Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: The Fake Writing Competition That Conned Beijing Parents for Years
ByteDance Powers Up Gaming Investment with C4games Acquisition
Didi Given Greenlight to Test Autonomous Vehicles in Beijing Pilot Zone
Xpeng Debuts New Car As China’s NEV Market Heats Up
Lenovo Still Top Dog in Global PC Market in First Quarter of 2021
Tesla Says Any Data It Collects in China Is Stored in the Nation
Medtech Startup StoneWise Raises $100 Million to Promote Use of AI in Drug Development
Plus Accelerates Uptake of its Autonomous Truck Tech with Italian IVECO Deal
Trending in China: Farmer Given Suspended Jail Time For Felling Own Trees – Social Media Chimes In
‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing
Didi Reportedly Looking to List in U.S. as Soon as July
China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers
Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March
Didi to Expand New Logistics Service From 8 to 19 Cities in China
China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development
Plant-Based Food Firm Beyond Meat to Open Plant Based in China
iFlyTek Hopes to Cash in on Pandemic Driven Demand for AI Services and Devices
Joint Alibaba and Russian Online Retailer AliExpress Plans IPO as Early as 2022: Report
Trending in China: ‘Easy to Buy, Hard to Redeem’ – Airline Pandemic Related Coupons Under Fire
Tesla Counters Spying Concerns Saying Car Cameras Not Activated Outside North America
Competition in China’s Power Bank Market Heats up as Jiedian and Soudian Announce Merger Plans

By Ding Yi / Apr 02, 2021 02:04 PM / Business & Tech

Chinese power bank rental firms Jiedian and Soudian on Thursday announced merger plans in an attempt to better navigate China’s competitive charger sharing market led by Energy Monster which made its trading debut in the U.S. on the same day.

Jiedian and Soudian will jointly establish a new company, under which their respective brands will operate independently and a new board consisting of the two firms’ executives and outside investors will be created, according to a joint statement.

As part of the deal, Jiedian and Soudian will also share their respective relative advantages in areas such as supply chain management, software and hardware development, and customer services.

After the formation of the new company, the pair will have a combined user base of more than 360 million, and expect to receive as many as 3 million orders per day, which the two companies said is enough for them to obtain the biggest market share in China.

The merger plan synchronized with an announcement by Soudian about the completion of its two recent funding rounds which raised more than 800 million yuan ($122 million) that will be used to develop new software and hardware. The company said that it improved its industry chain in 2020 in a bid to compete with market leader Energy Monster.

On Thursday, Energy Monster started trading its shares on the Nasdaq, becoming the first Chinese power bank sharing company to tap into American capital markets.

In 2020, Energy Monster was China’s largest mobile device charging service provider in terms of gross revenue, it said in its IPO prospectus citing data from iResearch. The company had 219.4 million registered users as of the end of last year, according to the prospectus.

Contact reporter Ding Yi (

Related: Chinese Battery Sharing Startup Energy Monster Sets Terms for U.S. IPO

Share this article
Open WeChat and scan the QR code