
ByteDance’s Bold Leap: The Chinese Giant’s Race Against U.S. Rivals in the Realm of Artificial General Intelligence
ByteDance from China is competing with American counterparts in advancing artificial general intelligence. The ambitious investment approach of this Chinese tech giant is embodied in its Seed Edge program, while other significant tech companies are also expanding their AI plans.
"Seed Edge promotes the investigation of ambitious, unpredictable, and audacious AI research areas," stated ByteDance on Thursday. "We aim to offer a flexible research environment to address groundbreaking AI research subjects."
The initiation of ByteDance's AGI initiative has reportedly been personally endorsed by the company's founder Zhang. Since retiring from all his business positions, Zhang has been largely out of the public eye, as stated by a report from the Chinese news platform, LatePost.
Business
Hong Kong’s ‘Minibus King’ Family Sells Prized Office Spaces at Significant Loss Amid Market Slump: A Deeper Dive into the World’s Costliest Property Transaction

The relatives of the individual known as the 'minibus king' in Hong Kong have sold The Center offices at a 34% loss due to the market decline. Ma Ah-muk acquired these floors in 2018 from Li Ka-shing's CK Asset, a deal which, at the time, was the most expensive property transaction worldwide.
Property investors in Hong Kong persist in selling their assets at reduced prices due to elevated interest rates. Experts anticipate that more financially strained owners will find themselves in a similar situation in the near future.
Centaline Commercial, the exclusive agent, has announced that the floors are now divided into 13 separate units for individual sale. These units vary in size, ranging from 1,842 square feet to 9,565 square feet. Initially, the owner plans to put eight units on the market, setting a starting price of HK$21,800 (US$2,800) per square foot. This is roughly 34% less than the HK$33,000 that Ma paid back in 2018.
The family of Ma possesses over 10 levels of the structure, and they are also putting the 53rd level on the market.
A Centaline agent mentioned that the 45th floor was the tallest subdivided floor in Central that was accessible. They also added that it was the inaugural occasion in which the proprietor consented to divide the floors.
Business
HSBC Leads Charge in Slashing Hong Kong Mortgage Rates: A Potential Trend Among Major Banks to Revive Slumping Home Sales

HSBC reduces interest rates on fixed mortgages in Hong Kong due to declining sales
There's a possibility that other banks will also implement comparable reductions to lessen financial charges and stimulate the rejuvenation of property sales.
The financial institution has proposed a fixed-rate scheme of 3.25% for a three-year period or 3.15% for a five-year period, commencing in September.
"Major banks might emulate HSBC," stated Eric Tso Tak-ming, the senior vice-president of mortgage brokerage firm mReferral. He added that in September, both the Bank of China (Hong Kong) and Standard Chartered had initiated comparable strategies following HSBC's lead.
Business
Silent Streets in China’s ‘iPhone City’: The Impact of Market Rivalry and Shifting Global Supply Chains

'Job opportunities decline': Silence descends on China's 'iPhone City' amid increasing market competition
The massive iPhone manufacturing facility in Zhengzhou is reducing employment opportunities as Apple's market dominance in China diminishes and Foxconn moves production abroad.
Yukang, an area composed of residential buildings, eateries, and grocery stores, located in the peripheral area of the central Chinese city, Zhengzhou, was once a thriving center for China's migratory workers.
The streets were bustling with employment brokers recruiting for the adjacent mega factory operated by Foxconn Technologies, the company responsible for assembling the majority of the world's iPhone devices for the American technology powerhouse, Apple.
The vicinity was strangely silent in the days leading up to the Lunar New Year towards the end of January. There was a scarcity of job postings, and numerous migrants had departed ahead of schedule to go back to their native places.
The Foxconn hiring office in the area was nearly empty, with only a pair of applicants showing up for their interviews throughout the course of the Post's half-hour stay.
Regional representatives expressed their grievances about Foxconn reducing their workforce in Zhengzhou and relocating jobs abroad, thus making it difficult for them to make a living.
The number of people they employed last year was less. Presumably, this is due to Foxconn transferring their manufacturing units from China. Yukang is suffering due to a significant change in the worldwide supply chain, as Apple's market presence in China decreases and Foxconn relocates its production away from China's export centers in the midst of a growing trade conflict between the US and China.
Business
OpenAI’s Strategic Shift: Merging o3 with GPT-5 Amid Rising Investor Scrutiny Over AI Spending in US Companies Post DeepSeek’s Low-Cost Model Launch

CEO Altman announces OpenAI's plan to streamline product lines by combining o3 with GPT-5
Increased investor examination is expected for US firms following their substantial expenditures, especially after the introduction of a budget-friendly AI model by Chinese newcomer, DeepSeek.
The startup, supported by Microsoft, is set to launch a GPT-5 model. This advanced AI system will integrate o3 and other technologies, according to a statement he made on X.
In December 2024, OpenAI revealed their o3 and o3 mini models.
"Our goal is to considerably improve the simplicity of our product range. We intend for our AI to operate seamlessly for you; we acknowledge that our model and product range have become complex," said Altman, without providing any scheduled date for the launch of these products.
Business
CATL’s Quest for Global EV Battery Dominance: Strategies, IPOs, and International Expansion

CATL in China aims to lead the global market in EV batteries with a US$5 billion IPO in Hong Kong. Foreign trade accounted for 31% of CATL's overall sales in the first three-quarters of 2024, a minor decrease from 32.7% in 2023, based on stock exchange reports.
Known as CATL, the company is keen to boost its financial reserves by making its initial public offering in Hong Kong. This move is aimed at strengthening its operations beyond the mainland. As it does so, it continues to compete with rivals such as LG Energy Solution to be a supplier to the largest electric vehicle manufacturers in the world.
"The majority of the organization's funds are in Chinese yuan," stated Ding Haifeng, an advisor at Integrity, a financial consultancy based in Shanghai. "Raising funds in Hong Kong will solidly bolster its aspirations to become the unrivalled leader in the global EV battery market."
The company, listed in Shenzhen, reported having $6.7 billion and €3.9 billion (equivalent to $4.04 billion) in foreign currencies as per the financial records of June 30 last year.
Two minutes past one
China intensifies support for swapping traditional vehicles for electric ones.
CATL, having submitted its initial public offering (IPO) proposal to the Hong Kong stock exchange on Tuesday, is reportedly aiming to garner a minimum of US$5 billion from its transaction. This could possibly be the city's biggest equity sale since Kuaishou Technology accumulated US$6.2 billion in January 2021. The funds raised will be utilized for constructing factories abroad, where expansion has decelerated.
If CATL's secondary listing proves successful, it would join a roster that includes well-known companies such as Alibaba Group Holding, Nio, Baidu, and numerous others from mainland China. Alibaba, the owner of the Post, managed to raise US$13 billion in 2019 through their secondary share sale in the city.
Business
Hong Kong Stocks Retreat from 4-Month Peak: DeepSeek-Driven Rally Temporarily Halts as Hang Seng Tech Index Drops; Alibaba Holds Steady

Hong Kong shares retreat from a four-month peak as the excitement driven by DeepSeek takes a breather. The Hang Seng Tech Index forfeits growth of up to 4.2 per cent, closing 0.9 per cent down; meanwhile, Alibaba continues its steady progress.
The Hang Seng Index experienced a slight decrease of 0.2 per cent, closing at 21,814.37. The Hang Seng Tech Index, which has seen significant growth due to the DeepSeek excitement, dropped by 0.9 per cent. It overturned a rise that had reached up to 4.2 per cent, a surge that had momentarily pushed the measurement beyond a high from September after China declared a comprehensive support plan to bolster the equity and real estate markets.
On the mainland, both the CSI 300 Index and the Shanghai Composite Index experienced a decrease of 0.4 per cent.
Xiaomi, the mobile phone manufacturer, and Lenovo Group, the PC manufacturer, were the biggest losers in the tech sector, with both companies seeing a minimum of 5% losses. Similarly, Semiconductor Manufacturing International Corp (SMIC) saw a drop in their shares after Bocom International reduced their stock rating to neutral. On the other hand, Alibaba Group Holding kept up its pace, recording its largest increase in over two years.
"Looking at the immediate future, the re-evaluation phase has been completely accounted for," stated Zhang Jiqiang, a financial examiner at Huatai Securities in Beijing. "The recovery might be beginning to slow down at this point."
Business
Hong Kong: The Emerging Epicenter of Web3 Innovation and Metaverse Development Led by The Sandbox

Emerging opportunities continue to position Hong Kong at the leading edge of advanced Web3 growth. The Sandbox, an online gaming platform, is spearheading metaverse development in the city and fostering the digital future of local talents.
Hong Kong is progressing towards its ambition of becoming a global center for advanced innovations and technology. It's crucial to provide a conducive atmosphere for entrepreneurship that can lure appropriate skills and funding.
A variety of specialized programs have been established for this purpose. Crucially, any enterprise seeking hands-on help and guidance, whether for establishment or growth, can also approach InvestHK.
The purpose of this governmental body is to draw in international direct investment, offering hands-on guidance to businesses from mainland China and abroad who are unfamiliar with the city and its surrounding region. It assists in steering businesses of all kinds – from fledgling start-ups to seasoned enterprises – in the right direction as they grapple with issues like local laws, regulatory measures, tax structures, company establishment, locating facilities, hiring employees, or venturing into new markets in the Greater Bay Area of Southern China and further afield.
Numerous instances have proven that its initiatives are advantageous not just for the companies engaged but also for the broader economy. This is achieved through the generation of high-caliber employment opportunities and enhancing Hong Kong's image as a hub of innovation, investment, and the early uptake of cutting-edge technological advancements like Web3. This term pertains to the internet's third evolution phase that leverages technologies to distribute data ownership and online authority more broadly and to maximize the use of artificial intelligence.
In Hong Kong, advancements in Web3 technology are creating numerous new opportunities, and InvestHK has rapidly stepped in to back proactive businesses aiming to pioneer in this field.
Sebastien Borget, the COO and co-founder of The Sandbox, a metaverse platform developer, shared that their time in Hong Kong revealed the city to be more than just conducive for businesses. He mentioned that it also functions as a vibrant center for experimentation, community development and expansion of global operations.
Business
DeepSeek’s AI Revolution: Shaping the Future of Governance from Shenzhen to Kunshan

DeepSeek propels the use of AI by regional Chinese administrations from Shenzhen to Kunshan. Chinese district authorities are employing DeepSeek's systems for numerous tasks, ranging from reviewing papers to finding missing individuals.
Officials in the Longgang district of Shenzhen, situated in the Guangdong province, have employed the newest model of DeepSeek to enhance the management of its 4 million inhabitants living in an area exceeding the size of Singapore. This marks the first instance of a district government in China extensively adopting the cost-effective, high-performing reasoning model from the start-up.
The person responsible for implementation reportedly stated that government data was confidently incorporated into the model by the authorities.
According to a post on the Longgang government site, an AI assistant has been instrumental in reducing the time spent on creating and reviewing documents. Previously, a government representative would spend approximately four to five minutes to review 1,000 Chinese characters. However, the report indicates that DeepSeek's system can complete the same task "in seconds".
Business
Changan Unveils Deepal EV Brand in Hong Kong: A Strategic Move for Global Expansion and Collaboration with Dah Chong Hong on S07 SUV Sales

Changan from China has introduced the Deepal EV brand in Hong Kong, marking a step in its international expansion strategy. Changan will collaborate with Dah Chong Hong to market the right-hand drive model of the S07 SUV.
Deepal, the electric vehicle (EV) brand of Chongqing Changan Automobile, is the most recent mainland Chinese auto manufacturer to utilize Hong Kong as a trial market with the introduction of its S07 SUV on Thursday.
The company based in Chongqing announced its collaboration with Dah Chong Hong Holdings, a prominent car distributor in Hong Kong, to begin sales of the right-hand drive variant of the S07 from Thursday.
Deepal announced that the initial group of deliveries would be ready by the second quarter, further stating their intentions to launch additional electric vehicle models in Hong Kong, such as their S05 SUV and the versatile E07 SUV.
The head of Changan's Southeast Asia operations, including Hong Kong, Shen Xinghua, stated that the city is an excellent starting point for the company.
"He stated that the government's encouraging initiatives will hasten the transition from vehicles powered by internal combustion engines to electric vehicles."
Shen also mentioned that the firm plans to set up a reserve component supply chain in Hong Kong and intensify training for technicians.
Business
S&P Predicts Lower Valuation and Rent Slumps for Hong Kong Office Landlords Amid Economic Uncertainty

S&P predicts that the next issue for Hong Kong office property owners will be a lower valuation. As office rental rates are nearing the figures recorded in 2012, these landlords will face challenges such as lower property worth, and an increased number of distress sales, according to S&P.
The price of top-quality office rentals may decrease by up to 10% this year, according to a report published on Thursday by the rating agency. This is twice the previously estimated 5% decrease. The report further stated that the added availability of office spaces from newly finished projects could further stress property owners in a market favorable to tenants.
"Hong Kong property owners are grappling with financial instability and increasing competition from new constructions," says credit analyst Oscar Chung in the report. "We anticipate that they will use more strategies to keep their tenants, including significant reductions in rent prices for lease renewals."
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China plans to implement duties on certain American goods in response to Donald Trump's 10% tariffs coming into operation.
Premium office lease rates have dropped by 62% since their high point in October 2018, as per government statistics. This decrease is due to the impacts of social instability, the Covid-19 crisis, and an economic downturn on the market. Rental rates in nine regions, including Sheung Wan, Central, Wan Chai-Causeway Bay, and Tsim Sha Tsui, have plummeted to HK$309 to HK$914 per square meter, nearing figures last observed 13 years ago.
Business
Alibaba’s Tsai Champions DeepSeek: A Low-Cost, Open-Source Game Changer for AI Development

Chairman of Alibaba, Joe Tsai, praises DeepSeek as a source of inspiration for AI developers in the open-source community. He urged, at the World Governments Summit, to identify real-world issues and apply AI to address them.
Tsai explained that their demonstration revealed how engineering innovation can significantly reduce the expenses tied to training and implementation of extensive language models. This revelation could prompt companies to understand that massive investments amounting to hundreds of billions of dollars in computing infrastructure aren't necessary, he added.
Five in the morning
Could China's inexpensive DeepSeek herald the conclusion of Nvidia's reign in the chip market?
Tsai compared the progress of AI models to schooling, pointing out that kids from affluent families usually have a head start.
He suggested that perhaps only a handful of wealthy parents could afford to raise the most intelligent children. He continued, stating that if our sole objective in life is to create a proprietary AI system that outperforms the most brilliant PhD student in all fields, or a child capable of winning the Nobel Prize, then he personally believes the worth of such a pursuit is nearly negligible.
The businessperson, aged 61, urged businesses to take advantage of open-source technologies. He also appealed to developers to create applications that address actual-world issues.
"He suggested identifying the real-world issues and utilizing AI to address them," he stated. "Many individuals will begin to invest resources into applications," he added.
Similar to DeepSeek, Alibaba also creates open-source AI models that are freely available for public use and alterations. Nonetheless, its most sophisticated models are not open-source.
Business
Chinese Apps Make a Comeback in India: Shein, Taobao and More Return Years After Border Clash

Chinese applications, such as Shein and Taobao, are making a comeback in India, five years post the border conflict. Platforms like Alibaba's Youku and Tencent's popular PUBG Mobile are making a return under different brand names, signifying a warming in relations between China and India.
Shein, originally established in China but currently based in Singapore, has re-emerged through a new application called "Shein India Fast Fashion". This app was specifically introduced for the South Asian nation.
The application was released towards the end of January by the domestic company Reliance Retail and is available on both Google Play and Apple's App Store, as per information from Data.ai. As reported by the BBC last week, an executive from the retail division of the Indian business giant Reliance Industries stated that Reliance Retail has secured a long-term licensing agreement with Shein to distribute items produced and obtained locally.
Alibaba, which owns the Post, adopted a comparable strategy with Youku. A global edition of the app named "Youku – Drama, Film, Show, Anime" had been accessible in different regions since 2021 for iPhone users and 2022 for Android users. The app had been present in India at least from November 2024, according to the earliest data available on Data.ai to the Post.
The Android variant of the application was released by Youku, while the iPhone variant was rolled out by Alibaba's Hong Kong-based subsidiary, Jet Brilliant.
It appears that Taobao has made a comeback as the same application that was previously available in India prior to its prohibition. According to Data.ai, it has been accessible since November at the very least.
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