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Electric vehicle (EV) startup Xpeng has secured a production license for its recently-built, wholly-owned manufacturing factory located in Zhaoqing, Guangdong. The new plant contains five unique workshops that cover the essential manufacturing functions, including stamping, welding, painting, assembly as well as battery pack production. The facility also includes private test tracks that have 18 different types of roads for various braking and automatic safety system testing. Previously, IDG Capital co-led Xpeng's $348 million Series B round in 2018.
Nasdaq-listed iQiyi, China's dominant online video platform based in Beijing, has posted a 9% revenue growth to $1.1 billion despite the disruption from the COVID-19 outbreak. Membership services continued to serve as the major driver, as the company attributed this to its premium content and increased entertainment demand. iQiyi said it has also made progress in building a more balanced content mix, expanding monetization initiatives and exploring technology innovations. Previously, IDG Capital joined iQiyi's $1.53 billion financing round in 2017.