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China Business News (2021-04-20)

1. Meituan raises USD 10B in the capital market

To support the development of new business areas such as community group buying, Meituan has raised an additional USD 10 billion in cash. The company now has cash reserves of more than USD 18 billion, which is more than its direct competitors like Pinduoduo and JD. Alibaba alone has more cash available in this segment of eCommerce. The share price has increased after the announcement, and the news is therefore received positively.


2. Volvo and Didi collaborate in the field of automatic driving

Volvo and DiDi (Chinese Uber) have signed a strategic cooperation agreement in automatic driving. Both sides will cooperate in the development and testing of automated driving. Volvo will provide DiDi with a car that would automatically drive by integrating the software and hardware systems. The Volvo XC90 is the first model which will use DiDi's integrated new hardware platform.


3. China Mobile working on a millimeter-precise Chinese road network

China Mobile has announced its plan to work with FAW, Dongfeng, SAIC, GAC, Great Wall, and other automakers and Bosch, Huawei, and other industry chain partners to create a digital road network covering 1 million kilometers and 100 cities in China over the next three years. This system will provide highly accurate positioning services at sub-meter, centimeter, and millimeter levels in real-time over the 5G network.


4. IPOs in Asia accounted for more than half of the global market

Over the past 20 years, Asia has become the fastest-growing region in the world. It is estimated that Asia's GDP now accounts for more than half of the entire global market. According to statistics from the World Federation of Exchanges, Asia accounts for five of the top ten exchanges globally, namely in Shanghai, Japan, Hong Kong, Shenzhen, and India. Asia has also become an important market for global equity financing, with IPO financing accounting for more than half of the worldwide market last year.


5. Three express logistics business leaders publish March figures

In 2021, all three market leaders in China in logistics are poised to grow further, post-pandemic effects. YTO Express is increasing the most. S.F. Holding published the turnover of its express logistics business in March as CNY 9.2 billion(13% YoY). The business volume was 7.6 billion (29.01 % YoY). YTO Express showed a turnover of express products of value CNY 3.04 billion (41.64% YoY). Their business volume was 1.35 billion tickets (59.20% YoY). STO Express announced that in March, the turnover of express service business was CNY 2.04 billion (16.93% YoY), and their business volume was 907 million tickets (61.74% YoY).


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