SPIC (600886:SH, State Power Investment Group)‘s integrated Smart Energy Technology formally signed a strategic cooperation agreement with Tencent Cloud on September 22 during the "Tianshu No. 1" series product launch event. Both parties will focus on various areas such as data value exploration, commercial payment, information security, user services and ecosystem development, and further promote the integration of digital and real aspects in the energy industry.
SVOLT, a global high-tech company specializing in the development and manufacture of vehicle battery and energy storage, announced on the media day that the company's cobalt-free batteries are currently a chief supplier to a major American auto manufacturer, with an approximate shipment of 1.6 million cobalt-free battery cells for this year. The company has already signed a supply agreement with a publicly traded energy storage systems firm in the United States. Deliveries are scheduled to begin early in 2024. SVOLT plans to provide this energy storage customer with 800,000 cobalt-free battery cells annually, with the likelihood of expanding operations to other power-market consumers.
China's outbound investment saw steady growth from January to August 2023, the Ministry of Commerce announced on September 21. Non-financial direct investment totaled CNY 585.61 billion, reflecting a 18.8% YoY increase. Among them, Chinese companies invested CNY 140.37 billion in non-financial direct investment in countries participating in the Belt and Road initiative, marking a YoY increase of 22.5%. The turnover of outbound contracted projects reached CNY 648.62 billion, up 6.1% YoY, and the value of newly signed contracts amounted to CNY 863.34 billion, showing a 2% YoY increase. Chinese enterprises completed contracted projects worth CNY 529.52 billion in countries that participated in the Belt and Road initiative, recording an increase of 4.8% YoY.
On September 19, QingSong Health celebrated its 9th anniversary with a strategic conference centered around the theme "Keeping Warm and Staying Healthy for Long." During the conference, QingSong Health introduced multiple initiatives aimed at promoting the "Healthy China" campaign. The company forged partnerships with key collaborators, including the China Silver Industry Association, JD Health, Airdoc Technology (2251:HK), Zhonghui Public Mutual, BOE Health IoT Hospital, and Realbio Technology, to unveil nine significant strategic cooperation projects. Guided by the principle of putting users first, QingSong Health remains unwavering in its mission to empower every household as well as pioneering and innovating within the expansive field of the health industry's development.
Chinese leading AI solutions provider 4Paradigm (6682:HK) has started its IPO from September 18 to September 21, 2023, with plans to officially list on the Main Board of the Hong Kong Stock Exchange on September 28 under the code "6682". The Company intends to offer 18,396,000 H-shares globally, with 10% of the shares allocated for the public offering in the HKSE and 90% for international offering. There is also an over-allotment option of 15%. Each share will be priced at HKD 55.60 to HKD 61.16 in 100 share lots. CICC is the exclusive sponsor and has introduced three cornerstone investors with an aggregate subscription amount of nearly USD 100 million.
Battery costs will be halved this decade to USD 60 to USD 90 per kilowatt hour from USD 151 per kilowatt hour in 2022, predicted by he Rocky Mountain Institute (RMI). Electric vehicles could be priced on par with conventionally fueled vehicles in the European and US markets by 2024 and 2026, respectively. By 2030, they could be priced at the same level as conventional vehicles in every market globally and account for two-thirds of global vehicle sales. According to RMI, EV sales will grow at least six times by 2030, garnering a market share of 62% to 86%. Automotive oil demand peaked in 2019 and will decrease by at least 1 million barrels per day after 2030. The exponential EV sales growth is also foreseen by the Economics of Energy Innovation and System Transformation (EEIST) program sp
DHGate, a B2B cross-border e-commerce trading platform, will launch a new pan-household e-commerce platform DHmogo. The first merchant recruitment meetings will be held in Shenzhen on September 20. With no entry fees and billions of exclusive traffic resources and official logistics support, the freshnew platform is designed to benefit all the initial settlers. In the future, DHmogo will collaborate with high-quality merchants to tap into the trillion-dollar European and American household markets and bring more Chinese brands to the world.
TikTok announced on September 12, EST that it had officially launched its e-commerce service TikTok Shop in the United States. Previously, TikTok Shop had conducted several months of testing among its American user base . This new service, in addition to offering short videos and live shopping, introduces a range of services for merchants and creators, including product showcase pages, storefronts, and the "Alliance Program" connecting businesses with creators. At the same time, TikTok Shop has also launched the "Fulfilled by TikTok" program, which helps merchants in storing, selecting, packaging, and delivering products, as well as a secure payment system developed in collaboration with third parties.
Data from China Association of Automobile Manufacturers (CAAM)" official account shows that in August 2023, driven by national consumption promotion policies and preferential promotions by automobile enterprises, the demand for car purchases kept increasing, and the overall production and sales of the automobile market recovered. Automobile production and sales marketing in August amounted to 2.575 million units and 2.582 million units respectively, up 7.2% and 8.2% sequentially and 7.5% and 8.4% year-on-year respectively. Meanwhile, new energy vehicles (NEVs) production and sales amounted to 843,000 units and 846,000 units respectively, up 4.7% and 8.5% sequentially and 22% and 27% year-on-year, with a market share of 32.8%.
According to reports, Tesla (TSLA:NASDAQ) announced on Thursday that it has deployed over 50,000 Supercharger stations worldwide, further solidifying its leading position in the electric vehicle industry. Tesla has witnessed growth since launching its Supercharger network in 2012. It stated on its website that this is the world's largest fast-charging network. Furthermore, Honda recently announced that starting in 2025, its electric vehicles sold in US will adopt Tesla's North American charging standard. This move will further drive the development of the electric vehicle industry and encourage other manufacturers to adopt Tesla's charging standards. In the future, the network will expand even further. A wave of construction of related supercharging stations is expected around 2025.
Wang Shi, Founder and Honorary Chairman of the Board of Directors of Vanke Group (000002:SZ; 2202:HK) as well as the Founder of HIDDENGEM, addressed attendees at the 2023 Global Venture Capital Conference (WeStart) on September 10. During his speech, he emphasized the imperative of pursuing China's dual-carbon goal and underscored the need for substantial new investments ranging from CNY 12 billion to CNY 40 billion Bn in the coming years. Wang also declared the onset of the era of a carbon-neutral economy. He identified two essential transformations for the real estate industry's future: a shift towards a service-oriented model and a commitment to achieving carbon neutrality.
Alibaba's stock rose by 3.3% to ¥93.15 on 5 September. According to Bloomberg, Alibaba's cloud business division is contemplating private financing from Chinese state-owned enterprises in preparation for its potential Hong Kong listing. Source familiar with the matter suggests that Alibaba Cloud might seek to raise approximately CNY 100 billion to CNY 200 billion (approximately USD 13.6 billion). Potential investors may include state-owned telecommunication companies. Spokespersons from China's three major state-owned telecom operators did not respond to requests for comment. It's noted that the financing considerations are still in the preliminary stages, with details like timing, scale, and amount remaining uncertain and subject to future adjustments.
On June 20, 2023, DeepBlue Technology (Shanghai) Co., Ltd (Chinese: 深兰科技上海有限公司) launched the large language model SaaS platform - DeepBlue Silicon Brain SaaS platform. Chen Haibo, Founder and Chairman of DeepBlue Technology, introduced that the silicon-based large knowledge model not only uses public datasets, but also accumulates 40TB original corpus independently, while generating 10-100G high-quality corpus for model iteration, and finally trains 7B big model. The essence of the SaaS platform is to provide customers with a set of quick methods to create enterprise-level "super intelligent assistants", and to form this set of methods into SaaS services.
On June 16, the public announcement on the website of the Hong Kong Stock Exchange showed that J&T Express (Chinese: 极兔速递) had submitted a prospectus for listing on the Hong Kong Stock Exchange. The main body of the listing is called J&T Global Express Limited (Chinese: 极兔速递环球有限公司). According to the prospectus, in 2022, J&T Express had a market share of 10.9% with 12 billion express parcels, and an operating loss of approximately USD 606 million, USD 1.647 billion and USD 1.39 billion from 2020 to 2022, respectively. Among J&T Express's group of shareholders, SF Express holds about 1.54% of the total shares.
The Enforcement Directorate (ED) on June 9 said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore (USD 680 million). The Adjudicating Authority (of the Foreign Exchange Management Act) has issued the notices to Xiaomi Technology India Private Limited, the two executives, the CITIbank, the HSBC bank and the Deutsche Bank AG under section 16 of the FEMA, the federal agency said in a statement.
Recently, Huawei Investment & Holding Co., Ltd. (Chinese: 华为投资控股有限公司, hereinafter referred to as "Huawei") announced the upcoming launch of "Pangu Chat" (Chinese: 盘古Chat), a multimodal product with a model size of 100 billion parameters, which aims to serve as a direct benchmark for ChatGPT. The upcoming release of the product is anticipated to undergo internal testing at Huawei Developer Conference 2023 (Cloud) scheduled for next month. The primary target audience for this product will be ToB/G government and enterprise clients. According to statement from Zheshang Securities Co., Ltd., the team at Huawei utilized over 2,000 units of the Ascend 910 chip and dedicated a period of over two months to train the Pangu model's 100 billion parameters. The Huawei Developer Conference 2023 (Cloud)
QingSong Health (Chinese: 轻松集团·轻松健康), a leading Chinese online health insurance technology platform, joined hands with ByteDance's cloud service Volcano Engine, to implement the first AIGC-based doctor-patient interaction application. With the aim of building a comprehensive and solid "protective cover" for each family, QingSong Health has established a trusted set of whole lifecycle health management system, tackling the aging of the population. The launch of this AIGC audio and video doctor-patient interaction application will further optimize the experience of doctor-patient interaction in social security, medical care, and nursing care for elderly people. Volcano Engine provides intelligent solutions owing to ByteDance and helps with the implementation of the launch.
Sobot Technologies (Chinese: 智齿科技), a Beijing-based customer service software provider, held a strategic summit on April 20 with the theme of “New Contact Makes the World Borderless” in Shenzhen. Yi Xu, co-founder and CEO of Sobot Technologies, officially launched the "3I-strategy", that is , integration, intellectualization and internationalization. The company also completed the brand upgrade with a brand new logo. Founded in 2014 and headquartered in Beijing, Sobot Technologies positioned itself as a software-as-a-service (SaaS) company, whose key offering is in-house developed customer contact solutions. Up to now, Sobot Technologies has established cooperation with OPPO, TINECO, HP, OPAY, DFS, Blued and a slew of other top clients.
BGI Genomics (300676:SH) disclosed its annual report on March 30, with a revenue of CNY 7.046 billion in 2022, up 4.14% year on year and a net profit of CNY 803 million, down 45.06%. Basic earnings per share (EPS) is CNY 1.96. The profit distribution plan approved by the Board of Directors is as follows: a cash dividend of CNY 10 (including tax) for every 10 shares to all shareholders based on 413,914,325 shares, a bonus of 0 shares (including tax) and an increase of 0 shares for every 10 shares to all shareholders from the capital reserve.
Chinese tech giant Tencent wants to sale its wholly owned subsidiary Sanook Online, a leading Thai web portal, sources said. Sanook started in 1998 as a Thai-based web directory and gradually developped into an all-inclusive entity with businesses ranging from web portal (Sanook.com), news portal (NoozUp), music-streaming (JOOX), IM (WeChat), and e-commerce (Sabuy). Previously in 2016, Tencent has branded it to Tencent (Thailand). Sanook's revenue continued to recover from THB 118 million in 2020 to THB 190 miilion in 2022, with a stable monthly-active-user (MAU) at 30 to 40 million. Moreover, the loss in the past 2022 was THB 19 miilion, due to a higher shared cost allocated to Sanook due to JOOX termination. However, 2023 is expected to be profitable, sources said.