Dogecoin skyrockets as Trump appoints Elon Musk as the chief of a new DOGE effectiveness department. Musk, affectionately known as 'Dogefather', has been a steadfast supporter of the dog-themed cryptocurrency and is also a firm supporter of the incoming US president.

Wow, such a strong market.

Dogecoin, a digital currency represented by an adorable dog uttering phrases such as "much wow", has seen a significant increase in its worth following Donald Trump's victory in the recent presidential election.

The initiative is gaining momentum now, following Trump's appointment of Tesla's Elon Musk as a leader of the newly formed "Department of Government Efficiency". Despite its name, it's not a government agency but it does go by the acronym DOGE.

This all seems logical and possibly amusing for those who are perpetually connected to the internet. For those who aren't, here's a bit of clarification regarding what's happening:

What does dogecoin mean?

Dogecoin refers to a type of digital currency. Its value fluctuates against the US dollar, depending on what individuals are willing to pay for it.

Experts suggest that Trump's tariffs on solar panels could encourage Chinese investment in the US. They indicate that Chinese companies are bracing themselves for the worst-case scenario of Trump imposing tariffs on goods shipped from their Southeast Asian locations.

Industry experts suggest that Chinese firms may ramp up the manufacturing of solar panels within the United States. This strategic move is aimed at cushioning any negative impacts from potential increases in export tariffs from Southeast Asia, which may come into effect next year following the commencement of Donald Trump's second term as President in January.

Even if Trump follows through with his intentions to scrap President Joe Biden's $400 billion incentives for green energy initiatives under the Inflation Reduction Act (IRA) passed in August 2022, projections indicate that the demand in the US will still rise, according to sources.

"There will continue to be a strong market for solar energy because it's an established technology and there's a high level of customer understanding and approval," stated Frank Haugwitz, the originator of Asia Europe Clean Energy (Solar) Advisory. "It's significantly more cost-effective now than it was a handful of years back."

China is aiming to bolster its production supremacy in the "new three" industries, namely solar power technology, lithium batteries, and electric cars. Amidst a recent economic downturn marked by a struggling real estate sector and decreased private spending, these sectors emerge as promising facets of China's economy.

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Reasons for the EU and US's worry over China's excess production capacity

Last month, the Biden administration declared initial counterbalancing charges ranging from 2.9 to 30 percent on solar cells imported from Vietnam, Cambodia, Malaysia, and Thailand, potentially starting from April. The official data indicates that these imports to the US were worth about $11.9 billion last year. Haugwitz highlighted that the majority of solar panel manufacturing facilities in Southeast Asia are under Chinese ownership.

This follows a thorough inquiry lasting five months into claims made by American companies First Solar, Qcells, Meyer Burger, and REC Silicon, asserting that their Chinese counterparts enjoyed subsidy benefits. The US made the decision in September to hike up the tariffs on solar cells from China by 100%, bringing it to 50%. Solar cells, which are organized into panels, function by transforming sunlight into electricity.

OpenAI urges the United States to join forces with its allies to outpace China in the AI competition. The creator of ChatGPT suggests that the US and its neighbouring countries should work together in the field of AI and broaden their alliance to encompass nations in the Middle East.

The AI-based start-up announced on Wednesday that the US and its adjacent nations should establish a "North American AI Agreement" that simplifies the process of obtaining resources, funding, and supply chains for the development of the technology. The firm mentioned that this cooperative effort can potentially grow to incorporate a "worldwide network of US allies and associates", which may include countries in the Middle East.

OpenAI presented a new policy framework that encompasses the proposal during an event in Washington, organized by the Centre for Strategic and International Studies. This document contains OpenAI's most comprehensive public recommendations so far on how the US can sustain its dominance in the field of artificial intelligence and cater to the substantial energy requirements of this technology.

OpenAI has suggested that the US should support expensive energy infrastructure projects by pledging to buy power generated from them. The firm advised the US to create "AI Economic Zones" to hasten the approval process and assist in reviving nuclear reactors. It also put forward the idea of growing the nuclear energy capability by using the expertise of the US Navy, which has experience in constructing small-scale reactors for submarines.

"AI offers a critical chance to reestablish the industrial sector in the US, which can stimulate widespread economic expansion and breathe new life into the American Dream," stated OpenAI. "It also provides a crucial element for national security to safeguard our country and our allies from the rising power of China by promoting an AI system influenced by democratic principles, fostering personal freedom, and aimed at benefiting the largest number of individuals."

The Hong Kong stock market continues usual operations amid its inaugural typhoon trading session. While the turnover of HK$173.31 billion (US$22.2 billion) surpassed the 10-month daily average of HK$127.8 billion, it didn't reach the previous day's turnover of HK$184.66 billion.

"Keeping the market operational during typhoons is a significant change for the financial sector of Hong Kong," stated Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury, in a social media post on Thursday afternoon.

The action aligns with global standards and enhances the city's reputation as a leading international finance hub, he further stated.

In the past, Hong Kong's stock market would postpone its opening or remain shut if there was a typhoon signal 8 or above, or a black rain warning. This made it one of the unique major markets to cease operations during inclement weather in the current digital trading age.

On Wednesday evening, the Hong Kong Observatory released a typhoon signal 8, which is the third most severe, due to the approaching Tropical Storm Toraji. Despite the issuance of the T8 alert, the stock and futures market maintained its operations from 9:30am. The warning was downgraded at 10:20am when the storm began to lose strength.

BioNTech of Germany has purchased China's Biotheus, investing $800 million in an effort to expand into the cancer drug industry. BioNTech claims that this acquisition will aid in their quest to create cancer treatments using their established mRNA technology.

BioNTech, headquartered in Mainz, announced on Wednesday that it has entered into a binding agreement to fully acquire Biotheus, a company located in Zhuhai, Guangdong province, primarily with cash.

BioNTech announced that the agreement will bolster its efforts to develop cancer treatments using its established mRNA technology, along with other techniques such as cell and protein-based therapies.

Specifically, the pharmaceutical contender BNT327/PM8002, which Biotheus developed, will become a primary focus once the agreement is finalized. Previously, BioNTech secured the sole worldwide development and marketing rights for this potential drug, excluding China.

"BioNTech is devoted to progressing its research and development, particularly in conjunction with our experimental mRNA vaccines, precision therapies, and treatments that stimulate the immune system. Our goal is to improve results for patients who have solid tumors," stated Ugur Sahin, the CEO and co-founder of BioNTech.

The potential for the drug candidate to surpass the effectiveness of the current batch of drugs, known as checkpoint inhibitors, is apparent. These inhibitors are known for rejuvenating the patients' weakened immune systems, enabling them to detect and eliminate cancer cells.

Chinese electric vehicle manufacturers' global expansion encounters obstacles following Beijing's caution and unsuccessful transactions. In response to officials' advice to avoid investing in EU nations supportive of new tariffs, EV producers might have to reconsider their plans.

Businesses are recognizing that just having cost benefits and understanding key technologies aren't sufficient to ensure the prosperity of massive investments in nations where customers are still unfamiliar with Chinese electric vehicle brands.

Inadequate understanding of foreign legal systems and a shortage of charging facilities in international markets may also hinder expansion beyond mainland China, according to industry representatives and analysts.

"Chinese automakers initiated the development of electric vehicles quite early and are currently leading the pack," stated Sam Wu, the CEO of Ford Motor China, during the Hongqiao Forum in Shanghai the previous week. "However, they are still striving to find a way to reach the international market so that their top-quality products can be made available to customers globally at the most affordable prices."

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Hong Kong biotech start-up reports potential success in HIV treatment vaccine

'We could be nearing a significant discovery,' states Dr Edward Leong, chairman of the advisory board for Immuno Cure.

ICVAX, a product of Immuno Cure situated in Hong Kong Science Park, showed "outstanding safety and encouraging immune response profiles" in its preliminary clinical trial conducted at the Shenzhen Third People's Hospital, according to the company. The trial involved 45 participants.

In contrast to conventional vaccines that are used for prevention, therapeutic vaccines are intended to be given once an infection has already taken place. The company reports that a majority of individuals who were given the ideal ICVAX dosage experienced a more than double increase in their T-cell response. T cells, a category of white blood cells, are responsible for targeting and eliminating cells that are infected.

The company further stated that all recorded "events adversely related to the treatment" were minor.

Immuno Cure announced its intentions to present its research results at scientific gatherings and in a scholarly-reviewed publication. The information collected from the initial testing stage will be forwarded to regulatory bodies for assessment.

The launch of the second phase of the trial is scheduled for the middle of 2025, and it will be broadened to encompass other medical facilities. These include the Phase 1 Clinical Trial Centre of the Chinese University of Hong Kong at the Prince of Wales Hospital, as well as the Guangzhou Eighth People's Hospital. The Shenzhen Third People's Hospital will also participate.

China's electric vehicle industry hits 10 million production landmark, intensifying concerns of oversupply

Between January and October, Chinese electric vehicle manufacturers have supplied 9.75 million units to domestic consumers, marking a 34 per cent annual increase.

The government-supported group, the China Association of Automobile Manufacturers (CAAM), declared that the 10 millionth electric vehicle was produced on Thursday. This represents a 4.3 per cent rise compared to the same time last year and surpasses the 2023 production target seven weeks ahead of the year’s conclusion. The specific car manufacturer was not disclosed by CAAM.

The surge in production indicates China's dominance in the electric vehicle industry and the growing preference of local consumers for eco-friendly and intelligent vehicles. However, this has also sparked concerns about potential overproduction in the mainland's automotive industry, which is experiencing declining interest in gasoline-powered vehicles from customers.

"Electric vehicles surpassing the sales of traditional gasoline cars will lead to many current production facilities and employees becoming obsolete," stated Phate Zhang, the originator of CnEVPost, an electric vehicle information supplier based in Shanghai. "The desire for gasoline cars is predicted to diminish in the near future."

The mainland boasts a total production capability of 40 million vehicles annually and reports approximately 22 million units sold, as per the data from Automobility, a consultancy firm based in Shanghai.

The leading semiconductor packaging company in China undergoes significant changes in its board. Gao Yonggang, ex-chairman of SMIC, stepped down from JCET's board following China Resources' acquisition of the largest share in the company.

The biggest chip-packaging firm in China has undergone a comprehensive reorganization of its board following the acquisition of its majority shares by a state-run conglomerate. This is the newest in a series of corporate restructuring within the semiconductor industry in mainland China.

The seasoned Chinese semiconductor professional, Gao Yonggang, who is also the chairman of Jiangsu Changjiang Electronics Tech (JCET), has stepped down from the company's board. The Shanghai-based company announced in a report on Thursday that two other directors, Peng Jin and Zhang Chunsheng, also resigned. These resignations follow the purchase of a 22.5% stake in JCET by the state-owned corporation, China Resources Group, making it the company's biggest shareholder.

JCET announced that they will convene a board meeting on November 29 to select a new overseer following the resignation of the current one, Wang Xian.

The departures occur while China Resources is broadening its footprint in the domestic semiconductor sector. The firm is already in possession of a chip subsidiary, China Resources Microelectronics.

Regular transactions among China's government-owned businesses, local administration entities, and state-supported funds are a component of the country's broader effort to become independent in the semiconductor sector by leveraging resources from diverse participants.

Shanghai-based hedge fund Pinestone has refuted allegations from the U.S. against its co-founder for stealing trade secrets. The U.S. Attorney's Office in Massachusetts accused Xiao Zhang last month of pilfering proprietary information during his tenure at an undisclosed U.S. fund in 2021.

Pinestone Asset Management, a leading Chinese hedge fund, has refuted allegations made by a federal grand jury in Massachusetts. The charges accuse its co-founder, Xiao Zhang, of illegally acquiring trade secrets from his previous employer in the United States.

The quantitative hedge fund based in Shanghai announced that Zhang has engaged the services of the American legal firm, Quinn Emanuel Urquhart & Sullivan, to protect his legal interests and reputation, as per a Thursday statement.

The accusation against Zhang, alleging that he pilfered commercial secrets to start his own venture in China, bears no relation to Pinestone, a company he helped establish in 2022, as per the statement.

"The timeline of the unfounded claims precedes the inception of Pinestone, and the entities facing charges do not encompass any firms where Zhang works or has founded," was further stated.

On October 31, the Massachusetts US Attorney's Office announced that they had charged Zhang with theft of trade secrets during his employment at a worldwide investment management company in 2021. The office claims that Zhang, while in China, infiltrated his employer's systems and duplicated their code, projects, and research.

Tencent has created 3,000 new positions in the third quarter, indicating a surge in China's Big Tech sector amidst the AI competition. The tech behemoth, headquartered in Shenzhen, has expanded its workforce to over 108,800, bringing close to a two-year period of reduction to a halt.

The recent employment opportunities continue the trend of payroll expansion witnessed in the second quarter. During this period, Tencent incorporated an additional 719 positions from the preceding quarter, bringing the total workforce to 105,506 by the close of June.

Prior to the current year, the number of employees at Tencent had been generally decreasing since its highpoint in March 2022 with 116,213 workers. The firm embarked on a journey of cost reduction in 2022 and 2023, which included staff reduction and closure of some peripheral businesses. This was due to the challenging economic conditions in China and regulatory oversight from the Chinese government.