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China Business News Tuesday (2021-03-09)


1. Electric vehicles firm Xpeng continues to grow while reporting losses.

XPeng reported fourth-quarter revenue of USD 437 million, an increase of 345.5% year-on-year and 43.3% quarter-on-quarter, and a loss of USD 121 million. In 2020, a total of 27,041 vehicles were delivered, up 112%. Xpeng plans to launch a new sedan with laser-based sensors in the fourth quarter. For the first quarter of 2021, XPeng expects deliveries of 12,000 vehicles, up 450% year over year. The company expects first-quarter revenue to increase 531% year over year.

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2. JD Technology is likely to withdraw its IPO.

JD Technology, the fintech unit of one of China's largest online shopping platforms, is likely to withdraw its initial public offering in Shanghai. One reason is that the business environment had changed after Ant Group's IPO stop in November last year. Another reason is that the name, business, and management team have changed since the original plan for the IPO was filed. The company, which now also holds's artificial intelligence and cloud computing businesses, may reapply for a listing in the future.


3. Well-known Tea company plans IPO in HK.

JDB Beverage plans to go public in Hong Kong later this year, raising at least $300 million. Currently, JDB is working with advisors on pre-IPO financing and has contacted several potential investors. JDB Beverage's core products are its herbal tea and mountain mineral water. The company was profitable in 2020, but the overall herbal tea industry is growing more slowly.


4. Huawei with new cooperation in autonomous driving industry.

Chongqing Sokon Industry and Huawei signed an agreement to cooperate in the field of new energy vehicles. A subsidiary of Chongqing Sokon Industry has many patents and research experience in the core technology (including motor, electric control, battery pack, and range extender) of new energy electric vehicles. They also play a leading role in autonomous driving technology. This clearly shows Huawei's ambition in the auto industry.


5. Luckin Coffee finally releases some positive news.

After the preliminary insolvency, there are now new positive strategic initiatives. After the financial fraud incident, the development of unmanned coffee machines and unmanned retail machines was suspended. Now Luckin Coffee has announced that they will officially launch the "Luckin Instant Buy" unmanned coffee machines in 38 cities, including Beijing, Qingdao, Changsha, and Shanghai. These efforts show that Luckin Coffee is still trying to survive.


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