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10 Apr China added 1 unicorn per week last year despite slumping global investments thanks partly to AI frenzy, report says

Posted at 10:30h in Asia

China last year bred an average of one new unicorn each week amid frenzied growth in the country’s artificial intelligence (AI) sector, bucking a declining trend in global venture capital investments, according to a new research report.The nation added 56 unicorns – start-ups valued at...

10 Apr ByteDance profit jumps 60% to US$40 billion, taking TikTok’s owner past arch-rival Tencent

Posted at 08:45h in Asia

ByteDance’s profit surged roughly 60 per cent in 2023, outpacing the growth of online peers Tencent Holdings and Alibaba Group Holding, in a sign of the TikTok owner’s resilience in the face of an economic downturn.Earnings before interest, tax, depreciation and amortisation jumped to more...

01 Apr Zhang Kun, China’s biggest money manager, issues stock valuation warning, says days of fast economic growth are gone

Posted at 10:40h in Asia

Investors should exercise more caution when it comes to the valuations of Chinese stocks, as corporate earnings growth is set to slow because of Beijing’s pursuit of high-quality economic growth, according to China’s biggest money manager.The base probability of sustainable high-quality growth at companies is...

01 Apr Hong Kong stocks: lack of earnings momentum risks derailing sentiment-driven rebound, analysts say

Posted at 06:03h in Asia

Hong Kong stocks are priced for perfection and vulnerable to shocks, according to analysts. A stream of unimpressive earnings announcements could end the two-month rebound in Asia’s third-largest stock market as investors struggle to find fresh catalysts.The uptick in the Hang Seng Index is at...

30 Mar Wang Jianlin’s Wanda unit gets a US$8.4 billion capital injection from PAG-led consortium

Posted at 13:43h in Asia

A consortium of investors agreed to inject capital into a unit owned by the Chinese property magnate Wang Jianlin, offering some relief to a cash-starved developer who has had to sell assets to repay debt.Wang’s Newland Commercial Management unit has received close to 60 billion...

27 Mar Chinese social media platform Weibo removes fake images showing a rapidly ageing Tencent founder Pony Ma

Posted at 14:30h in Asia

Chinese social media platform Weibo has deleted a number of accounts publishing and spreading a retouched photo of a grey-haired and wrinkle-faced Pony Ma Huateng, Tencent Holdings’ founder and CEO, in the latest example of efforts to protect the country’s top entrepreneurs from online abuse.“A...

18 Mar Huawei injects fresh capital into Shenzhen investment subsidiary as US-sanctioned tech giant returns to growth

Posted at 13:30h in Asia

With that infusion, Shenzhen Habo Technology Investment Partners – established in 2021 by Huawei and Habo Investment – last Thursday raised its registered capital to 7.98 billion yuan (US$1.1 billion) from 7 billion yuan previously, according to data from Chinese business registry platform Tianyancha.Huawei did...

15 Mar China said to fall short of matching US advances in AI owing to ‘many challenges in theory and technologies’

Posted at 11:00h in Asia

China is falling short of matching the United States in artificial intelligence (AI) advances because the nation’s efforts are “littered with many essential challenges in theory and technologies”, according to a recent slide presentation made to Chinese Premier Li Qiang.Those difficulties were pointed out to...

08 Mar China’s Alipay and WeChat Pay ease the way for foreign travellers to make payments in world’s largest cashless society

Posted at 13:00h in Asia

Alipay’s annual cumulative transaction limit for foreign visitors has also been increased to US$50,000, up from the previous US$10,000 limit, in line with a new People’s Bank of China policy, the group said. 02:40How mobile payments impact people’s lives in ChinaHow mobile payments impact people’s lives...

07 Mar Chinese venture capitalist Allen Zhu steers clear of mainland tech firms’ AI large language model frenzy

Posted at 13:30h in Asia

“I believe in applications and those that can commercialise immediately,” said Zhu, who indicated that he did not invest in any LLM-focused company on the mainland last year.Sample code for an artificial intelligence large language model. Photo: ShutterstockLi pointed out that there were too many...

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