1. Xiaomi's entry into electric vehicle manufacturing is now official
Xiaomi Group officially announced its entry into the automotive manufacturing sector at the Hong Kong Stock Exchange. The company plans to establish a wholly-owned subsidiary to be responsible for the smart electric vehicle business. The initial investment is around USD 1.5 billion and is expected to increase to USD 10 billion over the next ten years. Xiaomi CEO Lei Jun will also be the CEO of the new subsidiary. Also, starting today, there will be a new official company logo.
2. TCL develops into a semiconductor company
The Chinese multinational electronics company TCL Technology has founded a new subsidiary company, which will deal with semiconductor technology in the future. In particular, it will focus on the manufacturing of special equipment for semiconductor devices. TCL Technology was founded as a state-owned enterprise to produce and sell products such as televisions, cell phones, air conditioners, washing machines, refrigerators, and small electrical appliances.
3. Logistic giant SF Express enters the digital CNY scene
Express giant SF Express has also entered into the digital CNY app scene. They are part of a third-party platform, which many other companies are already using, such as Meituan Cycling, Didi Travel, Jingdong App, Jingxi App, Jingdong Finance, and BiliBili. The CNY digital wallet is supposed to have the advantage of increased personal privacy for users by allowing users to open an anonymized sub-wallet, which is then connected to the e-commerce platform.
4. Alibaba invests heavily in a food community purchasing company
Along with DST Global, Alibaba is leading a USD 750 million investment round in a Chinese startup called Nice Tuan. Nice Tuan is a food ordering app focused on collaborative grocery shopping. The app offers its services in 1,598 cities and districts across China and claims to generate 15 million orders per day. This is currently a very competitive market with Pinduoduo as the market leader.
5. Chip shortages affects Apple supplier Foxconn
Foxconn, Apple's major supplier, has admitted that worldwide chip shortages could reduce their product shipments by 10% in the future. Apple has managed to dodge the impact of chip shortages so far, but Foxconn's admission means that all this could change soon, resulting in more constraints on the supply of Apple's devices. Another report has suggested that iPhone's production could also be disrupted due to Samsung's supply chain problems, as Samsung currently supplies OLED displays for iPhone 11 and iPhone 12.