Robotaxi operations in Guangzhou - Robotaxi
Robotaxi company Pony.ai secured the first-ever taxi license in China for 100 robotaxis and plans to launch in two other Chinese cities next year.
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Xiaohongshu cut 9% of its staff - E-Commerce
Xiaohongshu, a Chinese social e-commerce app, cut 9% of its staff; the layoffs follow Alibaba and Tencent who cut thousands of jobs due to regulatory crackdowns.
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Didi and its delisting in the US - Ride-Sharing
China-based ride-sharing company Didi will hold a meeting with shareholders in May to vote on delisting in the US.
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Another regulation on gaming in China - Regulations
China bans livestreaming of unauthorized video games, particularly of unapproved overseas games or competitions, as part of its crackdown on the gaming industry.
Shein is aiming to raise $1B - E-Commerce
Shein , the fast fashion e-commerce company, is aiming to raise $1B at a $100B valuation; existing investors include Tiger Global, IDG and Sequoia.
Lockdowns and tech crackdowns in China - Regulations
Despite lockdowns and tech crackdowns, China remains the best option for electronics makers due to a comprehensive supply chain ecosystem and high moving costs.
China’s startups rethink their future - Startups
China-founded startups are increasingly abandoning their domestic market to pursue international markets, due to mounting compliance costs and regulatory risks.
Cocos raises $50M - Gaming
Beijing-based Cocos, which develops the open-source Cocos Creator engine for 2D and 3D games, used by 1.4M developers to date, raises a $50M Series B.
Zhiyi Tech raises ~$100M - E-Commerce
China's Zhiyi Tech, which provides AI tools to help fashion brands better predict bestsellers for e-commerce livestreaming, has raised ~$100M over three rounds.