CLP Power Hong Kong's CEO acknowledges the growth and environmental issues brought by data centers and electric vehicles. During the first three quarters of 2024, the utility company saw a 2.5 per cent increase in electricity sales compared to the previous year.

During the initial three quarters of 2024, power sales at affiliate CLP Power Hong Kong, the exclusive provider for Kowloon, the New Territories, and Lantau Island, witnessed a growth of 2.5 per cent compared to the previous year.

Chiang credited 50% of the expansion to unprecedented heat levels which necessitated constant use of air conditioners. The remaining 50% was due to economic development, infrastructure building, digitization, and electrification.

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CEO states that data centers and electric vehicles are driving growth and posing environmental challenges for Hong Kong's utility company, CLP.

He stated that the city's data centers are major contributors to growth, making up 5.6 per cent of CLP's total sales in Hong Kong for the first three quarters of the year. This is an increase from 3.9 per cent over the equivalent period five years prior.

"The transition to digital business procedures and the implementation of artificial intelligence have amplified the need for cloud computing and data storage," he stated. "The surge in electric vehicles is also boosting power consumption, however, the total volume is less since the bulk of vehicles in Hong Kong still run on fossil fuels."

Apple is set to receive its initial penalty from the European Union under the new digital competition regulations. This fine, imposed under the Digital Markets Act, is linked to the tech giant's App Store.

Regulatory authorities are preparing to impose sanctions on the producer of the iPhone for not enabling app creators to guide consumers towards more cost-effective options outside of the App Store. This information comes from individuals close to the situation, who requested anonymity.

According to sources, the European Commission might impose the penalty before the existing EU competition commissioner, Margrethe Vestager, steps down from her position later this month.

However, there's a possibility that it might be delayed until later in the year, according to them. They also stated that the penalty might include recurring fines, imposed on Apple until they adhere to the regulations. The decision is still in the writing process, they added.

Hong Kong shares take a hit as investors avoid uncertainties prior to US election results. Trump was just three votes short of reclaiming the presidency at the time of reporting; traders were evaluating possible repercussions on international commerce and financial markets. The same situation was being analyzed again – Trump was a mere three votes short of a comeback to the White House, and traders were considering the potential impact on worldwide trade and fiscal markets.

On Wednesday, the Hang Seng Index experienced a decline of 2.2 per cent, closing at 20,538.38, following a three-day upswing of 3.4 per cent since Friday. The Tech Index also saw a decrease, falling by 2.5 per cent. Meanwhile, the CSI 300 Index dipped 0.5 per cent and the Shanghai Composite Index recorded a slight decline of 0.1 per cent.

Online marketplace giant, Alibaba Group, saw a decline of 4.1 per cent, bringing its shares to HK$94.40. Similarly, its competitor, JD.com, experienced a 4.2 per cent drop to HK$152. Meituan's stock also fell by 2.3 per cent to HK$189.30 while Tencent's shares dipped by 1.9 per cent to HK$419.80. In addition, China Life Insurance saw a 4 per cent decrease to HK$16.40, marking the largest fall in the financial services sector.

Bio-pharmaceutical company Wuxi AppTec saw a 2.6 per cent increase in shares, reaching HK$55.40, while car distributor Zhongsheng Holdings experienced a 3.4 per cent rise to HK$12.30. Property investment trust Link Reit also saw a 2.4 per cent surge to HK$38.05 following its announcement of a higher interim distribution to its unit holders, thereby controlling the losses.

Shares in Hong Kong surged up to 27 per cent from late September, following China's announcement of a stimulus package aimed at reviving the country's stock and real estate markets. However, after reaching a high point on October 7, the Hang Seng Index has dipped by 9 per cent, with investors suggesting that increased government expenditure is necessary to boost the recovery.

SpaceX requests Taiwanese suppliers to shift production overseas due to geopolitical threats

The American firm has asked several satellite part makers to relocate production beyond Taiwan, according to insiders.

Another informant, who works in conjunction with Taiwanese satellite part manufacturers on the island, stated that SpaceX specifically requested these suppliers to shift their production overseas.

Chin-Poon Industrial, a company that manufactures satellite components and recently claimed to be a supplier for SpaceX, informed Reuters that the US-based firm has asked them to shift their production from Taiwan to Thailand for future orders, primarily for geopolitical reasons. No further details were provided.

The individuals providing the information chose to remain anonymous as the details were not yet publicly available. SpaceX remained silent, not responding to any inquiries for their thoughts.

U.S. legislator implores probe into China's semiconductor manufacturer SMIC for suspected links with Huawei

Michael McCaul, a Republican, is pushing the U.S. Department of Commerce to investigate if SMIC is unlawfully manufacturing chips for Huawei.

In a letter dated November 4, which Reuters had a chance to view, McCaul expressed his concern over what he referred to as "increasing bipartisan annoyance". He was frustrated that the BIS, a department of the Commerce Department, had not responded to allegations of Huawei's attempts to sidestep US export restrictions.

Bitcoin reaches an all-time high following Trump's initial lead in the US elections. The premier cryptocurrency surpassed a value of US$75,000 on a Tuesday evening in the US, breaking the previous record established in March.

The initial digital currency soared over 8 per cent, surpassing US$75,000 around 10.08pm New York time. This outdid the previous high in March that was achieved amidst the excitement after the introduction of US spot-bitcoin exchange-traded funds.

Bitcoin saw an increase as Trump edged ahead, although the competition was still undetermined late on Tuesday night. Over two-thirds of states had closed their polls, with Trump initially leading in Georgia and North Carolina, two crucial battleground states. Meanwhile, the tallying of votes in other states was just beginning.

"The positive initial figures for Trump must be the reason," stated Fredrick Collins, CEO and creator of the cryptocurrency information platform, VeloData. "In my view, Bitcoin is among the prime tools for trading during this election night. Its liquidity is fairly high and is closely linked to the results. Therefore, it's reasonable to presume that any rise in its value correlates with an improved likelihood of Trump's victory."

Additionally, other cryptocurrencies saw a surge, including Ethereum, which is the second biggest in market, leaping up by 6.5 per cent. Dogecoin, a cryptocurrency often referred to as a meme coin and notably endorsed by Elon Musk, a supporter of Trump, experienced a significant increase of 18 per cent.

"Doge has particularly benefited due to its connection with Musk," stated Cosmo Jiang, a principal partner at Pantera, a firm that specializes in crypto investments.

Chinese property developers are increasingly resorting to borrowing due to a heightened need for capital following a surge in opportunities. The China Index Academy reports that bond financing within the real estate industry increased for the second consecutive month in October, showing a 3.2% year-on-year growth to reach 29 billion yuan.

Chinese real estate developers are increasing their borrowing to support their cash-deprived activities, following approval from financial regulators and the central bank. This move signifies a renewed trust in the struggling sector.

The real estate industry saw a rise in bond financing for the second consecutive month in October, with a 3.2 per cent increase from the previous year, reaching 29 billion yuan (US$3.92 billion). This information was revealed on Tuesday by the China Index Academy.

The research institute stated that the expansion was partly because of the low base from the previous year, as the results from October were 32.4 per cent less than the prior month. The total bond financing in the real estate sector from January to October amounted to 442 billion yuan, marking a drop of 25.6 per cent compared to the same duration last year.

"Developers have greatly benefited from the supportive policy environment," stated Yan Yuejin, the vice-president of the Shanghai-based E-House China Real Estate Research Institute. "The steps taken this year to decrease financing expenses, such as reducing reserve requirements and promoting bank assistance for developers, have somewhat improved corporate financing."

Recent statistics have come after a string of economic incentives introduced by Beijing from the end of September. These measures were implemented to save the real estate industry and enhance investor trust in the globe's second-largest economy. The strategies involved reducing initial payments and loan costs, and expanding the approved list of developers eligible for extra lending.

This week, the Standing Committee of the National People's Congress (NPC), China's law-making body, is conducting a meeting that lasts for five days. They are likely to consider a more substantial financial plan to boost the economy further.

Xpeng ignites competition with BYD and Li Auto in the extended-range hybrid car sector. The company has introduced Kunpeng, a novel charging system for hybrid vehicles, acclaimed as the industry's most extensive range extender system.

Xpeng Motors is intensifying its rivalry in China's electric vehicle (EV) market by launching a hybrid system. This move is in response to the shifting consumer taste towards more affordable cars that offer a longer driving range, and it positions them competitively against rivals like Li Auto and Zeekr.

The firm revealed an enhanced range charging technology for its electric vehicles, dubbed the Kunpeng Super Electric System, at its Corporate AI Day event on Wednesday in Guangzhou, the location of its primary operations in the southern Guangdong region.

Xpeng has declared that their new model, Kunpeng, will set a new standard in the industry by reaching over 1,400km and having an exclusively electric range of 430km. This indicates that Xpeng plans to manufacture hybrid vehicles soon to supplement its existing fully electric range.

"The Kunpeng system will expedite Xpeng's international expansion by tackling the restrictions of charging infrastructure abroad," stated founder and CEO He Xiaopeng at the occasion. "We must be ready to face the difficulties."

The CEO stated that the extended-range system would enable Xpeng's AI-driven cars to be accessible in a wider array of areas worldwide, catering to a variety of climate and infrastructural circumstances. He also divulged the company's intentions to broaden its reach to approximately 60 nations by the close of 2025, and establish in excess of 300 international sales and service centers, as shared on Wednesday.

Long-range Electric Vehicles (EREVs) are a kind of hybrid vehicle that can be plugged in to recharge. They come with a compact internal combustion engine that creates extra energy to recharge the battery when required. These hybrids also have the capability to be recharged directly by using a power cord.

Shenzhen plans to pump $1.7 billion into the economy for airborne vehicles and drones by 2026. The city intends to allocate 12 billion yuan towards the development of a low-altitude economy in the coming two years, and an additional 20 billion yuan is set to be invested by 2030.

Shenzhen has plans to construct more than 1,200 launch and landing pads by 2026, paving the way for a fresh network that will facilitate air transportation, logistics, local deliveries and city administration services, as stated by the city's Development and Reform Commission on Tuesday. This information was reported by the government-operated Shenzhen Economic Daily.

As of mid-year, Shenzhen has constructed 249 launch and touchdown sites and plans to establish an additional 147 by the close of this year. The city's transport bureau has indicated plans to finish constructing 658 more facilities in 2025, as reported.

The city also plans to construct over 8,000 new advanced 5G base stations to enhance the wireless network coverage for airspace under 600 meters. Additionally, they plan to introduce the Smart Integrated Lower Airspace System, also known as the 'brain for lower airspace', by the close of this year, as stated in the report.

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Food delivery via drones is soaring in Shenzhen, China's technology hub.

Shenzhen is set to funnel an additional 20 billion yuan into the low-altitude economy from 2026 to 2030, as per the city's Development and Reform Commission.

Zhipu, a prominent AI company in China, has gathered $210 million for its venture capital fund known as the Z Fund. The goal of the Z Fund is to leverage the dominant position of its parent company in the Chinese AI industry to find and invest in promising start-ups in their early stages.

The Zhipu Ecosystem Fund, often referred to as the Z Fund, accumulated 1.5 billion yuan (equivalent to US$211 million) from its parent company and several state-supported and private organizations, as stated in an announcement released on its authorized WeChat account this past Friday.

This includes the investment arm of the Beijing city government, the Shijingshan District Modern Innovation Industry Development Fund, along with Fuzuo Capital. Fuzuo Capital is linked with the Hangzhou Industrial Investment Group, which serves as the investment mechanism for the capital city of eastern Zhejiang province.

Yanbei Capital, a private equity fund, and Guangdong Aofei Data Tech, a cloud computing infrastructure company located in the southern province of Guangdong, are also included in the limited partners.

Zhipu is bolstering its investment portfolio in response to the intensifying competition in China's congested GenAI market. This market has witnessed the introduction of over a hundred large language models (LLMs), the technology that supports products similar to OpenAI's ChatGPT.

Zhipu, a leading AI company in China, has recently incorporated government funds from Beijing and Shenzhen as its shareholders. The recent financial influx highlights the persistent interest of investors in Chinese AI businesses, even amidst technological limitations imposed by the US.

On the 1st of November, the Beijing Artificial Intelligence Industry Investment Fund, known for its earlier undisclosed investment in a startup in March as per local news, funneled an additional 465,090 yuan (equivalent to US$65,288) into Zhipu AI. This influx of capital allowed the fund to acquire a 1.49% share in the company, as seen in the records of the Chinese corporate database, Qichacha.

On the same day, Zhipu AI also secured funding from entities governed by the local administrations of the southern tech hotspot, Shenzhen, and the central province of Hubei. This increased the company's registered capital from 27.91 million yuan to approximately 31.07 million yuan, as per data from Qichacha.

Zhipu AI, a company based in Beijing, didn't quickly reply to a comment request on Monday.

Oppo, the renowned Chinese smartphone manufacturer, is set to open a shared AI research facility in Hong Kong, in partnership with PolyU. Oppo has committed to providing US$4.2 million in funding over the coming five years to enhance its cooperation with PolyU in the field of AI imaging technology.

Oppo has committed a minimum of 30 million yuan (equivalent to US$4.2 million) last Friday. This funding, set for the next five years, is aimed at enhancing their joint endeavors with PolyU in the field of AI imaging technology. It is also purposed to escalate the size of joint training for PhD and postdoctoral researchers.

"The main objective of the research center is to foster skills and abilities," stated Zhang Lei, the head professor of computer vision and image analysis at PolyU's computing department, in a recent interview with the South China Morning Post.

The upcoming facility, which is an expansion of a combined innovation laboratory established two years prior, is anticipated to be functional by January of the following year. The goal is to hire approximately 25 PhD researchers and a number of postdoctoral applicants within a span of five years.

GenAI pertains to certain algorithms, like ChatGPT, which are capable of generating fresh content that encompasses audio, code, pictures, written material, simulations, and videos.