Swedish telecommunications equipment maker Ericsson won a 3% share in China Telecom and China’s Unicom’s joint 5G equipment contract, Reuters reported. Chinese companies Huawei and Datang are expected to win most of the tender, while Finland’s Nokia did not receive any share in the bid. The two Nordic companies saw their shares in China’s 5G equipment market shrink after European governments tightened controls on Chinese firms building 5G networks. [Reuters]
Cloud Village Inc, the music streaming unit of NetEase, was approved by the Hong Kong Stock Exchange to go public.
Market regulators in Beijing’s municipal government punished three private tutoring companies for illegal advertising, operating without proper licenses, anti-competitive behavior, and other violations, Beijing Youth Daily reported on Monday. The companies are 51Talk, a New York Stock Exchange-listed English-tutoring app, Xueda, and ABC Waiyu Peixun Xuexiao. The authority did not provide details of the penalty. The punishment came a week after China banned private tutoring companies that teach school curriculums from earning profits or raising capital. [Beijing Youth Daily, in Chinese]
Nio is developing a new car brand to cater to the middle to lower end of the market, Chinese media 36Kr reported Friday, citing persons familiar with the matter. The new brand will be sold through separate channels and will target a price range between RMB 150,000 to RMB 250,000 ($23,200 to $38,700), about half the price of its current premium electric vehicles, according to the report. The company plans to launch the first model under the new brand early next year, the report said. [36Kr, in Chinese]
As Didi struggles with regulatory pressure and an app suspension, its rivals have begun a price war in bids to win over users and drivers.
Xiaomi announced a hiring spree for self-driving engineers on Wednesday, as the Chinese smartphone maker accelerates plans for self-branded electric and autonomous vehicles. Xiaomi is seeking 500 experts in autonomous vehicles nationwide, according to a post published by chief executive Lei Jun on Chinese microblogging platform Weibo. [Xiaomi announcement, in Chinese]
Didi is considering going private amid an investigation apparently connected to its recent IPO, the Wall Street Journal reported Thursday citing people familiar with the matter. The price of the take-private offer could be around or a bit above the company’s issuing price of $14, one of the sources said. The company on Thursday night denied the report on its Weibo account, adding it is cooperating with the cybersecurity investigation. [WSJ]
Chinese retailer Suning appointed a new chairman, according to a Friday filing to the Shenzhen Stock Exchange. Huang Mingduan, the former head of Alibaba-owned supermarket operator Gaoxin Retail, replaces Suning founder Zhang Jindong. Alibaba holds a 20% stake in Suning after participating in a state-led $1.36 billion bailout. The appointment signals that Alibaba is taking a front seat in the daily operation of its former rival. [SZSE, in Chinese]
Smartphone shipments in the Chinese market were 79 million units in the second quarter, down 10% from the same period last year, according to market research firm IDC. Chinese smartphone maker Vivo sold the most, 18.6 million units. Vivo was followed by Oppo, Xiaomi, Apple, and Honor in IDC’s sales rankings. [IDC]
Wang Xiaochuang, CEO of search engine company Sogou, may step down as it completes a sale to Tencent, Jiemian reports. Tencent vice president Yin Yu may replace Wang. Tencent is expected to finish business consolidation with Sogou as early as August, the report said. Most of Sogou’s business, including search engine and browser units, will be incorporated into Tencent Kandian, a news and content unit. [Jiemian, in Chinese]