Aug 25 – Chinaccelerator Daily Digest: Five Headlines You Need to Know

  1. Baidu’s AI voice assistant Xiaodu closed Series B at a $5.1 billion valuation. Using Baidu’s content and services mobile ecosystem, Xiaodu is now the world’s largest smart-display provider based on shipments, said Baidu. Baidu

  2. Hong Kong-based Allsaints Music Group raised $60 million in a Series B1, led by OPPO and CMB International, followed by Xiaomi. Pandaily

  3. Alibaba-backed community group buying startup Nice Tuan halts operations in multiple cities to amid higher competition against Meituan, Pinduoduo and Didi and setbacks from Beijing’s tech crackdown. SCMP

  4. Pinduoduo reports the smallest number of quarterly new users since 2019, under pressure from short-video platforms like Douyin and Kuaishou. “The rise of short video-ecommerce is not surprising given their huge user base, high usage frequency, and user time spent. In many aspects, they are doing a better job than us,” said Chen Lei, Chairman and CEO of Pinduoduo. Pandaily

  5. Tim Hortons China will create a separate entity of the coffee and fast-food chain to safeguard customer data. Earlier this month, Tim Hortons China had agreed to go public in a merger with Silver Crest at a $1.69 billion valuation. Reuters

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