China’s Covid lockdown guidelines ship costs larger

Freeman H. Shen, Founder, Chairman & CEO of WM Motor, speaks during Fireside Chat on Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 28, 2018 in Nansha, Guangzhou, China.

Dave Zhong/Getty Images for CNBC International

BEIJING — Covid-related restrictions have increased production costs for Chinese electric car start-up WM Motor, even as existing chip and battery shortages are driving up costs, CEO Freeman Shen told CNBC.

“Adding all these things together, this industry is a fast-growing industry, but the cost part of the equation is also going to be a challenge,” Shen, also founder and chairman of WM Motor, said Wednesday.

Sales of new energy vehicles — which include battery-only and hybrid-powered cars — more than doubled last year in China, the world’s largest automobile market. The country has become a hotbed for electric car start-ups and a launch pad for many traditional auto giants making the shift to electric.

China quickly controlled the local spread of the coronavirus in 2020 by imposing swift lockdowns on cities and neighborhoods. But after the emergence of the highly transmissible omicron variant, some analysts started to question whether the costs of the zero-Covid policy now outweigh the benefits.

The impact is already being felt by factories. A Chinese ministry overseeing manufacturing said this month the lockdowns would be a drag on industrial production in the first quarter.

Shen laid out the impact of Covid-related restrictions on his start-up:

  • A chip manufacturer in Malaysia had production problems and stopped delivering to Bosch China, which then stopped delivering to WM Motor.
  • Within China, after Covid cases emerged in Nanjing, one of WM Motor’s battery cell suppliers stopped deliveries.
  • In the last few months, similar disruptions affected two of the company’s suppliers in the Shangyu district of Shaoxing city, near Hangzhou.
  • Covid-related restrictions on the Ningbo port area also stopped delivery from three suppliers there.

“So, all these things were killing us,” Shen told CNBC.

Automakers around the world have cut production due to a shortage of semiconductors. Geopolitical tensions and overwhelming demand for chips in the wake of the pandemic contributed to a shortfall in supply that has lasted for more than a year.

Shen said he expects the chip shortage to improve in the second half of this year, based on conversations with his start-up’s 11 chip suppliers.

Electric car battery shortage

However, he pointed to another looming problem that could get worse: Rising raw material costs for batteries.

Battery-grade lithium carbonate prices were up more than 500% year-on-year as of earlier this month, according to S&P Global Platts. The firm’s survey of industry insiders released this week found that 80% of respondents expect those lithium prices to remain high this year — about four times higher than the start of 2021.

The battery shortage will likely worsen as demand for electric cars in China picks up in the second quarter, Shen said. For 2022, he expects electric car sales in the country to nearly double from last year to about 5 million vehicles.

An electric WM Motor car is seen inside a shopping mall in downtown Shanghai, China, April 26, 2021.

Costphoto/Barcroft Media | Future Publishing | Getty Images

Read more about electric vehicles from CNBC Pro

Reassessing a Japanese manufacturing model

One of the reasons the pandemic disrupted the supply chain is that factories have historically used a longstanding Japanese model of “just-in-time” or lean manufacturing, in which factories only purchase parts as needed to reduce costs and increase efficiency, Shen pointed out .

But now, the strategy is changing.

“In order to make sure you can deliver your car, you probably will start thinking: We have to waste some of our money to keep some stock,” he said. “For a car company, the biggest loss would be losing the sales to your customer.”

Part of WM Motor’s sales strategy is to work with property developers to open test drive sites in more residential neighborhoods, while building up the cars’ autonomous driving capabilities such as in parking, Shen said.

He said the company will need to raise prices to cope with rising costs, as others in the industry already have.

For one, Tesla raised the price for its Model Y in China by 21,088 yuan ($3,300) in December to 301,840 yuan ($47,450), after subsidies. WM Motor’s cars are about half that price.

Travel restrictions affect business

Economists say China’s Covid-related travel restrictions affect consumer spending more than factories.

Cities frequently change Covid testing requirements for travel, while flights and train tickets can get canceled based on newly reported Covid cases.

These restrictions have also affected WM Motor, Shen said. The company has research and development, factory and other business-side operations in Shanghai, Chengdu, Zhejiang province and Hubei province, in addition to about 500 brick-and-mortar stores across the country.

He said the company had to use more technologies like virtual reality and augmented reality to help employees and customers communicate despite travel restrictions.

“We have to use this kind of technology, because if not, the user experience is going to be terrible, and the efficiency is going to be very bad. And we sometimes cannot even get things done,” Shen said.

Asked if he had any IPO plans, Shen said there was no news to announce on the listing front, and cited the pressing delivery issues.

“Obviously people had a lot of expectation, our investor had a lot of expectation, but we are very busy these days to deliver our product,” he said. “Hopefully we can get something to announce in the near future.”

China’s blind pursuit of ‘absolute nationwide safety’ could result in Soviet-style collapse, warns advisor –

Beijing: The blind pursuit of “absolute national security” combined with excessive defense spending may lead to a Soviet-style collapse, China’s top foreign policy adviser has warned the ruling Communist Party led by President Xi Jinping.

The pursuit of “absolute national security” can come at a high price, said Jia Qingguo, a member of China’s top political advisory body Chinese People’s Political Consultative Conference (CPPCC) and cited the collapse of the Soviet Union as evidence of the pitfalls of prioritizing military expansion over long-term security.

DISPLAY

READ MORE BELOW

The collapse of the Soviet Union, officially known as the Union of Soviet Socialist Republics or USSR and ruled by the Communist Party of the Soviet Union, has become an important lesson taught in the top Chinese Communist Party (CCP) schools across the country , to avert decisions that lead to his downfall.

Many Chinese leaders have frequently referred to the former USSR and asked the CCP to learn from its historical experiences.

Months after taking power in 2012, President Xi himself said that the collapse of party discipline led to the demise of the 20-million-strong Communist Party of the former USSR.

“If party members did and said what they wanted, the party would turn into a mob,” Xi said.

Jia, who was also a former dean of the School of International Relations at Peking University, says the unrestrained pursuit of security will drastically increase costs and drastically decrease benefits until the costs outweigh the benefits, according to Hong Kong based in southern China, the Morning Post reported on Sunday.

DISPLAY

READ MORE BELOW

“Ignore and blindly pursue the comparative nature of security [it] absolutely make the country less secure because of prohibitive costs and failing to achieve absolute security,” writes Jia, who sits on the CPPCC Standing Committee, in the latest issue of the bimonthly Journal of International Security Studies.

His 22-page article is full of thinly veiled criticism of hawkish prospects, the Post reported.

Too much emphasis on defense spending could trigger an arms race, making all countries involved less secure, writes Jia, himself a US affairs specialist.

He cites decades of massive defense spending by the Soviet Union as a prime example of the downside of ignoring long-term security that led to the final collapse of the Soviet Union in 1991.

“The result was that the Soviet Union lagged behind in economic development and was unable to sustain its massive defense spending. People’s lives have not improved for a long time and this has led to a loss of political support, he notes.

DISPLAY

READ MORE BELOW

“Actions like these sacrifice long-term interests for short-term gains and have greatly accelerated development [Soviet] Riot and collapse, he writes.

Since Xi took power, internal and external security has become central to CCP politics.

China’s military budget shot up to over $200 billion last year and is expected to increase further when the new budget proposals are announced in March this year.

However, Chinese analysts argue that unlike the Soviet Union, China paid the same attention to economic development that propelled the country to become the world’s second largest economy.

China’s economy grew 8.1 percent to $18 trillion in 2021, according to the latest official data.

DISPLAY

READ MORE BELOW

Xi also conducted the largest anti-graft purge in CPC history. Over the past decade, the CCP’s Central Commission for Disciplinary Inspection (CCDI) has conducted investigations and punished more than four million cadres, including nearly 500 high-ranking officials. More than 900,000 have been expelled from the party, about 1 percent of its 95 million members, according to another article in the Post.

Analysts say Xi’s emphasis on security and his anti-graft campaign in the name of strengthening the country and the CCP have boosted his popularity and helped him consolidate power in the party.

The 68-year-old Xi, who will complete a decade in power this year, is expected to continue for life as the once-every-five-year CPC Congress is expected to approve an unprecedented third five-year congress later this year. tenure for him, unlike all of his predecessors who retired after two terms.

The Party elevated him to the status of CCP founder Mao Zedong, which set him apart from other leaders.

His elevation was defended on the grounds that the party and the country needed strong leadership to face the tough challenges posed by the US, EU and other Western countries.

DISPLAY

READ MORE BELOW

Jia also warns in his article against an overemphasis on absolute security when it comes to supply chains.

“It is only by completely cutting off foreign trade and achieving economic independence that you can make it really impossible for other countries to exert pressure,” he writes.

But that would only reduce efficiency and let the country fall further behind, making the nation less secure, he warns.

“People concerned with security usually think of national security as the only value a country aspires to, as if once it is safe the country has achieved all its goals and its people are content,” he writes. “But that is not the case.”

The sole aim of maintaining security would also discourage companies from innovating and opening up to foreign companies, which would harm the overall efficiency of the economy, Jia adds.

DISPLAY

READ MORE BELOW

China has slammed US missile sanctions as hypocrisy

Latest Stories

Consolidation in China’s electrical automobile house is ‘inevitable’

The electric vehicle sector is experiencing its “most exciting moment” – and a consolidation in the industry is inevitable, says Helen Liu of Bain & Company.

“I would say that consolidation is an inevitable trend in this industry,” Liu, a partner in the consulting firm, told CNBC’s Capital Connection on Tuesday. She cited reasons such as the capital-intensive and technology-heavy nature of the electric vehicle sector.

“Historically, we’ve seen invisible hands like the market, and also visible trends, regulations that continually navigated the industry through the consolidation trend,” she said.

On Monday, China’s Minister of Industry and Information Technology the country has “too many” EV manufacturers. These comments sparked fears about further regulatory action by Beijing, this time targeting the autonomous vehicle sector after earlier moves in other industries such as private education and technology.

IHS Markit’s Huaibin Lin said he saw little chance of regulatory interference from Beijing in the short term. Demands by the industry and information technology ministry for a consolidation of the auto sector are not new and have taken place in the last 20 years, he told CNBC’s “Squawk Box Asia” on Tuesday.

“We are in [an] an ever-growing market where we have seen tremendous growth in automotive sales over the past 20 years, “said Lin, manager China Automotive at IHS Markit, adding that the new energy vehicle market is currently experiencing very strong momentum.

“Are we going to see any drastic consolidation in the industry itself? We think there will be a big question mark as long as the market goes on,” he said.

For the next 10 years you will see very fierce competition within the new energy vehicle industry. Nobody knows who will actually survive in the end.

Helen Liu

Partner, Bain & Company

Liu of the consulting firm Bain agreed, saying that the momentum for growth and the outlook for the sector are currently very positive. This is underpinned by factors such as supporting guidelines and, above all, customer acceptance.

“Based on our Bain study this year, we found that the acceptance of electric cars by Chinese customers is leading global trends and we also believe it is steadily increasing,” she said.

China’s electric boom

For its part, China previously mentioned that it would be happy By 2025, 20% of all new cars sold are to be New Energy Vehicles.

Still, the two analysts say it’s too early to say who could be a clear winner in China’s EV space.

“I think it might be a little too early to say which brand or name will win in the end,” said Liu of Bain.

Read more about electric vehicles from CNBC Pro

Beyond domestic competition, IHS Markit’s Lin said China’s electric car makers are also expected to face increased capital competition over the next decade.

Some of this competition could come from long-standing established companies in the automotive sector, he said, with traditional internal combustion engine vehicle manufacturers such as: Volkswagen, BMW and Daimler’s Mercedes is now forging “drastic” electrification strategies.

“You will see very fierce competition in the new energy vehicle industry for the next 10 years,” Lin predicted. “Nobody knows who will actually survive in the end.”

Joe Biden Wounds Cuba, Venezuela and China’s Hopes of Obama-Type Detente

president Joe BidenFull support for large anti-government protests in Cuba appears to have dashed Havana’s hopes for an Obama-style detente between the two nations.

The Biden administration also keeps its predecessor Donald Trumpthe confrontational stance towards Venezuela and China, two of Cuba’s closest allies.

The president broke his silence on the Cuba protests on Monday after criticism of regime change republican suggesting the president and his top officials were too slow to comment on the wave of demonstrations that swept across the island.

“We stand by the Cuban people and their call for freedom and liberation from the tragic grip of the pandemic and from the decades of oppression and economic suffering they have been subjected to by Cuba’s authoritarian regime,” Biden said in a statement from the white House.

“The Cuban people bravely stand up for basic and universal rights. These rights, including the right to peaceful protest and the right to freely determine one’s own future, must be respected. The United States urges the Cuban regime to listen to its people and serve their needs at this important moment, rather than enriching itself. “

Biden’s remarks disappoint leaders in Havana. Before Biden came into office, they hoped he would become president Barack Obama‘s footsteps and thawing relations with the island, undoing Trump’s actions that tightened the US Cold War embargo.

During the election campaign, Biden said he would reverse policies against Cuba, which “harmed the Cuban people and did nothing to promote democracy and human rights”.

The embargo failed to overthrow the communist leadership in Cuba, and critics say the policy unnecessarily hampered the island’s economic development and the quality of life of its citizens. Among these critics is the progressive Sen. Bernie Sanders (I-VT).

“All people have the right to protest and to live in a democratic society,” tweeted Sanders on Monday. “I call on the Cuban government to respect the rights of the opposition and to renounce violence. It is also long time to end the unilateral US embargo against Cuba, which has only harmed the Cuban people, not helped.”

In January, Carlos Fernandez de Cossio – Cuba’s top diplomat overseeing US links – said he hoped for positive action from the new president, telling Reuters: “Everything could be rolled back in the short term if the government wanted it to be. This team has more experience than anyone in the past 60 years. “

Cuban leaders have dismissed the protests as a foreign conspiracy to undermine the government. President Miguel Diaz-Canel said in a televised address on Monday that the protesters at their demonstrations were “counter-revolutionaries” and “completely vulgar”.

“The approach was not peaceful yesterday,” Diaz-Canel said, but acknowledged that given the recent food shortages and power outages – which he attributed to the US blockade – and the impact of the COVID-19 pandemic, “it is legitimate to be dissatisfied to feel “.

Biden’s failure to show a clear break with Trump’s “maximum pressure” strategy will come as no surprise to Venezuela and China, two important Cuban allies. All three nations have long been in the crosshairs of American foreign policy hawks, who see their close ties as a threat to American security in South America and the Caribbean.

All three also have ties to Russia and Iran, two nations whose foreign policy ambitions are unsettling Americans on both sides of the Ganges. Both Beijing and Caracas had hoped that Biden’s election would ease Trump-era tensions.

The former president started a major trade war with China, supported pro-democracy protesters in Hong Kong and used the COVID-19 pandemic as yet another opportunity to attack Beijing, where Communist Party leaders were accused of covering up the origins of the pandemic and the extent of its early spread.

Senior Chinese officials warned the new Biden team that the conflict between the world’s two largest economies would be a “disaster” and called for cooperation, while warning the White House to stay out of China’s domestic affairs.

But a split summit between senior American and Chinese diplomats in Anchorage, Alaska, in March set the tone for the Biden administration’s approach to Beijing.

Foreign Minister said during a lengthy spit on camera Antony Blink said Chinese actions “threaten the rules-based order that maintains global stability” and said the US would “address our concerns, our priorities directly, with the aim of moving our countries forward with clearer eyes.”

National Security Advisor Jake Sullivan added: “We are not looking for conflict, but we welcome fierce competition and will always stand up for our principles for our people and for our friends.”

Chinese officials rejected the criticism. “It was the United States that first provoked and provoked the dispute,” said Chinese Foreign Ministry spokesman Zhao Lijian.

“When the members of the Chinese delegation arrived in Alaska, they felt not only the cold Alaska weather but also the hospitality of the American host,” he added.

President Joe Biden will host a gun violence reduction meeting in the Roosevelt Room of the White House on July 12, 2021 in Washington, DC
Chip Somodevilla / Getty Images

In Venezuela, President Nicolas Maduro remains in power despite the Trump administration’s efforts to oust him. The US still recognizes the self-proclaimed interim president Juan Guaido as Venezuela’s legitimate leader, but the 37-year-old’s attempts to seize power have repeatedly failed, despite American and European support.

The Biden government has reiterated its support for Guaido, who was reportedly threatened by armed security forces at his home on Monday. Blinken spoke to Guaido in March to reiterate American support for free and fair elections, while Biden wrote to the opposition leader last week.

“Under your leadership and in coalition with civil society leaders, you are upholding these ideals of freedom, democracy and sovereignty,” Biden wrote in the letter sent through the Venezuelan Affairs Bureau in Colombia, AFP reported.

Years of corruption, mismanagement, falling oil prices and international sanctions have undermined Venezuela’s economy and left the authoritarian left government dependent on its Chinese, Russian and Cuban supporters. Millions have fled the deteriorating conditions in Venezuela as Maduro and his loyal military officials suppress dissent.

A senior White House official told Reuters in May that Maduro had sent “signals” to the new administration in hopes of easing crippling sanctions.

“We are monitoring these developments very closely,” said the official. “We see Maduro sending signals, but here too we will act on the basis of really concrete measures.”

In February, a White House official told Reuters that the government was “in no rush” to ease Trump’s tough sanctions against Venezuela.

“If the regime takes confidence-building measures that show it is ready and willing to have real talks with the opposition … official said.

In June Maduro appealed directly to Biden to end the “demonization of Venezuela” and lift the sanctions.

But a State Department spokesman said later Bloomberg that the pressure would not ease as long as “repression and corrupt practices” persisted by Maduro and his supporters.

With Cuba, Venezuela and China, Biden seems to be in no hurry to break away from Trump’s militant and sanction-driven foreign policy playbook.


Cuban Americans demonstrate outside the White House in support of the demonstrations in Cuba on July 12, 2021 in Washington, DC
Win McNamee / Getty Images

China’s transportation business leaders weigh in on Covid-19 influence

The coronavirus pandemic could boost newer modes of transport in China, such as making autonomous driving more mainstream, a panel of industry leaders told CNBC.

The Covid-19 outbreak accelerated the commercialization of autonomous aircraft – or driverless drones – used to transport goods, medical supplies and even passengers in and out of quarantine zones, Edward Xu, chief strategy officer at the Chinese drone maker Ehang, told Arjun Kharpal during the virtual CNBC Evolve Global Summit On Wednesday.

Headquartered in Guangzhou, the company made headlines in 2016 when it announced: Passenger drone concept.

Pony.ai self-driving cars drive on a road during a test run on February 1, 2018 in Guangzhou, China.

VCG | Visual China Group | Getty Images

“In the future, we will be working with … Chinese government officials to expedite the commercialization of our product,” said Xu, adding that the company had two meetings with regulators and intends to have its passenger drones certified within two years.

The Chinese driverless car start-up Pony.ai has sent some of its unmanned vehicles to transport medical personnel to Covid-affected areas and to transport urgently needed goods. It showed people how new technologies can be used to fight a pandemic, according to founder and CEO James Peng.

“We can imagine that after the post-pandemic era people will become more familiar and comfortable with fully driverless vehicles and we are ready to move that forward,” he added.

Growing demand in urban mobility

While the pandemic made many commuters suspicious of public transportation, some turned to personal mobility devices for their travels.

Chinese electric scooter manufacturer Niu technologies According to CEO Yan Li, saw “great demand for individual urban mobility devices”. He said the company was about to deliver 150,000 units of e-scooters in the first quarter.

Read more about electric vehicles from CNBC Pro

Even after the pandemic, the trend should continue, according to Li. He said people in China would likely continue to commute on scooters as they offer more freedom compared to public transportation.

“We don’t see the trend of people using public transport again. A lot of people are starting to get used to these custom mobility devices and I think that’s a good trend for us, ”added Li.

Future challenges

According to industry leaders, the general adoption of autonomous vehicles faces a number of challenges. Pony.ai boss Peng listed three topics: technical progress, regulation and consumer acceptance.

It takes time for customers to get used to and understand that autonomous driving is indeed a safer and more convenient way of getting around.

“I think from a technical point of view we have made leaps and bounds in the last few years,” he said. Peng added that the company has received a fully driverless test permit in California and will soon also be granted in China.

Driverless vehicles have come a long way over the years as companies have repeatedly tested their technology to fix potential problems and prevent accidents. Still, public and regulatory safety issues remain a major hurdle on the road to mainstream adoption.

According to Xu from EHang, regulation is the “biggest bottleneck” for unmanned passenger drones.

An Ehang 216, a two-seat autonomous aircraft from the drone manufacturer EHang, can be seen at its presentation in Vienna on April 4, 2019.

Leonhard Föger | Reuters

“Because there is no regulation so far. There is no precedent in the past that allows the AAV to fly over the city area,” he said.

“Right now the situation is getting more and more convincing because we have carried out the test flights over 43 cities in 8 countries with more than 4,000 flights carried out,” added Xu.

Convincing passengers to take either driverless cars or autonomous passenger drones also remains a major obstacle.

“On this front, it takes time for customers to get used to how it feels (and understand) that autonomous driving is actually a safer and more convenient way to get around,” Peng said.

WHO approves Covid vaccine made by China’s Sinopharm for emergency use

On April 24, 2021, workers at Damascus International Airport in the Syrian capital unloaded boxes of the Sinopharm Covid-19 vaccine donated by China.

Loua Beshara | AFP | Getty Images

The World Health Organization announced on Friday that it had approved an emergency coronavirus vaccine developed by the Chinese state-owned pharmaceutical company Sinopharm.

Beijing’s Covid vaccine is recommended for adults aged 18 and over with a double dose, WHO Director General Tedros Adhanom Ghebreyesus said at a press conference.

The addition to the list of usable vaccine options could accelerate efforts to control the spread Covid-19 and its variant forms that lead to new infections in many parts of the world.

“To solve the vaccine crisis, we have to pull out all the stops,” said Tedros.

Sinopharm’s shot is the sixth to receive WHO approval for “safety, efficacy and quality,” he said.

“Vaccines remain an important tool. However, at the moment, the volume and distribution of vaccines is insufficient to end the pandemic without the sustained and tailored application of public health measures that we know work,” said Tedros.

“The pandemic has shown that everything is at risk when health is at risk. When health is protected and promoted, individuals, families, communities, economies and nations can thrive,” he said.

China’s Wuling Hongguang Mini EV launches Cabrio electrical convertible

Wuling Motors unveiled a convertible model of its popular budget mini-electric car at the Shanghai Auto Show in April 2021.

Evelyn Cheng | CNBC

SHANGHAI – General MotorsThe joint venture in China is launching a miniature electric convertible under a budget brand that has grown in popularity over the past year.

The convertible, known as the Hongguang Mini EV Convertible, will begin mass production next year, according to a publication. Details of pricing and availability were not available at the time the vehicle was unveiled at this week’s Shanghai Auto Show.

The car is the latest from the popular Hongguang Mini EV line developed by General Motors‘Joint venture with Wuling Motors and state owned SAIC engine. GM China has a share of 44%According to the SA website, SAIC holds 50.1%.

The first Hongguang Mini EV launched in July with a starting price of just a few thousand US dollars. According to the company, more than 270,000 units were sold in 270 days.

This mini EV was second only to Tesla’s Model 3 in terms of the number of new energy cars sold in China last year and rose to first place in the first quarter, according to the China Passenger Car Association.

Another new model of Hongguang Mini EV, the Macaron, has received more than 45,000 orders in just 10 days, according to a release.

General Motors and its joint ventures delivered more than 780,000 vehicles in China in the first quarter of 2021, with the Hongguang Mini EV accounting for around 9%. according to GM.

Second Tencent Music Leisure Awards Conclude Efficiently, Additional Propelling the Development and Growth of China’s Digital Music Business

Shenzhen, China, January 26, 2021 / PRNewswire / – Tencent Music Entertainment Group (“Tencent Music”, “TME” or the “Company”) (NYSE: TME), the leading online music entertainment platform in China, hosted the second year Tencent Presentation of the Music Entertainment Awards (TMEA) at The Venetian Macao on January 23, 2021. The ceremony was broadcast live Tencent Music platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing. In the 48 hours after the ceremony ended, topics related to the TMEA ceremony attracted 18.5 billion cumulative page views online.

Under the motto “Music to Live”, the second TMEA mastered and overcame the challenges of the Chinese music listeners last year, united and inspired them and released their enthusiasm for music and joie de vivre. During the ceremony, 57 awards were presented to national and international artists for their musical talents and contributions to the music entertainment industry China;; The winners included the K-pop group BLACKPINK, popular Chinese singers GEM, Jane ZhangJJ Lin, Mayday, Zhou Shenand the icon Taylor Swiftamong other musicians. The award ceremony was accompanied by live performances by leading music artists Chinalike CORSAK, Jane Zhang, WHEN, Richie Jenand Sunnee, each representing different styles and genres of music.

This year’s TMEA used innovative technologies to integrate online and offline experiences for the audience. In addition to watching the awards show online, music fans were able to overcome distance restrictions to interact with friends, creating a unique, immersive experience for music lovers. In addition, this year’s TMEA offered the latest technology for tailor-made live streaming surround sound systems for concerts. TME plans to increase the use of such systems in future concerts and create an exciting new experience for online music performance.

Since the opening ceremony in 2019, TMEA has leveraged TME’s broad user base, deep understanding of music trends and user insights, and rich and diverse music content to develop into an influential awards ceremony in the Chinese music industry.

Leverage Tencent TMEA, Music’s premier online music entertainment platform, has become the epitome of popular music trends in the country and plays an important role in showcasing and further unlocking the value of music. The awards serve to cultivate high quality music content and make it known to the public, as well as to celebrate the cultural virtues of the Chinese music industry, from which the industry, music artists and users alike benefit.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China and operates the most popular and innovative music apps in the country: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music’s mission is to use technology to empower music in people’s lives by allowing them to create, enjoy, share and interact with music. Tencent Music’s platform includes online music, online karaoke and music-oriented live streaming services that enable music fans to discover, hear, sing, watch, perform and socialize music. Please visit ir.tencentmusic.com for more information.

Contact for media work
E-mail: [email protected]

SOURCE Tencent Music entertainment

similar links

https://ir.tencentmusic.com/

China’s Love of TikTok-Type Apps Powers $5 Billion IPO

Kuaishou Technology has its sights set on the world’s largest IPO in more than a year and is looking to raise around $ 5 billion from a stock sale in Hong Kong as short video and live streaming apps grow in popularity in China.

Kuaishou, which competes with ByteDance Ltd., the rival Chinese company behind TikTok and its sister app Douyin, took orders from investors on Monday. In the offer, which could be valued at more than $ 60 billion, Kuaishou joins a number of Chinese tech companies listed in Hong Kong.

Kuaishou, which means “quick hand” in Chinese, is owned by Tencent Holdings Ltd. supported. It was co-founded by Su Hua and Cheng Yixiao, software engineers who previously worked for Google China and Hewlett Packard, respectively.

Both Kuaishou and ByteDance have benefited from the growing demand from younger Chinese people to watch and record short videos on their smartphones. The short video platform of the same name is the second largest in the world according to the data given in the brochure. In China, there were an average of 305 million daily active users for their apps and mini-programs in the nine months from September.

With a minimum trading volume of $ 4.95 billion, the IPO would be the largest in the world since late 2019 when the state-controlled Saudi Arabian Oil Co., commonly known as Aramco, raised $ 29.4 billionShowing dealogic numbers.