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China’s No 2 short video-sharing app operator joins rival ByteDance and Tencent as Internet platforms with one billion monthly active users. Kuaishou’s tally covers all of its existing platforms in China as well as those on its Kwai and Snack Video apps targeted at international markets.
Chinese tech names among the fastest growing valuable brands in the world but US companies still dominate
Tencent was No 5 on the list with a brand valuation of US$241bil, while e-commerce giant Alibaba fell to seventh with a valuation of US$197bil. Of the five brands in the top 100 that more than doubled their value in the past year, four are Chinese companies, alongside Tesla.
ByteDance Ltd founder Zhang Yiming donated 500mil yuan (RM321.10mil) of his personal wealth to an education fund in his hometown, joining other Chinese Internet moguls in giving back to social causes as Beijing cracks down on big tech.
China’s government summoned Meituan’s Wang Xing to a meeting recently and warned him to keep a low profile, after the founder of China’s third-largest tech corporation last month posted a controversial poem that convulsed markets and sparked a social media furor.
China’s market rebound in second half looks unlikely as policy tightening will hold back rally, BCA Research says
China’s domestic policy backdrop and economic fundamentals do not support a sustained rally in stocks in next six months, Canadian research firm saysChances of Beijing reversing policy tightening in case of a weakening in sentiment are low
Alibaba Group Holding Ltd was the victim of a months-long web-scraping operation by a marketing consultant that siphoned up sensitive data including usernames and phone numbers, according to a court case that wrapped in June.
The new data law is expected to provide a broad framework for future rules on Internet services, and to ring-fence, prise open and ease tracking of valuable data in the interests of national security.
HONG KONG: Alibaba Group Holding Ltd’s cloud division has pledged US$1bil (RM4.1bil) to support startups in Asia, marking one of its largest outlays since the tech giant pledged to boost spending and move past a bruising antitrust investigation at home.
China’s top-three tech firms Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Meituan have lost more than $400 billion in value from highs just four months ago.
US-China tech war: Beijing-funded AI researchers surpass Google and OpenAI with new language processing model
The WuDao 2.0 natural language processing model had 1.75 trillion parameters, topping the 1.6 trillion that Google unveiled in a similar model in January. China has been pouring money into AI to try to close the gap with the US, which maintains an edge because of its dominance in semiconductors.