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.

Quarter past one

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.

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Exchange-traded funds (ETFs) are gaining popularity in Hong Kong due to the unstable stock market. There's been a 48% annual increase in net fund flows, with an ETF that follows the Hang Seng Index exceeding Tencent in daily trading volume.

The exchange-traded fund (ETF) market in Hong Kong is experiencing an unprecedented year due to the latest market surge, its increased participation in the cross-border Stock Connect scheme, and a range of new offerings, featuring Asia's inaugural ETF linked to digital assets.

The inflow of funds in Hong Kong's exchange-traded product (ETP) market, encompassing ETFs and leveraged and inverse products, saw a 48 percent jump year on year, reaching HK$46.7 billion in the initial 10 months, as per statistics from HKEX. This increase pushed the total assets managed by the ETP market close to HK$500 billion.

The financial markets have been unstable as investors anticipate further monetary aid actions and monitor the execution of strategies in China.

He also mentioned that during the recent surge, ETFs made up over 15 percent of the total cash market trading volume.

The study reveals that Chinese AI companies are spending heavily on advertisements as the chatbot market becomes increasingly saturated. Major tech companies like Alibaba and ByteDance, including various start-ups, invested a staggering $70.2 million in the third quarter to market their AI-based products.

The businesses haven't disclosed their marketing expenditure. According to AppGrowing, their spending estimates are derived from publicly available data such as financial results and external marketing measurements, which include daily active users, charges, ad volumes, and the effective cost per thousand. These data sets are amalgamated to estimate a platform's advertising revenue and the ad placement strategies of advertisers over a specified time frame. The company, which refers to these figures as merely "for reference", deducts the ad spend from these elements.

Recent figures have sparked discussions in China about whether local AI companies are investing excessively fast in an attempt to profit from their products. There are concerns within the sector that an overemphasis on commercially viable products rather than basic research may eventually increase the tech disparity with the US.

One hour and forty

Beijing is the venue for the World Robot Conference as China looks to broaden its humanoid robot industry

ByteDance chose not to give a statement. Moonshot AI has not yet replied to a request for their input on the matter this Thursday.

Apple is investigating the potential of smart glasses, seemingly taking a cue from Meta. The tech giant is currently conducting an internal survey to collect opinions from its staff about smart glasses, according to insiders.

The project, known internally as Atlas, began last week and is centered around collecting insights from Apple staff about smart glasses, as per individuals familiar with the situation. More concentrated group discussions are anticipated in the upcoming period, according to these individuals who wished to remain anonymous due to the confidential nature of the work. Apple's Product Systems Quality team, a segment of the hardware engineering department, is spearheading the research.

"Product development and testing that resonates with everyone is crucial to our operations at Apple," the team stated in an email sent to a chosen group of employees at the company's main office in Cupertino, California. "That's why we're seeking volunteers to be part of a forthcoming user study involving contemporary smart glasses."

In deciding if they should venture into a new category, Apple usually conducts confidential focus group discussions to grasp what appeals to people in current products. The firm generally prefers to utilize its employees instead of its customers for these discussions to keep their intentions under wraps. An Apple spokesperson chose not to comment.

Bloomberg News revealed in a report last month that the company conducted an internal study on a new app. This application, designed for individuals with pre-diabetes, monitors variations in their blood sugar levels and dietary habits.

Recent research indicates that Apple is progressing with its independent development of smart glasses. Bloomberg earlier revealed that the company behind iPhone is contemplating entering the sector, possibly posing a threat to Meta's Ray-Ban device. However, the realization of an actual product could still be several years in the future.

Shares in Hong Kong are nearing a three-week peak as Nongfu and SMIC experience a surge, following positive financial data from China. Recent insights indicate that China's service and manufacturing sectors experienced growth in October, following a stimulus package from Beijing.

On Tuesday, the Hang Seng Index saw a 2.1 per cent increase, reaching 21,006.97 – its highest closing point since October 18. The Tech Index also experienced a surge, rising by 3.6 per cent. The CSI 300 Index, which measures onshore stocks, ascended by 2.5 per cent, approaching a near three-week high. Meanwhile, the Shanghai Composite Index bolstered by 2.3 per cent.

Nongfu Spring, a manufacturer of bottled water, experienced a substantial increase of 9.6% to HK$33.25, while China's leading chipmaker, SMIC, saw a significant rise of 6.4% to HK$27.50. In addition, there was a rally among mainland property developers. China Overseas Land and Investments saw an uptick of 2.9% to HK$15.66, and Longfor Group's stocks climbed 3.8% to HK$13.60.

"Kenny Ng, a strategist at Everbright Securities, conveyed that investors are optimistic about China's ongoing backing of market growth through certain policy measures. He further explained that these policies are aimed at boosting domestic consumption and the real estate industry, which will be the primary focus of funds allocation."

Three forty-nine

Xi's rallying call establishes economic directives for Chinese authorities, exonerating them from errors.

Prominent companies that saw significant increases include Sunny Optical, an iPhone camera lens manufacturer, which skyrocketed by 14.3 per cent to HK$56.25. Following strong third-quarter earnings that outperformed market predictions, Yum China, a fast-food chain manager, surged 7 per cent to HK$385.80. This occurred after Nomura increased its price target from HK$365.82 to HK$415.

China's second largest electric vehicle charging company partners with Schneider to challenge the European market in the midst of a tariff dispute. This new alliance indicates that Chinese firms are undeterred by higher tariffs as they strive to increase their global market presence.

The firm has entered into a contract with Schneider Electric, a French corporation, to establish a European enterprise aimed at promoting the electrification of the region's vehicle sector, according to a company representative. The project's goal is to supply the market with electric vehicle charging systems, solar power inverters, charging devices, and storage systems.

"There's a significant need for high-quality electric vehicle charging stations in Europe, and our partnership with Schneider is poised to provide the best solution for local businesses and consumers," stated Evan Feng, Chief Strategy Officer, during a discussion. "Schneider, being a worldwide pioneer in energy management and digital automation, anticipates that our research, development, and production abilities will be advantageous to the European auto industry."

The deal depends on standard finalizing terms, such as approval from regulatory authorities. Feng chose not to reveal the magnitude of the company's financial commitment.

The recent agreement further indicates that the progress of electric vehicle technologies and facilities developed by China is surpassing their international competitors in Europe. It implies that the strict import charges imposed by the European Union may not deter the top Chinese companies in essential parts and charging services from expanding worldwide.

China's Prime Minister, Li Qiang, promises to further open the country's economy to help stabilize the global market. During the China International Import Expo (CIIE), Li emphasized the significance of making the Chinese market more accessible to trade allies.

"China will continue to expand its massive market and implement robust strategies to provide opportunities to other nations," he stated. "We possess the capability to stimulate our economic growth. In its unique manner, China is contributing to the global economy."

Li's remarks were made amidst China's struggle with a declining economy. The previous quarter saw China's economic growth at an annual rate of 4.6 per cent, marking its slowest since the middle of 2023. The Gross Domestic Product saw an increase of 4.8 per cent in the period from January to September, falling short of the official goal set at approximately 5 per cent.

On Tuesday, Li expressed that China has sufficient capacity to implement additional stimulus strategies. "We still possess the potential to initiate larger fiscal stimulus procedures to fight the cyclical deceleration," he stated. "We also maintain the adaptability to modify our monetary policies."