China Tech Digest: Fake Internet Traffic Leads To 30 Billion In Losses; Tencent Sets Up Smart Car JV

mouse click

Tencent shares drop as concerns for its financial business grows

Tencent shares fell on concern regulators are now turning their sights to its financial business such as Wechat Pay, savings products and micro-lending to make them reorganize into a financial holding company and to be regulated with stricter rules.

Previously, Alibaba’s financial business already took most of the regulatory hit after its historical IPO stalled. Now investors are worried that Tencent needs to do similar reorganizations that could shrink its scale and lower its revenues.

Institute of Microbiology, Chinese Academy of Sciences: Recombinant new coronavirus vaccine (CHO cell) was approved for emergency use

According to the Institute of Microbiology, Chinese Academy of Sciences, on March 10, 2021, the recombinant new coronavirus vaccine (CHO cell) jointly developed by the Institute of Microbiology of the Chinese Academy of Sciences and a partner company was approved for emergency use in China, becoming the fourth domestic approved emergency use.

The new coronavirus vaccine is also the first new coronavirus recombinant subunit protein vaccine approved for clinical use in the world.

Miaozhen System released the "2020 China Abnormal Internet Traffic Report": The loss caused by abnormal traffic flow was as high as RMB 30.5 billion, the highest in the past three years

On March 15th, Miaozhen System and China Europe International Business Review released the "2020 China Abnormal Internet Traffic Report".

Miaozhen System estimated that the loss caused by abnormal internet traffic in the Chinese advertising market in 2020 was about 30.5 billion yuan. Abnormal internet traffic include those man-made effort to boost traffic to higher levels and other types.

TuSImple obtained the qualification for demonstration application of Shanghai intelligent networked car, and plans to test unmanned load

TuSimple has recently obtained the qualification of Shanghai’s intelligent networked vehicle demonstration application in the future, and plans to use the Lingang New Area of ​​the Free Trade Zone including the Lingang Main City, Lingang Logistics Park, Donghai Bridge and Yangshan Port to carry out the load test.

Since obtaining the country’s first public road test license for driverless trucks in October 2018, TuSimple’s test mileage of the logistics use case has reached 247,699.364 kilometers.

Air China: Passenger turnover in February increased by 44.9% year-on-year, of which domestic passenger turnover increased by 179.2% year-on-year

Air China announced that the group’s consolidated passenger turnover (in terms of revenue passenger kilometers) increased year-on-year and decreased month-on-month.

Passenger capacity input (in terms of available seat kilometers) increased by 21.0% year-on-year, and passenger turnover increased by 44.9% year-on-year.

Among them, domestic passenger capacity investment increased by 124.4% year-on-year, passenger turnover increased by 179.2% year-on-year; international passenger capacity investment decreased by 91.8% year-on-year, passenger turnover decreased by 93.6% year-on-year.

Ministry of Industry and Information Technology: China’s supply of vaccine raw materials can ensure large-scale production of vaccines

Tian Yulong, a member of the Party Leadership Group and Chief Engineer of the Ministry of Industry and Information Technology, said that at present, China’s vaccine production system is complete for the need for large-scale production.

This is the most important basis for ensuring large-scale production of vaccines and ensuring the supply of vaccination needs. The Ministry of Industry and Information Technology and relevant departments have established a good and efficient docking mechanism to ensure not only the production of vaccines, but also the transportation and supply of vaccines.

Wanda relinquishes controlling shares of AMC

AMC Entertainment Holdings, the largest theater operator in the United States, said that after its 2020 record loss of US$4.6 billion, Dalian Wanda Group has given up its controlling stake in the company.

AMC disclosed in its annual report that as of March 3, Wanda had reduced its shareholding and voting rights in the company to 9.8%, but Wanda Group is still the largest shareholder of AMC.

According to AMC’s statement, Wanda Group may still have a significant impact on AMC’s management because it still has two AMC board seats.

Tencent and Evergrande establishes intelligent in-vehicle operating system JV

On March 15th, Evergrande Automobile (0708.HK) announced that it will sign an agreement with Tencent’s Wutong Autolink Technology Co., Ltd. to invest 60% and 40% respectively to establish a joint venture.

The company will jointly develop a "world-leading and independent intellectual property rights" in-vehicle intelligent operating system to create a smart car ecosystem.

China Expert network
Introducing Finley, the fintech newsbot from China Money Network! Using state-of-the-art machine learning technologies, Finley scours the globe for immediately usable data about the latest private equity deals, venture capital funding rounds, and business expansions happening in China. Finley asks: Who's buying whom? What company just raised new capital? What is the relationship among the parties? Then Finley uses his very real artificial intelligence to decipher that unstructured data to write news articles for you to read. So from unstructured data to a news story you can understand, China Money Network's Finley is your fintech newsbot business partner!