HONG KONG — Alibaba Group reported a disappointing quarterly performance on Friday amid weak consumption in China. Revenue grew 5% on the year to 236.5 billion yuan ($33.7 billion) in July-September, missing the average estimate of 238.92 billion yuan by analysts surveyed by LSEG. Net income was 43.55 billion yuan, an increase of 63% year-over-year….
(Bloomberg) — Turns out that Billionaire investor David Tepper, who said recently he would buy “everything” China-related amid Beijing’s stimulus blitz, trimmed exposure in e-commerce giant Alibaba Group Holding Ltd. in the third quarter. Most Read from Bloomberg Tepper’s Appaloosa Management cut its Alibaba stake by 5% in the three months through September, according to…
A Hong Kong biotech company said its therapeutic HIV vaccine showed “promising” results in a recent clinical trial, taking it one step closer to offering patients an alternative to antiretroviral therapy, and eventually a functional cure for the virus that causes Aids. Developed by Immuno Cure, based in Hong Kong Science Park, ICVAX demonstrated “exceptional…
1. ByteDance’s ChatGPT-like Doubao AI bot becomes No 1 in China with 51 million users Doubao has become China’s top AI app with 51 million active users, surpassing competitors like Baidu’s Wenxiaoyan and Alibaba’s Kimi. Free and versatile, it excels in various tasks including text, image, audio and video generation, and data analysis, making it…
Pedestrians walk near an advertisement promoting the sales festival in Beijing. (Picture credit: AP) While the Western world is gearing up for Black Friday and Cyber Monday, China has already celebrated its biggest shopping extravaganza—Singles Day. Often overshadowing other global shopping events, Singles Day has grown from a niche celebration to a retail phenomenon, surpassing…
CLN KraneShares Key News Asian equities were mixed overnight despite a very strong US dollar as the US 10-year Treasury Year Yield rose to over 4.6%, while Japan and India were higher, and Hong Kong, Indonesia, and the Philippines underperformed. The Renminbi’s weakness, as it fell by -0.99%, garnered media attention even though the Yen…
A Chinese fashion design student hailed as a “genius” for her score in a national maths competition achieved the results with her teacher’s help, according to investigations by her school and the event organiser, who said she “did not win a prize”. The Lianshui Secondary Vocational School in eastern Jiangsu province said on Sunday that…
Data from market research firm Sensor Tower showed that Talkie – part of the fast-growing “companion AI” market segment – was the fourth most-downloaded AI app in the United States in the first half of 2024, ahead of Google-backed rival Character.ai which ranked 10th. Globally, Talkie recorded 17 million downloads in the first eight months…
CLN KraneShares Key News Asian equities were lower except for Japan which closed higher. Hong Kong and Mainland China faced several headwinds, or as I like to say, had the kitchen sink thrown at them going into the trading day. AMD’s disappointing financial results, reported after the US close yesterday, weighed on the semiconductor space….
Chinese internet regulators are removing social media accounts that use fake information to hype the country’s military strength, including false reports of “cyberwarfare” in the South China Sea. A sample post from June on Douyin, China’s version of TikTok, read: “Breaking news: China and the US engaged in 12 hours of cyber warfare, causing Luzon…