https://www.scmp.com/rss/275026/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com A boom in financial technology in the mainland is boosting consumer spending by making people more willing to part with their money, according to industry experts. With technology making everything from mobile payments to quick cash loans and wealth management services available at the tap of a smartphone screen, Chinese shopping habits are changing rapidly, they said. For James Zheng, 30, an IT engineer in Beijing, financial technology has fundamentally altered his approach to buying goods. “I... https://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending?utm_source=rss_feed Fri, 24 Feb 2017 09:30:45 +0000 China’s insurance regulator has added his voice to a government crackdown on corporate raiders and their illicit funding sources, using unusually colourful language to paint the dismal picture of capitalism run amok in the world’s second-largest economy. The regulator “will never allow the insurance industry to be turned into a rich boys’ club,” or let it become the sanctuary or war chest of corporate raiders, buyout artists and so-called “financial crocs,” said Xiang Junbo, chairman of the... https://www.scmp.com/business/china-business/article/2073063/chinas-insurance-regulator-chimes-war-words-illicit-funds?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2073063/chinas-insurance-regulator-chimes-war-words-illicit-funds?utm_source=rss_feed Wed, 22 Feb 2017 11:30:45 +0000 China has no plans to launch new policies for the manufacturing industry, despite US President Donald Trump’s pledge to boost America’s domestic manufacturing capabilities and encourage companies to move bring overseas production back to its own shores. ”About Trump’s plan to revitalise US manufacturing and tell US companies to move back to the country in order to create more jobs, we will keep a close eye on it. However, that will not have any impact on China’s plan to develop the manufacturing... https://www.scmp.com/business/global-economy/article/2071855/china-shrugs-trumps-plan-re-shoring-us-manufacturing?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2071855/china-shrugs-trumps-plan-re-shoring-us-manufacturing?utm_source=rss_feed Fri, 17 Feb 2017 12:23:49 +0000 LeSports’ exclusive online broadcast rights to the Chinese Super League may come to an end soon as PPTV, the video streaming unit of electronics retailer Suning Holdings Group, is in talks to acquire the rights to also broadcast the soccer matches in the upcoming season, mainland media said. LeSports, the sports unit of Chinese internet giant LeEco, and PPTV aremounting separate bids to pay about 500 million yuan each for the new media broadcast rights to all matches and broadcasting through... https://www.scmp.com/business/china-business/article/2071492/lesports-pptv-bidding-online-rights-chinese-super-league?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2071492/lesports-pptv-bidding-online-rights-chinese-super-league?utm_source=rss_feed Thu, 16 Feb 2017 12:35:26 +0000 Chinese billionaire Jia Yueting has proposed converting every 10 shares in Shenzhen-listed Leshi Internet Information & Technology Corp to 20 shares in an attempt to expand its share capital, the company said in a statement on Monday. Jia, the founder and controlling shareholder of the company, has proposed converting the listed company’s reserve capital into new shares, it said. The company will be able to expand its share capital and that would help increase the liquidity of the company’s... https://www.scmp.com/business/article/2070490/leeco-founder-jia-yueting-offer-bonus-stock-leshi-shareholders?utm_source=rss_feed https://www.scmp.com/business/article/2070490/leeco-founder-jia-yueting-offer-bonus-stock-leshi-shareholders?utm_source=rss_feed Mon, 13 Feb 2017 14:11:22 +0000 China’s car sales growth slowed to 0.2 per cent in January, the lowest since February 2016 as a rollback in tax cuts and the Lunar New Year holiday dampened sales. Car sales in the first month of the year increased to 2.52 million from 2.5 million vehicles in the same month last year, the China Association of Automobile Manufacturers (CAAM), a government-backed industry group, said on Monday. The growth significantly slowed from a 9.5 per cent increase in December and a 16.6 per cent rise in... https://www.scmp.com/business/china-business/article/2070458/chinas-car-sales-growth-hits-brakes-january-tax-cut-rollback?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2070458/chinas-car-sales-growth-hits-brakes-january-tax-cut-rollback?utm_source=rss_feed Mon, 13 Feb 2017 11:32:57 +0000 The story has been updated with a response from a TVB spokesman. TLG Movie & Entertainment Group, the unit of Beijing-based Top Legend Group, is founded and run by a Hong Kong native, Alex Chow. A graduate of the University of California, Chow cut his teeth working in his family’s toymaking business before dabbling in cross-border trade between Hong Kong and mainland China, as well as in corporate finance. He’d served as the “advisor of Greater China licensee” for Sony Pictures, Marvel Comics,... https://www.scmp.com/business/companies/article/2069540/who-mysterious-tvb-buyer?utm_source=rss_feed https://www.scmp.com/business/companies/article/2069540/who-mysterious-tvb-buyer?utm_source=rss_feed Thu, 09 Feb 2017 11:42:58 +0000 Chinese smartphone maker Xiaomi has pinned its hopes on offline sales with a plan to open 1,000 brick-and-mortar stores over the next three years, targeting 10 billion yuan in revenue from this channel, its founder and chief executive Lei Jun said on Wednesday. Xiaomi aims to boost the number of its physical stores, called Mi Home, to 200 this year from 51 at the end of last year, Lei said at a forum in Yabuli in the northeastern province of Heilongjiang. “I am confident that each of the offline... https://www.scmp.com/business/article/2069523/xiaomi-targets-10bn-yuan-revenue-1000-new-offline-stores?utm_source=rss_feed https://www.scmp.com/business/article/2069523/xiaomi-targets-10bn-yuan-revenue-1000-new-offline-stores?utm_source=rss_feed Thu, 09 Feb 2017 10:02:39 +0000 China’s strict vigil on the peer-to-peer lending sector may have crimped fortunes for several companies, but opened the doors for organised players like Yirendai. The New York-listed firm, unlike its peers, has not only been expanding its business rapidly, but also set its sights on disbursing loans worth 100 billion yuan (HK$112.8 billion) a year by 2020. The company, which made the history as the first Chinese internet finance firm to be listed on the US bourses in December 2015, is probably... https://www.scmp.com/business/article/2064368/yirendai-bullish-lending-prospects-despite-tighter-rules?utm_source=rss_feed https://www.scmp.com/business/article/2064368/yirendai-bullish-lending-prospects-despite-tighter-rules?utm_source=rss_feed Sun, 22 Jan 2017 08:34:13 +0000 In the past year or so, the term “Tesla challenger” has become something of a cliche when applied to Chinese-backed electric vehicle start-ups. But according to analysts, it will be quite some time before a genuine rival to the American market leader emerges. “It’s too early to say if they [Chinese electric vehicle makers] can challenge Tesla, I don’t even see their cars on the roads and don’t know their prices. I am sceptical about how many of them can survive and move onto mass production,”... https://www.scmp.com/business/companies/article/2064365/chinese-electric-car-makers-pose-no-serious-threat-tesla?utm_source=rss_feed https://www.scmp.com/business/companies/article/2064365/chinese-electric-car-makers-pose-no-serious-threat-tesla?utm_source=rss_feed Sun, 22 Jan 2017 08:32:00 +0000 Last year’s China’s car sales grew at the fastest pace in three years, buoyed by the government’s purchase tax waiver for small-engine vehicles. But analysts see a dim outlook for this year amid an increase in the tax levy. Carmakers sold 28.03 million cars in 2016, an increase of 13.7 per cent on the previous year, the government-backed agency China Association of Automobile Manufacturers (CAAM) said on Thursday. Yet the agency forecast the growth to slow to 5 per cent this year as the tax... https://www.scmp.com/business/china-business/article/2061642/china-2016-car-sales-surge-fastest-rate-three-years?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2061642/china-2016-car-sales-surge-fastest-rate-three-years?utm_source=rss_feed Thu, 12 Jan 2017 11:58:46 +0000 Faraday Future, the US electric vehicle start-up backed by Chinese internet company LeEco’s billionaire founder Jia Yueting, said it had received 64,124 reservations globally for its first electric car within 36 hours of the official launch. The company unveiled the FF 91 - which it claims is the fastest electric vehicle in the world, capable of accelerating from 0 to 60mph in just 2.39 seconds - on Tuesday in Las Vegas ahead of the annual consumer electronics show, CES. Although Faraday said... https://www.scmp.com/business/companies/article/2059996/faradays-super-fast-ff-91-electric-car-attracts-64000-buyers?utm_source=rss_feed https://www.scmp.com/business/companies/article/2059996/faradays-super-fast-ff-91-electric-car-attracts-64000-buyers?utm_source=rss_feed Fri, 06 Jan 2017 11:47:02 +0000 AI, IoT, AoT, AR and VR. Have these acronyms ever confused, or annoyed you over the past year? This alphabet soup will stick around, as new technology remains at the forefront of 2017’s investment opportunities. Even before AlphaGo’s victory over a human Go master captured the world’s attention in March and pushed AI into the public consciousness, Chinese internet companies have already been making big bets on artificial intelligence. China’s AI investments in the first half of 2016 surged 43... https://www.scmp.com/business/china-business/article/2059661/alphabet-soup-top-draw-chinas-2017-technology-menu?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2059661/alphabet-soup-top-draw-chinas-2017-technology-menu?utm_source=rss_feed Fri, 06 Jan 2017 04:37:01 +0000 Chinese bicycle-sharing start-up Mobike said Friday that it raised US$215 million in its series D financing round, led by Tencent Holdings and global private equity company Warburg Pincus. Chinese online travelling company Ctrip, hotel operator Huazhu Hotels Group and private equity firm TPG are also among the new strategic investors in this round of financing, Mobike said in a statement. Sequoia China and Hillhouse Capital, the venture capital firms which are existing investors of Mobike, have... https://www.scmp.com/business/article/2059333/mobike-gets-us215-million-series-d-funding?utm_source=rss_feed https://www.scmp.com/business/article/2059333/mobike-gets-us215-million-series-d-funding?utm_source=rss_feed Wed, 04 Jan 2017 12:55:47 +0000 Faraday Future, the US electric vehicle start-up backed by Chinese internet company LeEco’s billionaire founder Jia Yueting, has unveiled its first electric car, that the company claims is the fastest in the world, as it pits itself against rivals like Tesla. The company says the FF 91 can go from 0 to 60 miles per hour in just 2.39 seconds, slightly faster than Tesla’s Model S vehicle that can manage the same in 2.5 seconds, and significantly quicker than Ferrari’s 488 GTB sports car, which... https://www.scmp.com/business/companies/article/2059266/leeco-backed-faraday-unveils-worlds-fastest-electric-car-it-takes?utm_source=rss_feed https://www.scmp.com/business/companies/article/2059266/leeco-backed-faraday-unveils-worlds-fastest-electric-car-it-takes?utm_source=rss_feed Wed, 04 Jan 2017 07:30:30 +0000 Embracing the growth prospects offered by the increasing popularity of the sharing economy, Xiaozhu, dubbed China’s Airbnb, is investing to attract domestic users amid the rise of its US rival. Kelvin Chen, a Chinese technology veteran who founded Xiaozhu in 2012, said his inspiration came from Airbnb, the US home-sharing start-up that has brought disruptive changes to travelling in the West. “We have learned a lot from Airbnb. We have the same beliefs [about the sharing economy], but Xiaozhu... https://www.scmp.com/business/china-business/article/2058669/home-market-focus-xiaozhu-airbnb-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2058669/home-market-focus-xiaozhu-airbnb-china?utm_source=rss_feed Mon, 02 Jan 2017 04:58:16 +0000 A former chief of West Kowloon Cultural District has questioned the politics of the surprise HK$3.5 billion deal to recreate Beijing’s Palace Museum in the arts hub. The criticism came as the dealmaker herself, Chief Secretary Carrie Lam Cheng Yuet-ngor, visited the capital on Thursday for another cultural event. Speaking to the Post, Michael Lynch, chief executive of the district’s governing authority from 2011 to 2015, said: “It fascinates me that a discussion on a project of this scale would... https://www.scmp.com/news/china/policies-politics/article/2057951/hong-kong-no-2-carrie-lam-unveils-honour-list-tycoons?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2057951/hong-kong-no-2-carrie-lam-unveils-honour-list-tycoons?utm_source=rss_feed Thu, 29 Dec 2016 09:50:52 +0000 LeEco said it has received a 10 billion yuan (US$1.44 billion) lifeline from an unidentified strategic investor, the same day that the cash-starved video streaming and TV maker founded by Jia Yueting broke ground on a car assembly in China. The plant, located in Deqing (德清) county of Zhejiang province close to the tourist destinations of Moganshan and Hangzhou, will have the capacity to assemble up to 400,000 electric vehicles by 2018. The factory will be fully automated, with robots handling up... https://www.scmp.com/business/companies/article/2057641/leeco-breaks-ground-12-billion-yuan-deqing-car-assembly?utm_source=rss_feed https://www.scmp.com/business/companies/article/2057641/leeco-breaks-ground-12-billion-yuan-deqing-car-assembly?utm_source=rss_feed Wed, 28 Dec 2016 06:47:22 +0000 LeEco, the Chinese video-streaming firm, has insisted that an interruption in its English Premier League football coverage on Monday night was nothing to do with recent media reports that the company has fallen behind with its payments for the broadcast rights. A spokesman apologised to football fans for the temporary suspension when screening six matches late on Monday night because of a technical problem. The system error was fixed by technicians within 30 minutes, he said. “LeSports HK... https://www.scmp.com/business/companies/article/2057456/leeco-says-interrupted-english-premier-league-coverage-not-down?utm_source=rss_feed https://www.scmp.com/business/companies/article/2057456/leeco-says-interrupted-english-premier-league-coverage-not-down?utm_source=rss_feed Tue, 27 Dec 2016 11:10:36 +0000 Hong Kong’s home prices are unlikely to see significant fall amid solid demand, despite the increasing interest rates and the government’s measures to curb growth, Standard Chartered says. “I can’t see Hong Kong’s property prices falling too much considering the demand and supply, and mainland investors are still buying overseas assets,” said May Tan, chief executive for Hong Kong at Standard Chartered Bank. Analysts have expected that Hong Kong’s property prices to tumble after the US Federal... https://www.scmp.com/business/banking-finance/article/2056379/china-buyers-undergird-hong-kongs-home-prices-standard?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2056379/china-buyers-undergird-hong-kongs-home-prices-standard?utm_source=rss_feed Wed, 21 Dec 2016 16:17:15 +0000 Hong Kong is in preliminary talks with mainland authorities in a potential bond market connect scheme to deepen the link between the two sides after the launch of the Shenzhen-Hong Kong stock connect plan, the city’s de facto central bank chief said on Tuesday. “We had some general discussions with mainland authorities about the bond connect scheme,” said Norman Chan Tak-lam, chief executive of the Hong Kong Monetary Authority, during a visit to the Chinese capital. Chan arrived in Beijing on... https://www.scmp.com/business/article/2056100/hong-kong-track-chinas-bond-connect-plan-hkma-says?utm_source=rss_feed https://www.scmp.com/business/article/2056100/hong-kong-track-chinas-bond-connect-plan-hkma-says?utm_source=rss_feed Tue, 20 Dec 2016 11:59:45 +0000 The Chinese central bank governor Zhou Xiaochuan has described the country’s measures for limiting the yuan’s outflows as a temporary means for preventing capital flight and restoring calm to the currency markets, said the Hong Kong Monetary Authority’s chief executive Norman Chan. “Governor Zhou said the measures are for the short term,” Chan said in Beijing, after leading a visit by the Hong Kong Association of Bankers to the Chinese central bank. “When the market condition becomes stable, the... https://www.scmp.com/business/money/article/2055798/chinas-currency-curbs-merely-temporary-stem-yuans-outflow-central?utm_source=rss_feed https://www.scmp.com/business/money/article/2055798/chinas-currency-curbs-merely-temporary-stem-yuans-outflow-central?utm_source=rss_feed Mon, 19 Dec 2016 11:30:45 +0000 For many people, the expression “artificial intelligence” might still seem like scary science fiction, conjuring up images of a world run by faceless machines and robots. Experts still say it is likely to be some time before it replaces you or your colleagues, but the fact is that AI in its various forms is already all around us and penetrating many aspects of business and everyday life. Let’s start with your (days mainly digital, these days) wallet. The yuan’s recent depreciation has prompted... https://www.scmp.com/business/article/2055185/ai-already-all-around-us-and-touching-many-aspects-business-and-everyday?utm_source=rss_feed https://www.scmp.com/business/article/2055185/ai-already-all-around-us-and-touching-many-aspects-business-and-everyday?utm_source=rss_feed Fri, 16 Dec 2016 08:31:07 +0000 Chinese carmakers, dealers and buyers received bad news and good on Thursday, after the government confirmed it will raise the sales tax levy on small-engine vehicles in January 1, but the charge will remain below normal levels for another year. The sales tax on vehicles with 1.6-litre engines or smaller will be raised to 7.5 per cent, the Ministry of Finance said in a statement. The government cut the 10 per cent purchase tax to 5 per cent in October 2015, amid sluggish sales and in an effort... https://www.scmp.com/business/article/2054907/tax-break-buying-small-cars-extended-another-year?utm_source=rss_feed https://www.scmp.com/business/article/2054907/tax-break-buying-small-cars-extended-another-year?utm_source=rss_feed Thu, 15 Dec 2016 11:25:49 +0000 China’s consumer buying spree shifted to good old-fashioned, bricks-and-mortar stores this week, but with a very modern twist, as the country’s mobile payment service providers offered preferential ways to pay at the tills during the “Double Twelve” shopping carnival. After record numbers spent during last month’s Singles’ Day, on November 11 – US$17.8 billion in sales for Alibaba’s online marketplaces in just 24 hours – which was dominated by online shopping, the December 12 equivalent is... https://www.scmp.com/business/article/2054554/mobile-payment-platforms-showcase-their-services-during-12-12-shopping?utm_source=rss_feed https://www.scmp.com/business/article/2054554/mobile-payment-platforms-showcase-their-services-during-12-12-shopping?utm_source=rss_feed Wed, 14 Dec 2016 11:02:07 +0000 Chinese car sales hit a record high in November, driven by strong demand from consumers rushing to benefit from a purchase tax waiver which is scheduled to expire at the end of this month. Carmakers sold a total of 2.94 million car in November, an increase of 16.6 per cent from the previous year, the government-backed agency China Association of Automobile Manufacturers (CAAM) said on Monday. The figure, which grew by 10.9 per cent from a month earlier, set a new monthly sales record, the CAAM... https://www.scmp.com/business/article/2053958/car-sales-enjoy-record-november?utm_source=rss_feed https://www.scmp.com/business/article/2053958/car-sales-enjoy-record-november?utm_source=rss_feed Mon, 12 Dec 2016 12:13:49 +0000 LeEco’s fundraising plans are progressing smoothly and there are no plans to give up on its supercar dream, billionaire founder Jia Yueting said on Sunday, reassuring investors about the company’s capital condition which came under further scrutiny after trading in the shares of its Shenzhen-listed unit was halted last week. “The supply chain problem [of LeEco’s smartphone business] is being solved gradually, and product supply will return to normal soon ... [the company] is moving forward... https://www.scmp.com/business/article/2053710/leeco-reassures-supercar-dream-fundraising-plans?utm_source=rss_feed https://www.scmp.com/business/article/2053710/leeco-reassures-supercar-dream-fundraising-plans?utm_source=rss_feed Sun, 11 Dec 2016 13:11:52 +0000 Tencent Holdings and Alibaba Group were voted as the best technology companies to work for in China this year, winning their employees’ hearts with company cultures that value new ideas and dreams, a survey shows. Chinese internet giant Tencent took No 1 spot while e-commerce giant Alibaba ranked No 4 in the annual survey on the best mainland China employers, jointly conducted by recruitment platform Zhaopin and Peking University. Among the top 10 best employers were China Merchants Bank in... https://www.scmp.com/business/companies/article/2053324/mainland-chinese-vote-tencent-alibaba-best-tech-employers?utm_source=rss_feed https://www.scmp.com/business/companies/article/2053324/mainland-chinese-vote-tencent-alibaba-best-tech-employers?utm_source=rss_feed Fri, 09 Dec 2016 11:26:53 +0000 Artificial intelligence (AI) is penetrating China’s media industry as a “robot reporter” has started writing company results and economic data at a Shanghai-based financial news outlet, which is working to upgrade the programme to help human journalists write. AI could write four kinds of business news including regular listed companies’ results and macro-economic data such as consumer price index and gross domestic product figures, China Business Network chief executive Zhou Jiangong said. The... https://www.scmp.com/business/companies/article/2052997/ai-penetrates-chinas-media-sector-robot-starts-writing-business?utm_source=rss_feed https://www.scmp.com/business/companies/article/2052997/ai-penetrates-chinas-media-sector-robot-starts-writing-business?utm_source=rss_feed Thu, 08 Dec 2016 12:00:00 +0000 Chinese internet giant LeEco’s Shenzhen-listed arm, Leshi Internet Information and Technology Corp, was halted from trading on the stock exchange on Wednesday after a share price plunge that was said to have triggered margin calls by brokerages and financial lenders. The Shenzhen bourse said in a statement that trading in Leshi was suspended before market opening on Wednesday, pending an announcement. No further detail was provided. The trading halt came after Leshi’s shares plummeted 7.85 per... https://www.scmp.com/business/article/2052501/leeco-unit-suspended-trading-shenzhen-pending-announcement?utm_source=rss_feed https://www.scmp.com/business/article/2052501/leeco-unit-suspended-trading-shenzhen-pending-announcement?utm_source=rss_feed Wed, 07 Dec 2016 03:55:45 +0000 Baidu Inc’s internet film unit iQiyi has signed a deal with Sony Pictures to adapt the English-language action drama Chosen into online movie series in Putonghua. iQiyi will provide the majority of the funding and co-produce three movies under the series. “The total investment has yet to be confirmed, but we will invest more than 10 million yuan in each movie,” Yang Xianghua, senior vice president at iQiyi said. Production of the first movie is expected to start next spring and debut in the... https://www.scmp.com/business/markets/article/2050855/baidu-unit-iqiyi-has-signed-agreement-help-fund-produce-chinese?utm_source=rss_feed https://www.scmp.com/business/markets/article/2050855/baidu-unit-iqiyi-has-signed-agreement-help-fund-produce-chinese?utm_source=rss_feed Thu, 01 Dec 2016 12:32:48 +0000 Smartphone maker Meizu Technology on Wednesday unveiled its new flagship model in Beijing, which features a large screen handset with enhanced fingerprint detection, joining its Chinese counterparts in attempting to take market share from foreign brands including Apple and Samsung. The new handset, Pro 6 Plus, runs on a Samsung Exynos 8890 processor, which is also used in the Galaxy 7 model. The new flagship phone offers a high definition panel with 5.7-inch screen, and it packs in 4GB... https://www.scmp.com/business/companies/article/2050524/meizu-technology-unveils-new-pro-6-plus-handset-push-affordable?utm_source=rss_feed https://www.scmp.com/business/companies/article/2050524/meizu-technology-unveils-new-pro-6-plus-handset-push-affordable?utm_source=rss_feed Wed, 30 Nov 2016 15:24:06 +0000 Advocating Hong Kong’s independence from mainland China would “bring calamity to the country and the people”, and Hongkongers must “struggle” against it, China’s top man overseeing Hong Kong affairs said on Tuesday. National People’s Congress chairman Zhang Dejiang also said Beijing would like to communicate with any person or organisation in Hong Kong, as long as they support the “one country, two systems” principle, uphold the Basic Law, and “love the country”. Zhang was speaking as he met a... https://www.scmp.com/news/hong-kong/politics/article/2050146/hong-kong-independence-would-bring-calamity-warns-mainland?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2050146/hong-kong-independence-would-bring-calamity-warns-mainland?utm_source=rss_feed Tue, 29 Nov 2016 10:15:46 +0000 Advocating independence for Hong Kong would “bring calamity to the country and the people” and it should not be underestimated, China’s state leader overseeing the city’s affairs warned on Tuesday. National People’s Congress chairman Zhang Dejiang gave the message to a visiting delegation from the city as Financial Secretary John Tsang Chun-wah remained evasive during his own trip to Beijing on whether he would run for chief executive, only saying “the key issue is the interest of Hong Kong as a... https://www.scmp.com/news/hong-kong/politics/article/2050076/chief-executive-poll-not-discussed-beijing-meeting-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2050076/chief-executive-poll-not-discussed-beijing-meeting-hong-kong?utm_source=rss_feed Tue, 29 Nov 2016 06:15:15 +0000 Pro-establishment lawmaker Regina Ip Lau Suk-yee all but confirmed her intention on Monday to stand for chief executive, saying she would announce her candidacy “in due course”, but she refused to confirm reports about resigning from the Executive Council in two weeks to run for the city’s top job. Another hotly-tipped candidate, Financial Secretary John Tsang Chun-wah, remained tight-lipped about his intentions during a business trip to Beijing on Monday for talks with officials. Tsang’s... https://www.scmp.com/news/hong-kong/politics/article/2049725/regina-ip-all-confirms-her-run-hong-kong-chief-executive?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2049725/regina-ip-all-confirms-her-run-hong-kong-chief-executive?utm_source=rss_feed Mon, 28 Nov 2016 04:14:14 +0000 Software coders, engineers and Silicon Valley entrepreneurs are welcomed in China if they are put off by the anti-immigration comments espoused by the president-elect of the United States, said Baidu Inc’s founder and chairman Robin Li. Stephen Bannon, executive chairman of Breitbart News and strategy adviser to Donald Trump, noted during a November 2015 interview with Trump on the website’s Sirius XM radio talk show that two-thirds or three-quarters of Silicon Valley’s CEOs are from South Asia... https://www.scmp.com/business/article/2047324/put-trump-baidus-li-urges-silicon-valley-talent-call-china-home?utm_source=rss_feed https://www.scmp.com/business/article/2047324/put-trump-baidus-li-urges-silicon-valley-talent-call-china-home?utm_source=rss_feed Fri, 18 Nov 2016 10:15:25 +0000 While there’s no doubt artificial intelligence (AI) is the new frontier, AI applications won’t be able to perform complicated jobs or replace humans anytime soon, China’s tech leaders said on Thursday. Technology companies in China and the rest of the world are exploring opportunities in AI, but the foundation for the technology is still not mature, said Pony Ma Huateng, chairman and chief executive of Chinese internet powerhouse Tencent Holdings. “Cloud computing driven by AI and big data are... https://www.scmp.com/business/companies/article/2047281/artificial-intelligence-wont-replace-humans-anytime-soon-say?utm_source=rss_feed https://www.scmp.com/business/companies/article/2047281/artificial-intelligence-wont-replace-humans-anytime-soon-say?utm_source=rss_feed Fri, 18 Nov 2016 08:08:13 +0000 The influence of fake news stories online during the US presidential election rang alarm bells and highlighted the need to crack down on the content’s spread, the head of one of the world’s biggest internet companies said on Friday. But another Chinese industry executive cautioned regulators against resorting to extremes to tackle the issue. Fake news spreading in US social media, which played a part in Trump’s victory, has sent an alarm to the international community Pony Ma, Tencent US social... https://www.scmp.com/news/china/policies-politics/article/2047266/opinions-divided-china-internet-conference-over-issue?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2047266/opinions-divided-china-internet-conference-over-issue?utm_source=rss_feed Fri, 18 Nov 2016 07:34:30 +0000 Huawei Technologies, the Chinese smartphone maker, plans to increase its artificial intelligence (AI) R&D spending, to create a smart device that will be able to smell, taste, hear and see, as well as a human being. Speaking during the World Internet Conference on Thursday in Wuzhen, chief executive of its consumer business Richard Yu said: “Although we can’t make a smartphone with arms and legs like a human body, the future of smartphones will be a device that can smell, taste, hear and... https://www.scmp.com/business/article/2046985/huawei-working-smartphone-which-will-smell-taste-hear-and-see-well-humans?utm_source=rss_feed https://www.scmp.com/business/article/2046985/huawei-working-smartphone-which-will-smell-taste-hear-and-see-well-humans?utm_source=rss_feed Thu, 17 Nov 2016 11:48:08 +0000 The Communist Party leadership has repeated its call for the establishment of “cyberspace sovereignty” and for developing nations to assume a greater role in governing the internet at the ­global level. But the appeal came as the mainland was ranked at the bottom of an index measuring internet freedom compiled by an independent watchdog. China would “uphold cyberspace sovereignty” and make the governance of the global web “more fair and equitable”, President Xi Jinping said in video remarks... https://www.scmp.com/news/china/policies-politics/article/2046645/communist-party-leadership-calls-fairer-global?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2046645/communist-party-leadership-calls-fairer-global?utm_source=rss_feed Wed, 16 Nov 2016 15:06:00 +0000 Some of the world’s leading technology professionals have gathered for the third World Internet Conference, being held in Wuzhen, Zhejiang province, and top of everyone’s agenda is the booming growth of artificial intelligence (AI), as it continues to penetrate every aspect of business and daily life. From customer services to wealth management, to reshaping the jobs market by replacing low-skilled workers, the sector is growing at an unprecedented pace, said analysts gathered for the event. Big... https://www.scmp.com/business/article/2046600/artificial-intelligence-tops-agenda-wuzhen-world-internet-conference?utm_source=rss_feed https://www.scmp.com/business/article/2046600/artificial-intelligence-tops-agenda-wuzhen-world-internet-conference?utm_source=rss_feed Wed, 16 Nov 2016 10:44:02 +0000 Baidu Inc, the Chinese internet search giant, has been showing off its new driverless cars, during a trial run in Wuzhen in Zhejiang province, the eastern river township which is hosting this week’s World Internet Conference. Without drivers, a fleet of 18 autonomous vehicles drove along the city’s Ziye Road, as a demonstration for the technology gurus arriving from around the globe for the three-day event, which started on Wednesday. The cars will be available for delegates to try out... https://www.scmp.com/business/article/2046590/fleet-driverless-baidu-cars-takes-road-wuzhen?utm_source=rss_feed https://www.scmp.com/business/article/2046590/fleet-driverless-baidu-cars-takes-road-wuzhen?utm_source=rss_feed Wed, 16 Nov 2016 10:21:51 +0000 Alibaba Group’s auto unit is seeking to expand online automotive sales in rural areas, opening the doors to a huge market for carmakers amid slowing sales in first tier cities. Rural residents were busy filling their shopping carts during the just-ended Single’s Day shopping festival with a wide variety of products from daily necessities such as apparel, home appliances or even cars. Sanfeng village, in Xinchang county of Zhejiang province, is one of the top three highest-spending villages... https://www.scmp.com/business/companies/article/2045855/chinas-rural-population-major-new-growth-market-online-automobile?utm_source=rss_feed https://www.scmp.com/business/companies/article/2045855/chinas-rural-population-major-new-growth-market-online-automobile?utm_source=rss_feed Mon, 14 Nov 2016 14:35:18 +0000 Online shoppers have bought a record 120.7 billion yuan (US$17.8 billion) of merchandise through the Alibaba Group Holdings’ e-commerce platforms, capping 24 hours of online shopping frenzy that had become the largest retailing event on the planet. Up to 82 per cent of transactions were conducted via mobile devices and smartphones, mostly by customers younger than 35 years, according to data provided by Alibaba, which owns the South China Morning Post. “The excitement around online shopping... https://www.scmp.com/business/article/2045294/alibaba-smashes-record-1207-billion-yuan-sales-singles-day?utm_source=rss_feed https://www.scmp.com/business/article/2045294/alibaba-smashes-record-1207-billion-yuan-sales-singles-day?utm_source=rss_feed Fri, 11 Nov 2016 17:15:45 +0000 Alibaba Group Holdings’ 2016 Singles’ Day online shopping extravaganza will likely increase 29 per cent from last year’s haul to a record 125 billion yuan (US$18.45 billion), according to a South China Morning Post survey of five analysts tracking the company. Top among this year’s attractions is a cat mascot -- taking the cue from Pokemon Go -- that can be followed via smartphones, exchangeable for discounts and prizes. Chinese shoppers will be able to browse in Macy’s New York store and other... https://www.scmp.com/business/article/2044862/tmalls-cat-vr-may-bolster-alibabas-2016-singles-day-haul-29-cent-analysts?utm_source=rss_feed https://www.scmp.com/business/article/2044862/tmalls-cat-vr-may-bolster-alibabas-2016-singles-day-haul-29-cent-analysts?utm_source=rss_feed Thu, 10 Nov 2016 15:30:45 +0000 Here is what you need to know about the world’s largest online shopping event: - What is Singles’ Day? Singles’ Day started as an idea among students in China during the 1990s to organise activities to break free of their loneliness. The four digits 11.11 resemble sticks -- gunzi -- which evolved into guanggun, or bachelors. Single women adopted the festival as an antidote to Valentine’s Day.棍子 - How did Singles’ Day become China’s biggest online shopping event? Alibaba turned November 11 into... https://www.scmp.com/tech/china-tech/article/2044863/seven-things-know-about-singles-day?utm_source=rss_feed https://www.scmp.com/tech/china-tech/article/2044863/seven-things-know-about-singles-day?utm_source=rss_feed Thu, 10 Nov 2016 15:30:30 +0000 Jia Yueting, the billionaire chairman of Chinese technology giant LeEco, has reassured investors that the company is still in good shape, despite its difficulties in raising cash. The company is ready and capable of making a profit, but raising funds to support the business is still a challenge, Jia told investors during a meeting in Beijing on Wednesday. Jia said LeEco had overlooked the importance of fundraising in the past, resulting in a weak capital structure. But he said the company’s... https://www.scmp.com/business/article/2044405/leecos-chairman-reassures-investors-company-still-good-shape?utm_source=rss_feed https://www.scmp.com/business/article/2044405/leecos-chairman-reassures-investors-company-still-good-shape?utm_source=rss_feed Wed, 09 Nov 2016 08:28:30 +0000 Mobike, a Chinese bicycle-sharing start-up backed by tech giant Tencent Holdings, is growing in popularity as an alternative for commuters in big cities facing traffic congestion and pollution. As an option for last-mile trips and short-distance rides, Mobike wants to bring bicycles back to commuters looking for clean and green travel, said Xia Yiping, co-founder and chief technology officer of Mobike. The black and orange bike, designed and made by Mobike, was first launched in Shanghai in... https://www.scmp.com/business/china-business/article/2044098/mobike-offers-chinese-commuters-way-beat-traffic-ride?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2044098/mobike-offers-chinese-commuters-way-beat-traffic-ride?utm_source=rss_feed Tue, 08 Nov 2016 13:30:30 +0000 Chinese technology giant LeEco has no plans to lay off its US staff or abandon its self-driving car ambitions, a senior executive said on Tuesday. Brian Hui, head of LeEco’s North American operations, said he doesn’t expect layoffs on LeEco’s US team, which has grown from 30 to nearly 600 people over the course of the year. His remarks came after the release of an internal letter written by the company’s founder Jia Yueting, who said the rapid expansion overseas and in many product directions... https://www.scmp.com/business/companies/article/2044060/leecos-us-chief-says-no-layoffs-self-driving-car-plan-high?utm_source=rss_feed https://www.scmp.com/business/companies/article/2044060/leecos-us-chief-says-no-layoffs-self-driving-car-plan-high?utm_source=rss_feed Tue, 08 Nov 2016 10:20:59 +0000 Sinovation Ventures, the Chinese venture capital firm founded by veteran tech investor Lee Kai-fu, is betting big that artificial intelligence (AI) will replace a growing number of human jobs from equity traders, security guards. drivers even medical staff in future. “AI is really changing every profession and every industry. There’s almost nothing that won’t be touched by AI,” said Lee, one of the most influential figures in China’s internet sector. Lee said AI is now Sinovation’s most... https://www.scmp.com/business/article/2043667/veteran-tech-investor-lee-kai-fu-bets-ai-next-internet-wave?utm_source=rss_feed https://www.scmp.com/business/article/2043667/veteran-tech-investor-lee-kai-fu-bets-ai-next-internet-wave?utm_source=rss_feed Mon, 07 Nov 2016 09:25:50 +0000