Category: Uncategorized

「What’s News In China」

President Xi said the country needs to “seize the opportunity” afforded by blockchain technology. His speech also called for the creation of “Blockchain+,” a platform alluding to personal development such as education, employment and food and medicinal safety, among other basic needs. Since a 2017 decision by the People’s Bank of China, cryptocurrencies are banned in the country, although a digital renminbi is being developed by the central bank and likely to launch soon. // coindesk | TechCrunch

NetEase (NASDAQ: NTES)’s e-learning unit, Youdao (有道) made its debut on NYSE on Friday Oct 25, listed under the symbol “DAO”. Youdao priced its IPO shares at $17 per ADS, raising ~$95.2 million. The company is also raising another $125 million through the private placement of 7.35 million ordinary shares, to funds managed by Orbis Investment Management Ltd., for a total raise of $220.2 million. Founded in 2006, Youdao provides online dictionaries, online classrooms and language courses, with 100 million monthly average users in China in the first half of 2019. // marketwatch | 21jingji

Starbucks announced the new addition of Bar Mixato to its Starbucks Reserve Roastery in Shanghai. It features a full bar menu, which includes the global debut of 11 innovative coffee- and tea-based cocktails specially created and available only at the Shanghai Roastery. // Starbucks

「What’s News In China」

NetEase (NASDAQ: NTES)’s e-learning unit, Youdao (有道) reduced its fundraising target to $116 million from $300 million IPO on October 15. Founded in 2006, Youdao provides online dictionaries, online classrooms and language courses, with 100 million monthly average users in China in the first half of 2019. The company set a price range of $15 to $18 for its American Depositary Shares (ADSs) and will be listed under the symbol “DAO”. // reuters | SEC

TikTok (by Bytedance) launched an education program in India on October 17, as the popular short-video app looks to expand its offering and assuage local authority in one of its biggest markets. TikTok has been working with Indian partners in the edtech sector ahead of the campaign launch.  TikTok claims to have 200 million users in India, of which 120 million are active every month. // TechCrunch | FT

6th World Internet Conference (or “Wuzhen Summit”) opened in China’s Zhejiang Province (10/20-22). Executives from major tech companies from home and abroad such as Microsoft, Qualcomm, Alibaba Group and Huawei attended the conference. // xinhua | scmp

「News of the Week」China Q3 GDP Growth Rate: 6.0%

WSJ – China’s economy grew 6% in the third quarter, landing right on the central government’s full-year baseline target for gross domestic product

国家统计局 National Bureau of Statistics of China  – 2019年三季度国内生产总值（GDP）初步核算结果

The percentage growth decrease is high anticipated. The expected value was at 6.1%.

Dots to connect:

  • IMF’s other forecasts
    • cut China’s growth forecast to 6.1% from 6.2% for 2019, and 5.8% for 2020
    • cut India’s growth forecast to 6.1% from 7% for 2019, and 7% in 2020
    • Forecasts for the U.S. were cut by 0.2 percentage point to 2.4% annual growth in 2019; euro-area forecasts were cut 0.1 point to 1.2%
    • Global
      • July version: Global growth remains subdued. Global growth is forecast at 3.2 percent in 2019, picking up to 3.5 percent in 2020
      • October version: Global growth is expected to slow to 3 percent this year, picking up to 3.4 percent in 2020 (a 0.2 percentage point downward revision compared with April)
  • China’s monetary policies and debt levels.

「What’s News In China」

Paypal (NASDAQ: PYPL) is becoming the first foreign payment platform to provide online payment services in China. The license is obtained by acquiring 70% of GoPay (国付宝). The transaction is approved by the People’s Bank of China (PBOC) on September 30. // Crunchbase ｜ GoPay PR

Baidu (NASDAQ: BIDU) launched self-driving service Apollo Robotaxi for the general public in Changsha China on September 27. The initial fleet has 45 autonomous cars. // cnet | SCMP

Source: SCMP

Shake Shack (NYSE: SHAK) opened its 2nd store at Kerry Center (嘉里中心) in Shanghai on September 26. Its first store in mainland China launched in January 2019 in Shanghai Xintiandi (新天地). // PR Newswire Asia | Jiemian

Source: prnasia

Xiaomi (HKSE: 1810) is entering the smart fridge segment (pricing starts at RMB 999) and completing its major appliance offerings comprised of TV, A/C, washing machines and fridges. Users can modify the temperature and mode of the cabin via voice control. Xiaomi has been trying to diversify from its smart phone business with smart home/IoT products. // gizmochina | 36kr