Trending in China: LeEco Chairman Resigns, Baidu CEO Probed After Testing Self-Driving Car

LeEco’s Chairman resigns and pledges to repay debt

Jia Yueting, the chairman of LeEco, officially quit his position on July 5 over the debt issue. “I take full responsibility for LeEco and we will do our best to make up the debt to financial institutions, suppliers and everyone else,” Jia wrote in an open letter on his Weibo account. “ I will be stepping down from my post as CEO and focus on the electric car Faraday Future.” Jia has personally invested in the US-based startup Faraday Future, whose prototype beat the Tesla model S’s pikes peak time.

Weibo user comment: “It is definitely not the end of the world. Never Stop! King!”

Baidu Head Investigated as he Takes Self-Driving Car for Test-Drive

On July 5, the Beijing traffic police received a report that Baidu was testing the driverless car on a public road without an official permit. The police announced on their Weibo account that they were conducting an investigation into it. Baidu immediately issued a reply saying that the company’s CEO Robin Li and the General Manager of the Intelligent Automobile Division were both in the car. They were simply on the way to attend the conference.

Weibo user comment: “I think this is just a marketing campaign planned by Baidu for its self-driving car products.”

Ofo’s brand ambassador, Lu Han, posing in an Ofo campaign. Photo: Ofo/Weibo.

The end of bike-sharing competition? Ofo receives $700 million funding, 3Vbike closed down

Ofo, one of China’s two bike-sharing companies valued at a billion dollars, has announced that it raised a $700-million Series E funding round which is led by e-commerce giant Alibaba. The bad news? Another Beijing-based bike-sharing startup closed down after thousands of bikes were stolen in its four-month operation period.

Weibo user comment: “It is overloaded. Making so many bikes pollutes the environment and companies never care about it.”

Daughter of the singer Faye Wong models during Paris Fashion Week

Li Yan, the daughter of the popular Chinese singer Faye Wong, walked down the runway of the Parisian premium kidswear brand Bonpoint during Paris Fashion Week. The Weibo community has praised Li’s sophisticated modeling style. Huang Duoduo, the daughter of another Chinese celebrity Huang Lei, also appeared on the runway show. Huang has modeled for the brand for three years.

Weibo user comment: “Li Yan looks so cool on the catwalk. I cannot believe she is just a kid.”

Categories

Market Analysis