Public shareholders in Didi have approved a special resolution that paves the way for the delisting of the Chinese ride-hailing giant’s shares from the New York Stock Exchange, according to a filing with regulators, which sparked a 4% drop in the firm’s share price by market close on Monday. The results showed that 96.26% of the public shareholders who cast their votes were in favor of the delisting, the company said, adding that it plans to file a delisting notice on or after June 2. Didi has been the subject of a long-running probe in China over alleged data security issues since it went public last June.
Major Chinese phone maker Oppo has updated its flagship Reno series, releasing three models on Monday: the Reno 8, the Reno 8 Pro, and the Reno 8 Pro+. Except for the Reno 8, the other high-end targeted models feature Oppo’s self-developed Neural Processing Unit (NPU) the MariSilicon X, which is used for imaging processing. The Reno 8 Pro is also the first phone to adopt newly released gaming-focused processor, the Qualcomm Snapdragon 7 Gen 1. The other two models are built with MediaTek processors. The Reno 8 series launched with a price range of RMB 2,499-3,999 ($375-600). [ITHome, in Chinese]
Airbnb is closing its accommodation listings and services in China, CNBC reported on Monday, citing people familiar with the matter. The US home rental giant is instead choosing to focus on outbound Chinese tourism after operating in the country for six years, according to the report. China’s tourism services, including home rental platforms like Airbnb and travel booking sites such as Trip, are reeling from the impact of the country’s stringent Covid prevention measures and multiple lockdowns. Fierce competition from local rivals such as Tujia and Xiaozhu are also contributing factors in Airbnb’s retreat from China. The company’s withdrawal marks another significant retreat of a US tech giant from China, following in the footsteps of Linkedin, Amazon, and Google. [CNBC]
Automakers in China is struggling to regain the momentum lost during a citywide lockdown in Shanghai that began in late March.
Tencent reportedly has expanded layoffs, focusing on five sectors: cloud computing, gaming, advertising, and content, citing unnamed sources.
Taiwan-based semiconductor firm MediaTek launched its first millimeter wave-capable processor, called Dimensity 1050, on Monday. Millimeter-wave 5G is the fastest current type of 5G, uses 6GHz and also supports sub-6GHz spectrum to support slower types of 5G. Targeting middle- and high-end markets, the processor also supports a faster Wi-Fi standard called Wi-Fi 6E 2×2 MIMO. According to the report, Dimensity 1050 is a 6nm processor and will be manufactured by TSMC.
Apple has told some of its manufacturers that it plans to boost its production outside of China due in part to the country’s strict Covid-19 countermeasures, The Wall Street Journal reported on May 21. Apple currently has a strong dependency on China, with the report stating that 90% of the company’s products are made in the country. Having initially sought to diversify from China in early 2020, the technology giant is now reportedly looking at expanding its use of manufacturers in India and Vietnam. [The Wall Street Journal]
JD Worldwide, the cross-border e-commerce arm of major Chinese online retailer JD, has launched an official account store on lifestyle and social e-commerce platform Xiaohongshu. Xiaohongshu users can now place orders through JD Worldwide’s store on the platform and receive the same delivery and after-sale services as they would buying directly through JD Worldwide. Products from more than 20 overseas brands such as cosmetics label Charlotte Tilbury and apparel maker Calvin Klein are on sale in the store. As the content-driven e-commerce trend takes hold in China, JD Worldwide is following the company’s domestic e-commerce business in leveraging social media platforms to help drive sales. [Ebrun, in Chinese]
On May 22, Ele.me rolled out a new support program designed to help merchants in Shanghai to resume operations as the city’s months-long lockdown winds down. The Alibaba-backed food delivery giant plans to allocate RMB 500 million ($75 million) in incentives to merchants during the first two months after the lockdown is lifted in the city. At the same time, the firm will distribute initial incentives of RMB 70 million for drivers. Ele.me already launched an RMB 20 million initiative program to alleviate pressure on merchants after the pandemic resurged in Shanghai in March. Ele.me and rival Meituan are heeding the state’s call to cut fees for restaurants suffering amid ongoing coronavirus outbreaks.
Chinese EV companies like Xpeng and Li Auto are adopting more conservative hiring practices as they navigate a time of economic uncertainty.