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China Business News (2021-03-30)



1. Cooperation agreement between Audi and Tencent


Tencent and Audi want to cooperate in the areas of the digital cockpit, digital marketing, and user operation in the future. Specifically, it was explained that there would be a WeChat Auto version for Audis, in which the driver can send and transmit WeChat messages while driving through voice control. Tencent also wants to add more local information to Audi's navigation destinations. It will be exciting to see where else this collaboration leads.


Source: https://mp.weixin.qq.com/s/wgkjWfIfovrzXI-sQLP9fw


2. Automotive companies NIO and JAC establish a joint venture


NIO and JAC have established a joint venture company called Jianglai Advanced Manufacturing Technology in Anhui province of China. This JV will focus on advanced manufacturing technology and vehicles and parts' operation management. Through further research in manufacturing, the aim is to continuously optimize operating costs, improve operating efficiency and management capabilities, and explore and cultivate new business opportunities together.


Source: https://36kr.com/newsflashes/1159168412877959


3. Energy Monster goes public on NASDAQ despite legal problems


Powerbank rental service Energy Monster has filed an updated version of its prospectus with the SEC and plans to list on NASDAQ with "EM" as its securities symbol on April 1. This announcement is sudden, as the company has been in the headlines recently because of a legal issue. Two Shanghai-based venture capitalists are pressing a case through both U.S. and Chinese courts against Energy Monster, claiming that the company has reneged on a deal to give them a joint 3% stake in the business. A valuation of USD2.8 billion to USD 3.4 billion is being targeted.


Source: https://36kr.com/newsflashes/1159877551408261


4. Chinese Fintech Linklogis ahead of Hong Kong IPO


Chinese FinTech Linklogis will go public tomorrow on the Hong Kong Stock Exchange for USD 1.1 billion. Tencent had made an early investment in the company. BlackRock and Fidelity alone will buy shares in the IPO for USD 100 million. Linklogis is China's largest provider of supply chain finance technology solutions, with a 20.6% market share. They have not been profitable in the last three years but still managed to grow 47% last year.



Source: https://www.pymnts.com/news/b2b-payments/2021/linklogis-plans-ipo-supply-chain-finance-tech/


5. Automobile maker BYD misses target earnings despite record profits


BYD reported a net profit of USD 643.75 million in 2020, with sales falling 22.6% to CNY156.6 billion. Analysts were expecting better business figures for both stocks. The company sold 7.5% fewer vehicles last year (426,972 vehicles). But the increase in profit comes from BYD becoming a major mask maker amid the COVID-19 pandemic. At present, the mixed strategy of gasoline and electric cars is not working satisfactorily for them.




Source: https://www.reuters.com/article/us-byd-results-idUSKBN2BL1YC

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