AUG 26 – CHINACCELERATOR DAILY DIGEST: FIVE HEADLINES YOU NEED TO KNOW
- Kuaishou posts over US$7 billion loss in Q2 as it continues to burn cash amid regulatory crackdown. Its quarterly revenue is US$2.95 billion, representing a 48.8 per cent year-on-year increase. SCMP
- NPR looked into how China is dealing with tech monopolies, and how this compares with the U.S. In short: China’s going hard. And fast. NPR, 9 minutes
- Huawei auto partner, Chinese automaker Chang’an wants 35% of its annual car sales to consist of all-electric, plug-in hybrid or hydrogen-powered vehicles by 2025 and expects that number to reach 60% by 2030. Reuters
- Municipal education commission introduces “Double Reduction” work in Beijing. Beijing provide 366 teaching posts for people quitted from off-campus training institutions, and the market supervision department quickly investigated and dealt with illegal activities in running schools without a license. Pandaily
- While different payments providers have previously required customers to scan different codes, UnionPay app now recognizes WeChat QR code. This integration is the latest step toward interoperability for Chinese mobile payments, which fintech regulators have encouraged in recent years. Beijing News, in Chinese
Job of the day
Biotechnology company One skin is looking for an executive assistant, more information on https://chinaccelerator.com/jobs/executive-assistant-oneskin/