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China Business News (2021-04-01)

Updated: Apr 2, 2021

1. Retail giant Suning pushes ahead with digital transformation

Suning's subsidiary company Suning Retail Cloud has announced that it plans to open 900 new one-stop stores together with retailers and customers in the second quarter of this year. They have already opened 600 similar stores in the first quarter of this year. Their Gross Merchandise Value (GMV) last year was already CNY 20 billion. Suning Retail Cloud follows the Shopify approach and offers retailers a one-stop store with integrated transaction services, supply chain management, logistics, and cloud services.


2. Joint venture between a tech giant and an automotive company

As per the latest business news, tech giant Baidu and the car manufacturer Geely have established a joint venture. The name is to be Jidu Automobile. This is further solid evidence that Baidu wants to act as an automotive driving service provider and directly enter the vehicle manufacturing industry. Baidu holds 55% of the shares in the new subsidiary, while Geely holds 45%.


3. EV manufacturer XPeng publishes good sales growth figures

According to the latest reports, EV manufacturer XPeng has shipped 5,102 electric vehicles in March 2021. This figure shows an increase of 384% year-on-year and 130% month-on-month. The company also achieved a record delivery of 13,340 Smart EVs in the first quarter of 2021, a year-on-year increase of 487%, demonstrating robust growth momentum despite the seasonal industry-wide slowdown in car sales. XPeng plans to unveil its third production model in the second quarter of 2021, with deliveries scheduled for the fourth quarter of 2021.


4. Bilibili invests HKD 960 million in listed gaming company XD

Bilibili announced a strategic investment of about HKD 960 million in the gaming company XD. Both companies want to establish deeper cooperation in the video games field and the gaming community TapTap. Upon completion of the transaction, Bilibili will hold approximately 4.72% of XD's shares. XD was founded in 2002 and is one of the top five Chinese game operators that earn most of the game operating revenue overseas. XD also runs TapTap, the largest game community, and platform in China.


5. Communist Chinese cultural symbol car rises in popularity

The car manufacturer FAW sold 70,000 units of its Hongqi brand in the first quarter. This represents an increase of 180% year-on-year. Hongqi was introduced in 1958, making it the oldest Chinese passenger car. In Chinese, Hongqi means "red flag" and is a communist Chinese cultural symbol.


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