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China Business News (2021-04-14)

1. Ride-hailing company Dida plans another IPO in Hong Kong

Ride-hailing company Dida has resubmitted its application for listing on the Hong Kong Stock Exchange. They also updated their business documents. According to the updated prospectus, the 2020 GMV was CNY 9 billion, and the operating income was CNY 791 million, up 36.3% year-on-year. The adjusted net profit was CNY 343 million last year. Dida Chuxing has beaten rival Didi Chuxing to become the first ride-hailing company to go public. In the process, Dida has received investments from JD,, and electric vehicle maker NIO.


2. Baidu and computer accessories company Logitech cooperate

Logitech and Baidu Brain are collaborating to transform the way we work using AI and voice. The first result of the partnership will be a new Logitech Voice M380 computer mouse, which lets you dictate your voice to create content two to three times faster than using a keyboard. The Logitech Voice M380 Wireless Mouse is based exclusively on Baidu Brain's intelligent voice and machine translation technologies and features Logitech's hardware convenience, performance, and quality.


3. ByteDance acquires a gaming company

ByteDance has acquired Beijing-based game developer Com4Loves, which previously worked together with Tencent in China. This again shows that ByteDance has ambitions to increase its engagement in the gaming area, and they want to position themselves as a direct competitor of Tencent. Com4Loves has around 500 employees and has developed several popular mobile games in the past. Details of the acquisition were not disclosed.


4. Huawei invests USD 1B in research for self-driving electric cars

Huawei is claiming that it has already surpassed Tesla in some autonomous driving technology areas, such as being more reliable in driving 1,000 kilometers (621 miles) without human intervention. The Chinese telecommunications giant will initially work with three automakers to build self-driving cars. The company has so far agreed to collaborate with BAIC Group, Changan Automobile, and GAC Group. The partners' circle should remain small, and all cars will also have the Huawei logo on them.


5. Tencent and car manufacturer GAC Group deepens cooperation

There are new reports that Tencent will deepen its strategic cooperation with the GAC Group. A new cooperation agreement is also expected to be signed during the upcoming Shanghai Auto Show. Previously, the two sides had signed a strategic cooperation framework agreement in September 2017 and had launched the GAC Tencent ecosystem in July 2019. Tencent is also trying to bring in its platforms and services in the automotive made by GAC.


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