Aug 25 – Chinaccelerator Daily Digest: Five Headlines You Need to Know
- 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
- Hong Kong-based Allsaints Music Group raised $60 million in a Series B1, led by OPPO and CMB International, followed by Xiaomi. Pandaily
- 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
- 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
- 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
Job of the day
Phable is looking for a Product Marketer https://mobileonlyx.com/product-marketer-at-phable/