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China Business News Tuesday (2021-03-03)


1. Chip and battery shortages will limit production at NIO.

CEO William Li said an industry-wide shortage of electric vehicle batteries and

semiconductor chips will further hamper production in the coming months. Nio

had achieved a production rate of 10,000 vehicles at its Hefei plant during the

Chinese New Year in February. In the second quarter, however, the production

rate will be closer to about 7,500 units.

Source: ·

2. Little Bear Rental aims to go public this year.

Little Bear Rental has just closed a financing round with strategic investor

Shenzhen Hi-Tech Investment. The funding round will be used to improve

service and warehouse operation capacity. Little Bear Rental is an IT office

equipment provider, whereby they help companies transform to an asset-light

approach. People familiar with the matter said the company is already

preparing IPO application documents. Investors include not only internet giants

such as JD and Tencent but also government steering funds.


3. Xiaomi turns messaging app into Clubhouse clone.

Smartphone giant Xiaomi has revived its shutdown instant messaging app

MiTalk as a social audio chat platform for professionals. The move comes

weeks after Clubhouse was banned in China. MiTalk has been relaunched as an

audio-first chat app, with features equivalent to Clubhouse, and is also

currently invite-only.


4. Five Community Group Buying Enterprises receive fines.

According to a Reuter's report, Huawei talks with several automakers in China to help build its

cars. The company wants to launch several electric cars, and "some models" could be launched

as early as later this year. The report said that the company has already started working on the

designs and is approaching state-owned carmakers such as Changan Automobile and BAIC

Group's BluePark New Energy Technology etc., achieving its goal.


5. BYD and Horizon with strategic cooperation for autonomous driving

Chinese automaker BYD has made a strategic investment in Horizon, an

automotive smart chip company. The companies aim to collaborate on in-depth

research for breakthroughs and cutting-edge technologies for autonomous

driving and smart vehicles' mass production.


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