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China Business News Tuesday (2021-03-15)



News

1. Meituan adds social function and moves toward social eCommerce.

Meituan recently tested the "group chat" function. To use this function, it must be opened by the merchant, who can then invite customers. The chat is limited to discussing business, orders, or marketing issues. It should also be noted that the group chat information is displayed in the "Message" column at the bottom of the Meituan app. This column may become an actual social function column in the future.

Source: · https://36kr.com/newsflashes/1138759543227782

2. Xpeng Motors receives 500 million RMB investment from a statefund.

Chinese Electric vehicle manufacturer Xpeng Motors received CNY 500 million strategic investment from Guangdong Industrial Development Fund. This investment could be comparable to the NIO investment last year and a turning point and the start of a substantial stock rise, as it will positively impact the long-term business intentions of Xpeng Motor.

Source: https://mp.weixin.qq.com/s/EtELcIhRpBQsUFfuH0WhVw

3. Education company Meishubao plans US IPO.

Meishubao, which gets investment from Tencent, is preparing to go public in the US together with Goldman Sachs and Morgan Stanley. Last year, it still had a cash income of more than CNY 2 billion. This is also the third Chinese education company to sprint to the US stock market recently. The other two are Leader Education and Spark Thinking. Meishubao, founded in 2014, mainly offers online aesthetic education courses for children aged 3-18.

Source: https://36kr.com/p/1133762324055425

4. US classifies Huawei and four other Chinese firms as security threats.

The US has classified five Chinese tech companies, including Huawei, as national security threats. President Joe Biden may be continuing his predecessor's hard-line against China's growing technological dominance. This is because in building the US networks, a threat to US national security or the safety and security of Americans should be avoided.

5. Court lifts US commerce ban on Xiaomi.

Shares of Xiaomi Corp. jumped in Hong Kong after a US court blocked the Department of Defense from restricting American investment in the Chinese smartphone giant. As a result, the financial restrictions set to take effect next week cannot go into effect.


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