Chinaccelerator Daily Digest Aug 24, 2021

Aug 24 – Chinaccelerator Daily Digest: Five Headlines You Need to Know

1. WATCH: JD.com’s shares soared as much as 10.5% after it reported 26% rise in Q2 revenue that beat analyst estimates, defying a crackdown on the Chinese internet sector. JD executives said the banning of merchant exclusivity arrangements — the so-called “pick one of two” practice once endemic throughout the sector — has coincided with the return to JD of brands such as Starbucks. Bloomberg, 3-min video. Bloomberg, 3-min video
   
2. Tencent-backed comics app Kuaikan turns unicorn in US$240 million funding round, largest fundraising deal in China’s comics industry. SCMP
   
3. Xiaomi expands into smart transportation and smart cities by backing AIpark, an AI smart parking and big data operation platform. AIpark raised 4 rounds of financing in 2020. Pandaily
   
4. Douyin tests 2 social features and a long-form video portal. One social feature recommends follower’s contact card via a pop-up window; the other allows users to start or join a group chat while watching a video. Tech planet, in Chinese
   
5. China halts over 40 IPOs as it investigates law firm and broker. China said it would tighten scrutiny over accounting firms in a fight against financial forgery, vowing “zero tolerance” toward misconduct. Reuters