AUG 23 – CHINACCELERATOR DAILY DIGEST: FIVE HEADLINES YOU NEED TO KNOW

1. SCMP Research’s China Internet Report 2020 finds Covid-19 a boon for China’s online eduction, e-commerce and social networking. Online education users increased 62% to 420M, a 3x jump in just 4 years, while the industry’s value increased by 41% to US$63.5B. The regulatory crackdown will be the major theme of SCMP’s China Internet Report 2021. SCMP

2. Baidu rolled out a new autonomous ride-hailing platform called “Luobo Kuaipao” and plans to promote it in 30 Chinese cities over the next 3 years (Caixin in Chinese.) Elsewhere, self-driving startup Fabu closes over $15M Series B+. Fabu said it has been testing automated trucks that could carry containers for 18 months. Fabu Statement in Chinese

3. ByteDance’s valuation rose 168% from last year, while Huawei’s valuation remained unchanged. Nikkei

4. Meituan to pay social security for food delivery riders as required by Chinese government, its share price plummets by 13.76%. Pandaily

5. China’s fresh food E-commerce expected to exceed $154.6B by 2023, as the fresh food retail market (online and offline) grows from $770B in 2020 to $1.05 trillion in 2025, according to iResearch. Pandaily