Tencent is taking on its e-commerce competitors with a fresh gift-giving functionality on WeChat. One vendor suggests this feature could be the next big success for Tencent following their electronic red packets.

Customers have the ability to look for items using specific terms. As per the formal rules, all presents on offer are valued at 10,000 yuan (US$1,375) or less, and they do not include jewelry or educational lessons. Once the person giving the gift has finished paying, the one receiving it must agree to accept the gift and provide a mailing address within a day, otherwise the purchase will be voided and the funds will be refunded to the one who sent it.

Individuals are permitted to dispatch just one present to a single friend on WeChat per transaction.

This week, a new feature was subtly introduced to a chosen few users, leading to talks about its possibility to become Tencent's newest strategy in the intensely competitive e-commerce market in China. WeChat, or locally known as Weixin, with its 1.2 billion users, has a pervasive influence among China's online population.

China's interest in smart vehicles is expected to fuel a US$356 billion parts industry by 2030. The sector for automobile components and software is projected to expand at a yearly rate of 28.8% from 2026 to 2030.

The chief administrative officer of China EV100, Zhang Yongwei, stated that the electric vehicle market in China is predicted to increase at a yearly rate of 28.8% from 2026 to 2030. China EV100 is a non-governmental group that counts almost every leading executive of prominent Chinese electric car companies among its members.

"Success for car part suppliers lies in crafting and producing advanced products that meet the requirements of manufacturers and consumers," he stated at a conference in Wuhan on Friday. "The most popular high-quality products will inevitably encounter supply problems."

Three hours and ten

Baidu from China has released its newest self-driving car, with the choice to include a steering wheel.

The smartness of a vehicle is gauged by its technological advancements, which are evident in characteristics like voice-controlled commands, face identification, wireless software updates, mobile-connected functionalities, and automatic parking.

Tencent collaborates with smartphone manufacturer Honor to enhance AI capabilities as Apple continues to scout for a collaborator. Tencent is supplying cloud computing assets to boost Honor's AI services, while Apple Intelligence remains unavailable in China.

Tencent's partnership with Honor, a company comparable to Apple in China's smartphone market, has been highly successful. They jointly launched a coding aid named CoMagic, designed to enhance the productivity of Honor's engineers. To date, around 8,000 software engineers within the company have utilized this AI assistant. Tencent reported in a WeChat post that 30% of their code is AI-generated, and a quarter of this code has been integrated into their system.

The duo will also boost collaboration in data management, searching and cloud-based services, which includes utilizing Tencent's Elastic MapReduce, a large-scale data platform, to assist in data pre-processing for the training of AI models employed in photo storage and voice assistant applications.

The Chinese tax authority is tightening its grip on internet celebrities and e-commerce traders in response to declining income. A recently suggested law would obligate online service providers to disclose their user's earnings details.

On Friday, the Chinese tax department circulated a proposed rule that would mandate e-commerce, short-video, and social media platform operators to disclose the earnings of traders and influencers.

The present proposal, open for public review until January 19, mandates that online platform operators disclose details of their user's identity, earnings, and other tax-related data to the relevant authorities every three months, according to a statement released by the State Taxation Administration (STA) on Friday.

Under the regulation, co-written by the State Administration for Market Regulation, certain data would need to be provided if requested. This includes total earnings, amounts refunded, income from advertisements, and bank account details.

The rule, presented as an extension of the 2019 E-Commerce Law, aims to combat tax dodging, given the challenge faced by the STA in monitoring the real earnings of internet influencers and traders.

Two hours and seventeen

Performers on China's Douyin platform are live streaming outside during nighttime to increase their earnings through tips.

The STA is aiming to increase its supervision of internet vendors during a period when the nation's tax income has considerably decreased. The country's tax earnings dropped by 3.9 per cent this year up to November, in comparison to the same timeframe last year.

Viewpoint | In an uncertain global scenario, Trump is likely to exacerbate the challenges

In the face of escalating global instability and trade disputes, financial backers are relying on the US Federal Reserve to continue its monetary expansion.

Risk refers to the potential happening of an incident or situation that could harm our comfort or security. We identify risks with the intention of preventing or lessening them. It's important to note that risk is inevitable and can only be controlled or offset.

In a stagnant win-lose scenario, one person's hazard is another's chance. When you exert pressure on one part of a balloon, the other part swells up. Yet, the balloon could potentially pop – such a danger isn't unlikely. There's always a price to pay for mitigating risks and selecting an inappropriate safety measure could lead to greater losses in the face of unforeseen circumstances.

2:20 AM

Shanghai experiences intense heat amidst severe weather conditions in eastern China.

Opinion | In an increasingly risky global atmosphere, Trump will likely contribute to the challenges

In a scenario of escalating global unrest and trade disputes, investors are relying on the US central bank to continue producing money.

Risk can be interpreted as the chance of an event or situation happening that could harm our welfare. We identify risks in an attempt to evade or lessen their impact. It's important to note that risk can't be completely removed; it can only be controlled or protected against.

In a constant win-lose scenario, one person's threat is another's chance. When pressure is applied to one part of a balloon, it causes the opposite side to swell. Nevertheless, there's a very real possibility that the balloon could pop. The act of protecting against risks always carries a price, and selecting an inappropriate safeguard could lead to greater losses in the face of unforeseen circumstances.

Twenty past two

Shanghai is experiencing a heatwave as eastern China grapples with severe weather conditions.

Character.ai's Chinese competitor disappears from US App Store

Talkie, a well-liked AI buddy app created by Shanghai-based start-up MiniMax, has been taken down from the US Apple store.

Talkie has been inaccessible in the US App Store for roughly a week. Yet, Talkie can still be downloaded from Google Play, where it was most recently updated last Thursday. Those in the US who had previously installed Talkie from Apple's store are still able to use the app.

The official TikTok account of Talkie, boasting 29,800 followers, has been unusually silent this week, despite its habitual daily posts. Talkie addressed a number of questions from users about its absence from the App Store, citing "technical issues" as the cause.

Two past two

Chinese robot persuades others to return home

Introduced in June 2023, Talkie is a platform that enables users to generate and interact with customized virtual personas using AI technology. In the initial half of 2024, it became the fourth most popular app downloaded in the United States, outdoing its competitor Character.ai, supported by Google, which took the tenth place, as per the information from research company Sensor Tower.

Across the world, Talkie logged 17 million downloads in the initial eight months of the year, lagging behind Character.ai which had close to 19 million downloads, as per a report by Sensor Tower in September. The monthly active user base of Talkie hit 11 million in July, with the majority hailing from the US.

The need for adaptable workspaces in Hong Kong is on the rise, while the market in Singapore is experiencing a downturn, according to a report. The research identified Bengaluru and Makati as the top locations, witnessing a growth in demand by 107% and 47% respectively.

The desire for adaptable workspaces in Hong Kong increased this year, due to a three-year decline in rental costs, drawing in businesses from the finance and law industries. Conversely, the market in Singapore took a downturn. Bengaluru and Makati stood out as the most in-demand cities.

The report on Wednesday demonstrated that Hong Kong is recovering, emphasizing its durability as an international center for business in spite of recent hurdles. It further mentioned that top-notch adaptable spaces in the city keep drawing in the financial and legal industries.

Singapore, usually a leading market in the area, is witnessing a significant change in corporate choices as many businesses opt for more cost-efficient options or venues. This year, rental rates in Hong Kong have dropped by 3.84 per cent. Meanwhile, the prices for premium office real estate in Singapore have been increasing continuously for no less than 12 consecutive quarters, as stated in an October report by Cushman & Wakefield.

The change in demand is influenced by elements such as cost-effectiveness, business expansion, undiscovered skill reservoirs, and prospering tech centers with robust infrastructures, according to the company.

Banks in Hong Kong trim loan rates despite HKMA's caution of impending market instability

Recent reductions in rates by financial institutions like HSBC and Bank of China will ease the monthly financial strain on those with mortgages, decreasing their payments by approximately HK$351 to HK$22,452.

The Federal Reserve announced that it would keep its target rate within 4.25 to 4.50 per cent, rather than a range of 4.25 to 4.75 per cent.

The top six banks in Hong Kong have reduced their prime lending rates for the third time this year, bringing down borrowing costs to the lowest they've been in over two years.

HSBC along with its affiliate Hang Seng Bank have announced a reduction in their prime rate by 12.5 basis points to 5.25 per cent starting from Friday, marking the lowest since August 2022. Similarly, Bank of China (Hong Kong) has also declared that it will decrease its rate by an identical margin from Monday.

The Bank of East Asia, Standard Chartered, and ICBC Asia announced plans to cut their prime rate by an equivalent measure to 5.5 percent starting Monday.

The banks have also announced a decrease in their savings rates to an annual 0.25 per cent for deposits exceeding HK$5,000 (US$640). Additionally, there will be no interest accrued for deposits less than this amount. Standard Chartered offers an interest of 0.25 per cent for deposits over HK$1.

Luanne Lim, HSBC Hong Kong's CEO, announced that HSBC has opted to decrease its deposit and lending rates for the Hong Kong dollar in response to another cut in US rates. This marks a total reduction of 62.5 basis points since September.

The trajectory of rates towards 2025 is still largely unpredictable. We will persistently observe the international climate and domestic economic forecast, prepared to modify our rates as necessary.

The real estate surge in Thailand is drawing in Chinese investors, however, the threat of fraud is ever-present. According to a Thai law firm, overseas purchasers are confronted with legal obstacles and potential scams, which could lead to substantial monetary losses.

The real estate market in Thailand is thriving, and unfortunately, so are deceptive practices. Buyers from Mainland China, who made up almost 50% of foreign purchases last year, find themselves among those defrauded.

Zoe Yu, a 45-year-old photographer hailing from Ningbo, southeast China, faced difficulties when she tried to invest in Chiang Mai, Thailand's second-largest city. Attracted by the reasonably priced global education and the decreased cost of living in this northern tourist attraction, she inked a deal in January 2023 to purchase a villa worth 10 million baht (equivalent to US$293,000), after being introduced to the opportunity by a famous Chinese personality.

Yu quickly discovered that in Thailand, foreigners are not allowed to possess land or private homes. Despite her contract not having any legal safeguards, she managed to secure a refund in July of this year. However, this victory came after she had already lost over a third of her investment on costs and home improvements.

Sadly, the market has turned into a breeding ground for scams, drawing in novice investors who lack understanding of the rules, says House Condo Lawyer, a legal firm in Thailand that focuses on real estate investment. Fraudulent property titles and unlawful land transactions can result in significant financial damage. One investor, the firm notes, suffered a loss of up to 400 million baht.

The report also underscored the problem of unlawful nominee arrangements, in which overseas purchasers are given the impression that they can possess land by registering it under a Thai surrogate. Such an action is against the law and could culminate in the foreign investor forfeiting their investment if the surrogate asserts ownership or if an official probe is launched.

Special Report | Geely, China's top electric vehicle producer, leverages technology to grow in Asia and Europe

Speaking to the Post, Geely's CEO Gui Shengyue shares insights on the firm's international strategies and the impact of European Union tariffs.

"Your international expansion strategy needs to be executed methodically," he stated from his workplace in Hong Kong. "Geely will employ varying strategies for diverse countries and regions. In my opinion, we have our unique strengths in this area."

Gui stated that Geely Auto successfully handled the extra 18.8% tariff imposed by the EU on its China-manufactured pure electric vehicles. He further noted that these import charges would not hinder the company's drive to expand its market share in Europe.

In October, the European Union decided to enforce duties on purely electric vehicles produced in China following a probe into unfair subsidy practices. These new charges come in addition to the regular 10 per cent duty already in place for purely electric vehicles from China. Furthermore, Geely Auto faced an extra tariff of 18.8 per cent.

"Given our technological edge in numerous areas, I'm confident that we can handle the [EU] tariffs," stated Gui. "A genuine and efficient method to reduce expenses is through technological progress."

Gui stated that Geely Auto, recognizing its deficiencies in expertise and international after-sales service, doesn't have any immediate intentions to establish factories in the EU.

Rather than holding a large quantity of fixed assets, the firm opted for a lean asset strategy to grow internationally. This business model is becoming more prevalent in places where smart electric vehicles, built by mainland businesses and equipped with autonomous driving technology and digital dashboards, are gaining popularity, he noted.

Actor Roger Kwok's Herbs Generation saw a 10% increase in its initial public offering (IPO) in Hong Kong. The healthcare firm's shares were in high demand, being oversubscribed 6,083 times, following their pricing at the bottom of the scale at HK$3.75.

Individual retail investors eagerly seized the opportunity to invest in the company owned by Hong Kong actor Roger Kwok. The initial public offering (IPO) was over-subscribed by over 6,000 times, marking it as the second most subscribed in the city's history.

Shares of Herbs Generation Group, a health product business established by Kwok and his sister, were valued at the bottom of its range at HK$3.75. This led to the consumer segment being subscribed to 6,083 times more than available. The global section, on the other hand, was subscribed to 0.8 times more than the supply.

In 2018, Most Kwai Chung initiated its initial public offering (IPO) worth HK$95.3 million (US$12.3 million). It set a new record in Hong Kong for oversubscription, with a rate of 6,288 times.

The stock of Herbs Generation soared up to 35 per cent at its initial trading session on Thursday, ultimately settling 10 per cent above its starting price at HK$4.14. Meanwhile, the wider Hang Seng Index experienced a 0.6 per cent decline.

The corporation markets an assortment of wellness supplements, beauty products, and skincare items under labels like Herbs, Zino, and Classic. The primary source of its income was the "immune support and post-Covid care" category, responsible for over one-third of their sales from 2021 to 2023.