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China Business News Friday (2021-02-19)


1. Dingdong Maicai could be planning IPO.

There is a rumor that Dingdong Maicai, an eCommerce platform for fresh food, is considering an IPO in the US, seeking to raise at least $300 million. As of press time, dingdong has not yet responded to this. Dingdong Maicai has gone through several rounds of funding from Sequoia Capital, Bertelsmann Asia Investment Fund, etc. According to public information, monthly vegetable sales exceeded 1 billion yuan.


2. Westwell and Huawei sign cooperation agreement on automated driving.

Shanghai Westwell Information Technology and Huawei have signed a cooperation agreement. The two sides take this opportunity to carry out comprehensive cooperation in the field of commercial and special vehicles in terms of intelligent driving, intelligent internet connection, smart vehicle cloud service, etc. They had an automatic driving project at the Tianjin Port before.


3. Hillhouse Capital bought BYD shares.

Hillhouse Capital, an Asia-focused private equity firm, has spent $200 million on acquiring the stocks BYD recently issued. BYD has sold 133 million H shares at HK $225 each, with total funding of about HK $29.925 billion. BYD had sold 20,178 new electric vehicles in January (YoY increase of 182.88%).


4. Baidu-Geely EV company chooses Mobike co-founder as CEO.

Chinese search engine giant Baidu and carmaker Geely have hired Mobike co-founder and former chief technology officer Xia Yiping as CEO of their new electric vehicle company, according to two people with knowledge of the matter. Xia served as Mobike's chief technology officer until the company was acquired by food delivery company Meituan in 2018. Before Mobike, he worked at Ford Motor and Fiat Chrysler.


5. ChengLa Education has closed a 66 million pre-A funding round.

ChengLa Education has received 66 million yuan from UFIDA Group, National Education, Beijing Education Fund, and other investors. It mainly provides online learning and related vocational education services for adults over 20 years old and comprehensively improves the vocational education delivery system from entrance examination to practical English. Up to now, they have 2 million registered users, more than 200000 paid users.


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