China: May 2021

China’s tech news in May 2021

The China tech news round-up for May 2021 covers subjects including AI and automation in funds management, Tencent’s moves into social e-commerce, autonomous vehicles in cargo transport, electric vehicles developments, Huawei’s exclusion from India and the UK, and many more.

The items bulleted below cover China’s May 2021 tech news headlines, providing Startup News Asia readers with:

• an at-a-glance overview of China’s tech news for the month;
• instant insights into China’s tech startup ecosystems; and
• 1-click access to the China tech articles behind the headlines.

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• Beijing launches check on data centres involved in cryptocurrency mining to measure energy consumption, seeking amount and share of power consumed by mining
• China’s share of Bitcoin hash rate reportedly diminishing, likely in part due to expected increase in crypto and mining-related regulations and gov’t scrutiny
• Internet regulator to ban some mobile app notifications and tighten regulations, ramping up campaign to rein in the growing influence of internet companies
• Industrial and Commercial Bank, one of world’s largest banks by assets, enables public users to activate CBDC wallet in its mobile app, widening ‘digital yuan’ adoption
• A look at the increasing moves by tech giants into the electric vehicles market, with Baidu allocating $7.7BN over 5 years and Xiaomi’s $10BN
• Soulgate preps for $100M US IPO with gamified approach to app-based social networking
• Innovusion lidar firm, supplier to EV major Nio, secures $64M in round led by Singapore government’s Temasek sovereign wealth fund

• YouKuai gains $7.3M Series A to expand Zrou, plant-based pork brand
• PonyAI autonomous trucks gain permission to transport cargo in Nansha district, Guangzhou
• TikTok begins testing in-app shopping, aiming to replicate overseas the success of Douyin which generated $26BN in e-commerce transactions in its first year
• Gov’t bans financial institutions and payment companies from providing services around cryptocurrency transactions, warning investors against speculative trading
• Tencent launches Xiao’E Pinpin, social e-commerce platform similar to Pinduoduo, along with WeChat mini program and WeChat account
• BMW Startup Garage China and Alibaba launch Joint Innovation Base, aiming to boost at least 300 firms focusing on internet, IoT and automotive industry tech
• China’s Alibaba backs South African telco group Vodacom’s ‘super app’ launch, providing peer-to-peer and QR payments, alongside loans and online shopping
• China’s PonyAI gains approval to test 6 autonomous vehicles in California, without human safety drivers
• “If you have bitcoin or ethereum, and I want to buy some, I can just send money to you through banks. Just don’t write down anything like bitcoin or ethereum”

• A brief look at the rise of AI and automation in funds management
• China’s TikTok adds feature allowing bulk deletion of comments, including those a profile doesn’t like, potentially enabling curated disinformation
• CSIS Reconnecting Asia Project identified 70 deals in 41 countries between Huawei and governments or state-owned enterprises for cloud infrastructure and e-gov’t services
• Download: Understanding Chinese Consumers – Growth Engine of the World, from McKinsey & Company (pdf)
• An intro to WalletsClub, providing a Visa-like service for digital wallets, enabling money transfers possible between hundreds of electronic money services
• India: Telecom ministry grants 12 international equipment makers participation in 6-month 5G trials; notably absent are Huawei and ZTE
• ICYMI: British Telecom commences $701M rip-and-replace program to remove Huawei equipment from national 5G – and 4G – infrastructure