Asia

10 Apr ByteDance profit jumps 60% to US$40 billion, taking TikTok’s owner past arch-rival Tencent

Posted at 08:45h in Asia

ByteDance’s profit surged roughly 60 per cent in 2023, outpacing the growth of online peers Tencent Holdings and Alibaba Group Holding, in a sign of the TikTok owner’s resilience in the face of an economic downturn.Earnings before interest, tax, depreciation and amortisation jumped to more...

10 Apr Commercial property: Beijing retail rents jump by most since 2019 with premium office space remaining under pressure

Posted at 05:16h in Asia

Beijing’s commercial real estate market recovered partially in the first quarter of 2024 and is gearing up for further stabilisation this year as a strong rebound in consumption and policy support combine to drive demand for leasing and investment, analysts said.In the retail market, rents...

10 Apr Microsoft’s Blizzard resumes NetEase partnership, bringing World of Warcraft back to Chinese players after bitter break-up

Posted at 05:10h in Asia

Blizzard Entertainment, the video game giant behind World of Warcraft, is resuming its partnership with NetEase under its new owner Microsoft, marking a revival of the most enduring US-China video game partnership that had an acrimonious break-up over a year ago.Confirming an earlier South China...

10 Apr Google unveils Arm-based Axion chips for AI, as Intel details Gaudi 3 AI chip amid race against Nvidia

Posted at 04:18h in Asia

“Our customers, first and foremost, are asking for choice in the industry,” said Intel vice-president, strategy and product management Jeni Barovian.“They are coming to us and they are expecting that Intel, as a computing leader, will follow the wave of (generative AI) and deliver solutions...

10 Apr Hong Kong stocks rise to four-week highs as corporate buy-backs lift investor sentiment

Posted at 03:02h in Asia

Hong Kong stocks advanced in early deals on Wednesday, lifting the benchmark index to a four-week high, as a growing number of corporate buy-backs lifted hopes that more companies will return excess cash to shareholders and support market gains.The Hang Seng Index rose 1 per...

10 Apr Jack Ma steps into ‘mistakes’ brouhaha to boost Alibaba’s morale, urges staff to embrace change and prepare for AI to upend e-commerce

Posted at 02:34h in Asia

Alibaba Group Holding has fundamentally changed its corporate culture to put customers first in its adaptation of technology, its co-founder Jack Ma wrote, as he stepped into a social media hubbub over the hubris that caused what was once the world’s largest e-commerce platform to...

10 Apr China’s Xpeng edges closer to selling right-hand drive EVs in Hong Kong, appointing Malaysian firm as local distributor

Posted at 02:00h in Asia

Chinese electric vehicle (EV) maker Xpeng has taken a significant step towards tapping the right-hand drive market after forming a partnership with Sime Darby group of Malaysia to distribute its cars in Hong Kong.It is poised to become the first major Chinese electric car assembler...

09 Apr China’s stockbrokers see salaries slashed for second year amid slumping market, crackdown on flashy finance executives

Posted at 23:30h in Asia

The pay cuts among the top 10 brokerages ranged from 1.2 per cent to 27 per cent, with Shanghai-based Shenwan Hongyuan Group slashing salaries the most, the data shows. The average salary at Citic Securities, the biggest of the firms by revenue, dropped by 5.3...

09 Apr Ethereum co-founder Vitalik Buterin makes last-minute appearance at Hong Kong Web3 Festival as city woos industry

Posted at 14:00h in Asia

Vitalik Buterin, co-founder of the Ethereum blockchain, made a rare last-minute appearance at a Hong Kong crypto conference on Tuesday, despite previously expressing scepticism about the city’s commitment to supporting the industry.Buterin gave two keynote speeches at the Hong Kong Web3 Festival on Tuesday, the...

09 Apr Blizzard Entertainment and NetEase to renew partnership this week, bringing games like World of Warcraft back to China

Posted at 13:00h in Asia

Blizzard Entertainment, the video game giant behind of World of Warcraft, and long-time Chinese partner NetEase are expected to announce a new deal this week that will allow for a highly anticipated comeback to the country.The two companies are expected to announce on Wednesday that...