China Tech Digest: Luckin Coffee Files For Bankruptcy In New York


Luckin Coffee files for bankruptcy protection in New York

Luckin Coffee filed for bankruptcy protection in New York under Chapter 15 of the US Bankruptcy Law. All the company’s stores in China are still open and providing services to customers, and are expected to have no significant impact on daily operations. Luckin Coffee explained on its official Weibo that filing for bankruptcy protection is an important step in its restructuring plan.

Kuaishou shares surge after $5.4 billion IPO in Hong Kong

Kuaishou, a Chinese short video app, saw its shares jump after its US$5.4 billion Hong Kong IPO. Now the company is valued at US$159 billion. The company sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber’s US$8.1 billion IPO.

Hello Chuxing makes no response to US IPO plan report

Some media reports stated that Hello Chuxing plans to arrange an IPO in the United States this year and raise up to 1 billion US dollars. The company responded that it has no comment.

Huawei Technologies discloses "Optical Computing Chip" related patents

Tianyancha App showed that on February 2, Huawei Technologies Co., Ltd. published an invention patent for "Optical Computing Chips, Systems and Data Processing Technology", with the publication number CN112306145A and the application date in August 2019. The patent abstract shows that an optical computing chip, system and data processing technology.

Tencent Music plans to complete its listing in Hong Kong within this year, raising up to US$5 billion

Tencent Music selected JPMorgan Chase and Morgan Stanley to plan for its listing in Hong Kong, and may raise up to US$5 billion. The company’s goal is to list as soon as possible in 2021.

Smartphone display screen OLED to account for 40% in 2021

Omdia’s latest research report shows that AMOLED will account for 29% of total smartphone display shipments in 2020. In 2020, flexible OLED shipments surpassed rigid OLEDs in smartphone screens.

In 2021, OLED displays are expected to account for 40% of smartphone displays, which will make OLED the mainstream of smartphone displays.

China Securities Regulatory Commission: Shareholders must be locked in for three years

The China Securities Regulatory Commission today issued guidelines to strengthen supervision of IPOs such as illegal holding, shadow shareholders, surprise shareholding, and multi-level nesting.

The main point includes the issuer is required to streamline shareholding structure and ensure there is no illegal shareholding.

The new shareholders who purchase shares within 12 months before submitting the IPO application must be locked in for 36 months.

China approved the merger of the Shenzhen Stock Exchange’s main board and the small and medium-sized board

The China Securities Regulatory Commission stated that it approved the merger of the Shenzhen Stock Exchange’s main board and the SME board on February 5.

After the completion of the merger between the main board and the small and medium-sized board, the main board of the Shenzhen Stock Exchange is positioned to support the development of relatively mature corporate financing and to become better and stronger, and the threshold for issuance and listing remains unchanged.

The ChiNext mainly serves growth-oriented innovative and entrepreneurial enterprises.

Faraday Future applies for the issuance of 25 million shares through a special purpose acquisition company

Faraday Future (FF) applied for the issuance of 25 million shares through the special purpose acquisition company Property Solutions Acquisition.

China Securities Regulatory Commission says the phenomenon of organized market manipulation is prominent

Gao Li, the spokesperson of the China Securities Regulatory Commission, today reported the situation of cases handled by the China Securities Regulatory Commission in 2020.

Gao Li said that manipulation techniques are evolving rapidly, and the phenomenon of organized market manipulation is prominent.

There were 51 new market manipulation cases filed throughout the year, a year-on-year increase of 11%.

The number of cases of actual controllers cooperating with market institutions to manipulate the company’s stock price has increased, and investigations have been initiated on 10 actual controllers throughout the year.

Manipulative techniques further present the characteristics of grouping and compounding. In terms of the amount involved, there were 22 market manipulation cases in which the transaction amount exceeded 1 billion yuan, with an average profit of about 200 million yuan, which seriously harmed the interests of investors.

China Mobile, ZTE and Qualcomm cooperate to accelerate the implementation of 5G positioning technology

Today, China Mobile Research Institute, ZTE, and Qualcomm Technologies announced that they will cooperate in the development of positioning technology based on the completed 3GPP 5G NR Rel-16 standard specifications, and performance verification based on the future 3GPP Rel-17 enhanced positioning technology specifications to accelerate 5G Standard development and application of positioning technology.

The ab�ve-mentioned 5G positioning technoloy will be demonstrated in 2021 and later. China Mobile has

 
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