Monday, November 25

Tag: China

Chinese regulators order Ant Group to rectify its Businesses
28Dec By AdityaNo Comments
CHINA

Chinese regulators order Ant Group to rectify its Businesses

Hong Kong, Dec 28th, 2020 (AP): Chinese regulators have ordered Ant Group, the world's largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country's internet sector. The People's Bank of China, the country's central bank, summoned Ant executives and ordered them to formulate a rectification plan and an implementation timetable of its business, including its credit, insurance, and wealth management services, the regulators said in a statement. The statement said Ant Group lacked a sound governance mechanism, defied regulatory compliance requirements and engaged in regulatory arbitrage. It also said that the company used its market position to exclude rivals and hurt the rig...
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Didi Chuxing considers going public in 2021; targets $60-bn valuation
21Oct By reutersNo Comments
Market

Didi Chuxing considers going public in 2021; targets $60-bn valuation

Hongkong, 21st Oct 2020: China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-US tension. Didi, backed by technology investment giants SoftBank , Alibaba, and Tencent, has started initial talks with investment banks for the long-awaited IPO, according to three people. The people spoke on condition of anonymity as the information, including the identity of the banks, was private. The people said the Beijing-based company is targeting a valuation of more than $60 billion by the time of launching the IPO, expected as soon as in the first half of 2021. Founded eight years ago, Didi has begun generating he...
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Tencent to Dominate China’s eSports Market Following $10 Billion Merger
15Sep By PriyankaNo Comments
CHINA

Tencent to Dominate China’s eSports Market Following $10 Billion Merger

eSports is one of the fastest-growing markets in the world. The most modern of entertainments, it has turned video gaming into a viewer sport one with a vast global audience. Due to its extensive size and reach, it has lately become a point of interest for tech companies from every corner of the globe. While Amazon-owned Twitch is currently the world’s leading eSports platform, its crown is not secure, and Tencent and its subsidiaries have recently made some major moves to remove Twitch from its leading position most particularly, in Tencent's home country, China. A Lucrative Industry For those who have followed eSports in recent years, it comes as no surprise to discover that this unique form of entertainment has a huge international audience. Especially popular among the you...
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PUBG Corporation Cuts Ties With Tencent After India ban
8Sep By NitishNo Comments
News

PUBG Corporation Cuts Ties With Tencent After India ban

New Delhi, 8th Sept 2020: After a recent move by the Indian government to ban 118 Chinese apps including the popular mobile game PUBG forced Korean company PUBG Corporation to cut ties with Chinese company Tencent for India's operation. In its press release, PUBG Corporation said, "it has made the decision to no longer authorize the PUBG MOBILE franchise to Tencent Games in India. Moving forward, PUBG Corporation will take on all publishing responsibilities within the country. As the company explores ways to provide its own PUBG experience for India in the near future, it is committed to doing so by sustaining a localized and healthy gameplay environment for its fans.We are actively monitoring the situation around the recent bans of PUBG MOBILE and PUBG MOBILE Lite in India and fully un...
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Indian Govt bans 118 more Chinese Apps, including PUBG
2Sep By AdityaNo Comments
INDIA

Indian Govt bans 118 more Chinese Apps, including PUBG

New Delhi, Sept 2 2020: The Indian government blocked 118 more mobile applications, including popular gaming app PUBG, terming them prejudicial to the sovereignty, integrity and defence of the nation. The banned apps include Baidu, Baidu Express Edition, Tencent Watchlist, FaceU, WeChat Reading and Tencent Weiyun, besides PUBG Mobile and PUBG Mobile Lite, according to an official statement. All these banned apps have Chinese links, sources said. The Centre had earlier banned a number of Chinese apps, including TikTok and UC Browser. "Government blocks 118 mobile apps which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order," it said. It said the IT Ministry had received complaints from various sources, including severa...
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Chinese Govt complicates TikTok sale ordered by US govt
31Aug By AdityaNo Comments
CHINA

Chinese Govt complicates TikTok sale ordered by US govt

New York, Aug 31, 2020 (AP): The Chinese government is complicating the US-government-ordered sale of US TikTok assets. China on Friday introduced export restrictions on artificial intelligence technology, seemingly including the type that TikTok uses to choose which videos to spool up to its users. That means TikTok''s Chinese owner, ByteDance, would have to obtain a license to export any restricted technologies to a foreign company. The Trump administration has threatened to ban TikTok and ordered ByteDance to sell its U.S. business, claiming national-security risks due to that Chinese ownership. The government worries about user data being funneled to Chinese authorities. TikTok denies it is a national-security risk and is suing to stop the administration from the threatened ban. ...
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Alibaba beats Quarterly Revenue, Profit Estimates
21Aug By reutersNo Comments
CHINA

Alibaba beats Quarterly Revenue, Profit Estimates

China’s Alibaba Group Holding Ltd beat quarterly revenue and profit estimates on Thursday as its core commerce and cloud computing businesses benefited from a shift to online shopping and working from home due to the coronavirus crisis. The company’s U.S.-listed shares were up marginally before the bell. The stock has gained about 23% this year, but has faced pressure as U.S. President Donald Trump has said he could exert pressure on more Chinese companies after he moved to ban TikTok. Sales from the company’s core commerce business jumped 34% to 133.32 billion yuan ($19.27 billion) in the three months ended June. Alibaba said its domestic core commerce business has fully recovered to pre-COVID-19 levels, while cloud computing revenue surged 59% to 12.35 billion yuan. Excluding...
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Chinese Company Files $1.4 Billion Lawsuit Against Apple
3Aug By reutersNo Comments
CHINA

Chinese Company Files $1.4 Billion Lawsuit Against Apple

Shanghai, 3rd Aug 2020: Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co, Ltd, also known as Xiao-i, has filed a lawsuit against Apple Inc, alleging it has infringed on its patents. The company is calling for 10 billion yuan ($1.43 billion)in damages and demands that Apple cease "manufacturing, using, promising to sell, selling, and importing" products that infringe on the patent, it said in a social media post. Xiao-i argued that Apple's voice-recognition technology Siri infringes on a patent that it applied for in 2004 and was granted in 2009. Apple did not respond to a request for comment. Reuters was not immediately available to find a copy of the court filing. The lawsuit marks the continuation of a row that has been ongoing for ne...
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UK bans Huawei from 5G Network
14Jul By PriyankaNo Comments
News

UK bans Huawei from 5G Network

London, Jul 14, 2020: The UK government banned Huawei from its 5G telecom network, reversing an earlier decision to allow the Chinese tech giant a limited role in building the country's super-fast wireless infrastructure. Huawei will be completely removed from the UK’s 5G networks by the end of 2027, the government announced after a review by the country’s National Cyber Security Centre (NCSC) on the impact of US sanctions against the Chinese telecommunications company. In the lead up to this complete removal of all Huawei kit from UK networks, there will be a total ban on the purchase of any new 5G kit after December 31, 2020. The decision was taken at a meeting of the UK’s National Security Council (NSC) chaired by Prime Minister Boris Johnson, in response to new US sanctions ag...
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Smartphone shipments in China fall 16% in June
13Jul By reutersNo Comments
CHINA

Smartphone shipments in China fall 16% in June

SHANGHAI, 13th July 2020 (Reuters) - Smartphone shipments in China fell 16% in June compared with a year earlier, according to government data released on Tuesday. The numbers suggest that handset demand in China remains lukewarm despite the country’s recovery from the coronavirus pandemic, boding poorly for Apple Inc AAPL.N and its local rivals like Huawei Technologies Co Ltd. Phone makers shipped 27.7 million handsets in June, down from 32.7 million in June 2019, according to the China Academy of Information and Communications Technology (CAICT), a state-backed think tank. That follows a similar decline in May, when shipments dropped more than 10% annually, from 36.4 million in May 2019 to 32.6 million one year later. In April, after a slump in the previous months due to the ...
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Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%
13Jul By reutersNo Comments
News

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm's annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company's executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.4% holding in the company a year ago. The stock's stellar performance has been helped by forecast-beating earnings growth, even as China's economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic. Alibaba Executive Vice ...
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