Alibaba Cloud scores a major win as 'China's Instagram' concludes its massive data migration. The widely used lifestyle social network, Xiaohongshu, undertook a year-long process to transfer 500 petabytes of data to China's leading cloud service provider.

The transfer of a 500-petabyte "data lake" – a storage system that holds, manages, and protects vast quantities of both organized and disorganized data – began last November. It took a year and the collaborative efforts of 1,500 employees from Xiaohongshu working with Alibaba teams to finish, as per an announcement from Alibaba Cloud. Alibaba is the owner of the South China Morning Post.

The data lake holds all the unprocessed and essential data that Xiaohongshu has gathered since it began its operations 11 years ago. To give you an idea, one petabyte of data can store approximately 11,000 4K ultra-high-definition films, which would take over two and a half years of continuous viewing to complete – assuming each film is around 90 gigabytes in size and two hours in duration.

This represents a significant victory for Alibaba, as competition intensifies among cloud service providers to improve their data centers in response to the growing need for artificial intelligence services. Alibaba holds the top position in China's cloud provider market with a 36% share in the second quarter, as stated by Canalys. It also leads in the Asia-Pacific region and ranks third globally in terms of revenue.

Xiaohongshu, located in Shanghai, is the biggest lifestyle-oriented social media platform in China, with over 300 million active users each month and has seen quick growth in recent years. The colossal data it produces daily has led to migration issues that Alibaba Cloud described as "inconceivably complex" in its statement released on WeChat.

The most significant victory for the U.S. cryptocurrency sector? Possibly Gary Gensler's probable exit.

President Donald Trump had earlier promised to dismiss the chairman of the SEC at the start of his second term.

The ex-banker from Goldman Sachs has spearheaded an unprecedented regulatory clampdown on the digital asset sector, initiating multiple lawsuits against numerous crypto firms and traders of all sizes. This includes financial giants like Coinbase Global and proprietary trading company DRW Holdings.

The Securities and Exchange Commission (SEC) frequently boasts about its victories in legal battles where it has successfully argued that traditional securities laws should be applicable to the emerging digital asset category. It has also managed to impose substantial penalties on some of the most prominent players in the field.

Terraform Labs, a company that issues stablecoin, and its founder, Do Kwon, were slapped with a hefty US$4.5 billion fine by the agency in April. The agency's annual enforcement report for fiscal 2024 has not been made public yet. However, according to a study by the consultancy firm, Cornerstone Research, the agency launched 46 similar cases the previous year, marking a surge of over 50% compared to the year before.

The greatest victory for the US cryptocurrency sector? Possibly Gary Gensler's anticipated exit.

President Donald Trump has earlier committed to dismissing the SEC chairman immediately at the start of his next term.

The ex-Goldman Sachs financier has spearheaded an intense regulatory clampdown on the cryptocurrency sector, initiating numerous lawsuits against both major and minor crypto organizations and traders. This includes financial giants like Coinbase Global and the private trading company, DRW Holdings.

The SEC frequently highlights its triumphs in court where it has managed to secure rulings that support its opinion that longstanding securities laws are applicable to the emerging class of digital assets. It has also imposed significant penalties on some of the most prominent figures in the sector.

Terraform Labs, a company that issues stablecoins, along with its founder Do Kwon, was slapped with a hefty $4.5 billion penalty and forfeiture by the agency in April. The agency's annual report for fiscal 2024 detailing its enforcement actions has yet to be unveiled. However, based on the information provided by consulting firm Cornerstone Research, the agency filed 46 similar cases in the previous year, marking an increase of over 50% from the preceding year.

The most significant victory for the US cryptocurrency sector? Probably Gary Gensler's expected exit

President Donald Trump had earlier promised to dismiss the SEC head immediately upon starting his second term in office.

The ex-Goldman Sachs financier has spearheaded the most rigorous regulatory clampdown on the digital currency sector, initiating numerous legal actions against big and small crypto businesses and traders, such as financial giants Coinbase Global and the private trading company DRW Holdings.

The SEC frequently highlights its triumphs in court where it has been able to secure judgments that support its stance that traditional securities laws are applicable to the emerging digital asset class. It has also successfully imposed hefty penalties on some of the leading figures in the sector.

In April, Terraform Labs, a company that issues stablecoin, and its founder Do Kwon were subjected to a hefty penalty of US$4.5 billion by the agency. The agency's annual report detailing its enforcement actions for the fiscal year of 2024 is yet to be published. However, Cornerstone Research, a consulting firm, reported that the agency launched 46 similar cases the previous year, marking an increase of over 50% from the year before.

The CEO of Bulgari anticipates that the increase in Chinese consumers will drive the expansion of the luxury market as the economy strengthens. The Italian fashion label, part of the LVMH group, is wagering on a revival in the upcoming two years and has plans to establish additional stores on the mainland.

Italian high-end fashion brand Bulgari intends to expand its store presence in mainland China, anticipating that considerable online sales will drive its growth.

"Our presence in China is already quite robust, however, we see a chance to elevate our brand to an even greater status," stated CEO Jean-Christophe Babin during the China International Import Expo (CIIE) in Shanghai.

The manufacturer of timepieces, perfumes, jewelry, and leather products has experienced a decline this year. However, Babin is optimistic that the high-end market could rebound within the next two years as the nation's economy recovers.

"The digital enterprise is holding up significantly better due to its extensive customer base, and it continues to expand," he further stated. The brand, owned by LVMH, has online shops across numerous Chinese platforms, featuring a high-end 'pavilion' on Alibaba Group Holding's Tmall retail platform. The Post is owned by Alibaba.

Bulgari, headquartered in Rome, marked its 140th anniversary this year. The brand made its debut in China with a small 12-square-metre shop in 2004. Now, it boasts over 100 stores across the mainland, spanning 40,000 square metres, and has a workforce of 1,500 employees.

The firm is dedicated to increasing its footprint in mainland China, which stands as one of its crucial markets.

Two hours and nine

Young individuals in China are shifting away from consumerism, choosing instead to seek satisfying experiences.

Honoring Achievement: CIC Exceptional Contractor Accolade 2024

Paying tribute to forward-thinking contractors committed to constructing a resilient city using innovation, eco-friendly methods, and an unwavering adherence to ethical principles.

[The information in this article has been generated by our promotional collaborator.]

The Building Industry Council (BIC) recently gathered top contractors from Hong Kong to honor the recipient of the Exceptional Contractor Award (ECA) during a prestigious event on November 6 at the Island Shangri-La Hotel.

This event, which takes place every three years, celebrates the notable efforts of contractors in various categories including Major Contractor, Contractor, Specialist Contractor, and RMAA Contractor (Repair, Maintenance, Alteration, and Addition). It acknowledges their dedication to safety, creativity, support of young professionals, sustainability, adherence to professional standards, and management of integrity.

During the introductory speech, Ir Prof. Thomas Ho On-sing, the CIC Chairman, energetically kicked off the night by likening the OCA to the "Oscars of the Construction Industry".

Considering the tenacity and commitment demonstrated by contractors in the past few years, Professor Ho praised their capacity to execute intricate projects in difficult circumstances, such as quick-action health and housing services that catered to immediate community requirements.

"The individuals we are recognizing this evening embody the highest standards in areas such as safety culture, corporate creativity, professionalism, and ESG values, among others. We aim for them to keep raising the bar, boosting the significance of the construction sector in Hong Kong's growth," he stated.

Qualcomm's chip sales skyrocket due to Chinese smartphone manufacturers, however, a shift from Apple is impending. The introduction of new top-tier phones from Chinese Android companies like Xiaomi, Oppo, and Vivo have played a significant role in boosting Qualcomm's projections.

The firm's stocks experienced a 5.5% increase during after-hours trading. This follows a 12% boost immediately post-announcement of the company's financial results. Alongside this, the company signaled a fresh $15 billion stock repurchase.

The company headquartered in San Diego, California is the leading provider of smartphone chips. It's seeing advantages from the rebound in smartphone markets as customers replace their devices for AI features like chatbots and image creators.

In the last fiscal year, Qualcomm generated 46 per cent of its income from clients based in China.

Trump has suggested potential plans for his second term which include imposing broad tariffs ranging from 10 to 20 percent on nearly all imported goods. Additionally, he proposes tariffs of 60 percent or higher on Chinese goods, as a strategy to stimulate US manufacturing.

Henlius and XtalPi, both Chinese pharmaceutical firms, have secured agreements for international expansion, following the trend of Chinese drug companies seeking growth overseas. Shanghai Henlius has managed to secure a contract in Saudi Arabia, while XtalPi has formed a collaboration with Sinar Mas Multiartha in Indonesia.

"Partnering [with SVAX] is a vital element of Henlius' global expansion strategy, which will speed up our business growth in crucial markets and enhance our global competitiveness," stated the company's CEO Zhu Jun.

The initiatives highlight the growing tendency of companies on the mainland, spanning various sectors, to enlarge their operations abroad in order to withstand the severe domestic competition. The pharmaceutical sector is the most recent to seek international expansion or "go out", following the footsteps of e-commerce, AI, and electric vehicle manufacturers.

Could Trump's comeback trigger another massive surge in China's stock market? Experts have their say

Trump's tenure is frequently linked to trade disputes and tariffs, with significant stock gains often going unnoticed.

Is there a cause for concern among international investors in Chinese stocks regarding his second term as president? Past experiences indicate that these anxieties may be unwarrant

The MSCI China Index, monitoring around 700 domestic and international Chinese stocks, yielded a 98.4% return in US dollar value during his initial term as president from 2017 to 2021. Meanwhile, the Hang Seng Index saw a rise of 31%, and the CSI 300 measure of onshore stocks increased by 73.6%.

Here are a few insights on the future prospects of Chinese stocks from various global fund managers and investment banks.

Three thirty-six

Donald Trump garners sufficient Electoral College votes to clinch the 2024 US presidential race.

BCA Research: Does the potential escalation of trade conflicts imply an increase in China's economic stimulus, hence opening up more opportunities for Chinese stocks? That's not certain. Trump's triumph was expected and China's stimulus strategy was formulated taking this possibility into account.

Although a substantial financial boost is on the way, it's doubtful that it will lead to a significant rebound within the next six to nine months. In addition, the US and China are expected to strike a trade agreement, but the process will likely cause market instability. The Montreal-based company mentioned in their Thursday report that the US must demonstrate a believable threat of harm to secure its preferred deal.

Chinese behemoths like Alibaba and ByteDance are being attracted by the booming e-commerce sector in Southeast Asia. According to a recent report, the region's e-commerce market is predicted to grow twofold by the year 2030.

According to a study by American tech powerhouse Google, Singapore's state-owned investment company Temasek Holdings, and consulting firm Bain & Co, the e-commerce sector in Southeast Asia is projected to grow over twofold in the upcoming six years, potentially hitting a value of $370 billion by 2030.

The research, released on Tuesday, examines the digital economies of six key Southeast Asian countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Combined, their total goods worth (GMV) is predicted to increase by 15 per cent this year, hitting US$263 billion, while their income is forecasted to grow 14 per cent, reaching US$89 billion.

TikTok Shop, which almost four times increased its yearly Gross Merchandise Value (GMV) to $16.3 billion the past year, currently ranks as the second biggest online retail platform in Southeast Asia, as per a distinct report by Momentum Works, a consultancy firm based in Singapore. Discount shopping platforms like Shein and Temu are also broadening their reach.

Samsung and SK Hynix, the leading memory chip manufacturers from South Korea, are promoting their newest offerings at CIIE. The prominent display from these two companies highlights China's immense need for memory products, being the globe's second-largest economic powerhouse.

In related news, SK Hynix displayed its CXL Memory Module-DDR5, a dynamic random access memory (DRAM) product. This innovative product can boost bandwidth by as much as 50 per cent and double the capacity for contemporary computing and storage systems.

The prominent display from the two tech companies from South Korea at the CIIE signifies the enormous global need for memory products in the world's second biggest economy.

Wang Huiwen, co-founder of Meituan, is reportedly back to spearhead the company's AI initiatives following a break, according to reports. Wang, who sold his AI start-up Light Year to Meituan the previous year, is said to have returned to oversee the company's AI strategies.

Wang Huiwen, who resigned from his positions as non-executive director and member of the nomination committee last year, will now have some responsibility over Meituan's generative AI project, according to a Wednesday report from tech news outlet 36Kr, which referenced unnamed sources.

The 46-year-old Wang is set to lead the GN06 group in the pursuit of fresh prospects related to artificial intelligence. The group operates autonomously from other business sections of Meituan, including the current internal team that manages AI models, as per the report. A notable product from GN06 is an AI assistant known as Wow.

Meituan didn't provide a comment right away when asked. The company's shares saw an increase of 5.6 per cent on Thursday, ending the day at HK$199.9 (US$25.7).

Wang has demonstrated a prior fascination with AI. In February of the preceding year, a few months post the launch of OpenAI's revolutionary ChatGPT bot that sparked an international AI competition, Wang established his own AI business, Light Year, committing to invest $50 million of his personal funds.