China Tech Today – “Senior helpers” insurance policy sells 850 000 policies in 12 days

Huawei ships 27.4 million smartphones in Q3
Huawei shipped 27.4 million smartphones in the third quarter of 2015, a 63% year-on-year increase. The company estimates that it will sell 100 million smartphones this year, and its shipment of high-end smartphones with a price point above USD 300 is expected to increase 33%. Since March, Huawei has safely occupied the top spot in China’s smartphone market and it has a heavy strategy to become a popular high-end brand overseas.

“Senior helpers” insurance policy sells 850 000 policies in 12 days
As of yesterday, the “good samaritan” policy from Alipay and Sinosafe Insurance has sold 850 000 policies in the 12 days since it came out. Data shows that over 90% of policies were purchased by the post-80s and post-90s generations. This policy represents insurance companies’ attempt to address the serious social problem in China resulting from fake accident scams. The policy costs less than 50 cents per year, and covers up to 20 000 RMB in litigation costs and legal advice.

Didi and Pingan collaborate on driver and passenger insurance
Didi and Pingan insurance are collaborating on a “Didi Driver Passenger Accident Comprehensive Insurance” plan, an unprecendented protection measure for drivers. The plan will automatically cover up to RMB 1.2 million each for all drivers and passengers using any Didi platform, with no extra charges for drivers and passengers. Assaults on taxi drivers have been reported around China. In August a Chinese TV star was detained for attacking a taxi driver in Shanghai.

Musk denies Tesla Model 3 will be produced in China
Tesla CEO Elon Musk refuted erroneous reports coming out of his comments at the Tsinghua Management Global Forum in Beijing that Tesla aims to produce the Model 3 in China in two years. Musk tweeted that his comments “weren’t transcribed correctly. Tesla will keep making cars & batteries in CA & NV as far into future as I can imagine.” He also tweeted that a factory in China to meet local demand won’t be running until at least a year after the Model 3’s release.

Sohu’s 2015 third quarter report shows USD 522 million revenue
According to Sohu’s 2015 third quarter report, the company saw a total revenue of USD 522 million in the last quarter, up 21% year-on-year. In comparison, in the second quarter of 2015, the company saw an operating profit of USD 18M, while in 2014, the company operated on a loss of USD 41 million. Sohu’s CEO Zhang Chaoyang said the company may still produce one or two movies next year.

China’s Netflix, LeTV’s revenue for first three quarters increases 76.5%
LeTV’s operating profit totaled USD 1.3 billion in the first three quarters of 2015, a year-on-year increase of 76.5%, according to the company’s report. State-owned Chinese investment company Huijin Holdings became LeTV’s fifth-largest shareholder, with 1.51% of the company’s stocks. LeTV recently invested in Uber and Didi’s rival Yidao Yongche, with aims to develop an electric Supercar.

Baidu wins $78 000 from Sogou over search engine tiff
Courts in Beijing have granted Baidu a USD 78 000 settlement in its case against Sogou for unfair competition. Sogou, a language input tool for Windows operating systems developed by Sohu, got in hot water with Baidu over the strange behaviour of its input tool. When users used Sogou to input text on Baidu’s search engine, the user would be automatically redirected to Sogou’s own search engine when they clicked the search button. The court has ordered Sogou to cease this action.

Oppo-affiliated OnePlus releases new smartphone for USD 251
The new OnePlus smartphone has not been officially released yet, but it is already being sold online by Chinese retailer Suning. The phone has a price tag of 1559 RMB, which may be seen as overpriced by consumers, based on the phone’s unremarkable hardware features. Chinese smartphone makers compete fiercely to attract customers. The market leader Xiaomi has seen a decline in sales of low-end smartphones with a price tag of USD100. Analysts say there’s much more potential for growth for mid and high-range smartphones above USD 200.


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