Chinese cybersecurity centre accuses US of hacking and stealing tech secrets；US Fed’s hawkish rate-cut forecast slams China’s yuan
Fleeing Xi’s China: following the trail of migrants trying to reach Australia through Indonesia
Welcome to this issue of The China Brief. Today is December 19, 2024. Here at The China Brief, we bring you the latest news on China's politics, economy, and society from global media sources, along with exclusive expert analysis. If you find our content helpful, please subscribe to our newsletter.
Fleeing Xi’s China: following the trail of migrants trying to reach Australia through Indonesia
Guardian
A recent surge of Chinese migrants is seeking escape routes through Indonesia to Australia, driven by rising authoritarianism under Xi Jinping, a faltering economy, and stringent public health policies. Many of these individuals are part of a growing trend known as "runxue," which refers to emigration as a means of fleeing difficult conditions at home. Some Chinese nationals are traveling on tourist visas to Indonesia before attempting dangerous boat journeys to Australia, often facilitated by people smugglers. Despite the risks involved, a notable number are willing to undertake these perilous paths, which have typically been associated with migrants from war-torn regions.
The journey often begins on social media platforms like Douyin, where individuals connect and share information about smuggling operations. Reports indicate that groups of Chinese migrants have been arriving in Indonesia, particularly in Kupang, where they seek local fishermen to assist in their attempts to reach Australia. However, many of these attempts have ended in failure, with recent cases highlighting the dangers of such endeavors, including arrests and deportations. Experts suggest that the influx of Chinese migrants signals growing domestic discontent and a desire for a better life abroad, even if it involves substantial risk.
Despite Australia's tough immigration policies, which prevent asylum seekers from staying if they arrive by boat, the desperation among Chinese nationals continues to grow. The United Nations has reported a significant rise in asylum seekers from China, highlighting the economic and political challenges they face at home. Even as failed attempts to escape are documented, the desire to leave remains prevalent among those who feel trapped by their circumstances.
https://www.theguardian.com/world/2024/dec/18/china-migrants-migration-route-indonesia-australia-ntwnfb
Chinese cybersecurity centre accuses US of hacking and stealing tech secrets
South China Morning Post
A Chinese cybersecurity organization has accused the United States of conducting cyberattacks and stealing proprietary information from Chinese companies, coinciding with a US national security investigation into the Chinese router company TP-Link. The National Computer Network Emergency Response Technical Team of China reported that American intelligence agencies targeted a research unit and a smart energy enterprise, using methods such as exploiting security vulnerabilities in electronic document systems and Microsoft Exchange software to implant malware and steal data. This follows a pattern of mutual accusations between China and the US regarding cyberattacks, with the US government recently investigating TP-Link amid claims of Chinese hacking campaigns affecting US telecom firms. China has denied these allegations and criticized the US for its own cyber operations.
https://www.scmp.com/news/china/politics/article/3291521/chinese-cybersecurity-centre-accuses-us-hacking-and-stealing-tech-secrets?utm_source=rss_feed
US Fed’s hawkish rate-cut forecast slams China’s yuan
South China Morning Post
The offshore yuan weakened, surpassing 7.3 per US dollar, following a cautious US Federal Reserve forecast on rate cuts, which bolstered the dollar. The yuan hit its lowest level since November 2023, influenced by the Fed's projections of minimal rate cuts in 2025. Experts predict continued depreciation for the yuan, exacerbated by potential US tariffs and China's looser monetary policy. Despite the decline, the yuan's share of global payments increased to 3.89% in November, marking it as the fourth most active currency for global payments.
https://www.scmp.com/economy/economic-indicators/article/3291502/us-feds-hawkish-rate-cut-forecast-slams-chinas-yuan?utm_source=rss_feed
China and India resume high-level talks to ease dispute over Himalayan border
CNN
China and India have resumed high-level talks to address their long-standing border dispute for the first time in five years. Chinese Foreign Minister Wang Yi and Indian National Security Adviser Ajit Doval met in Beijing, reaffirming their commitment to a disengagement agreement and emphasizing the need to manage the border issue to avoid hindering bilateral relations. They discussed measures to maintain peace along the contested 2,100-mile border, which has been a source of tension since a deadly clash in 2020. Both sides agreed to enhance cross-border exchanges and trade.
https://edition.cnn.com/2024/12/18/asia/china-india-resume-border-talks-intl-hnk/index.html
How to Stop a Trade War
Foreign Affairs
President-elect Donald Trump has promised to implement a significant trade war, proposing a 20% universal tariff on foreign imports and a 60% tariff on China. Since his election, he has threatened tariffs against a range of countries, including Canada, Mexico, and members of the BRICS coalition. However, the specifics of his trade policies remain unclear, as Trump balances the conflicting advice from Fortune 100 CEOs, domestic manufacturers, and national security advisors. While some argue for using tariffs to improve access to foreign markets, others push for their implementation to bolster U.S. manufacturing and counter China's economic influence.
Trump’s approach to tariffs serves two main objectives: reducing the U.S. trade deficit and addressing geopolitical challenges, particularly with China. However, relying heavily on tariffs may backfire, leading to increased costs for American consumers and potentially higher interest rates that could harm U.S. exporters. Historical precedent suggests that strategic agreements, like the 1985 Plaza Accord, have proven more effective in reducing trade deficits than broad tariffs. To effectively counter China's growing economic power, Trump should focus on forming alliances with other countries to collectively impose trade barriers against Chinese products, thereby enhancing U.S. manufacturing.
To achieve his trade goals, Trump will need to engage in paradigm shifts, integrating trade and national security, and emphasizing outcomes over strict rules in trade negotiations. By leveraging America's technological edge and urging foreign partners to collaborate in reducing trade with China, Trump can create a more favorable trade environment. However, he must balance aggressive tactics with diplomatic finesse to avoid escalating trade conflicts. The stakes are high, as Trump's trade policies could reshape global trade dynamics and strengthen U.S. economic and geopolitical standing, but success will require careful strategy and cooperation with allies.
https://www.foreignaffairs.com/united-states/how-stop-trade-war
China's central bank steps up currency support after Fed move
Nikkei Asia
China's central bank, the People's Bank of China (PBOC), is taking measures to support the yuan following a stronger U.S. dollar prompted by the Federal Reserve's interest rate forecasts. On Thursday, the PBOC set the yuan's reference rate at 7.1911 per dollar, which was stronger than market expectations, indicating a desire to prevent rapid currency depreciation. The onshore yuan weakened to 7.2999, its lowest since September 2023, while the offshore yuan fell to its lowest point in over a year at 7.3271.
Despite the Fed's recent interest rate cut, projections for future cuts were lower than anticipated, causing the dollar to rise against Asian currencies and leading to a selloff in stocks. The PBOC has already shifted its monetary policy stance to "moderately loose" to bolster the economy, as long-term bond yields have dropped, widening the interest rate gap between the U.S. and China. Analysts warn that excessive yuan depreciation could lead to a financial crisis. In response, the PBOC has cautioned banks against heavy long-term bond purchases and has taken steps to manage interest rate risks.
https://asia.nikkei.com/Business/Markets/Currencies/China-s-central-bank-steps-up-currency-support-after-Fed-move
Naturalized US citizen accused of running ‘overseas police station’ in NY pleads guilty to conspiring to act as Chinese agent
CNN
Chen Jinping, a US citizen, pleaded guilty in federal court to conspiring to act as an agent for the Chinese government, specifically in connection to running an “overseas police station” in New York City. He faces up to five years in prison after admitting to his involvement in a scheme to suppress dissent and remove an article criticizing the Chinese government's police station operations. Chen was arrested in April 2023 along with another individual, both charged with conspiracy to act as foreign agents and obstructing justice. The police station was shut down following a search warrant in 2022. Chen's co-defendant is currently in plea negotiations. Sentencing for Chen is scheduled for May 30, 2024.
https://edition.cnn.com/2024/12/18/politics/chen-jinping-guilty-plea-chinese-agent-nyc/index.html
US probes TP-Link, the China-founded router maker dominating the American market
South China Morning Post
The U.S. government has initiated a national-security investigation into TP-Link, a major Chinese router manufacturer, amid concerns about its potential threat to American networks. The inquiry follows a bipartisan request from House lawmakers, who cited TP-Link's significant market share in the U.S. and the risks posed by Chinese laws compelling companies to assist state intelligence and military objectives. TP-Link, which has rapidly captured around 60% of the U.S. retail market for home and small-office routers, has been linked to a rise in Chinese cyberattacks targeting routers, raising alarms among investigators.
The Commerce Department has subpoenaed the company for information about its structure and operations. Despite TP-Link's efforts to distance itself from its Chinese origins, including restructuring its ownership, skepticism remains among U.S. officials. Investigators are particularly concerned about the company's pricing strategies and the implications of its routers being exploited in state-sponsored cyberattacks. While there is no evidence of TP-Link's complicity in these attacks, the investigation reflects broader U.S. efforts to scrutinize technology firms with Chinese ties deemed risky to national security.
https://www.scmp.com/tech/tech-war/article/3291446/us-probes-tp-link-china-founded-router-maker-dominating-american-market?utm_source=rss_feed
Alibaba splits AI team to sharpen consumer and business focus
South China Morning Post
Alibaba Group has restructured its teams by separating the development of its AI chatbot, Tongyi Qianwen, from its large language model (LLM) efforts. The chatbot team will now operate under the Intelligent Information Platform, focusing on consumer-oriented products like UC Browser and Quark, while the LLM development will remain within Alibaba Cloud under Tongyi Lab, dedicated to fundamental research. This shift reflects the competitive landscape of China's AI market, where companies like ByteDance and Baidu have also reorganized their teams. Despite facing challenges compared to U.S. tech giants in funding and access to advanced technology, Chinese firms have been quick to launch consumer products. Tongyi Qianwen, launched last year, is gaining traction with over 10 million web visits, although it ranks behind competitors like Kimi and Wenxiaoyan. The overall market for AI applications in China has seen significant growth, with active users exceeding 66.3 million.
https://www.scmp.com/tech/big-tech/article/3291548/alibaba-splits-ai-team-sharpen-consumer-and-business-focus?utm_source=rss_feed
China is building the world’s largest artificial island airport
CNN
China is constructing the world's largest airport on a man-made island, the Dalian Jinzhou Bay International Airport, which will cover 20 square kilometers and feature four runways and a 900,000-square-meter passenger terminal. The project aims to accommodate 80 million passengers annually and is set to open its first phase in 2035. This airport will surpass Hong Kong International Airport and Japan’s Kansai Airport as the largest on an artificial island. Despite challenges in construction due to complex geological conditions and a tight schedule, the project highlights China's significant investment in aviation infrastructure as it aims to become the world's largest air travel market. The city of Dalian, with a population of 7.5 million, has outgrown its current airport, prompting the need for this new facility, which has been in planning since 2003.
https://edition.cnn.com/travel/dalian-jinzhou-bay-international-airport-china-intl-hnk/index.html
Tencent gives up Epic Games board seats after US antitrust scrutiny
South China Morning Post
Tencent Holdings has removed two directors from the board of Epic Games after the US Justice Department identified their positions as potential violations of antitrust laws. Tencent owns a minority stake in Epic Games and also has a competing subsidiary, Riot Games, raising concerns about antitrust issues. The two directors stepping down are David Wallerstein and Ben Feder. The DOJ has increased its scrutiny of interlocking directorates, which can violate Section 8 of the Clayton Act, and emphasized that enforcement in this area is a priority. Tencent has been a major investor in the gaming industry, acquiring stakes in several prominent game studios, including a significant investment in Epic in 2012 that allowed it to appoint directors.
https://www.scmp.com/tech/big-tech/article/3291527/tencent-gives-epic-games-board-seats-after-us-antitrust-scrutiny?utm_source=rss_feed
Trump’s Mar-a-Lago dinner with Shinzo Abe’s widow raises questions about Japan-US ties
South China Morning Post
President-elect Donald Trump's meeting with Akie Abe, widow of former Japanese Prime Minister Shinzo Abe, has raised concerns about US-Japan relations, especially as he seemingly snubbed current Prime Minister Shigeru Ishiba. Analysts suggest that Trump's actions may aim to exert pressure on Ishiba to maintain strong ties with the US. Trump’s recent meetings with other foreign leaders, contrasted with his refusal to meet Ishiba, may signal a shift in Japan's importance to Trump’s administration. Some experts believe this dynamic could weaken Ishiba's negotiating position when he eventually meets Trump.
https://www.scmp.com/week-asia/politics/article/3291419/trumps-mar-lago-dinner-shinzo-abes-widow-raises-questions-about-japan-us-ties?utm_source=rss_feed
China’s EV champion Geely bets on tech edge to expand in Asia, EU
South China Morning Post
Geely Automobile Holdings, China's second-largest carmaker, is adopting an asset-light strategy to expand into the overseas smart electric vehicle (EV) market by collaborating with local partners instead of establishing production plants abroad. CEO Gui Shengyue emphasized the need for a systematic go-global strategy, acknowledging the challenges posed by EU tariffs but expressing confidence in technological advantages to mitigate costs. Geely’s overseas sales are expected to surpass domestic operations by 2025, as the company shifts towards EVs, with 50% of production now electric. Gui warned that the era of easy funding for EV makers is over, necessitating profitability.
https://www.scmp.com/business/china-evs/article/3291251/chinas-ev-champion-geely-bets-tech-edge-expand-asia-europe?utm_source=rss_feed
As China urges couples to have children, reality TV shows tell a different story
South China Morning Post
The reality show "See You Again," produced by Mango TV, features celebrity couples facing divorce as they navigate their relationship issues during a trip. The show's popularity has surged, garnering over 800 million views and intense online debate about the couples' flaws and toxic dynamics. Viewers express changing attitudes towards marriage, reflecting societal concerns about domestic issues, women's rights, and the challenges of long-term commitment. Critics argue the show sensationalizes conflict, but it also provides a platform for discussing evolving perceptions of marriage in contemporary China.
https://www.scmp.com/opinion/china-opinion/article/3291138/china-urges-couples-have-children-reality-tv-shows-tell-different-story?utm_source=rss_feed
China's BYD, Nio do more with AI-powered humanoid factory robots
Nikkei Asia
Chinese electric vehicle manufacturers BYD and Nio are increasingly using humanoid robots in their factories to address a production worker shortage. BYD has introduced the Walker S1 robot, capable of carrying out tasks like quality control and loading boxes. Nio utilizes these robots for vehicle inspections and tasks such as affixing emblems. The demand for humanoid robots is expected to grow significantly, with projections of over 2 million units sold by 2035. However, current limitations in AI technology and cost challenges hinder broader adoption, though ongoing data collection may enhance future capabilities.
https://asia.nikkei.com/Business/China-tech/China-s-BYD-Nio-do-more-with-AI-powered-humanoid-factory-robots
Superpower showdown: how US-China economic warfare could play out under Trump
South China Morning Post
After his recent victory in the presidential election, Donald Trump celebrated by attending a UFC event with influential allies, including Dana White and Elon Musk. As he prepares for his second term, Trump is expected to assemble a hawkish economic team focused on an "America first" agenda, particularly aimed at intensifying competition with China. Analysts predict that Trump's selections, such as Howard Lutnick and Peter Navarro, signal a more confrontational approach toward China than in his previous administration. In contrast, China, under President Xi Jinping, is likely to respond with a composed strategy, utilizing its diplomatic experience and maintaining a steady economic framework.
Trump's new economic team appears to be heavily pro-tariff, with expectations of swift tariff hikes on China and other countries. Lutnick, named as commerce secretary, and Navarro, appointed as senior counselor for trade, are both staunch advocates for protectionist policies. This shift in leadership suggests a departure from negotiation towards stronger economic pressure on China, as Trump aims to leverage tariffs as tools to address broader social issues. Even as this team is characterized by loyalty to Trump, there are concerns about potential fragmentation within the administration, as differing views might complicate the implementation of anti-China policies.
Amid this hawkish environment, Elon Musk is seen as a potential diplomatic bridge between the US and China, despite not holding an official cabinet position. His extensive business interests in China could facilitate behind-the-scenes communication. However, analysts caution against over-reliance on Musk, as his flexibility does not guarantee a significant shift in US-China relations. Ultimately, the dynamics between Trump and Xi Jinping will shape the future of the superpower rivalry, as Trump's selection criteria prioritize loyalty, potentially leading to a cohesive but confrontational stance against China in his second term.
https://www.scmp.com/economy/global-economy/article/3291395/superpower-showdown-how-us-china-economic-warfare-could-play-out-under-trump?utm_source=rss_feed
Trump tariffs would cut deficits but hike consumer prices, CBO says
Axios
The Congressional Budget Office (CBO) has estimated that the high tariffs proposed by President-elect Trump could improve the nation's fiscal situation but would also lead to higher inflation and slower economic growth. The CBO's analysis, requested by several Democratic senators, considered scenarios involving a permanent 60% tariff on all Chinese imports and a 10% tariff on other goods, assuming retaliatory tariffs from other nations.
The findings indicate that these tariffs could raise consumer prices, increasing the Personal Consumption Expenditures index by one percentage point by 2026, particularly impacting poorer households. Economic growth could decline by up to 0.6% over the next decade, though some offset may occur as consumers switch to domestic goods. The tariffs could reduce the budget deficit by as much as $2.7 trillion over ten years, potentially freeing up funds for private investment, which could lessen the economic slowdown. However, the uncertainty surrounding these policies may lead businesses to hesitate in making new investments. The CBO emphasizes that its estimates carry a high degree of uncertainty due to the lack of historical precedent for such tariffs.
https://www.axios.com/2024/12/18/trump-tariffs-budget-inflation
New York man pleads guilty to running Chinese police station in Manhattan
Guardian
A New York man, Chen Jinping, has pleaded guilty to operating an undeclared police station for the Chinese government in Manhattan, marking a significant development in U.S. efforts to counteract foreign influence and repression. Chen, 60, admitted to conspiring to act as an agent of the People's Republic of China (PRC) and faces a potential five-year prison sentence. U.S. Attorney Breon Peace described the operation as part of a "transnational repression scheme" aimed at undermining American sovereignty by targeting Chinese American pro-democracy activists. Chen was arrested alongside co-defendant Lu Jianwang, who has pleaded not guilty. The illegal police station, which performed basic services like renewing driving licenses, also facilitated the Chinese government's attempts to locate activists. The station was raided by the FBI in October 2022, leading to the discovery of deleted communications between the defendants and a PRC official.
https://www.theguardian.com/us-news/2024/dec/18/new-york-man-pleads-guilty-chinese-police-station-manhattan
Analysis: Xi Jinping suspects ulterior motive behind Trump's invitation
Nikkei Asia
Katsuji Nakazawa reports that Donald Trump has invited Chinese President Xi Jinping to his inauguration, a break from tradition as no foreign leader has attended such an event in over 150 years. This invitation has raised concerns in Beijing, with some Chinese analysts speculating that Trump may have ulterior motives, particularly regarding the ongoing war in Ukraine. Trump reportedly hopes to leverage Xi's influence over Vladimir Putin to facilitate peace talks in Ukraine, especially after recent diplomatic engagements with European leaders. Meanwhile, Xi has been cautious in his approach to Russia but has begun making diplomatic moves, such as meeting with former Russian President Dmitry Medvedev. Despite the invitation, Xi is expected to decline due to China's political calendar surrounding the Lunar New Year, but he may seek to visit Washington later. The article highlights the complex interplay of international relations and the potential for a ceasefire in Ukraine, with Trump, Xi, and other global leaders navigating these dynamics.
https://asia.nikkei.com/Editor-s-Picks/China-up-close/Analysis-Xi-Jinping-suspects-ulterior-motive-behind-Trump-s-invitation
Supreme court agrees to hear TikTok challenge to law ending its US operations
Guardian
The US Supreme Court will hear TikTok's challenge to a law that could ban the app in the US, with oral arguments set for January 10. TikTok argues the law is unconstitutional, protecting the free speech of its 170 million American users. The law, deemed a national-security threat by the Justice Department due to data concerns linked to its Chinese parent company, is set to take effect on January 19. The case follows a federal appeals court ruling favoring the law, and TikTok's legal team faces tight deadlines for preparation.
https://www.theguardian.com/technology/2024/dec/18/supreme-court-tiktok-ban
Argentina, Brazil eye crop exports to China as Trump tariffs loom
Nikkei Asia
Argentina and Brazil are increasing their agricultural exports to China in response to expected trade tensions between China and the U.S. during a potential second Trump administration. Argentina is set to start exporting wheat to China, which had previously restricted these transactions due to pesticide use. With competitive wheat prices and approval for corn exports, Argentina aims to capitalize on the situation, particularly as it seeks to rebuild its economy and earn foreign currency. Brazil has also ramped up its agricultural exports to China, becoming the largest source of corn imports and significantly increasing its share of exports to China. Both countries are positioning themselves as alternative suppliers amid ongoing U.S.-China trade disputes, with South America being seen as an attractive option for China's diversification of grain sources.
https://asia.nikkei.com/Economy/Trade/Argentina-Brazil-eye-crop-exports-to-China-as-Trump-tariffs-loom
China tightens belt on persistent food waste with push for more data
Nikkei Asia
China is intensifying efforts to combat food loss and waste amid concerns over agricultural production and food security. A new plan aims to ensure accurate data on food waste is available by the end of 2027, with goals to reduce loss rates below international standards across all food production stages. The initiative encourages restaurants, workplaces, and schools to visibly decrease food waste. Previous measures, such as the Anti-Food Waste Law and a food security law, have been implemented, but challenges remain in changing societal attitudes towards food waste, especially in dining culture. Additionally, the rural population is declining, and farm output growth has slowed, increasing reliance on food imports. Rising food prices, such as pork, may also be driving the push to reduce waste as a means to stabilize costs.
https://asia.nikkei.com/Spotlight/Society/China-tightens-belt-on-persistent-food-waste-with-push-for-more-data
CATL to build 1,000 EV battery swap stations in China to ease range anxiety
South China Morning Post
Contemporary Amperex Technology (CATL), China’s leading EV battery producer, plans to establish 1,000 battery swap stations by 2025 to alleviate range anxiety among drivers. These stations will enable quick battery exchanges in under 100 seconds. CATL aims for a total of 30,000 stations in the future and is collaborating with partners to develop new EV models using battery swap technology. As EV adoption in China surpasses 50%, CATL continues expanding its market presence, including plans for a new battery plant in Spain with a capacity of 50 GWh.
https://www.scmp.com/business/china-business/article/3291421/catl-build-1000-ev-battery-swap-stations-china-ease-range-anxiety?utm_source=rss_feed
Former Taiwan leader Ma Ying-jeou visits Harbin aiming to ‘build bridge of peace’
South China Morning Post
Former Taiwanese leader Ma Ying-jeou has begun a nine-day trip to mainland China amidst criticism from pro-independence advocates who accuse him of compromising Taiwan's interests. His delegation, which includes Taiwanese university students, aims to promote cross-strait exchanges and peace. Ma plans to attend a youth ice and snow festival and meet with Chinese officials, emphasizing the importance of youth engagement to reduce misunderstandings. His visits have sparked protests, with critics arguing that he aligns with Beijing's agenda, especially following remarks from visiting students that implied Taiwan's status as part of China.
https://www.scmp.com/news/china/politics/article/3291398/former-taiwan-leader-ma-ying-jeou-visits-harbin-aiming-build-bridge-peace?utm_source=rss_feed
CEO sentiment in China sours amid slowdown risks, survey finds
South China Morning Post
Confidence among CEOs based in China has declined in the second half of this year, primarily due to concerns about the country's economic slowdown, increased local competition, and geopolitical tensions. A survey by The Conference Board revealed that the CEO confidence index dropped to 49, indicating more negative than positive sentiments. The survey highlighted that 76% of CEOs identified China's economic slowdown as the primary risk to their businesses, with many noting that customers are seeking significant discounts. Additionally, 41% of CEOs reported worse business conditions compared to six months prior, an increase from 23% in the first half of the year. There are also concerns about deteriorating foreign relations, particularly with the EU and the US. Despite these challenges, 65% of CEOs remain optimistic about China's long-term demand and profitability compared to other regions.
https://www.scmp.com/economy/china-economy/article/3291384/ceo-sentiment-china-sours-amid-slowdown-risks-survey-finds?utm_source=rss_feed
China’s GenAI sector sees more funding, fewer deals in sign of consolidation, data shows
South China Morning Post
China's generative artificial intelligence (GenAI) sector is experiencing an increase in funding but a decrease in the number of deals in 2023. As of December 18, there were 113 deals, a 20% drop from last year's 143. However, total funding reached 35 billion yuan (US$4.8 billion), up from 20.5 billion yuan the previous year, indicating that investors are being more selective due to market saturation and uncertainties regarding the monetization of AI products. The four leading AI start-ups, known as the Chinese AI Tigers, raised about US$2.1 billion this year, almost half of the total funding in the GenAI market. The Cyberspace Administration of China approved only 64 new GenAI services in November, the smallest number this year, reflecting a saturated market. Overall, the broader Chinese AI market also saw a decline in investment, with a total of 457 deals, down 23% from last year.
https://www.scmp.com/tech/tech-trends/article/3291372/chinas-genai-sector-sees-more-funding-fewer-deals-sign-consolidation-data-shows?utm_source=rss_feed
Fund of ByteDance founder Zhang Yiming gets Hong Kong asset management licence
South China Morning Post
Billionaire Zhang Yiming, founder of TikTok’s parent company ByteDance, has received a licence from Hong Kong’s Securities and Futures Commission for his private investment fund, Cool River Venture HK. This licence allows him to manage assets, primarily in tech-related sectors, from Hong Kong. Despite stepping down as CEO in 2021, Zhang remains active in corporate strategy and philanthropy, focusing on education. His wealth has grown significantly, making him the wealthiest Chinese entrepreneur this year, as he navigates ongoing regulatory challenges for TikTok in the US, where a potential ban looms.
https://www.scmp.com/tech/big-tech/article/3291407/fund-bytedance-founder-zhang-yiming-gets-hong-kong-asset-management-licence?utm_source=rss_feed
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