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China Business News Tuesday (2021-03-11)



News

1. Kuaishou enters into new business cooperation.

Kuaishou has announced a strategic cooperation with kitchen appliance company Vantage. Vantage will install the Kuaishou app in its kitchen products. The two sides will cooperate on content creation and marketing interaction. In addition, Kuaishou cooperates with online luxury retailer SECOO to sell luxury products via live streaming, and together they have officially launched a luxury live broadcasting base.

Source: · https://36kr.com/newsflashes/1133106858771589, https://36kr.com/newsflashes/1133138701534341

2. NetEase launches cloud-based music studio brand "Qingyun lab".

Online group NetEase has released a new platform with cloud music studio "Qingyun lab". This will be about matching high-quality lyrics and songs in the industry with potential singers. It is also about providing equity support for small music artists, such as cash incentives, permanent royalties, advertising, and customized services.

Source: https://36kr.com/newsflashes/1133210644825475

3. Baidu Apollo wins another autonomous driving project.

Baidu Apollo has won a USD 16.1 million tender to build a 5G autonomous driving project in Chengdu. This project complements Baidu Apollo's growing portfolio of intelligent transportation projects across China that leverage its strengths in AI-powered new infrastructure. As part of the project, Baidu Apollo will develop 30 kilometers of smart-connected demonstration roads in the Singapore-Sichuan Hi-Tech Innovation Park, which will be a 5G-based demonstration zone for smart-connected vehicles.

Source: https://www.prnewswire.com/news-releases/baidu-apollo-selected-to-build-landmark-5g-intelligent-driving-project-in-chengdu-301244687.html

4. Tencent with a big investment in an e-signature startup.

Chinese e-signature service company Fadada completed a D funding round with CNY 900 million. This funding round was led by Tencent. Fadada focuses on the whole service process of electronic signature applications and electronic document signing. In 2019, the size of China's third-party electronic signature market will reach CNY 3.6 billion. With the increasing demand of enterprises for electronic signatures, the electronic signature business will further penetrate government departments, large enterprise groups, and small and medium-sized enterprises.

Source: https://m.sohu.com/a/455145541_114984?_f=m-sub_channel_996_feeds_69&spm=smwp.ch15-996.fd-d.56.1615440249783TOHrnwF

5. China's richest person changed again and is now Ma Huateng.

Due to the volatile stock market developments, the wealth situation at the Chinese top has changed again. Ma Huateng, CEO of Tencent, is, since the 9th of March, again the richest man of China, despite the share price's decline of Tencent. He has a personal fortune of USD 63.8 billion. Zhong Shanshan, the founder of Nongfu Spring, who was previously the richest man in China, fell to second place with USD 61.5 billion. Colin Huang, the founder of Pinduoduo, is in third place and has also overtaken Jack Ma.

Source: https://finance.sina.com.cn/wm/2021-03-10/doc-ikknscsi0626880.shtml

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