China Roundup: ByteDance founder steps down as chairman, more

ByteDance founder steps down as chairman

• Liang Rubo will reportedly replace Zhang Yiming as ByteDance’s new CEO.
• The development comes as the company, along with its peers such as Alibaba and Tencent, faces mounting pressure amid China’s crackdown on internet titans.
• It was also recently reported that ByteDance is gearing up for a major business reshuffle and will set up six new units.

Sequoia-backed automation firm to raise fresh funds at US$1 billion valuation

• Laiye is reportedly in talks with new investors for the US$150 million raise, eyeing a business opportunity as China’s shrinking workforce drives wages higher.
• The talks are said to involve Sequoia Capital China, Lightspeed China Partners, and Ping An Insurance.
• The reported valuation of the latest raise will double its paper value from what it was in April this year, the report noted.

Tencent reveals first AI chip after year-long silicon design push

• The offerings include an AI chip for search, one for video files, and another for cloud servers.
• Tencent follows in the footsteps of search engine major Baidu, which has already produced chips for use cases like smart vehicles.
• Since establishing its silicon development arm last year, Tencent has invested in chip startups such as Enflame Technology to accelerate its plans.

Baidu, Geely automobile JV tests simulated prototype unit

• Xia Yiping, the CEO of JiDU Automobile, said its simulated prototype (SIMU) car has completed its development stage.
• The prototype is set to be unveiled at the 2022 Beijing International Automotive Exhibition.
• JiDU’s first vehicle will feature L4 automated driving capability and have the strongest computing power in the industry, said the firm’s head of autonomous driving, Wang Weibao, who previously served as chief technology officer of Neolix, an automated delivery vehicle startup.