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China Business News (2021-04-23)



1.Tencent works on FinTech projects with Weihai City Commercial Bank

Tencent and Weihai City Commercial Bank have entered into a comprehensive strategic cooperation agreement. Both want to cooperate strongly in the field of FinTech. Potentially, they would like to explore new financial infrastructures together, such as an intelligent cloud computing technology platform, a Big Data platform, in-depth cooperation in video banking, the WeChat ecosystem, financial risk control, and mobile development. Tencent aims to promote the digital transformation of Weihai City Commercial Bank.


Source: https://36kr.com/newsflashes/1193009879190018

2. Xiaomi considers a billion investment in AI chip maker startup

There are reports that Xiaomi is looking to invest in AI chip maker Black Sesame Technologies. In the current round of funding, the startup wants to raise at least CNY 1.5 billion. Black Sesame Technologies is a startup based in Silicon Valley and Shanghai that develops digital image processing technology to solve real-world AI challenges. The company has developed algorithms for computational imaging, machine vision, and visual perception systems for autonomous driving.




Source: https://36kr.com/newsflashes/1193969882728706

3. China Ping An Insurance shows slight growth in Q1

In the first quarter of 2021, Ping An Insurance has posted an operating profit of CNY 39.120 billion (YoY+8.9%). The number of insurance customers continues to grow, with more than 220 million individual customers at the end of March 2021 (YoY +1%). They also have the largest car service app in China, with now 133 million users (+5.1% since 2021). The banking business is stable and doing well, with Ping An Bank posting Q1 operating income of CNY 41.788 billion (YoY 10.2%), with a net profit of CNY 10.132 billion (YoY 18.5%).




Source: https://36kr.com/newsflashes/1192899459057927

4. Didi travel raised USD 1.6 billion before going public

There are many indications that Didi will go public this year as one of the world's most valuable start-ups. Didi is comparable to Uber or Lyft but has a far higher number of annual trips arranged. Didi is also about to enter other markets outside China. The newly raised money will probably be aggressively used for their further expansion.






Source: https://36kr.com/newsflashes/1192959755028997

5. Huawei promotes its app store AppGallery aggressively in Vietnam

AppGallery, the official app store for Huawei devices, has launched a new promotion in Vietnam today, offering up to 50% cashback from in-app purchases and gift packs for selected mobile games, as well as competitions. This is another attempt by HUAWEI to gain market share in the rapidly growing and future relevant Vietnamese market. Such promotions are used to compete against other Android mobile phone producers.





Source: https://finance.yahoo.com/news/huawei-appgallery-kickstarts-summer-vietnam-023000037.html

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