Meituan, a Chinese food delivery giant, was fined 3.4 billion ($534 million) for antitrust practices on Friday.
JD.com and Baidu have jointly invested $400 million in elevator advertising firm Xinchao Media Group as returning investors.
Chinese electric vehicle maker WM Motor is about to close a $500 million Series D. The funding involves two rounds. The company is expected to receive a $300 million Series D1, led by PCCW, Hong Kong’s biggest telecommunication firm headed by billionaire Richard Li. A Series D2 is expected to follow, bringing the raised fund to $500 million, according to a Tuesday statement. The six-year-old automaker, also backed by search engine giant Baidu, said it had cumulatively delivered over 70,000 vehicles as of the third quarter in 2021. [Company statement, in Chinese]
Zhu Jiawei, COO of Huobi, left the crypto exchange in April “to spend more time with families,” according to an announcement made public on Wednesday. Zhu joined the exchange in 2015 and had assumed top roles including CEO assistant and director of operations. Founded in China in 2013, Huobi stopped providing services to mainland Chinese customers in late September because of the country’s year-long crackdown on cryptocurrency trading. [CLS, in Chinese]
China’s video platform Bilibili is testing a new social feature targeting college and university students in China. The video site aims to further engage its younger user base with social networking services. The feature is called “campus,” reminiscent of Renren, a popular Facebook-like site in China that fell out of fashion in the mid-2010s. Renren’s decline has left a void in the student-focused social networking market. [NetEase, in Chinese]
Chinese video platform iQiyi is working with advisers including Bank of America Corp., CLSA Ltd. and Goldman Sachs Group Inc. on its Hong Kong second listing, Bloomberg reported. The US-listed firm could raise at least $500 million in the share scale. [Bloomberg]
Chinese telecommunications giant Huawei has started to resume an effort to promote its mobile payments services after acquiring a nationwide online payment license in March. The Shenzhen-based company has offered participants to its developer conference later this month the option to pay for their tickets using the Huawei Pay app. That follows Huawei’s acquisition of an online payment license from its purchase of Shenzhen Xunlian Zhifu Network in March. [SCMP]
On Monday, major Chinese video streaming platforms Tencent Video, iQiyi and Youku all announced that they were canceling the practice of charging fees for early access to TV show episodes before they are available to other members and the general public. The feature has drawn the ire of users ever since its launch in 2019 thanks to the extra charges – usually RMB 3 ($0.4) per episode – to premium members who already pay around RMB 20 per month. [Pandaily]
Chinese carmaker Geely is aiming to manufacture 500 satellites per year in order to create a high-precision navigation network for guiding autonomous vehicles. With the move, the privately-owned automaker is entering a field in China that’s long been dominated by the military. Geely’s mass production of a range of different satellites has already begun in Taizhou, in the eastern province of Zhejiang. [Nikkei Asia]
China’s top PC-maker Lenovo will list on Shanghai’s Nasdaq-style STAR Market, aiming to raise 10 billion yuan ($1.6 billion), according to the bourse’s announcement on Sept. 30. Lenovo plans a public offering by selling as much as 10% of its equity as Chinese depositary receipts (CDRs) in the STAR Market. The company intends to use the fund to develop businesses outside of hardware, such as cloud and artificial intelligence. [Nikkei Asia]