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10 Apr China added 1 unicorn per week last year despite slumping global investments thanks partly to AI frenzy, report says

Posted at 10:30h in Asia

China last year bred an average of one new unicorn each week amid frenzied growth in the country’s artificial intelligence (AI) sector, bucking a declining trend in global venture capital investments, according to a new research report.The nation added 56 unicorns – start-ups valued at...

30 Mar Wang Jianlin’s Wanda unit gets a US$8.4 billion capital injection from PAG-led consortium

Posted at 13:43h in Asia

A consortium of investors agreed to inject capital into a unit owned by the Chinese property magnate Wang Jianlin, offering some relief to a cash-starved developer who has had to sell assets to repay debt.Wang’s Newland Commercial Management unit has received close to 60 billion...

29 Mar AirAsia targets China’s ‘still very big for us’ smaller cities such as Xian in bet on budget-conscious fliers, appetite for Southeast Asia

Posted at 13:45h in Asia

“There are two parts of growth here,” Fernandes said. “One is new cities, but the bigger one for me is to provide direct connectivity from the smaller cities.“Your smaller cities are still very big for us.”AirAsia, founded in 2001 by Fernandes with two aircraft, offers...

27 Mar Ant International pushes ‘significant’ expansion of Alipay+ tourist payment service amid major group overhaul

Posted at 07:00h in Asia

Chinese financial technology giant Ant Group is looking to “significantly” expand the global presence of its cross-border mobile payment service Alipay+, as the company pursues an organisational overhaul that includes a spin-off of its international arm.Ant International aims to considerably boost the number of partner...

20 Mar Chinese payment provider LianLian DigiTech files US$78 million Hong Kong IPO, less than a fifth of its target a year ago

Posted at 02:31h in Asia

LianLian DigiTech is seeking HK$612 million (US$78 million) in an initial public offering (IPO) in Hong Kong this week, a fraction of the US$500 million it had originally sought to raise in June 2023 as market conditions continue to dampen investor sentiment.The Hangzhou-based company is...

19 Mar A CBDC trial in Hong Kong could finally enable blockchain to digitise shipping, with help from Ant Group

Posted at 23:00h in Asia

“I think right now in the world, there’s probably only two locations where the regulators somewhat have a plan or vision of how to do this right,” Chen said. “And I think it’s Hong Kong and Dubai.”Maersk’s exit from blockchain-based logistics leaves the field open...

19 Mar Ant Group restructures part of its businesses into units, promotes veteran finance chief as president to spur growth

Posted at 10:32h in Asia

Developing | Ant Group restructures part of its businesses into units, promotes veteran finance chief as president to spur growthAnt Group will restructure part of its operations into several independently run business units and promote its finance chief to oversee what China’s dominant electronic payments...

15 Mar China said to fall short of matching US advances in AI owing to ‘many challenges in theory and technologies’

Posted at 11:00h in Asia

China is falling short of matching the United States in artificial intelligence (AI) advances because the nation’s efforts are “littered with many essential challenges in theory and technologies”, according to a recent slide presentation made to Chinese Premier Li Qiang.Those difficulties were pointed out to...

08 Mar China’s Alipay and WeChat Pay ease the way for foreign travellers to make payments in world’s largest cashless society

Posted at 13:00h in Asia

Alipay’s annual cumulative transaction limit for foreign visitors has also been increased to US$50,000, up from the previous US$10,000 limit, in line with a new People’s Bank of China policy, the group said. 02:40How mobile payments impact people’s lives in ChinaHow mobile payments impact people’s lives...

04 Mar Chinese tech hub Shenzhen to expedite adoption of apps built on Huawei’s HarmonyOS across various industries in 2024

Posted at 11:00h in Asia

The Shenzhen municipal government intends to boost the number of its native apps built on HarmonyOS and push for their adoption across several major sectors, according to a 2024 action plan published on Sunday by the city’s Industry and Information Technology Bureau.Under that initiative, HarmonyOS-based...

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