Xpeng’s AI-Powered Sedan Challenges Tesla’s Dominance: A Look into China’s Autonomous Driving Market
Xpeng introduces an AI-driven sedan to compete with Tesla's FSD self-driving system. The firm, based in Guangzhou, has established three different pricing tiers for the P7+ sedan: 186,800 yuan, 198,800 yuan, and 218,800 yuan.
The company based in Guangzhou has set three different pricing tiers for the P7+ sedan, depending on the variety of driving ranges: 186,800 yuan ($26,104), 198,800 yuan, and 218,800 yuan. This pricing structure is in contrast to its presale price of 209,800 yuan, as stated by Xpeng on Thursday. Hence, the P7+ is at least 5 per cent less expensive than Tesla's Model 3, which has a starting price of 231,900 yuan. The company also announced that it would begin shipping the vehicles as of Thursday.
"The Xpeng P7+ is working hard to offer the globe's top smart driving solution," stated He Xiaopeng, the founder and CEO of Xpeng.
Currently, China's automobile industry is undergoing significant turmoil due to competitive pricing and the rush of manufacturers to incorporate advanced features in their cars to attract buyers. The nation hosts a multitude of intelligent car manufacturers, producing vehicles with features like self-driving technology, voice control systems, and facial recognition software. These innovative approaches are driven by consumers' increasing demand for enhanced digital connectivity.
Tesla is one of the auto manufacturers that has adopted self-driving technology, and the firm believes it will play a crucial role in the expansion of China's electric vehicle market. The company, which is headquartered in Austin, Texas, was originally slated to introduce its Full Self-Driving software in mainland China by the end of the year. However, the postponement has provided an opportunity for its Chinese rivals to take the lead by launching their own versions.
"The more Tesla delays its FSD launch in China, the more advantage its Chinese competitors can gain," stated Chen Jinzhu, the CEO of Shanghai Mingliang Auto Service, a consulting firm.
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Bitcoin Soars to Record High Amid Trump’s Crypto Boom: A Glimpse into the Future of Cryptocurrency under Republican Rule
Bitcoin surpasses a record high of $89,000 amidst the Trump-era cryptocurrency surge. The leading digital currency has seen a leap of approximately 30% since the American elections, leading investors to consider if there's still potential for growth.
The biggest cryptocurrency has surged approximately 30 per cent following the US election on November 5, reaching a record peak of US$89,599 early Tuesday. The rise then leveled off, positioning the digital currency at US$87,800 as of 8.27am Hong Kong time.
Trump has promised more supportive regulations for cryptocurrencies, and his Republican Party is consolidating its control over Congress to advance his plans. Other commitments consist of establishing a strategic bitcoin reserve in the US and enhancing the local mining of the digital currency.
His position dramatically deviates from the stringent measures taken against the contentious sector by the Securities & Exchange Commission under President Joe Biden's leadership. This change has stimulated both major and minor token purchases, inflating the worth of digital assets to approximately US$3.1 trillion, according to data from CoinGecko.
Bitcoin is on a tear, according to Chris Weston, the lead researcher at Pepperstone Group, as he mentioned in a report. For those traders who haven't yet dipped their toes into this rapidly rising investment, the key question is whether there's still potential to jump on this sizzling opportunity or if it would be wiser to hold off for a minor downturn and let some of the feverish momentum cool down.
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Hong Kong’s Hang Seng Index Plummets, Surrendering Stimulus Gains: The Lowest Point Since September
The Hong Kong stock market standard plummets under 20,000, relinquishing increases from stimulus measures. The Hang Seng Index descends to its most minimal level since September 25, wiping out a policy-driven surge that had previously accounted for a rise of up to 27 per cent.
On Tuesday, the Hang Seng Index saw a decrease of 2.8 per cent, ending at 19,846.88. This slump took the index to its worst position since September 25, negating any progress made in the policy-driven surge. The Tech Index also saw a significant decline of 4.2 per cent. Additionally, the CSI 300 Index and the Shanghai Composite Index experienced a dip of 1.1 per cent and 1.4 per cent respectively.
Car dealership company Zhongsheng Holding was the biggest loser, dropping 9.6 per cent to HK$17.20. Similarly, China Hongqiao Group, an aluminium manufacturing company, fell sharply by 8.7 per cent to HK$13.02. Meanwhile, electric car manufacturer Li Auto saw a decrease of 5.6 per cent, bringing its value down to HK$90.25.
"Following the underwhelming stimulus declaration in China, it seems there's no optimistic trigger in sight," stated Gary Ng, a high-ranking economist at the French investment bank, Natixis. He further noted that investors are currently opting for safer options, while evaluating the unpredictabilities in Trump's strategies and the geopolitical tensions between China and the US.
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FTX Sues Binance and Former CEO for $1.8 Billion: Alleges Fraudulent Transfer Amidst Insolvency Scandal
FTX launches a legal battle against Binance and its ex-CEO Zhao Changpeng, seeking damages of $1.8 billion. The case is connected to Binance's divestment from FTX, a competing exchange platform started by the currently incarcerated Sam Bankman-Fried.
The lawsuit claims that Alameda Research, a division of FTX, financed the stock buyback with tokens that were worth $1.76 billion at that time. The suit further suggests that Alameda was financially unstable when it purchased the stocks, and consequently, it didn't have the necessary funds to support the transaction, implying that the transaction should not have been permitted.
Through this legal action, the Plaintiffs are aiming to reclaim a minimum of US$1.76 billion allegedly unlawfully moved to Binance and its leadership at the expense of FTX's creditors. They also seek additional compensatory and punitive damages, the amount of which will be decided in court. This was stated by the administrators of the FTX estate in a document filed last Sunday in Delaware, USA.
A spokesperson for Binance stated: "The allegations hold no weight, and we firmly intend to protect our interests."
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COP29: Will China Emerge as a Climate Leader Amid Trump’s Renewed Focus on Fossil Fuels?
Cop29: Is China capable of stepping up to the climate challenge in the wake of Trump's renewed focus on fossil fuel extraction?
'China is perfectly positioned to present itself as a more accountable international force,' says an analyst, even without making additional pledges.
The conference, which started in Baku, Azerbaijan, on Monday, signifies the first instance in 15 years where international delegates will discuss a new worldwide climate finance goal. This will outline the aid that affluent countries will offer to nations requiring assistance to reach their environmental objectives.
This also signifies the cutoff date for nations that endorsed the Paris Agreement to present more robust nationally decided contributions (NDCs) to highlight their climate commitments ahead of Cop30 the following year.
With the United States' involvement wavering, the focus is now on China, the globe's second-largest economy and the leading emitter of greenhouse gases.
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Hong Kong Enterprises Turn to AI Adoption: A Rise Fueled by Government Policies and Enhanced Capabilities
The adoption of AI in Hong Kong businesses is on the rise, largely due to government policy support. These businesses are exploring AI solutions that not only improve their abilities but also comply with regulatory standards.
"In the last year, there's been a rise in customer questions concerning the use of AI to boost their business operations."
The increasing attention from corporations, coupled with governmental backing, is guaranteed to accelerate Hong Kong's progress in building a robust AI framework to aid domestic sectors. This was mentioned by Alex Chan, who is the Vice President of Enterprise and Digital Solutions at NTT Com Asia, during an off-the-record discussion at the event.
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Ant-Backed Credit Rating Firm Secures Central Bank Approval in China after a Three-Year Wait: A Long-Awaited Milestone Amid Rapid Approvals for Competitors
The credit rating company supported by Ant Group has received approval from China's central bank after waiting for three years. The collaboration, where Ant Group has a 35% stake, experienced a long delay compared to other previously licensed companies, which were approved within a few weeks of their application.
In November 2021, Qiantang submitted an application for a license, disclosing that the majority shareholders of the company were the government-owned Zhejiang Tourism Investment Group and the private entity, Ant, with each holding a 35 per cent stake in the joint venture. Qiantang boasts a registered capital of 1 billion yuan, equivalent to US$139 million.
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Marking Tracker Fund’s 25th Anniversary: The Pillar of Hong Kong’s Thriving ETF Market
The Tracker Fund marks its 25th anniversary, coinciding with Hong Kong's efforts to establish a prospering ETF market. Since its establishment, the Tracker Fund has replicated the returns of the Hang Seng Index, providing investors with an indirect wager on a selection of standard stocks.
The Tracker Fund, which is the largest and most favored exchange-traded fund (ETF) in Hong Kong, boasting HK$149.9 billion (US$19.3 billion) in assets, marked its 25th year this week. Alongside its burgeoning assets, market instability and risks have also grown.
The establishment of the fund was aimed at the smooth and non-disruptive liquidation of a significant stock portfolio that the government obtained in a crucial market intervention in 1998 to maintain market stability and integrity," said Paul Chan Mo-po, the Financial Secretary, during Tuesday's commemoration event.
"Chan further highlighted that it has promoted enduring investments through unit trusts, amplified the public's comprehension of ETFs and has stimulated wider public engagement. He stated, "It has paved the way for the flourishing ETF industry we witness today."
The goal of the Tracker Fund is to yield outcomes that closely align with the Hang Seng Index. This provides investors the opportunity to indirectly hold a variety of standard stocks and their respective weights. The government of Hong Kong was able to generate HK$33.3 billion upon the ETF's launch, marking it as the largest initial public offer in Asia, barring Japan.
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Sichuan Tycoon An Zhifu Offloads Hong Kong Luxury Flat at 35% Discount Amid Market Changes
A wealthy businessperson from Sichuan has sold a high-end apartment in Hong Kong's Mid-Levels for US$8.4 million, marking a 35% price reduction. The individual who sold the property is An Zhifu, the president of the Fulin Group, which has its headquarters in Sichuan.
The apartment was reportedly sold on November 6, according to the agent, after being listed for sale last year with a price tag of HK$110 million. However, the sale has not yet been recorded in the Land Registry and information about the purchaser remains undisclosed.
"Mainland property owners who purchased high-end homes in Hong Kong during the property boom have been attempting to sell for the past couple of years for a variety of reasons," stated Tyrone Tse, a representative at Centaline's Mid-Levels West office. "Simultaneously, recent major transactions valued at HK$50 million or above were predominantly from mainland purchasers as well."
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Air China Signs Preliminary Agreement for China’s Unseen C929 Jet at Premier Zhuhai Air Show: A Milestone for Beijing’s Aviation Industry
The C929 widebody jet from China secures its first customer at the prestigious Zhuhai air show. The locally-developed C929, which is still in the development phase, was the focus of an initial buying agreement at China's top air show.
At the inauguration of China's most prestigious air show, the nation's top aircraft producer had a standout day. The leading airline, Air China, inked a preliminary contract to purchase the company's forthcoming widebody jet that's yet to be unveiled. Additionally, a multitude of orders were placed for the narrowbody models that are currently operating on commercial flights.
The agreement, completed on Tuesday at the China International Aviation and Aerospace Exhibition in Zhuhai, signifies a significant step in Beijing's ambition to penetrate an industry overwhelmingly controlled by two Western manufacturers – Airbus and Boeing – and to dispatch its own aircraft on long-distance international flights.
Should a purchase order go through, Air China would become the inaugural customer for the 280-seat aircraft produced by Shanghai's Commercial Aircraft Corporation of China (Comac), according to a Thursday report from the official Xinhua News Agency.
Comac anticipates that the C929 will have a flight range of up to 12,000km (7,456 miles), which is further than the stretch from Beijing to New York. They have targeted 2027 as the year to begin shipping to clients.
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UBS Slashes China Stock Forecast Amid Trump’s Tariff Threats and Lackluster Stimulus
UBS revises China stock predictions downwards due to Trump's tariff threats and insufficient stimulus
The Swiss financial manager reduces its mid-2025 and end-2025 goals for the MSCI China Index due to the unpredictability surrounding tariffs and underwhelming stimulus efforts.
UBS Global Wealth Management, a leading global wealth management firm, has reduced its predictions for Chinese stocks due to potential further US tariffs and a less robust stimulus than anticipated.
The financial advisor from Switzerland has lowered its mid-2025 projection for the MSCI China Index, which follows around 700 Chinese stocks traded both domestically and internationally, from 76 to 67. Additionally, its end-2025 forecast has been reduced to 74 from 79. The reason behind this revision is due to the instability caused by tariffs and the failure of economic stimulus measures, according to a report published on Monday.
Overall, the results are quite disheartening for international investors who were anticipating a more assertive economic stimulus response from China to Trump's imminent comeback, according to the report.
UBS Global Wealth Management, the overseer of $6.2 trillion in assets, has become the pioneer among its counterparts to downgrade its forecast for Chinese stocks. This comes as these stocks persist in losing steam after an upswing that commenced in late September.
Following a series of initiatives by Beijing to stimulate the lagging economy, the MSCI China Index escalated from around 54 in the middle of September to a multi-year high of 76 in early October, before it declined to 67 on Tuesday.
The possible reappointment of Donald Trump as the US president might result in a 10% to 20% import duty on all goods, with an extra 60% on Chinese products, as he promised during his election campaign. Reports suggest that Trump has chosen two strong critics of China, Marco Rubio and Mike Waltz, for the positions of secretary of state and national security adviser, respectively.
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Baidu Sees Robust AI User Growth and Unveils First Smart Glasses at Baidu World 2024: CEO Highlights AI’s Role in Over 100 Industries
Baidu proudly reports robust growth in AI user base coinciding with the debut of its first smart glasses. At the Baidu World 2024 event, where the unveiling of the new Xiaodu AI Glasses took place, CEO Robin Li revealed that the Ernie model is currently handling 1.5 billion API requests each day.
During the Tuesday event, Li revealed that their Ernie model, also referred to as Wenxin in Chinese, now processes over 1.5 billion API calls daily. This is a significant increase compared to the 200 million daily calls it recorded in May, highlighting its escalating demand.
Baidu is beginning to see the advantages of AI as earnings from its conventional online services are decreasing. The firm stated that AI-fueled growth assisted in maintaining its financial stability in the second quarter, though it didn't offer any specifics. The income from online advertisements, which is its primary revenue stream, decreased by 2% annually to 19.2 billion yuan (US$2.7 billion).
The firm is maintaining confidentiality about its AI finances while actively seeking clients for these services. The slogan for the Baidu World 2024 convention is "applications are here", emphasizing the utilization of its AI in over 100 sectors, ranging from education to manufacturing.
Li underscored the importance of AI representatives, which he termed as "vehicles for delivering content, data, and services in the AI-centric age". For example, Baidu's business-targeted AI representative Qiaocang, showcased at the event, allows businesses to design tailored representatives. These AI representatives can function as customer support bots and sales associates, aiding in enhancing conversion rates and examining customer demographics.
Li stated that Baidu's platform, Qianfan, has assisted business clients in training 33,000 AI models and creating 770,000 applications.
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China’s Tech Industry Trembles: TSMC Halts AI Chip Supply Amidst US Sanctions, Fears of Further Restrictions Loom
Chinese technology companies are worried about increased restrictions as TSMC halts the supply of AI chips due to a directive from the US. A broader prohibition on the delivery of chips manufactured by TSMC could impact various industries in mainland China, from electric cars to smartphones.
Doubts have arisen in mainland China concerning the possibility of TSMC extending its prohibition on advanced-node product deliveries to encompass central processing units (CPUs), autonomous-driving chips, high-end smartphone chips or other high-demand items in the nation.
On Monday, TSMC refrained from commenting on the details but assured that they would adhere to all relevant laws and regulations, including those related to exports.
The firm reduced deliveries to the mainland following TechInsights, a Canadian microchip research company, discovering an AI chip manufactured by TSMC in a Huawei Technologies AI training card. This find insinuated that the US sanctions imposed on the tech behemoth from Shenzhen were violated. TSMC, however, refuted any claims of misconduct.
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