Zhang Yiming, the founder of ByteDance's investment fund, has been granted a Hong Kong asset management license. This regulatory endorsement allows the fund, which was initiated by the owner of the Chinese parent company of TikTok, to offer services to professional investors.

The business headquartered in the International Finance Centre in the Central business district has Liu Bide and Liu Zhao as its accountable executives. There are no other records associated with Liu Bide at the SFC. However, Liu Zhao previously served as a representative for Barclays Capital Asia between the years 2013 and 2015.

ByteDance chose not to respond. Attempts by the Post to contact Zhang for a statement were unsuccessful.

China needs to utilize advanced AI to revolutionize its financial industry, says ex-PBOC representative

This appeal surfaces as the Chinese administration is pushing to recharge the economy by nurturing "new superior productive forces."

An ex-vice governor of China's central bank has urged the nation's financial sector to harness the transformative power of budding artificial intelligence (AI) technology. This comes as Beijing aims to foster "new high-quality productive forces" to rejuvenate the economy.

Artificial Intelligence (AI) has significantly contributed to the evolution of conventional financial services including client assistance, investment, and risk management, stated Li Dongrong, the ex-deputy governor of the People's Bank of China. He expressed this at a professional gathering in Shenzhen on Sunday, as per a post on social media by the event's organizer.

"Currently, the development of advanced, large-scale language models has also become a crucial catalyst for the evolution of the banking sector."

Since the Chinese government released a development strategy for the AI industry in 2017, a holistic industrial infrastructure for AI has been established, according to Li. He further mentioned that the primary industry is now valued at approximately 600 billion yuan (equivalent to $82 billion USD).

Prominent Chinese banking entities like the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank are allegedly investigating methods to improve their functions through the use of extensive language models and additional AI technologies.

Hong Kong grants permits to four additional cryptocurrency exchanges in response to a spike in bitcoin prices. These approvals increase the overall count of licensed digital asset companies to seven, indicating Hong Kong's efforts to rejuvenate its cryptocurrency sector.

The green light has been given as the city takes steps to bolster the digital asset regulatory system it started two years ago. The aim is to rejuvenate the cryptocurrency industry in the city and safeguard individual investors. While mainland China continues its rigid prohibition on commercial activities related to cryptocurrencies, Hong Kong is striving to be a gateway to digital assets like bitcoin. The value of this digital currency has increased by 60 per cent over the past half-year and recently exceeded US$100,000 for the first time.

"Through active discussions with the top executives and primary stakeholders of VATPs, we are able to clearly communicate our expected regulatory norms and speed up our licensing process," stated Eric Yip, the SFC's head of intermediaries. "Our goal is to find a middle ground where we can protect investor interests while still promoting the ongoing growth of the virtual asset environment in Hong Kong."

The recently authorized exchanges are permitted to "conduct limited business operations" once they have fulfilled the necessary corrective measures, along with "an independent third party performing a satisfactory vulnerability assessment and penetration test", stated by the SFC.

Earlier, the regulatory authority had granted licenses to three domestic crypto platforms: OSL, HashKey, and HKVAX. This year, nearly 30 companies were vying for the license, but only about 12 are still in the running after several major platforms, such as OKX and HTX, pulled out their applications due to strict regulatory demands. Four new licences have now been issued.

CATL plans on constructing 1,000 electric vehicle (EV) battery exchange facilities in China to alleviate concerns over driving distance. The company, along with its collaborators such as Changan Auto and FAW Group, will develop ten new EV models that incorporate this battery swap technology, as stated by the chairman.

The firm announced that the facilities would enable electric vehicle owners to swap their depleted battery packs with fully powered ones in less than two minutes. Some of these stations are planned for construction in Hong Kong and Macau, as part of increased efforts to transition more users away from gas-fueled vehicles.

"CATL is committed to advancing top-notch EV battery technologies," stated Robin Zeng Yuqun, the billionaire originator and head of the company, during a digital press conference on Wednesday. "Being the market front-runner, we plan to collaborate with our associates to establish a robust environment for facilitating innovative advancements."

Headquartered in Ningde, in the east of Fujian province, CATL has plans to construct a total of 30,000 battery exchange sites in the future, according to Zeng, who did not provide a particular timeline. To broaden the charging network, the company will also welcome outside investors.

CATL, a battery supplier for major clients like Tesla and BMW, also provides EV users with swappable battery rental services starting from 369 yuan (equivalent to US$51) per month. The company has received subscription orders for its Choco-SEB batteries from over 30 companies, amounting to a total of 107,500 units, as reported by Zeng at the press conference.

CATL, along with its collaborators including Changan Automobile and FAW Group, plans to create 10 additional electric vehicle models utilizing battery switch technology, the firm announced.

Despite falling stock prices and financial difficulties, New World intends to maintain its business plan. On Wednesday, the firm's shares dropped 6.7% to HK$5.27, leading to a total decline of 55% this year.

New World Development (NWD) has announced its intention to maintain its current corporate strategy, despite worries regarding its financial stability after reporting a historic yearly loss and an increased debt burden.

"We want to emphasize again that we remain in adherence with disclosure obligations, offering prompt and fitting updates to our investors and shareholders," the company stated on Wednesday. They also mentioned that they have observed "several false speculations and rumors" about the firm.

The developer, listed in Hong Kong, did not provide further details on the rumors or its business plan. Echo Huang Shaomei was announced as the new CEO on November 29, succeeding Eric Ma Siu-cheung who held the position for just two months.

The most recent announcement was made following a 6.7 per cent drop in the company's shares to HK$5.27 on Wednesday, the lowest they've been since at least 1986 based on data from Bloomberg. The shares have seen a 20 per cent decrease in the last five days, contributing to a total drop of 55 per cent this year. The company first went public in 1972.

As per the annual report, New World Development (NWD) had a consolidated net debt of around HK$123.7 billion (US$16 billion) as of June 30. Its net gearing or debt-to-equity ratio stood at 55%, which is among the top in the industry. The company's interest-based loans and bonds totaled to HK$151.6 billion. NWD recorded an unprecedented loss of HK$19.7 billion for the fiscal year ending June 30.

The software creator sent a letter to its financial lenders requesting a relaxation of loan terms, according to a recent report from Debtwire that referred to anonymous sources. The company asked for leniency following a violation of its net debt-to-assets ratio limit, a situation that could potentially enable lenders to demand immediate repayment of their loans, as per the report.

News Flash | US Supreme Court consents to examine law prohibiting Chinese-owned TikTok

The debate on the potential infringement of free speech, as safeguarded by the US Constitution, due to this law, is slated for January 10.

The U.S. Supreme Court announced on Wednesday that it would examine a U.S. legislation requiring a countrywide prohibition of the widely-used Chinese video application, TikTok, should it not find a non-Chinese purchaser by January 19.

Debates on whether the legislation infringes on the freedom of speech safeguarded by the US Constitution are set for discussion on January 10.

The judiciary has instructed the appellants to present a summary by December 27, discussing if the legislation, formally referred to as the Protecting Americans from Foreign Adversary Controlled Applications Act, infringes upon the rights to freedom of speech.

"Only in exceptional and specific situations have speech limitations withstood the Constitution's most stringent test," TikTok stated in an urgent plea it submitted on Monday, asking for a temporary pause on the prohibition.

TikTok has requested the court to follow its usual procedure in free speech cases, which involves applying the strictest examination to speech restrictions and declaring that it breaches the First Amendment.

TikTok urgently requests the US Supreme Court to pause the enforcement of a divestiture or prohibition law until further examination. The topmost court in the US is being called upon to reassess a lower court's decision, while Donald Trump commends the widely-used video application for its role in bridging the gap between him and younger electorate.

The submission contended that only under exceptional and limited situations have speech limitations endured the Constitution's strictest criteria.

The prohibition, set to commence on January 19, 2025, will bar TikTok's operations in the US unless it's purchased by a company not based in China.

One minute and three

The CEO of TikTok vehemently refutes any connections to the Chinese Communist Party during a tense dialogue with a US senator.

"Prior to any further proceedings, it is of significant public concern that this court has the chance to carry out a thorough examination," stated the document, arguing that the case "brings up unique constitutional issues with far-reaching implications for the whole country".

Opinion | The pathway for China to accomplish its upcoming economic surge

For China to reach its new economic height, it must let go of the remnants of its constrictive centrally planned economy. This would make room for a more market-oriented distribution of land, funds, and workforce.

The future of the global economy and international political scene in 2025 will rely greatly on China, which holds the position as the world's biggest exporter and second-most significant consumer market. However, current evaluations of China's economic stability have serious inaccuracies.

My Perspective | As Nvidia faces antitrust investigation, China takes a firmer position against US 'AI collaborators'

It's possible that Beijing is seeking to strengthen its reaction to the rising tensions with Washington over chips, beginning with a warning for the AI-chip manufacturer.

The prominent investigation may be interpreted as a cautionary message to Nvidia, instead of a penalty. The international ministry of foreign affairs, for example, has not hesitated to place American companies viewed as adversarial to China on a list of sanctions. This involves instructing Chinese individuals and businesses to cut off connections with these sanctioned companies and refusing visa applications from executives of these targeted firms. Violations consist of overstepping China's "red lines", such as dealing arms to Taiwan.

Nvidia's circumstances aren't as grave as what Micron encountered the previous year. In May 2023, the American memory chip manufacturer was confronted with claims by China's Cyberspace Administration, asserting that its products posed a "national security" threat. Consequently, crucial data infrastructure operators in China were instructed to halt their purchases from Micron.

In the most unfavorable potential circumstance for Nvidia, a non-fabricating chip designer that continues to operate in China, they may have to pay a penalty to the country's market regulator for "correction," a situation reminiscent of what Qualcomm experienced in 2015.

Before its duties were transferred to the State Administration for Market Regulation, the National Development Reform Commission (NDRC) of China, acting as the country's competition regulator, imposed a fine of 6.1 billion yuan, roughly equivalent to US$1 billion then, on Qualcomm. This penalty came after a year of investigation into the leading mobile chip maker on claims of market power misuse. Even after ten years, China continues to be Qualcomm's biggest market.

The Post has revealed that Nvidia might be subjected to a fine as high as US$1 billion if it is proven to have breached the Anti-Monopoly Law, a sum that the third most valuable company globally can readily handle. If this happens, Nvidia's operations in China would continue as normal.

Exclusive | Chinese companies establish relationships with UAE as the Gulf country serves as a global trade 'superconnector'

The increasing influence of China in innovative sectors is fostering collaborations with the UAE, according to the country head of HSBC.

More and more Chinese firms are looking for collaborations in the United Arab Emirates (UAE) as the Gulf country serves as a powerful link between the East and West. This is happening alongside a transition in commerce beyond the conventional industries, says a leading banking professional.

Due to China's significant investment in research and development, business growth has been witnessed in emerging sectors such as hydrogen, ammonia, carbon capture, electric vehicles, solar energy, and consumer technology. This was shared by Mohamed Al Marzooqi, the CEO of HSBC UAE, in an exclusive interview during the Abu Dhabi Finance Week held last week. These investments are propelling progress in these respective fields.

"Traditionally, interactions with China were quite restricted, however, we're now observing a shift from this pattern," he stated, further mentioning that numerous important infrastructure developments in the UAE involve Chinese corporations.

The international financial hub of the UAE capital, Abu Dhabi Global Market (ADGM), has entered into a partnership with the Beijing Financial Street Service Bureau. This agreement, aimed at enhancing collaboration, was signed during the UAE-China Investment Summit which took place during Abu Dhabi's Finance Week. The Beijing bureau's role involves promoting and developing the Beijing Financial Street region into a national financial administration center.

Chinese businesses are contributing to nearly half of the ongoing renewable energy initiatives in the United Arab Emirates (UAE), as per Al Marzooqi. Chinese firms specializing in solar photovoltaic production are intensifying their efforts in the UAE and the Middle East, aiming to meet local needs and to function as access points to the US, European, and other global markets.

Hong Kong's stock market experiences a second day of decline, wiping out all progress achieved last week. Trader sentiment has remained low since the end of last week, and any profits made from a short-lived recovery have been wiped out.

On Tuesday, the Hang Seng Index witnessed a decrease of 0.2 per cent, closing at 19,751.81. Similarly, the Hang Seng Tech Index also saw a fall of 0.5 per cent. However, the CSI 300 Index in the mainland experienced a slight increase of 0.3 per cent, contrasting with the Shanghai Composite Index which dropped by 0.7 per cent.

During the afternoon trading, stock prices experienced a brief surge following news that China plans to raise its budget deficit to 4 per cent of its total GDP next year, a move aimed at mitigating risks from US tariffs. The Hang Seng Index initially climbed by up to 0.7 per cent, but it eventually dipped once more.

Trader sentiment has been downcast since the end of last week, wiping out any profits that came from a short-lived recovery. Stocks fell on Friday following a report from a significant Chinese economic policy meeting that failed to appease investors. The officials mainly echoed the same rhetoric from a Politburo meeting held earlier in the week, leaving traders feeling the report lacked specifics on Beijing's strategies for reviving economic growth next year.

Investors were optimistic about potential stimulus policies from the yearly Central Economic Work Conference, however, their expectations were not met as no fresh initiatives were unveiled," stated Kenny Ng, a strategist at Everbright Securities International. "The mood further deteriorated when China's consumption data, which was lower than anticipated, showed no progress even with numerous supportive measures in place."

Deye, a Chinese company that produces solar inverters, plans to pour $150 million into a manufacturing base in Malaysia. The firm's strategy includes establishing a subsidiary in the country to manufacture solar photovoltaic equipment and energy storage items.

The corporation announced plans to establish a branch in Malaysia for the production of solar photovoltaic (PV) equipment and energy storage items, as per a statement released in Shanghai on Monday. A significant component of a solar panel is the power inverter.

"As global circumstances and trade landscapes continue to shift, the need for expanding capabilities abroad is becoming more and more critical," stated the company.

Establishing a branch in Malaysia would aid the firm in broadening its global market reach and more adaptably counter any possible negative impacts from the larger economic landscape and international commerce.

The corporation stated that the proposed investment requires consent from both the Chinese and Malaysian authorities.

Solar and electric vehicle businesses from China are seeking growth in Southeast Asia as a strategy to bypass trade barriers imposed by the US and the European Union. These trade barriers are designed to shield domestic industries and prevent an influx of inexpensive imports.