The prominent Chinese provider of portable power solutions, EcoFlow, is reported to have incurred a substantial EUR 100 million fine from the European Union, as disclosed by reliable sources. Founded in 2017 by a group of battery engineers, including former DJI engineer Lei Wang, EcoFlow has emerged as a leader in the global transition towards renewable energy. Renowned for its cutting-edge portable power products, solar technology, and smart home energy solutions, the company has garnered widespread acclaim. With a commitment to sustainable energy solutions, EcoFlow currently serves an extensive user base exceeding 2.5 million globally. The company's products have made a significant impact, reaching markets in over 100 countries and regions worldwide.
Chinese leading frozen food production company, Anjoy Foods (603345:SH), released its Q3 report showing a total operating income of CNY 10.271 billion in the first three quarters, marking a YoY growth of 25.93%. The net profit attributable to the parent company was CNY 1.122 billion, indicating a significant increase of 62.69% compared to the same period last year. In the third quarter, Anjoy Foods earned a net profit of CNY 386 million, indicating a significant year-on-year growth of 63.75%. The company, founded in December 2001, specializes in researching, developing, producing and selling frozen food products featuring frozen hot pot ingredients, frozen noodle and rice products, and frozen dishes.
Sunwoda Electronics (300207:SZ) released its third quarter report, revealing that in the third quarter, the company achieved total operating revenue of CNY 12.083 billion, representing a decrease of 18.72% year on year. Net profit attributable to shareholders of the listed company amounted to CNY 365 million, representing a year-on-year increase of 15.74%. Sunwoda Electronics is a high-tech company engaged in the R&D, design, production and sales of lithium-ion battery modules. As a leading provider of lithium-ion battery module solutions and products in China, it is committed to providing customers with safe, lightweight and durable green energy products.
Beijing Knowledge Atlas Technology Co., Ltd. (Chinese: 北京智谱华章科技有限公司), or Zhipu AI, has attained more than CNY 2.5 billion in financing this year. The investors include Zhongguancun Independent Innovation Fund (Chinese: 社保基金中关村自主创新基金), Meituan, Ant Group, Alibaba, Tencent, Xiaomi, Kingsoft, Shunwei Capital, Boss Zhipin, TAL, Sequoia Capital, Hillhouse Capital and other big names, with follow-on investments from original shareholders such as Legend Capital. The proceedings will be used to support further research and development of the large-scale pre-trained language model, supporting industry ecology more effectively while achieving high-speed development with partners.
The UAE invested USD 36 billion in foreign renewable energy last year while the green investments over the next 30 years will reach USD 160 billion. As one of the first countries to commit to "net-zero emissions" by 2050, the UAE has placed greater emphasis on investment in renewable energy recently. Previously, the UAE demonstrated that it is expected to triple the supply of renewable energy in the next seven years, and invest up to USD 54 billion to satisfy the soaring energy demands.
Under the guidance of the "double carbon" goals, the new power system based on new energy is steadily constructed. Especially, wind power enjoys highly attention and is proactively being propelled into a new phase of extraordinary growth, which maintains high-speed development with an annual installed capacity of 50 million kilowatts, contributing to the national green power. It is reported that, subsequently, the relevant departments will strengthen the top design and enhance the policy supply, promoting the development of wind power high-quality leap. Therefore, offshore and rural wind power predicts rapid growth.
In a recent announcement outlining the carbon peaking plan, Shenzhen underscores its commitment to nurturing green and low-carbon industrial clusters. The city is steadfast in its determination to not only expand the scale of the smart connected vehicle industry but also to enhance the capabilities of sectors related to smart systems, power batteries, and motor control. By the year 2025, Shenzhen has established formidable targets: it aspires to achieve a new energy industry value of CNY 100 billion and an industry value exceeding CNY 60 billion in the safety, energy-saving, and environmental protection sectors. Additionally, the smart auto industry is projected to generate a substantial CNY 200 billion in business revenue.
Recently, the People's Government of Shenzhen released a notification regarding the implementation plan for carbon peaking in Shenzhen. The notification emphasizes the acceleration of virtual power plant construction, the enhancement of demand-side response capabilities in the electrical grid, and the encouragement of the integration of power generation and grid-side energy storage systems to meet peak load and frequency regulation demands. By 2025, they aim to reach 1 million kilowatts of load regulation capacity, alongside enhancing grid responsiveness and integrating energy storage. Looking ahead to 2030, their goal is to achieve 1.5 million kilowatts of load regulation capacity, supported by increased transmission capacity.
Shenzhen, as per an official announcement from the Shenzhen Municipal Government, is set to take bold strides in advancing environmentally friendly construction practices. By the year 2025, the city aims to usher in a new era of sustainable architecture, with a commitment to adding no less than 50 million square meters of prefabricated buildings, accounting for no less than 60% of the total newly constructed area. By 2030, the city envisions a landscape where newly constructed buildings boasting a rating of two stars or higher on the green scale will constitute a substantial 60% of all new construction projects. Newly constructed residential buildings will target an impressive average energy savings rate of 75%, while new public buildings are expected to achieve an even higher 78%.
SPIC (600886:SH, State Power Investment Group)‘s integrated Smart Energy Technology formally signed a strategic cooperation agreement with Tencent Cloud on September 22 during the "Tianshu No. 1" series product launch event. Both parties will focus on various areas such as data value exploration, commercial payment, information security, user services and ecosystem development, and further promote the integration of digital and real aspects in the energy industry.
SVOLT, a global high-tech company specializing in the development and manufacture of vehicle battery and energy storage, announced on the media day that the company's cobalt-free batteries are currently a chief supplier to a major American auto manufacturer, with an approximate shipment of 1.6 million cobalt-free battery cells for this year. The company has already signed a supply agreement with a publicly traded energy storage systems firm in the United States. Deliveries are scheduled to begin early in 2024. SVOLT plans to provide this energy storage customer with 800,000 cobalt-free battery cells annually, with the likelihood of expanding operations to other power-market consumers.
China's outbound investment saw steady growth from January to August 2023, the Ministry of Commerce announced on September 21. Non-financial direct investment totaled CNY 585.61 billion, reflecting a 18.8% YoY increase. Among them, Chinese companies invested CNY 140.37 billion in non-financial direct investment in countries participating in the Belt and Road initiative, marking a YoY increase of 22.5%. The turnover of outbound contracted projects reached CNY 648.62 billion, up 6.1% YoY, and the value of newly signed contracts amounted to CNY 863.34 billion, showing a 2% YoY increase. Chinese enterprises completed contracted projects worth CNY 529.52 billion in countries that participated in the Belt and Road initiative, recording an increase of 4.8% YoY.
On September 19, QingSong Health celebrated its 9th anniversary with a strategic conference centered around the theme "Keeping Warm and Staying Healthy for Long." During the conference, QingSong Health introduced multiple initiatives aimed at promoting the "Healthy China" campaign. The company forged partnerships with key collaborators, including the China Silver Industry Association, JD Health, Airdoc Technology (2251:HK), Zhonghui Public Mutual, BOE Health IoT Hospital, and Realbio Technology, to unveil nine significant strategic cooperation projects. Guided by the principle of putting users first, QingSong Health remains unwavering in its mission to empower every household as well as pioneering and innovating within the expansive field of the health industry's development.
Chinese leading AI solutions provider 4Paradigm (6682:HK) has started its IPO from September 18 to September 21, 2023, with plans to officially list on the Main Board of the Hong Kong Stock Exchange on September 28 under the code "6682". The Company intends to offer 18,396,000 H-shares globally, with 10% of the shares allocated for the public offering in the HKSE and 90% for international offering. There is also an over-allotment option of 15%. Each share will be priced at HKD 55.60 to HKD 61.16 in 100 share lots. CICC is the exclusive sponsor and has introduced three cornerstone investors with an aggregate subscription amount of nearly USD 100 million.
Battery costs will be halved this decade to USD 60 to USD 90 per kilowatt hour from USD 151 per kilowatt hour in 2022, predicted by he Rocky Mountain Institute (RMI). Electric vehicles could be priced on par with conventionally fueled vehicles in the European and US markets by 2024 and 2026, respectively. By 2030, they could be priced at the same level as conventional vehicles in every market globally and account for two-thirds of global vehicle sales. According to RMI, EV sales will grow at least six times by 2030, garnering a market share of 62% to 86%. Automotive oil demand peaked in 2019 and will decrease by at least 1 million barrels per day after 2030. The exponential EV sales growth is also foreseen by the Economics of Energy Innovation and System Transformation (EEIST) program sp
DHGate, a B2B cross-border e-commerce trading platform, will launch a new pan-household e-commerce platform DHmogo. The first merchant recruitment meetings will be held in Shenzhen on September 20. With no entry fees and billions of exclusive traffic resources and official logistics support, the freshnew platform is designed to benefit all the initial settlers. In the future, DHmogo will collaborate with high-quality merchants to tap into the trillion-dollar European and American household markets and bring more Chinese brands to the world.
TikTok announced on September 12, EST that it had officially launched its e-commerce service TikTok Shop in the United States. Previously, TikTok Shop had conducted several months of testing among its American user base . This new service, in addition to offering short videos and live shopping, introduces a range of services for merchants and creators, including product showcase pages, storefronts, and the "Alliance Program" connecting businesses with creators. At the same time, TikTok Shop has also launched the "Fulfilled by TikTok" program, which helps merchants in storing, selecting, packaging, and delivering products, as well as a secure payment system developed in collaboration with third parties.
Data from China Association of Automobile Manufacturers (CAAM)" official account shows that in August 2023, driven by national consumption promotion policies and preferential promotions by automobile enterprises, the demand for car purchases kept increasing, and the overall production and sales of the automobile market recovered. Automobile production and sales marketing in August amounted to 2.575 million units and 2.582 million units respectively, up 7.2% and 8.2% sequentially and 7.5% and 8.4% year-on-year respectively. Meanwhile, new energy vehicles (NEVs) production and sales amounted to 843,000 units and 846,000 units respectively, up 4.7% and 8.5% sequentially and 22% and 27% year-on-year, with a market share of 32.8%.
According to reports, Tesla (TSLA:NASDAQ) announced on Thursday that it has deployed over 50,000 Supercharger stations worldwide, further solidifying its leading position in the electric vehicle industry. Tesla has witnessed growth since launching its Supercharger network in 2012. It stated on its website that this is the world's largest fast-charging network. Furthermore, Honda recently announced that starting in 2025, its electric vehicles sold in US will adopt Tesla's North American charging standard. This move will further drive the development of the electric vehicle industry and encourage other manufacturers to adopt Tesla's charging standards. In the future, the network will expand even further. A wave of construction of related supercharging stations is expected around 2025.
Wang Shi, Founder and Honorary Chairman of the Board of Directors of Vanke Group (000002:SZ; 2202:HK) as well as the Founder of HIDDENGEM, addressed attendees at the 2023 Global Venture Capital Conference (WeStart) on September 10. During his speech, he emphasized the imperative of pursuing China's dual-carbon goal and underscored the need for substantial new investments ranging from CNY 12 billion to CNY 40 billion Bn in the coming years. Wang also declared the onset of the era of a carbon-neutral economy. He identified two essential transformations for the real estate industry's future: a shift towards a service-oriented model and a commitment to achieving carbon neutrality.