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Top Investment Story
Chinese AIoT chip and solution provider Eswin raised RMB 2.5 billion (USD 400 million) in its Series C round, co-led by Goldstone Investment and China Internet Investment Fund. Eswin’s integrated chips and solutions focus on displays and videos, AI data processing, and wireless connection. It also offers advanced packaging and testing solutions. Its clients include BOE Technology Group, one of China’s top display makers.
Eswin is currently one of the more advanced semiconductor companies in China. Its manufacturing facilities in Xi’an began mass production in 2020. The company plans to increase its R&D budget and expand its team with the fresh funds.
MNCs
On November 26, Shell and Nio signed a strategic cooperation agreement to jointly develop and operate battery charging and swapping stations.
The partnership in China will start with two pilot sites, with plans to reach 100 battery swapping stations by 2025. Co-branded battery swap stations will be placed at Shell EV charging hubs, and Shell Recharge fast chargers will be available at Nio battery swap stations. In 2022, the two companies will operate pilot sites in Europe, where Nio vehicles will be able to access Shell’s charging network.
KrASIA News Picks
It’s official. Didi will delist from the NYSE and head to Hong Kong instead. This development comes after months of regulatory scrutiny and an intensive cybersecurity probe that sent Didi’s stock price down. Beyond the case of one company, a bigger question looms—what might happen to other Chinese enterprises that went public in the US?
For years, Chinese firms like Alibaba, JD.com, and Baidu have set up variable interest entities, or VIEs, to float shares in Hong Kong and the US. According to Bloomberg, Beijing plans to prohibit the use of VIEs for overseas listings. The China Securities Regulatory Commission (CSRC), however, has denied reports that said it was considering a blanket ban.
Either way, new, stringent rules are being drafted to redefine how these business structures can be used by corporations. Read more about the matter here.