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Chinese video platform iQIYI reportedly to lay off 20-40% of its workforce
Chinese video platform iQIYI reportedly to lay off 20-40% of its workforce
Shares of iQIYI traded in the US have plunged in the past few months, with a cumulative decline of about 60 percent since July.
Chinese video platform iQIYI is laying off between 20-40 percent of its workforce, yicai.com reported today, citing employees of the company.
Layoff compensation is temporarily being paid out at N+1 times monthly salary, and “the layoff policy is still in the making, and…
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Xiaomi's MIUI surpasses 500 million monthly active users worldwide
Xiaomi’s MIUI surpasses 500 million monthly active users worldwide
MIUI surpassed 100 million monthly active users worldwide on August 19, 2015, and surpassed 200 million on June 6, 2018.
Xiaomi’s Android skin MIUI has surpassed 500 million monthly active users worldwide as of November 22, 2021, the company announced Tuesday.
To date, MIUI has gained 18.65 million new monthly active users in China and 100 million worldwide this year, Xiaomi said.
MIUI surpassed…
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Education stocks soar with reports that China will resume after-school tutoring
Education stocks soar with reports that China will resume after-school tutoring
Shares of US-listed education companies jumped in pre-market trading, with the latest reports suggesting they are set for new life.
China is considering issuing more than a dozen licenses to allow companies to offer after-school tutoring, the WSJ said today, citing people familiar with the matter.
Companies including Gaotu Techedu and Yuanfudao have held discussions with regulators in recent…
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Huawei posts sales revenue of about $71.3 billion in first 3 quarters
Huawei posts sales revenue of about $71.3 billion in first 3 quarters
Huawei achieved sales revenue of RMB 455.8 billion ($71.3 billion) in the first three quarters, with a net profit margin of 10.2 percent.
Guo Ping, Huawei’s rotating chairman, said the company’s overall operating results were in line with expectations, with business for general consumers suffering a large impact and company-oriented business performing steadily.
“We will continue to strengthen…
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Luckin Coffee posts H1 net revenue of $492.9 million, up 106% year-on-year
Luckin Coffee posts H1 net revenue of $492.9 million, up 106% year-on-year
“This earnings announcement is an important milestone as it enables us to return to normalized financial reporting,” said Luckin Coffee CEO.
China-based Starbucks equivalent Luckin Coffee reported net revenue of RMB 3.18 billion ($492.9 million) in the first half of the year, up 106 percent year-on-year, the company said today.
The company reported an operating loss of RMB 411.5 million in the…
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Alibaba unveils ARM server chip Yitian 710, boasting strongest performance in the industry
Alibaba unveils ARM server chip Yitian 710, boasting strongest performance in the industry
The chip was taped out in July and will be used in Alibaba Cloud data centers.
T-Head (Pingtouge Semiconductor), the semiconductor unit of Alibaba, today announced the Yitian 710, an in-house developed cloud chip, becoming another Chinese technology company to develop a server CPU.
The company said the chip is the industry’s most powerful ARM server chip, outperforming the industry benchmark by…
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Alibaba reportedly to release Arm server chip
Alibaba reportedly to release Arm server chip
The chip has 128 cores and is built on a 5nm process, making it the most advanced server chip in terms of process, surpassing similar products from Amazon and Huawei.
After Huawei, Alibaba has reportedly become another Chinese tech company developing server CPUs in-house.
Alibaba’s server chip based on the Arm architecture, which it has been developing since 2019, was tape out in the middle of…
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Futu, Tiger extend losses as Chinese securities regulator reportedly refine regulations
Futu, Tiger extend losses as Chinese securities regulator reportedly refine regulations
Departments including the China Securities Regulatory Commission are working to improve the rules in line with the requirement that all financial activities should be fully regulated.
Shares of Futu Holdings, as well as Tiger Brokers, traded in the US, continued to fall in pre-market trading Friday, as the official securities media Securities Times said regulators are refining rules for…
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Futu says it always actively cooperates with regulation in response to user info security concerns
Futu says it always actively cooperates with regulation in response to user info security concerns
Futu says it will continue to actively cooperate with regulators in its efforts and ongoing efforts to protect personal information.
Futu Holdings, the brokerage that facilitates Chinese trading in US and Hong Kong stocks, has responded after official Chinese media raised concerns about the security of its users’ information.
The company said in a statement Thursday that it has always actively…
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Futu, Tiger Brokers shares plunge as Chinese official media flag user info security concerns
Futu, Tiger Brokers shares plunge as Chinese official media flag user info security concerns
According to an article in the online edition of the People’s Daily, the issue of personal information of mainland citizens leaving the country may become a new test for Futu and Tiger Brokers.
Shares of Futu Holdings and Tiger Brokers, brokerages that facilitate Chinese trading in US and Hong Kong stocks, plunged in pre-market trading as the online edition of official media outlet People’s Daily…
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Appliance giant Midea unveils OpenHarmony 2.0-based IoT system
Appliance giant Midea unveils OpenHarmony 2.0-based IoT system
Midea becomes the first company other than Huawei to build an IoT system based on OpenHarmony 2.0.
Chinese appliance giant Midea on Thursday unveiled its OpenHarmony2.0-based IoT system, becoming the first company other than Huawei to build an IoT system based on OpenHarmony2.0.
The system, launched by Midea in cooperation with OpenAtom Foundation, China’s first open source software foundation,…
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Honor resumes ties with Google, Honor 50 series to carry GMS
Honor resumes ties with Google, Honor 50 series to carry GMS
Honor has resumed cooperation with Google, and its new models in overseas markets will carry Google Mobile Services (GMS), promising to get its overseas business back on track.
The smartphone giant, which was spun off from Huawei, tweeted Monday that it has successfully confirmed cooperation with a number of supplier partners in the early stage.
“The HONOR50 series will be equipped with Google…
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Alibaba, Baidu take stakes in local chipmaker Phytium
Alibaba, Baidu take stakes in local chipmaker Phytium
Chinese tech giants Alibaba and Baidu have taken stakes in local chipmaker Phytium Technology, according to information from data provider Tianyancha.
The information shows that Phytium closed a strategic financing round on Oct. 8, with investors including Alibaba and Baidu’s investment and M&A division. The amount of that financing was not disclosed.
Founded in 2014, Phytium is a leading…
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Meituan fined $533 million for forced exclusivity
Meituan fined $533 million for forced exclusivity
China’s online-service super-app Meituan has been fined 3.442 billion yuan ($533 million), or 3 percent of its 2020 sales in China, by the country’s market regulator for enforcing forced exclusivity.
China’s State Administration for Market Regulation (SAMR) announced the decision on Friday, and the amount Meituan was fined was lower than analysts expected and also lower than the amount fined to…
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Luckin Coffee shares up as much as 19% after announcing 33% revenue growth for 2020
Luckin Coffee shares up as much as 19% after announcing 33% revenue growth for 2020
Luckin Coffee, which trades on the US Pink Sheets market after delisting, rose more than 19 percent at one point Tuesday, as the company announced 33 percent revenue growth for 2020 and several important developments.
By the close of trading, Luckin Coffee’s gains narrowed to 3.4 percent to $15.05. Since its delisting on June 29 last year, the company has accumulated a 990 percent gain in the…
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Xiaomi unveils concept smart glasses
Xiaomi unveils concept smart glasses
Chinese smartphone giant Xiaomi on Tuesday unveiled a new concept product — the Xiaomi Smart Glasses Explorer Edition — that looks little like regular glasses but delivers a smart experience.
Xiaomi said the glasses use Optical Waveguide technology, which hides a micro LED display the size of a sesame seed in the frame and allows light to be shifted spatially through a light waveguide lens.
The…
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Huawei says HarmonyOS 2 surpasses 100 million users
Huawei says HarmonyOS 2 surpasses 100 million users
As of September 12, Huawei’s HarmonyOS 2 user base has exceeded 100 million, about three months after its launch, according to Richard Yu, Huawei’s managing director and CEO of its consumer business.
Huawei held a new smart office launch event on September 13, where Yu revealed the number, calling HarmonyOS 2 the world’s fastest mobile operating system to cross that threshold.
Yu said HarmonyOS…
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