Updates: 10 – 16 May

2 min read.

NAMES:

1. Dong Mingzhu

Dong Mingzhu, Chairperson of Gree Electric Appliances, clocked about US$45 million in sales in her debut livestreaming session on Kuaishou. Gree reported an almost 75% decrease in Q1 net profit as compared to last year’s. CEOs of Ctrip, Qunar and Alibaba’s Fresh Hema also did livestreaming to sell their products. (10 May)

2. Jenny Zhiya Qian and Liu Jian

Jenny Qian and Liu Jian, CEO and COO of Luckin Coffee, respectively, were fired amid fraud scandal. (12 May)

COMPANIES:

1. Dada Nexus

Dada Nexus, an on-demand retail and delivery platform, filed for an IPO to be listed on NASDAQ. Backed by JD.com, it is expected to secure US$100 million from the IPO, but could raise up to US$500 million. (13 May)

2. Le.com

Le.com, one of the largest video streaming company, is delisted by Shenzhen Stock Exchange due to massive losses. (15 May) 

EVENTS:

1. Digital Transformation Partners Launch

Led by China’s top economic planner NDRC, about 130 organizations (including 62 tech companies) will be part of the initiative to help nationwide SMEs to be digitally savvy. Another 500 supporting polices will be announced soon. (13 May)

2. Lianghui 

Exclusive insight: Currently undergoing a mandatory quarantine, all attendees (about 5000 people) will not be wearing masks at Lianghui, “Two Sessions”, the most important political event of the year. This could be a movement to show solidarity and a proclamation to the world of its effective fight against COVID-19. (15 May)