SEC moves toward delisting Chinese companies from US exchanges but looks unlikely to succeed
The U.S. Securities and Exchange Commission is pushing ahead with a plan that threatens to kick Chinese companies off U.S. stock exchanges. The SEC intends to propose a regulation that would lead to the delisting of companies for not complying with U.S. auditing rules and Chinese companies fall under this category.
This proposal started since August, when the President’s Working Group on Financial Markets urged the regulator to pass restrictions that could take effect as soon as 2022. But it’s unlikely the rule will be finalized before President Donald Trump’s term ends on Jan. 20, as SEC officials are likely to leave their posts before that date.
Daimler and Geely to build next-generation engines for hybrid cars
Daimler said on Tuesday that it will work with Geely to build next-generation engines for hybrid vehicles. The engine will be manufactured in Europe and China for use in hybrid vehicles.
In 2018, Geely Group acquired 9.69% of Daimler’s shares and became Daimler’s largest shareholder. After that, Geely and Daimler reached a number of capital-level cooperation, including the establishment of a joint venture company "Yao Chuxing" in China, a joint venture to produce SMART cars, and a joint investment in the German innovation company and helicopter maker Volocopter.
In 2017, Geely and Volvo established a technology joint venture in which each party holds 50% of the shares. According to the agreement, the two parties will share Volvo four-cylinder engine technology and jointly develop the next generation of pure electric vehicle platform technology.
Samsung wants to sell Exynos chips to more Chinese mobile phone manufacturers
At the launch event of Samsung Electronics System LSI’s first 5nm chip, Samsung and vivo released the Exynos 1080 processor. Pan Xuebao, director of the Samsung Semiconductor China Research Institute, said: "This time we are co-launching with vivo, and this is also one of Samsung Semiconductor’s most advanced mobile phone chips." At the same time, he emphasized that this is a special product for users in the Chinese market.
Beyond Meat to launch new pork product in China
American artificial meat producer Beyond Meat announced on Tuesday that it will launch a plant-based pork minced meat product Beyond Pork in the Chinese market.
In its introduction, the company said that a different kind of pork is refined from simple plant ingredients such as rice and soybeans. It has the meat texture and juiciness of traditional minced pork, and has a realistic taste. Compared with the traditional minced pork, its overall fat content is 50% less and the calorie content is 31% less.
The company said on its official Chinese social media platform today that they will partner with five specialty restaurants in Shanghai to launch a variety of innovative dishes cooked with plant-based pork such as pork crepes, special kinds of pork stewed eggplant rolls, special kinds of pork crisp balls.
Didi President Liu Qing: Will consider launching unmanned aircraft to deliver food
At the 3rd Innovation Economy Forum, when asked whether Didi will use drones to deliver food to the door, Didi President Liu Qing gave a positive answer.
Liu Qing said that the unmanned taxis launched by Didi have been well received by users, and the delivery of food by unmanned aircraft will be a good solution during the epidemic. However, it will take some time before it becomes feasible for more people to use it commercially.
Blue Book: During the "14th Five-Year Plan" period, China’s new energy vehicle production and sales will reach 10 million
Today, the Chinese Academy of Social Sciences and the Social Science Literature Publishing House jointly released a report, pointing out that China has become the country with the largest number of new energy vehicles and has built the world’s largest charging facility.
The Blue Book estimates that during the "14th Five-Year Plan" period, the total scale of production and sales of China’s new energy vehicles can reach tens of millions.
Kingsoft reports strong revenue growth
Kingsoft Software released its performance report for the three months ended September 30, 2020. During the period, Kingsoft’s revenue reached RMB1.397 billion yuan, a year-on-year increase of 34%.
The profit attributable to owners of the parent company was RMB667 million yuan, a year-on-year increase of 1749%. Basic earnings per share were RMB0.49, a year-on-year increase of 1533%.
Q3 game business revenue was RMB788 million yuan, +19% year-on-year, and a decrease of 9% quarter-on-quarter, mainly due to the seasonality of end games and some new games slightly lower than expected.