Tech China Post #127

Chinese delivery app, Dada Nexus, is looking to go public in the U.S., despite current U.S. and China relations. Dada Nexus is a JV with JD.com and backed by other investors including Walmart and Sequoia Capital China. Goldman Sachs, Bank of America, and Jefferies are underwriting the deal. (link)

Luckin Coffee filed its CEO and COO amid accounting issues. Luckin Coffee is one of the major competitors for Starbucks in China. Luckin listed in the U.S. in 2019. (link)

Tencent continues its streak to find international restaurant and hospitality partners to bring them to China and in turn embed WeChat mobile payment network in those properties. Most recent move is Tencent’s bringing Tim Hortons to China. Tencent will help fund and run 1,500 Tim Hortons locations around the country while providing technology, logistics, and operations support. WeChat payment network’s biggest competitor is Alipay, which is run and owned by Alibaba. (link)

Tesla China’s April sales declined 64% compared to March. (link)

The semiconductor war continues. Taiwan Semiconductor Manufacturing Co (TSMC) is discussing with the U.S. government to build a multi-billion chip manufacturing facility in the U.S. (link)

Intel is investing in Chinese chip companies, betting on long-term domestic demand. Intel Capital is investing in ProPlus, a Chinese startup that helps chip makers with design, and in Spectrum Materials, a provider of materials for semiconductor fabs. (link)

Animal Crossing is one of the hottest games right now. People can create virtual selves and interact with others. China’s gaming industry is one of the biggest in the world but it is also one of the most regulated. Chinese gamers are buying foreign consoles and unlocking them to circumvent rules imposed by local regulators so they can fully engage with Animal Crossing gamers around the world. (link)

This is how Chinese school children are going to school.