China Tech Digest: Ericsson CEO Says China Is Key To Future 5G R&D; Li Ka-shing And Gaw Capital Seeks SPAC Cash

Ericsson: China will become a key driver of 5G core demand and new application R&D

Ericsson President and CEO Börje Ekholm delivered a speech at the GTI International Industry Summit held during the MWCS2021 (Mobile World Congress), saying that most of the world’s 5G users are currently in China, and China will become “the key to the future 5G core requirements and new application development".

At the same time, Börje Ekholm also confirmed that Ericsson will continue to be committed to developing business activities in China.

Geely Auto said it has found the best merger plan with Volvo

Geely Auto announced today that the company and Volvo have found the best merger plan, that is, on the basis of maintaining their existing independent company structures, the two parties will conduct the following series of business mergers and cooperation on powertrain, electrification, and autonomous driving systems.

TikTok App conduct internal test of "Preferential Group Purchase" function

TikTok app’s internal test "Preferential Group Buying" function is similar to Meituan’s in-store group buying. At present, there are two major sectors, gourmet restaurants and hotels, and the functions have been opened in Beijing, Shanghai, Chengdu, Hangzhou and other cities.

Li Ka-shing considers issuing and listing a special purpose acquisition company in the US

Li Ka-shing reportedly plans to establish a special purpose acquisition company, and plans to submit a listing application to the US Securities and Exchange Commission as early as this week, seeking to raise US$400 million.

Didi Chuxing plans to enter the Western European market

Didi Chuxing plans to enter the Western European market, and its target markets are the United Kingdom, Germany and France.

Gaw Capital raises US$200 million through SPAC to acquire Asian technology companies

According to people familiar with the matter, Gaw Capital Advisors is raising at least $200 million through a special purpose acquisition company (SPAC) in the United States.

The company plans to set its sights on technology companies in Asia as the acquisition targets of blank check companies in the aforementioned plan. Related discussions are still in the early stages, and details including scale and strategy may still change. A representative of Gaw Capital declined to comment.

The Central Committee of the Communist Party of China and the State Council: Promote the application of intelligent networked vehicles and intelligent general aircraft

The Central Committee of the Communist Party of China and the State Council issued outlines to improve the level of smart development, accelerate the improvement of transportation technology innovation capabilities, and promote the digitalization and networking of transportation infrastructure.

It seeks to promote industrial applications such as satellite communication technology, new generation communication technology, high-resolution remote sensing satellites, artificial intelligence, to create a full-coverage, replaceable, and safe industrial Beidou high-precision basic service network, and promote the large-scale application of industrial Beidou terminals.

Beidou is China’s satellite navigation system.

Li Auto plans to launch pure electric vehicles in 2023, and plans to expand to 200 stores this year

Li Auto has recently launched a pure electric vehicle project, and the first pure electric vehicle is planned to be released in 2023. At the same time, it is also developing a mid-size SUV on the same platform as X01. This year, it will also launch a facelift for it Li ONE model. In addition, it plans to expand to 200 stores in 2021.

Chinese AI chip maker Cambricon has a net loss of 436 million yuan in 2020, a year-on-year decrease of 63.04%

Cambricon released its 2020 performance report, which showed that the company achieved operating income of 459 million yuan in 2020, a year-on-year increase of 3.38%. The net loss for the year was 436 million yuan, and that of the same period last year was 1.179 billion yuan, a year-on-year decrease of 63.04%.

According to the report, in order to iteratively upgrade the company’s series of products and the supporting basic system software platform, the company will continue to increase the R&D investment in the "cloud edge" product line and basic system software platform in 2020, and the R&D expenses will be higher than the same period last year.

Ministry of Commerce: China was the world’s largest foreign capital inflow country in 2020

At a press conference held by the Information Office of the State Council, the relevant person in charge of the Ministry of Commerce introduced that in 2020, China’s utilization of foreign capital grew against the trend and became the world’s largest foreign capital inflow country.

In terms of utilization of foreign capital, in 2020, the total actual utilization of foreign capital in China was 999.98 billion yuan, an increase of 6.2%, and 39,000 foreign-funded enterprises were newly established, making it the world’s largest foreign capital inflow country.

Lenovo Group begins to build the most powerful supercomputer in the Netherlands

The Dutch academic organization SURF cooperative university computing organization recently announced that Lenovo is building a new national supercomputer cluster for it, which is expected to be completed in mid-2021. After delivery, it will reach 140 million floating point operations per second, making it the most powerful supercomputer in the Netherlands.

Hong Kong Stock Exchange: The amount of IPO funds raised in 2020 ranks second in the world

The Hong Kong Stock Exchange announced that the Hong Kong stock market trading activities in 2020 will set a number of new records in 2020, and the trading volume of Shanghai-Shenzhen-Hong Kong Stock Connect and Bond Connect will also hit new highs.

Driven by the strong growth momentum of fundraising activities of biotech companies and new economy companies, the Hong Kong Stock Exchange ranked second in the world in terms of IPO funds raised in 2020, reaching HK$400.2 billion, the highest since 2010.

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