Alibaba’s Singles’ Day Sales Storm the US: A New Rival for Black Friday?
Alibaba introduces Singles' Day to the US through AliExpress, presenting a substitute for Black Friday. Alibaba's global online retail service is initiating Singles' Day promotions in the US starting this Friday and continuing until November 18.
The tech behemoth is set to commence selling in the US this Friday, offering up to a 90% reduction on a broad assortment of items – spanning from tech devices to household necessities and cosmetics.
The presale period, which kicks off on Friday, will last for three days, during which shoppers can explore discounted items and add them to their shopping carts. The final buying of the complete range of products can be carried out from November 11 to November 18.
The retail event, commonly referred to as Double 11, has progressively expanded over time, now beginning several weeks prior to its original date of November 11.
Alibaba, the company that owns the South China Morning Post, is making a substantial investment in foreign markets via its worldwide division, Alibaba International Digital Commerce Group, due to increased rivalry domestically.
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Bitcoin Soars to Record Highs as Trump Takes Early Lead in U.S. Election: Cryptocurrency Market Response
Bitcoin reaches an all-time high following Trump's initial lead in the US elections. The premier cryptocurrency surpassed a value of US$75,000 on a Tuesday evening in the US, breaking the previous record established in March.
The initial digital currency soared over 8 per cent, surpassing US$75,000 around 10.08pm New York time. This outdid the previous high in March that was achieved amidst the excitement after the introduction of US spot-bitcoin exchange-traded funds.
Bitcoin saw an increase as Trump edged ahead, although the competition was still undetermined late on Tuesday night. Over two-thirds of states had closed their polls, with Trump initially leading in Georgia and North Carolina, two crucial battleground states. Meanwhile, the tallying of votes in other states was just beginning.
"The positive initial figures for Trump must be the reason," stated Fredrick Collins, CEO and creator of the cryptocurrency information platform, VeloData. "In my view, Bitcoin is among the prime tools for trading during this election night. Its liquidity is fairly high and is closely linked to the results. Therefore, it's reasonable to presume that any rise in its value correlates with an improved likelihood of Trump's victory."
Additionally, other cryptocurrencies saw a surge, including Ethereum, which is the second biggest in market, leaping up by 6.5 per cent. Dogecoin, a cryptocurrency often referred to as a meme coin and notably endorsed by Elon Musk, a supporter of Trump, experienced a significant increase of 18 per cent.
"Doge has particularly benefited due to its connection with Musk," stated Cosmo Jiang, a principal partner at Pantera, a firm that specializes in crypto investments.
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Riding the Wave of Change: China’s Property Developers Increase Borrowing as Regulatory Floodgates Open
Chinese property developers are increasingly resorting to borrowing due to a heightened need for capital following a surge in opportunities. The China Index Academy reports that bond financing within the real estate industry increased for the second consecutive month in October, showing a 3.2% year-on-year growth to reach 29 billion yuan.
Chinese real estate developers are increasing their borrowing to support their cash-deprived activities, following approval from financial regulators and the central bank. This move signifies a renewed trust in the struggling sector.
The real estate industry saw a rise in bond financing for the second consecutive month in October, with a 3.2 per cent increase from the previous year, reaching 29 billion yuan (US$3.92 billion). This information was revealed on Tuesday by the China Index Academy.
The research institute stated that the expansion was partly because of the low base from the previous year, as the results from October were 32.4 per cent less than the prior month. The total bond financing in the real estate sector from January to October amounted to 442 billion yuan, marking a drop of 25.6 per cent compared to the same duration last year.
"Developers have greatly benefited from the supportive policy environment," stated Yan Yuejin, the vice-president of the Shanghai-based E-House China Real Estate Research Institute. "The steps taken this year to decrease financing expenses, such as reducing reserve requirements and promoting bank assistance for developers, have somewhat improved corporate financing."
Recent statistics have come after a string of economic incentives introduced by Beijing from the end of September. These measures were implemented to save the real estate industry and enhance investor trust in the globe's second-largest economy. The strategies involved reducing initial payments and loan costs, and expanding the approved list of developers eligible for extra lending.
This week, the Standing Committee of the National People's Congress (NPC), China's law-making body, is conducting a meeting that lasts for five days. They are likely to consider a more substantial financial plan to boost the economy further.
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Xpeng Challenges BYD and Li Auto with Industry-Leading Kunpeng Charging System for Extended-Range Hybrid Cars
Xpeng ignites competition with BYD and Li Auto in the extended-range hybrid car sector. The company has introduced Kunpeng, a novel charging system for hybrid vehicles, acclaimed as the industry's most extensive range extender system.
Xpeng Motors is intensifying its rivalry in China's electric vehicle (EV) market by launching a hybrid system. This move is in response to the shifting consumer taste towards more affordable cars that offer a longer driving range, and it positions them competitively against rivals like Li Auto and Zeekr.
The firm revealed an enhanced range charging technology for its electric vehicles, dubbed the Kunpeng Super Electric System, at its Corporate AI Day event on Wednesday in Guangzhou, the location of its primary operations in the southern Guangdong region.
Xpeng has declared that their new model, Kunpeng, will set a new standard in the industry by reaching over 1,400km and having an exclusively electric range of 430km. This indicates that Xpeng plans to manufacture hybrid vehicles soon to supplement its existing fully electric range.
"The Kunpeng system will expedite Xpeng's international expansion by tackling the restrictions of charging infrastructure abroad," stated founder and CEO He Xiaopeng at the occasion. "We must be ready to face the difficulties."
The CEO stated that the extended-range system would enable Xpeng's AI-driven cars to be accessible in a wider array of areas worldwide, catering to a variety of climate and infrastructural circumstances. He also divulged the company's intentions to broaden its reach to approximately 60 nations by the close of 2025, and establish in excess of 300 international sales and service centers, as shared on Wednesday.
Long-range Electric Vehicles (EREVs) are a kind of hybrid vehicle that can be plugged in to recharge. They come with a compact internal combustion engine that creates extra energy to recharge the battery when required. These hybrids also have the capability to be recharged directly by using a power cord.
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Shenzhen to Pour $1.7 Billion Into Futuristic Low-Altitude Economy; Plans Over 1,200 Take-off and Landing Platforms by 2026
Shenzhen plans to pump $1.7 billion into the economy for airborne vehicles and drones by 2026. The city intends to allocate 12 billion yuan towards the development of a low-altitude economy in the coming two years, and an additional 20 billion yuan is set to be invested by 2030.
Shenzhen has plans to construct more than 1,200 launch and landing pads by 2026, paving the way for a fresh network that will facilitate air transportation, logistics, local deliveries and city administration services, as stated by the city's Development and Reform Commission on Tuesday. This information was reported by the government-operated Shenzhen Economic Daily.
As of mid-year, Shenzhen has constructed 249 launch and touchdown sites and plans to establish an additional 147 by the close of this year. The city's transport bureau has indicated plans to finish constructing 658 more facilities in 2025, as reported.
The city also plans to construct over 8,000 new advanced 5G base stations to enhance the wireless network coverage for airspace under 600 meters. Additionally, they plan to introduce the Smart Integrated Lower Airspace System, also known as the 'brain for lower airspace', by the close of this year, as stated in the report.
Quarter past one
Food delivery via drones is soaring in Shenzhen, China's technology hub.
Shenzhen is set to funnel an additional 20 billion yuan into the low-altitude economy from 2026 to 2030, as per the city's Development and Reform Commission.
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Zhipu, China’s AI Powerhouse, Raises $210M for Z Fund to Bolster Early-Stage Startups Amid Intensifying GenAI Market Competition
Zhipu, a prominent AI company in China, has gathered $210 million for its venture capital fund known as the Z Fund. The goal of the Z Fund is to leverage the dominant position of its parent company in the Chinese AI industry to find and invest in promising start-ups in their early stages.
The Zhipu Ecosystem Fund, often referred to as the Z Fund, accumulated 1.5 billion yuan (equivalent to US$211 million) from its parent company and several state-supported and private organizations, as stated in an announcement released on its authorized WeChat account this past Friday.
This includes the investment arm of the Beijing city government, the Shijingshan District Modern Innovation Industry Development Fund, along with Fuzuo Capital. Fuzuo Capital is linked with the Hangzhou Industrial Investment Group, which serves as the investment mechanism for the capital city of eastern Zhejiang province.
Yanbei Capital, a private equity fund, and Guangdong Aofei Data Tech, a cloud computing infrastructure company located in the southern province of Guangdong, are also included in the limited partners.
Zhipu is bolstering its investment portfolio in response to the intensifying competition in China's congested GenAI market. This market has witnessed the introduction of over a hundred large language models (LLMs), the technology that supports products similar to OpenAI's ChatGPT.
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Chinese AI Behemoth Zhipu Secures New Investment from Beijing, Shenzhen Government Funds Amidst Ongoing US Tech Restrictions
Zhipu, a leading AI company in China, has recently incorporated government funds from Beijing and Shenzhen as its shareholders. The recent financial influx highlights the persistent interest of investors in Chinese AI businesses, even amidst technological limitations imposed by the US.
On the 1st of November, the Beijing Artificial Intelligence Industry Investment Fund, known for its earlier undisclosed investment in a startup in March as per local news, funneled an additional 465,090 yuan (equivalent to US$65,288) into Zhipu AI. This influx of capital allowed the fund to acquire a 1.49% share in the company, as seen in the records of the Chinese corporate database, Qichacha.
On the same day, Zhipu AI also secured funding from entities governed by the local administrations of the southern tech hotspot, Shenzhen, and the central province of Hubei. This increased the company's registered capital from 27.91 million yuan to approximately 31.07 million yuan, as per data from Qichacha.
Zhipu AI, a company based in Beijing, didn't quickly reply to a comment request on Monday.
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Oppo and PolyU Partner to Launch $4.2M AI Research Center in Hong Kong: A Deep Dive into the Future of AI Imaging Technology
Oppo, the renowned Chinese smartphone manufacturer, is set to open a shared AI research facility in Hong Kong, in partnership with PolyU. Oppo has committed to providing US$4.2 million in funding over the coming five years to enhance its cooperation with PolyU in the field of AI imaging technology.
Oppo has committed a minimum of 30 million yuan (equivalent to US$4.2 million) last Friday. This funding, set for the next five years, is aimed at enhancing their joint endeavors with PolyU in the field of AI imaging technology. It is also purposed to escalate the size of joint training for PhD and postdoctoral researchers.
"The main objective of the research center is to foster skills and abilities," stated Zhang Lei, the head professor of computer vision and image analysis at PolyU's computing department, in a recent interview with the South China Morning Post.
The upcoming facility, which is an expansion of a combined innovation laboratory established two years prior, is anticipated to be functional by January of the following year. The goal is to hire approximately 25 PhD researchers and a number of postdoctoral applicants within a span of five years.
GenAI pertains to certain algorithms, like ChatGPT, which are capable of generating fresh content that encompasses audio, code, pictures, written material, simulations, and videos.
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Securing Your Future Health: The Importance of Regularly Reviewing Your Medical Coverage and Opting for VHIS Certified Plans
Regularly Check Your Health Coverage and Secure Early Insurance with the Certified Plans of the Voluntary Health Insurance Scheme.
[The information in this article has been created by our promotional collaborator.]
Is your health insurance keeping up with your needs as time progresses? It's important to periodically reassess your health insurance policies. If you discover that your existing health insurance isn't adequate for your future requirements, it's vital to think about increasing your health coverage! Begin early and consider buying Certified Plans from the Voluntary Health Insurance Scheme (VHIS) for both you and your family to ensure safeguarding for unforeseen circumstances.
Is it certain that your existing health plan will be renewed?
Certain health insurance plans available currently impose age restrictions on policy renewals, implying that the plan will terminate once the policyholder attains a particular age. Nevertheless, the VHIS assures that policy renewals are guaranteed until the policyholder turns 100 years old. This guarantee remains unaffected by any variations in the health status of the policyholder post the initiation of the policy, all the way till they reach 100 years, thereby offering enduring and extensive coverage.
Do prior claims impact the amount of benefits received?
Certain health insurance policies calculate benefits based on each individual illness or injury. Once the total claims for a particular ailment reach the maximum benefit amount, coverage for that condition ends. However, the VHIS Certified Plans tally benefits yearly, without a typical "lifetime benefit limit." This means regardless of whether a claim was made or if the benefit amounts were exhausted in a given policy year, these benefits will be recalculated in the subsequent policy year, independent of previous claims.
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Surge in Hong Kong ETFs: Volatile Stock Market and New Products Drive Record Year
Exchange-traded funds (ETFs) are gaining popularity in Hong Kong due to the unstable stock market. There's been a 48% annual increase in net fund flows, with an ETF that follows the Hang Seng Index exceeding Tencent in daily trading volume.
The exchange-traded fund (ETF) market in Hong Kong is experiencing an unprecedented year due to the latest market surge, its increased participation in the cross-border Stock Connect scheme, and a range of new offerings, featuring Asia's inaugural ETF linked to digital assets.
The inflow of funds in Hong Kong's exchange-traded product (ETP) market, encompassing ETFs and leveraged and inverse products, saw a 48 percent jump year on year, reaching HK$46.7 billion in the initial 10 months, as per statistics from HKEX. This increase pushed the total assets managed by the ETP market close to HK$500 billion.
The financial markets have been unstable as investors anticipate further monetary aid actions and monitor the execution of strategies in China.
He also mentioned that during the recent surge, ETFs made up over 15 percent of the total cash market trading volume.
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Chinese AI Firms’ Ad Spend Soars to $70.2M Amidst Crowded Chatbot Market: An Analysis of Investment vs. Innovation
The study reveals that Chinese AI companies are spending heavily on advertisements as the chatbot market becomes increasingly saturated. Major tech companies like Alibaba and ByteDance, including various start-ups, invested a staggering $70.2 million in the third quarter to market their AI-based products.
The businesses haven't disclosed their marketing expenditure. According to AppGrowing, their spending estimates are derived from publicly available data such as financial results and external marketing measurements, which include daily active users, charges, ad volumes, and the effective cost per thousand. These data sets are amalgamated to estimate a platform's advertising revenue and the ad placement strategies of advertisers over a specified time frame. The company, which refers to these figures as merely "for reference", deducts the ad spend from these elements.
Recent figures have sparked discussions in China about whether local AI companies are investing excessively fast in an attempt to profit from their products. There are concerns within the sector that an overemphasis on commercially viable products rather than basic research may eventually increase the tech disparity with the US.
One hour and forty
Beijing is the venue for the World Robot Conference as China looks to broaden its humanoid robot industry
ByteDance chose not to give a statement. Moonshot AI has not yet replied to a request for their input on the matter this Thursday.
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Apple Delves into Smart Glasses Market: An Inside Look at Project Atlas and Its Potential Challenge to Meta
Apple is investigating the potential of smart glasses, seemingly taking a cue from Meta. The tech giant is currently conducting an internal survey to collect opinions from its staff about smart glasses, according to insiders.
The project, known internally as Atlas, began last week and is centered around collecting insights from Apple staff about smart glasses, as per individuals familiar with the situation. More concentrated group discussions are anticipated in the upcoming period, according to these individuals who wished to remain anonymous due to the confidential nature of the work. Apple's Product Systems Quality team, a segment of the hardware engineering department, is spearheading the research.
"Product development and testing that resonates with everyone is crucial to our operations at Apple," the team stated in an email sent to a chosen group of employees at the company's main office in Cupertino, California. "That's why we're seeking volunteers to be part of a forthcoming user study involving contemporary smart glasses."
In deciding if they should venture into a new category, Apple usually conducts confidential focus group discussions to grasp what appeals to people in current products. The firm generally prefers to utilize its employees instead of its customers for these discussions to keep their intentions under wraps. An Apple spokesperson chose not to comment.
Bloomberg News revealed in a report last month that the company conducted an internal study on a new app. This application, designed for individuals with pre-diabetes, monitors variations in their blood sugar levels and dietary habits.
Recent research indicates that Apple is progressing with its independent development of smart glasses. Bloomberg earlier revealed that the company behind iPhone is contemplating entering the sector, possibly posing a threat to Meta's Ray-Ban device. However, the realization of an actual product could still be several years in the future.
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Hong Kong Stocks Surge to Near 3-Week High as Nongfu, SMIC Thrive Amid Positive Economic Data in China
Shares in Hong Kong are nearing a three-week peak as Nongfu and SMIC experience a surge, following positive financial data from China. Recent insights indicate that China's service and manufacturing sectors experienced growth in October, following a stimulus package from Beijing.
On Tuesday, the Hang Seng Index saw a 2.1 per cent increase, reaching 21,006.97 – its highest closing point since October 18. The Tech Index also experienced a surge, rising by 3.6 per cent. The CSI 300 Index, which measures onshore stocks, ascended by 2.5 per cent, approaching a near three-week high. Meanwhile, the Shanghai Composite Index bolstered by 2.3 per cent.
Nongfu Spring, a manufacturer of bottled water, experienced a substantial increase of 9.6% to HK$33.25, while China's leading chipmaker, SMIC, saw a significant rise of 6.4% to HK$27.50. In addition, there was a rally among mainland property developers. China Overseas Land and Investments saw an uptick of 2.9% to HK$15.66, and Longfor Group's stocks climbed 3.8% to HK$13.60.
"Kenny Ng, a strategist at Everbright Securities, conveyed that investors are optimistic about China's ongoing backing of market growth through certain policy measures. He further explained that these policies are aimed at boosting domestic consumption and the real estate industry, which will be the primary focus of funds allocation."
Three forty-nine
Xi's rallying call establishes economic directives for Chinese authorities, exonerating them from errors.
Prominent companies that saw significant increases include Sunny Optical, an iPhone camera lens manufacturer, which skyrocketed by 14.3 per cent to HK$56.25. Following strong third-quarter earnings that outperformed market predictions, Yum China, a fast-food chain manager, surged 7 per cent to HK$385.80. This occurred after Nomura increased its price target from HK$365.82 to HK$415.
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