in January. [Payment Baike, in Chinese]

Xpeng unveils flagship G9 crossover to compete with Tesla Model Y, Nio

Nov 22, 2021
Xpeng Motors on Friday unveiled its G9 electric sports utility vehicle, the company’s fourth production model following the G3 SUV, plus its P7 and P5 sedans. The Chinese electric vehicle maker will equip the G9 with twin Nvidia Drive Orin processors to offer assisted driving features. The electric crossover will also be able to travel up to 200 kilometers (125 miles) on five minutes of charge. No pricing details have yet been released. [Bloomberg]

Alibaba shares plunge 11% after earnings miss and lowered sales outlook

Nov 19, 2021
Alibaba stock tumbled 11% Thursday after the company announced its quarterly results and cut its sales outlook for the full year. The Chinese e-commerce giant reported a 29% year on year revenue growth to $31.1 billion for the quarter ended September. Earnings per share fell 38% year on year to $1.74 apiece, below expectations. The company also slashed its revenue guidance for its current fiscal year to between 20% and 23% year-on-year growth, compared with what would have been 29.5% growth for the period. [Alibaba press release]
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