China Tech Digest: Zhihu Listed On New York Exchange; Xiaomi Denies Making Cars

Priced at US$9.5, Zhihu will be listed on the New York Stock Exchange

Zhihu will be listed on the New York Stock Exchange on March 26th, U.S. time. The stock code is "ZH". The IPO price is set at US$9.5 per ADS. Zhihu is seeking to raise a total of US$850 million through the IPO (after exercising the over-allotment option).

NIO Inc. announces temporary suspension of production for five working days

NIO Inc.(NYSE: NIO), a Chinese smart electric vehicle maker, today announces that the company decides to temporarily suspend the vehicle production activity in the JAC-NIO manufacturing plant in Hefei for five working days due to semiconductor shortage.

Xiaomi responds to the "car-making" rumor: cooperating with GWM to make electric cars is "completely nonsense fake news"

According to sources, Xiaomi is negotiating with Great Wall Motors to make electric cars. In response, the person in charge of Xiaomi said today that it’s completely nonsense fake news.

Xiaomi will launch a self-developed computer chip on March 29

Xiaomi announced through its official Weibo account that it will launch a new self-developed computer chip at the new product launch on March 29.

Alibaba Cloud enters Forrester’s leader quadrant

Forrester, a global market research company, released a FaaS (function-as-a-service) platform evaluation report for the first quarter of 2021. Alibaba Cloud, with its excellent product capability, scored the highest score in eight evaluation dimensions, and became the world’s top three FaaS leader alongside Amazon. It is also the first time that a Chinese technology company has entered the FaaS leaders quadrant.

IDC predicts: China’s blockchain market will rank first in the world in terms of growth rate

International Data Corporation(IDC) released its “Worldwide Blockchain Spending Guide". According to IDC’s forecast, the global blockchain market will reach US$18.95 billion in 2024, with a compound growth rate of approximately 48.0% in a five-year forecast period (2020-2024). The five-year compound annual growth rate (CAGR) of China’s blockchain market will reach 54.6%, ranking first in the world.

Hillhouse Capital splurged 4.4 billion euros to win Philips’ home appliance business

Philips (NYSE: PHG; AEX: PHIA) announced that it has signed an agreement to sell its home appliance business to Chinese well-known VC Hillhouse Capital.

This global exclusive brand licensing agreement has a 15-year authorization period and can be extended depending on conditions. The estimated net present value of the brand authorization is about 700 million euros. The price is about 4.4 billion euros after including the total transaction value. The transaction is subject to routine closing conditions, including regulatory approvals, and is expected to be completed by the end of the third quarter of 2021.

Byton’s co-founder Daniel Kirchert joined Evergrande Motors

Dr. Daniel Kirchert, former president and co-founder at Byton, has joined Evergrande Motors.

Evergrande Motors is a car-making project of Chinese property developer Evergrande Group. The company released its first phase of 6 models of cars on August of 2020.

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!