(Reuters) -China’s Alibaba (BABA) missed market estimates for quarterly revenue on Friday as the company’s e-commerce business grapples with tough competition and choppy consumer demand, eclipsing gains in its cloud computing business. U.S.-listed shares of the company fell 1.5% in premarket trading. Consumer confidence in China has taken a beating from persistent weakness, with the…
When Marc Guyon, a French national based in Hong Kong, decided to visit Shanghai in early August, the main attraction was not the city’s art deco architecture, but its driverless taxis and hotel delivery robots. “It’s super impressive – China looks futuristic,” he said. “It seems like all expats have the same reaction. Many of…
By Liam Mo and Brenda Goh BEIJING (Reuters) -China’s Alibaba is likely to highlight its artificial intelligence strategy with its quarterly results on Friday, but in line with its peers Tencent and Baidu, may struggle to show that its big AI investments are paying off. The companies have invested billions of dollars into AI over…
China’s domestic server and chipmakers are entering a “super cycle” as the country’s local governments spend lavishly on computing infrastructure to support artificial intelligence development. The AI Computing Power Concept Index, compiled by Chinese financial data provider Wind and comprising 54 component stocks, hit a record high on Monday, with an increase of 166 per…
The US Composite PMI rose from 55.1 in July to an 8-month high of 55.4 in August. Service providers hired at the fastest rate in seven months, while firms across both sectors reported higher import prices. Service sector price inflation reached its highest level since August 2022. August’s flash PMI numbers overshadowed jobless claims data….
Smoke grenades, live animals and fresh meat are among the heavily regulated items readily available on mainland Chinese e-commerce sites for delivery to Hong Kong despite an official crackdown, the Post has found. Listings on Taobao and Pinduoduo have been subject to increased scrutiny following the arrest last month of a 13-year-old Hongkonger who allegedly…
In another show of support for China’s private sector, Beijing has released the details of a speech from President Xi Jinping which included vows the country would guarantee a level playing field for private firms, safeguard entrepreneurs’ lawful rights and interests, and step up efforts to solve their long-standing challenges, including overdue payments. The full…
China is reportedly pressuring major tech companies like Alibaba and ByteDance to reconsider their orders for Nvidia’s H20 AI chips even as Chinese regulators have asked tech firms to explain why they are purchasing Nvidia’s chips – which US President Donald Trump called ‘obsolete’ – instead of using domestic alternatives, suggesting that they want the…
Chinese officials have summoned domestic companies, including major tech firms Tencent and ByteDance, over their purchases of Nvidia’s H20 chips, demanding explanations and expressing concerns about information risks. The Cyberspace Administration of China (CAC) and other agencies have also held meetings in recent weeks with Baidu and smaller Chinese tech companies. According to sources speaking…
E-payment service provider AlipayHK will continue to waive fees for Hong Kong taxi drivers to encourage them to use its system, with the company saying the penetration rate has remained low due to cabbies’ persistent reluctance. Simon Leung, alternate chief executive of AlipayHK, said that the company had implemented several measures to boost adoption. These…