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China Business News Tuesday (2021-02-25)



News

1.No merger between Volvo and Geely, but new JV.

Geely Auto and Volvo have decided to maintain their existing separate corporate structures after a "detailed review of combination options." At the same time, they plan to further expand their

cooperation areas and achieve a synergistic effect in the modernizations (e.g., powertrain, electric technologies, highly automated driving). The focus will be on electric vehicles in the future.


Source: https://finance.sina.com.cn/chanjing/cyxw/2021-02-25/doc-ikftpnny9556018.shtml


2. Bilibili publishes financial results with growing revenue and losses.

Bilibili's revenue was RMB 12 billion ($1.8 billion) last year with over 200 million monthly active

users. The revenue increased by 77% during this period. This compares to a net loss of RMB 3.1

billion (US$468.0 million), which increased by more than 138%. Bilibili's businesses are divided

into mobile games, value-added services (VAS), advertising, and e-commerce and others. The

CEO has said that they will reach 400 million monthly active users in 2023.


Source: https://www.yicai.com/news/100958844.html


3. Major change in Suning stock, leads to trading suspension.

As of Feb. 25, trading in Suning stock is suspended for an expected five trading days. This is

because Suning issued a notice stating that the actual controller of the company, the majority

shareholder Zhang Jindong and the shareholder Suning Electric Appliance Group plan to

transfer shares of the company, with an expected transfer ratio of 20% - 25%..


Source: https://www.yicai.com/news/100959024.html


4. Change in ByteDance management.

Former Didi executive Chen Xi is taking over Toutiao (Chinese news and information content

platform), and its previous head Zhu Wenjia will take over technology research and

development at TikTok in Singapore. The original structure of Tiktok's top management team

remains unchanged, and the head of Tiktok is still Vanessa Pappas.


Source: https://36kr.com/p/1112750094542849


5. JD.com applies for trademark registration for autonomous vehicle.

A subsidiary of JD.com has officially applied for trademark registration for its autonomous

vehicle efforts, Tianyancha reports. These efforts show that the Chinese online retailer wants

to be a player in this emerging segment.


Source: http://autonews.gasgoo.com/icv/70018021.html

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