https://www.scmp.com/rss/318218/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Emily Hung Emily Hung Police arrested two men on Friday in connection with an alleged fraud involving a Hong Kong-headquartered cryptocurrency exchange, in which hundreds of investors worldwide were said to have lost a total of US$30 million. A total of 337 alleged victims had contacted its commercial crime bureau since November 16, Acting Chief Inspector Lee Wai-chung on said Friday. A police investigation found that Atom Asset Exchange (AAX) froze all asset transactions and withdrawals from November 12 and blamed a... https://www.scmp.com/news/hong-kong/law-and-crime/article/3204461/police-arrest-two-men-hong-kong-connection-alleged-us30-million-fraud-case-after-collapse?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3204461/police-arrest-two-men-hong-kong-connection-alleged-us30-million-fraud-case-after-collapse?utm_source=rss_feed Fri, 23 Dec 2022 17:00:04 +0000 1. How did Robin Li build China's largest search engine? He worked for Disney on search and then met Eric Xu, a PhD who had good contacts in Silicon Valley. Learn more 2. Who is Jack Ma? Jack Ma is the billionaire co-founder of e-commerce giant Alibaba and fintech company Ant Group. Learn more 3. What does Xiaomi founder, Lei Jun, spend his money on? Cars and a science park. Learn more 4. Before founding Tencent in 1993, what did Pony Ma do for a living? He developed software for pagers,... https://www.scmp.com/tech/tech-leaders-and-founders/article/3126617/13-things-you-may-not-know-about-chinas-tech?utm_source=rss_feed https://www.scmp.com/tech/tech-leaders-and-founders/article/3126617/13-things-you-may-not-know-about-chinas-tech?utm_source=rss_feed Wed, 24 Mar 2021 05:23:39 +0000 Andy Jassy, who will take over as chief executive of online retail giant Amazon.com, is best known for heading the development and operation of subsidiary Amazon Web Services (AWS), which pioneered the broad availability of cloud computing for companies around the world. Led by Jassy, who joined Amazon in 1997, AWS was launched in 2006 as a simple computing and storage service delivered remotely over the internet. It has since become a global cloud platform used by millions of start-ups,... https://www.scmp.com/tech/big-tech/article/3120418/aws-made-cloud-computing-services-mainstream-it-still-hasnt-cracked?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3120418/aws-made-cloud-computing-services-mainstream-it-still-hasnt-cracked?utm_source=rss_feed Wed, 03 Feb 2021 15:00:24 +0000 Alibaba Group Holding, which beat third-quarter estimates with the first profit in cloud computing, said the business holds tremendous potential to augment its core e-commerce operations. Alibaba Cloud posted it first profit before interest, tax and amortisation during the three months ended December, meeting the goal by the Hangzhou-based e-commerce behemoth for the financial year ending in March, and fulfilling the promise made by chief financial officer Maggie Wu last September. “Over the... https://www.scmp.com/tech/big-tech/article/3120289/alibaba-says-its-cloud-computing-business-holds-tremendous-potential?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3120289/alibaba-says-its-cloud-computing-business-holds-tremendous-potential?utm_source=rss_feed Wed, 03 Feb 2021 00:30:15 +0000 Huawei Technologies Co is expanding the duties of Richard Yu Chengdong, the consumer business group’s chief executive, to cloud services and artificial intelligence (AI), a management reshuffle that could strengthen the firm’s moves into new growth markets amid its struggles with US trade sanctions. The 51-year-old Yu, who led Huawei’s march to unseat Samsung Electronics as the world’s biggest smartphone vendor in the second quarter last year, will take over from Hou Jinlong as head of those two... https://www.scmp.com/tech/enterprises/article/3119634/huaweis-richard-yu-lead-cloud-ai-units-telecoms-giant-pushes-new?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3119634/huaweis-richard-yu-lead-cloud-ai-units-telecoms-giant-pushes-new?utm_source=rss_feed Thu, 28 Jan 2021 10:15:17 +0000 No longer constrained by the sanctions that have hammered Huawei Technologies Co’s smartphone business, Honor Device Co has a new mission for 2021: compete with its former owner and Apple in the market as an equal, the company’s CEO George Zhao Ming told the South China Morning Post in an exclusive interview. “Our core mission this year is to make flagship phones that can compete with Apple and Huawei in China,” Zhao said in an interview at Honor’s new office, located just 15km (9 miles) from... https://www.scmp.com/tech/gear/article/3119278/honor-ceo-speaks-out-unburdened-us-sanctions-huawei-budget-smartphone?utm_source=rss_feed https://www.scmp.com/tech/gear/article/3119278/honor-ceo-speaks-out-unburdened-us-sanctions-huawei-budget-smartphone?utm_source=rss_feed Wed, 27 Jan 2021 11:00:08 +0000 The global coronavirus pandemic boosted the brand value of China’s largest technology companies last year, even as it decimated livelihoods and economies the world over, according to a report by the British consultant Brand Finance. The brand value of Alibaba.com, the trading platform of Alibaba Group Holding that focuses on serving business and enterprises, jumped by 108 per cent to US$39.2 billion as the second fastest-growing brand, second only to Tesla’s 158 per cent increase, according to... https://www.scmp.com/business/companies/article/3119292/wechats-value-surpasses-ferrari-covid-19-pandemic-upends?utm_source=rss_feed https://www.scmp.com/business/companies/article/3119292/wechats-value-surpasses-ferrari-covid-19-pandemic-upends?utm_source=rss_feed Tue, 26 Jan 2021 09:15:16 +0000 Huawei Technologies Co. must decentralise its operations, simplify product lines, focus on generating profit, and maintain pay levels for three to five years to survive US trade restrictions, according to a recently published speech from company founder and CEO Ren Zhengfei. Ren made the speech last June, but Huawei only made it public on Friday, two days after the inauguration of US President Joe Biden. The Shenzhen-based telecoms equipment giant has faced many obstacles in the past six months:... https://www.scmp.com/tech/enterprises/article/3118902/huawei-founder-ren-zhengfei-calls-decentralisation-focus-profits?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3118902/huawei-founder-ren-zhengfei-calls-decentralisation-focus-profits?utm_source=rss_feed Fri, 22 Jan 2021 22:00:12 +0000 Tencent Holdings, the creator of the messaging platform WeChat, is in talks with banks for a US$6 billion loan, according to people familiar with the matter. That would be the biggest dollar loan syndicated in Asia for a Chinese firm since 2019, according to data compiled by Bloomberg. It would also mark a flurry of potential debt financing by tech giants after people familiar said earlier this month that rival Alibaba Group Holding was looking to sell up to US$8 billion of bonds. Under the... https://www.scmp.com/business/companies/article/3118913/tencent-talks-banks-borrow-us6-billion-asias-biggest-syndicated?utm_source=rss_feed https://www.scmp.com/business/companies/article/3118913/tencent-talks-banks-borrow-us6-billion-asias-biggest-syndicated?utm_source=rss_feed Fri, 22 Jan 2021 13:59:29 +0000 Chinese gaming giant NetEase has asked all staff at its Beijing office to prepare to work from home after an employee tested positive for Covid-19 on Thursday night, according to local media reports. According to a screenshot of an internal email circulated online by both state-run Chinese media outlet Legal Daily and Phoenix New Media’s news portal Ifeng.com, the employee reported having a fever on Thursday night. The person’s nucleic acid test came back positive, but the diagnosis is not... https://www.scmp.com/tech/big-tech/article/3118842/netease-beijing-employee-tests-positive-covid-19-company-orders-staff?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3118842/netease-beijing-employee-tests-positive-covid-19-company-orders-staff?utm_source=rss_feed Fri, 22 Jan 2021 10:45:04 +0000 Honor has announced a new 5G smartphone, the View40, and partnerships with global semiconductor companies, including Intel and Qualcomm, revealing that the company is no longer subject to US restrictions after spinning off from former parent company Huawei Technologies Co. The View40, unveiled at a launch event on Friday, is the first new phone from Honor since being sold by Huawei, which lost access to Google apps and services when the US put the company on its so-called entity list in 2019.... https://www.scmp.com/tech/enterprises/article/3118818/huaweis-former-budget-brand-honor-has-new-phone-and-partnerships?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3118818/huaweis-former-budget-brand-honor-has-new-phone-and-partnerships?utm_source=rss_feed Fri, 22 Jan 2021 07:34:14 +0000 China’s electric car assemblers and battery producers are setting a new goalpost in their battle for supremacy in the world’s largest vehicle market: a driving range of up to 1,000 kilometres (621 miles) on a single charge. Their new weapon is the solid-state battery, deemed a better option because the electricity from solid electrodes and a solid electrolyte is safer, more reliable and more efficient than the liquid or polymer gel electrolytes found in existing lithium-ion or lithium polymer... https://www.scmp.com/business/companies/article/3118477/china-ev-battery-race-teslas-rivals-join-nio-efforts-achieve?utm_source=rss_feed https://www.scmp.com/business/companies/article/3118477/china-ev-battery-race-teslas-rivals-join-nio-efforts-achieve?utm_source=rss_feed Wed, 20 Jan 2021 12:00:07 +0000 Near-sighted planning, supply chain complexities and a tradition of keeping inventories low caused the semiconductor shortage that is now forcing carmakers to idle production lines and straining their relationship with chip manufacturers. Seeds of the imbroglio were sown almost a year ago as the virus outbreak led to plunging car demand, prompting auto-chip companies to slash orders. But when they wanted to increase supply toward the end of 2020, they struggled to secure capacity at Taiwan... https://www.scmp.com/business/companies/article/3118467/how-did-worlds-carmakers-run-out-chips-it-was-year-bad-planning?utm_source=rss_feed https://www.scmp.com/business/companies/article/3118467/how-did-worlds-carmakers-run-out-chips-it-was-year-bad-planning?utm_source=rss_feed Wed, 20 Jan 2021 06:21:41 +0000 Recent tragedies in China‘s food delivery industry have again pushed the gig economy into the spotlight, as the public contemplates the plight of the nation’s delivery drivers and some gig workers call for better legal protections. Back-to-back incidents involving couriers for Ele.me – the food delivery company owned by Alibaba Group Holding, the parent company of the South China Morning Post – became the most recent catalyst for online debate. Two weeks ago, a delivery driver died while on the... https://www.scmp.com/tech/enterprises/article/3118150/food-delivery-workers-want-more-legal-protections-after-eleme?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3118150/food-delivery-workers-want-more-legal-protections-after-eleme?utm_source=rss_feed Mon, 18 Jan 2021 10:43:42 +0000 Beijing is rolling out a series of policy measures, including financing, to support the country’s development of a satellite internet services industry, according to a notice published on Wednesday by the city’s Municipal Bureau of Economy and Information Technology. Satellite-based internet services are expected to enable broader online access for people and enterprises in China’s remote and poorer areas, as well as for those in the country’s aviation and maritime industries. The policy... https://www.scmp.com/tech/policy/article/3117740/beijing-sets-satellite-internet-measures-china-aims-build-new-space?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3117740/beijing-sets-satellite-internet-measures-china-aims-build-new-space?utm_source=rss_feed Thu, 14 Jan 2021 22:30:08 +0000 The Covid-19 pandemic has rapidly accelerated the adoption of digital technology, which in turn has touched seemingly every aspect of our lives: socialising, shopping, working from home and more. Extended reality (XR) – an umbrella term for immersive technologies such as virtual reality (VR) and augmented reality (AR) – has perhaps benefited most from the pandemic’s early lockdown days, by enabling consumers to explore and meet within distinct virtual environments from home. Video game news site... https://www.scmp.com/tech/innovation/article/3117372/how-extended-reality-technology-can-help-brands-build-better-b2b?utm_source=rss_feed https://www.scmp.com/tech/innovation/article/3117372/how-extended-reality-technology-can-help-brands-build-better-b2b?utm_source=rss_feed Thu, 14 Jan 2021 04:00:10 +0000 Kuaishou, the Chinese short video app operator set for an IPO in Hong Kong as early as this month, has a big issue – how to translate its 300 million daily active users into profits. The app, which competes with ByteDance’s Douyin for eyeballs and whose name means ‘speedy hand’, allows users to upload and share short videos and about one-in-three of China’s netizens use it at least once a day. But according to preliminary financial filings the Beijing-based company chalked up a net loss of 68... https://www.scmp.com/tech/enterprises/article/3117572/ipo-prospect-kuaishou-has-big-issue-how-bag-profit-300-million-who?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3117572/ipo-prospect-kuaishou-has-big-issue-how-bag-profit-300-million-who?utm_source=rss_feed Thu, 14 Jan 2021 00:33:16 +0000 Chinese electric carmaker Xpeng Motors said it will deliver level 3 autonomous driving capabilities to its mass-produced sports sedan ahead of Lunar New Year, ramping up its competition with NIO and Tesla, which also have limited autonomous driving capabilities in their vehicles. Level 3 automation allows drivers to safely take their attention off the road under certain conditions, but they must still be prepared to intervene when the system is unable to execute a certain task. Highways are... https://www.scmp.com/tech/start-ups/article/3117624/tesla-rival-xpeng-promises-autonomous-driving-p7-electric-car-owners?utm_source=rss_feed https://www.scmp.com/tech/start-ups/article/3117624/tesla-rival-xpeng-promises-autonomous-driving-p7-electric-car-owners?utm_source=rss_feed Wed, 13 Jan 2021 22:00:16 +0000 The widespread deplatforming of US President Donald Trump from multiple social media platforms has sent shock waves around the world amid intensifying debate over the power and role of Big Tech in everyday life. Since the deadly storming of the US Capitol last week, Trump has been permanently banned from using Twitter, indefinitely banned on Facebook and Instagram and, as of Tuesday evening, suspended from YouTube for a week. Online reactions in China to Trump’s ban from social media platforms... https://www.scmp.com/tech/big-tech/article/3117453/chinese-media-and-scholars-react-trumps-twitter-and-facebook-ban?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3117453/chinese-media-and-scholars-react-trumps-twitter-and-facebook-ban?utm_source=rss_feed Wed, 13 Jan 2021 04:00:09 +0000 JD Digits, the finance arm of JD.com that was known as JD Finance until September 2018, has been restructured as JD Technology as the Chinese e-commerce giant adjusted its business structure and rebranded itself in response to Beijing’s increasing scrutiny of large tech companies’ involvement in finance. JD.com, a competitor of Alibaba Group Holding in areas such as e-commerce and delivery, said on Monday that it created JD Technology by combining its fintech affiliate JD Digits with its... https://www.scmp.com/tech/big-tech/article/3117430/ant-group-fintech-rival-jd-digits-restructures-amid-beijings-big-tech?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3117430/ant-group-fintech-rival-jd-digits-restructures-amid-beijings-big-tech?utm_source=rss_feed Tue, 12 Jan 2021 10:35:34 +0000 NIO has launched a mass production electric car with what could be the world’s farthest driving range, as it ups the ante with Tesla for customers in the largest market for new-energy vehicles on the planet. The Standard Edition of NIO’s ET7 electric car, with a price tag of 448,000 yuan (US$69,184) before subsidy, has a driving range of 500 kilometres using a 70 kilowatt-hour (kWh) battery pack, or about 7 per cent farther than Tesla’s Shanghai-made Model 3, which sells for 249,000 yuan after... https://www.scmp.com/business/companies/article/3117106/chinas-ev-war-tesla-faces-rival-record-621-mile-range-nios-et7?utm_source=rss_feed https://www.scmp.com/business/companies/article/3117106/chinas-ev-war-tesla-faces-rival-record-621-mile-range-nios-et7?utm_source=rss_feed Sun, 10 Jan 2021 05:25:58 +0000 This week ByteDance and Tencent renewed their rivalry with a clash over the inability of users to access the former’s enterprise software suite Feishu on WeChat, Beijing made another move to strengthen its science research foundations and speculation mounted over the likely outcome of an anti-monopoly probe into Alibaba Group Holding. Clash of tech clans TikTok owner ByteDance has accused Tencent Holdings of blocking its cloud office suite Feishu on WeChat as China’s tech giants fight for... https://www.scmp.com/tech/apps-social/article/3116973/inside-china-tech-2021-starts-where-2020-ended-tensions-and-tiffs?utm_source=rss_feed https://www.scmp.com/tech/apps-social/article/3116973/inside-china-tech-2021-starts-where-2020-ended-tensions-and-tiffs?utm_source=rss_feed Sat, 09 Jan 2021 11:00:14 +0000 China’s leading search engine, Baidu, has entered the fray to take on Tesla and a clutch of domestic smart electric car makers through a new partnership with vehicle manufacturer Geely. Baidu, which already runs one of the world’s largest open autonomous-driving platforms, plans to use Geely’s production facilities and development capabilities to reinforce its foray into car manufacturing, according to two sources with knowledge of the matter. Shares of Geely Automobile shot up by a fifth in... https://www.scmp.com/business/companies/article/3117004/chinese-search-giant-baidu-jumps-smart-electric-car-fray-teaming?utm_source=rss_feed https://www.scmp.com/business/companies/article/3117004/chinese-search-giant-baidu-jumps-smart-electric-car-fray-teaming?utm_source=rss_feed Fri, 08 Jan 2021 12:28:55 +0000 Chinese food delivery giant Ele.me is facing a backlash on social media after the platform initially said it could only pay 2,000 yuan (US$309) in compensation to the family of a courier who collapsed on the job, sparking a debate over worker’s rights in the gig economy era. Under pressure from the public, the food delivery platform has increased accident insurance via its crowdsourced on-demand logistics service, Fengniao Zhongbao. In a statement on Friday night, Ele.me said the insurance... https://www.scmp.com/tech/enterprises/article/3117000/chinas-eleme-stirs-outcry-after-initial-low-compensation-delivery?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3117000/chinas-eleme-stirs-outcry-after-initial-low-compensation-delivery?utm_source=rss_feed Fri, 08 Jan 2021 12:00:02 +0000 Elon Musk, world’s richest person. A statement that seemed outlandish one year ago became plausible, then almost inevitable as Tesla’s share price climbed higher and higher in 2020. On Thursday, it finally happened. The electric-automaker’s shares surged 7.9 per cent, boosting Musk past Amazon.com founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. Musk is worth US$194.8 billion , or US$9.5 billion more than Bezos, whose Blue Origin is a rival... https://www.scmp.com/business/companies/article/3116879/elon-musk-surpasses-jeff-bezos-worlds-richest-person-tesla-stock?utm_source=rss_feed https://www.scmp.com/business/companies/article/3116879/elon-musk-surpasses-jeff-bezos-worlds-richest-person-tesla-stock?utm_source=rss_feed Fri, 08 Jan 2021 02:14:16 +0000 Chinese search engine giant Baidu has selected CLSA and Goldman Sachs for its planned second listing in Hong Kong, which could raise at least US$3.5 billion, according to people familiar with the matter. Nasdaq-listed Baidu plans to sell shares in the Asian financial hub as soon as the first half of this year, the people said, asking not to be identified as the information isn’t public. The company could sell about 5 per cent to 9 per cent of its share capital, meaning the offering could raise... https://www.scmp.com/business/companies/article/3116851/baidu-picks-clsa-goldman-hong-kong-secondary-listing-may-raise?utm_source=rss_feed https://www.scmp.com/business/companies/article/3116851/baidu-picks-clsa-goldman-hong-kong-secondary-listing-may-raise?utm_source=rss_feed Thu, 07 Jan 2021 15:20:38 +0000 Honor, the budget smartphone unit sold by Huawei Technologies Co in November as part of its response to US blacklisting, is working with American chip supplier Qualcomm on 5G devices, according to Chinese media. A former consumer brand run by Huawei, Honor is expected to launch smartphones with Qualcomm 5G chipsets in May or June this year, local media Caixin reported on Wednesday. The agreement with Qualcomm was first reported by the state-backed China Securities Journal on Tuesday, citing a... https://www.scmp.com/tech/big-tech/article/3116809/huawei-spin-honor-working-qualcomm-5g-smartphones-report-says?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3116809/huawei-spin-honor-working-qualcomm-5g-smartphones-report-says?utm_source=rss_feed Thu, 07 Jan 2021 13:00:23 +0000 Apple supplier Foxconn Technology Group is in talks to invest in embattled Chinese electric-vehicle start-up Byton in a deal that could mark a large bet by the iPhone assembler on the car-making business, according to people familiar with the matter. Foxconn, whose main listed arm is Hon Hai Precision Industry, plans to invest around US$200 million and the companies aim to start mass production of the Byton M-Byte by the first quarter of 2022, one of the people said, declining to be named... https://www.scmp.com/tech/enterprises/article/3116328/apple-supplier-foxconn-talks-invest-embattled-chinese-tesla?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3116328/apple-supplier-foxconn-talks-invest-embattled-chinese-tesla?utm_source=rss_feed Mon, 04 Jan 2021 07:00:43 +0000 Tesla said it would begin taking orders for the Model Y all-electric sports utility vehicle in China on New Year’s Day with a 30 per cent price markdown, in an unexpected launch of its second made-in-Shanghai model as competition ratchets up in the world’s largest vehicle market. Tesla’s Long Range version of Model Y, to be built at its Gigafactory 3 plant in Shanghai, will start from 339,000 yuan (US$52,074), excluding a government subsidy to prod customers to replace their petrol guzzlers for... https://www.scmp.com/business/companies/article/3116097/tesla-starts-selling-shanghai-made-model-y-electric-suvs?utm_source=rss_feed https://www.scmp.com/business/companies/article/3116097/tesla-starts-selling-shanghai-made-model-y-electric-suvs?utm_source=rss_feed Fri, 01 Jan 2021 07:03:56 +0000 Shi Yuzhu, a 58-year-old Chinese entrepreneur, is seeking to list a mobile game maker known for casino-style games in the US after Beijing shut the company out of listing in China, turning the page on a corporate saga involving one of China’s most colourful tycoons, Beijing’s strict controls on gaming, and now US-China capital flows. Playtika, an Israeli company with about 4,000 employees, filed an initial public offering application in December to raise US$100 million on the Nasdaq. According... https://www.scmp.com/tech/enterprises/article/3115890/video-game-tycoon-behind-playtika-seeks-us-listing-second-time?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3115890/video-game-tycoon-behind-playtika-seeks-us-listing-second-time?utm_source=rss_feed Thu, 31 Dec 2020 00:00:20 +0000 A group of Chinese gaming industry executives in their 30s, who had shared a rise in fame and fortune to become the country’s youngest billionaires in recent years, have suffered setbacks and misfortunes in 2020 in another sign of the unpredictability of China’s business world. In the latest case, Wang Yue, the 37-year-old billionaire founder of Shanghai Kingnet Network, was sentenced by a Shanghai court to five-and-a-half years in prison for manipulating stock prices, the company said in an... https://www.scmp.com/tech/enterprises/article/3115699/investigated-jailed-killed-chinas-young-gaming-tycoons-suffered?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3115699/investigated-jailed-killed-chinas-young-gaming-tycoons-suffered?utm_source=rss_feed Tue, 29 Dec 2020 10:08:34 +0000 Reuters,Bloomberg Reuters,Bloomberg Cryptocurrency exchange Coinbase said on Monday it would suspend trading in the digital currency XRP after US regulators last week charged associated blockchain firm Ripple with conducting a US$1.3 billion unregistered securities offering. The move by San Francisco-based Coinbase comes as the firm is preparing for a stock market listing and has confidentially applied to the US Securities and Exchange Commission to go public. It would be the first major American cryptocurrency exchange to list on... https://www.scmp.com/business/banking-finance/article/3115622/coinbase-suspend-trading-cryptocurrency-xrp-after-us?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3115622/coinbase-suspend-trading-cryptocurrency-xrp-after-us?utm_source=rss_feed Tue, 29 Dec 2020 02:36:58 +0000 The Communist Party leadership of Zhejiang province, the home base of Alibaba Group Holding, has pledged to use Beijing’s antitrust probe as a chance to usher the platform economy and internet finance into a new stage of development, promising better development of the internet economy. The Zhejiang Communist Party held a special meeting on Monday to discuss how to implement the central Chinese leadership’s order to break up monopolies and tame capital expansion while “promoting healthy and... https://www.scmp.com/tech/policy/article/3115591/alibaba-antitrust-probe-home-province-vows-bring-platform-economy-new?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3115591/alibaba-antitrust-probe-home-province-vows-bring-platform-economy-new?utm_source=rss_feed Mon, 28 Dec 2020 15:49:51 +0000 Nasdaq-listed Futu Holdings is on track to launch its Singapore operations by April and is simultaneously eyeing expansion in the US next year as part of its global plans, according to the founder and chairman of the online brokerage platform. “Singapore is one of the major financial centres in the world, while it can also serve as a bridge to Southeast Asia,” said Leaf Li Hua, in an exclusive interview at the firm’s headquarters in Shenzhen. The Tencent Holdings-backed trading platform has made... https://www.scmp.com/business/companies/article/3115510/tencent-backed-online-trading-platform-futu-presses-ahead?utm_source=rss_feed https://www.scmp.com/business/companies/article/3115510/tencent-backed-online-trading-platform-futu-presses-ahead?utm_source=rss_feed Mon, 28 Dec 2020 04:30:17 +0000 Recently revealed US charges against a China-based Zoom employee for censoring virtual meetings commemorating Beijing’s crackdown on the pro-democracy movement in 1989 show how the space for global technology firms to operate in both China and the US is narrowing amid an economic, technological and ideological rivalry between the two countries, according to analysts. Jin Xinjiang, a China-based former employee with Zoom who is also known as Julien Jin, is accused of censoring online meetings... https://www.scmp.com/tech/policy/article/3115337/us-china-tech-decoupling-zoom-woes-reveal-narrowing-space-firms?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3115337/us-china-tech-decoupling-zoom-woes-reveal-narrowing-space-firms?utm_source=rss_feed Sun, 27 Dec 2020 22:00:11 +0000 The suspected Russian hackers behind the worst US cyberattack in years leveraged reseller access to Microsoft services to penetrate targets that had no compromised network software from SolarWinds, investigators said. While updates to SolarWinds’ Orion software was previously the only known point of entry, security company CrowdStrike said Thursday hackers had won access to the vendor that sold it Office licences and used that to try to read CrowdStrike’s email. It did not specifically identify... https://www.scmp.com/tech/big-tech/article/3115323/suspected-russian-hackers-used-microsoft-vendors-breach-customers?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3115323/suspected-russian-hackers-used-microsoft-vendors-breach-customers?utm_source=rss_feed Fri, 25 Dec 2020 01:54:18 +0000 The move by China’s antitrust regulator to launch an investigation into the alleged monopolistic practices of Alibaba Group Holding will be the first time authorities have cracked down on the so-called “picking one from two” practice, despite its years-long use in the e-commerce market. The tactic, in which online merchants are forced to choose only one platform as their exclusive distribution channel, is widespread in China, especially during the shopping festivals such as November 11. Under... https://www.scmp.com/tech/enterprises/article/3115300/alibaba-antitrust-investigation-what-picking-one-two-practice?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3115300/alibaba-antitrust-investigation-what-picking-one-two-practice?utm_source=rss_feed Thu, 24 Dec 2020 11:29:33 +0000 The former budget smartphone unit of Huawei Technologies, which was sold last month as part of the telecoms giant’s response to US blacklisting, plans to boost its output by 40 per cent in 2021 despite uncertainties over its ability to source critical components from American chip suppliers. Honor, formerly a flagship consumer brand run by Huawei, plans to produce 100 million handsets in 2021, an increase of 40 per cent from 2020, Nikkei Asia reported, citing unidentified sources. The company... https://www.scmp.com/tech/big-tech/article/3114975/huaweis-former-budget-smartphone-unit-honor-sets-aggressive-targets?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3114975/huaweis-former-budget-smartphone-unit-honor-sets-aggressive-targets?utm_source=rss_feed Tue, 22 Dec 2020 11:00:19 +0000 A former security adviser at the IT monitoring and network management company SolarWinds said he warned management of cybersecurity risks and laid out a plan to improve it that was ultimately ignored. In a 23-page PowerPoint presentation reviewed by Bloomberg News, Ian Thornton-Trump recommended to company executives in 2017 that SolarWinds appoint a senior director of cybersecurity, and said he told them that “the survival of the company depends on an internal commitment to security”. The... https://www.scmp.com/tech/enterprises/article/3114876/former-solarwinds-adviser-says-he-warned-lax-security-years?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3114876/former-solarwinds-adviser-says-he-warned-lax-security-years?utm_source=rss_feed Tue, 22 Dec 2020 02:30:26 +0000 Ant Group, China’s dominant online payments service provider, has removed the deposit-taking products of several banks from its financial platform, as it falls in line to comply with tightening regulations in the world’s largest fintech market. The company, based in the Zhejiang provincial capital of Hangzhou, removed interest-bearing time deposit products that mature in either three or five years offered by several small regional banks from its financial market place. The three-year deposit... https://www.scmp.com/business/banking-finance/article/3114500/ant-group-removes-small-banks-online-deposit-products-its?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3114500/ant-group-removes-small-banks-online-deposit-products-its?utm_source=rss_feed Fri, 18 Dec 2020 09:00:12 +0000 Zoom Video Communications said on Wednesday it would expand its presence in Singapore by opening a research and development centre and will immediately hire hundreds of engineering staff for the new operations. The videoconferencing services provider said in a statement that is also doubling its data centre capacity in the country. The San Jose, California-based company launched the Singapore data centre, its first in Southeast Asia, in August. The company has seen a surge in users of its video... https://www.scmp.com/tech/enterprises/article/3114169/zoom-set-rd-centre-and-hire-hundreds-engineers-singapore-following?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3114169/zoom-set-rd-centre-and-hire-hundreds-engineers-singapore-following?utm_source=rss_feed Wed, 16 Dec 2020 07:40:12 +0000 Ant Group has conducted a thorough review of its operations and will fully align itself with national-development priorities across the next five years, said executive chairman Eric Jing in his first public comments since Chinese regulators suspended the firm’s US$37 billion initial public offering. Jing also promised to make Ant Group, the financial technology arm of e-commerce giant Alibaba Group Holding, more “transparent and predictable” to the public during a speech at the Fourth China... https://www.scmp.com/business/banking-finance/article/3114068/ant-groups-eric-jing-breaks-silence-after-suspended-us37?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3114068/ant-groups-eric-jing-breaks-silence-after-suspended-us37?utm_source=rss_feed Tue, 15 Dec 2020 12:00:46 +0000 China’s central bank is on track to set up the country’s second personal credit ratings agency, one that is backed by Xiaomi Corp, JD.com’s financial technology business and artificial intelligence unicorn Megvii. The People‘s Bank of China (PBOC) said in a statement on December 4 that it had accepted the application of Pudao Credit Rating Co for such a licence and initiated a seven-day period to solicit public opinion, which concludes on December 10. Beijing Financial Holdings Group, a company... https://www.scmp.com/tech/policy/article/3113198/xiaomi-jdcom-backed-firm-track-become-chinas-second-personal-credit?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3113198/xiaomi-jdcom-backed-firm-track-become-chinas-second-personal-credit?utm_source=rss_feed Wed, 09 Dec 2020 08:42:12 +0000 An optoelectronic chip project built for Chinese telecoms champion Huawei Technologies Co. was completed this week, providing the company with semiconductor supply chain capabilities from chip design and manufacturing to packaging and testing, according to a website post from the company that built the facility. The original post from China Construction Eighth Engineering Division Corp, published on Wednesday but since removed, said the second phase of the Huawei “light” fab project, located in... https://www.scmp.com/tech/enterprises/article/3112520/huawei-takes-step-toward-supply-chain-independence-optoelectronics?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3112520/huawei-takes-step-toward-supply-chain-independence-optoelectronics?utm_source=rss_feed Fri, 04 Dec 2020 04:12:00 +0000 A major Asia-focused technology conference announced on Thursday that it is ditching Hong Kong in favour of Malaysia, in a fresh blow to the Chinese financial hub’s push to attract tech talent. The annual RISE Conference brings together chief executives, start-ups and investors, and has been held in Hong Kong over the past five years. Organisers, however, said they would move their annual conference to Kuala Lumpur in 2022. “Hosting RISE in Kuala Lumpur is going to expand the event into an... https://www.scmp.com/tech/enterprises/article/3112444/asia-tech-conference-rise-ditches-hong-kong-malaysia?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/3112444/asia-tech-conference-rise-ditches-hong-kong-malaysia?utm_source=rss_feed Thu, 03 Dec 2020 11:19:26 +0000 AIA Group Limited, Hong Kong’s largest publicly traded life insurer, has launched the city’s first hospital-backed telemedicine service just as the urban centre with one of the world’s fastest greying populations finds itself gripped by a fourth wave of coronavirus infections. AIA, the HKT phone network and the Gleneagles Hospital launched their DrGo platform for customers to book appointments with the hospital’s doctors. Patients can receive consultations and diagnosis via video on the... https://www.scmp.com/business/article/3112287/aia-launches-telemedicine-platform-hkt-gleneagles-hospital-fourth-wave?utm_source=rss_feed https://www.scmp.com/business/article/3112287/aia-launches-telemedicine-platform-hkt-gleneagles-hospital-fourth-wave?utm_source=rss_feed Thu, 03 Dec 2020 00:15:14 +0000 Cainiao Smart Logistics Network, the logistics arm of Chinese e-commerce giant Alibaba Group Holding, has announced that it is launching China’s first regular cross-border medical cold chain route, which will be able to transport Covid-19 vaccines. The route was established in partnership with Ethiopian Airlines and is expected to soon help distribute Covid-19 vaccines to parts of Africa, the Middle East and Latin American, the companies said in a statement released on Wednesday. The route is... https://www.scmp.com/tech/big-tech/article/3112276/alibaba-logistics-arm-cainiao-speed-covid-19-vaccine-shipments-chinas?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3112276/alibaba-logistics-arm-cainiao-speed-covid-19-vaccine-shipments-chinas?utm_source=rss_feed Wed, 02 Dec 2020 11:30:17 +0000 When US 5G chip leader Qualcomm introduced its latest flagship offering for next-generation smartphones on Tuesday, one customer was conspicuous by its absence. Qualcomm, whose chips are used in smartphones from the likes of Apple and Samsung Electronics, as well as Chinese vendors led by Huawei Technologies, Oppo and Xiaomi, launched the new Snapdragon 888 chip during a virtual event hosted by the US firm on Tuesday. Senior executives at Chinese companies Xiaomi, Oppo, Vivo and Realme said via... https://www.scmp.com/tech/big-tech/article/3112232/qualcomms-new-flagship-5g-chip-embraced-major-chinese-smartphone?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3112232/qualcomms-new-flagship-5g-chip-embraced-major-chinese-smartphone?utm_source=rss_feed Wed, 02 Dec 2020 06:10:59 +0000 China’s second-biggest mobile phone maker Xiaomi raised nearly US$4 billion overnight in a combined sale of shares and convertible bonds in the biggest top-up funding placement in Hong Kong to replenish its financial war chest, according to documents filed with the city’s stock exchange. The smartphone maker raised US$3.1 billion selling shares for HK$23.70 (US$3.06) each, the low end of an expected price range, according to people familiar with the matter, declining to be named for discussing... https://www.scmp.com/business/banking-finance/article/3112204/xiaomi-raises-us4-billion-selling-bonds-and-more-shares?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3112204/xiaomi-raises-us4-billion-selling-bonds-and-more-shares?utm_source=rss_feed Wed, 02 Dec 2020 03:26:36 +0000 Futu, the Tencent-backed online brokerage targeting Chinese millennials, said its total number of customers doubled in the third quarter from a year earlier, as more retail investors piled in to a frenzy of bidding for initial public offerings (IPOs) through its mobile app. Thanks to a slew of hugely popular IPOs by Chinese issuers in the tech, biotech and property management sectors, Futu’s total number of paying clients jumped to 418,000 at the end of September, chief financial officer Arthur... https://www.scmp.com/business/companies/article/3111499/tencent-backed-online-brokerage-futu-taps-hong-kong-ipo-frenzy?utm_source=rss_feed https://www.scmp.com/business/companies/article/3111499/tencent-backed-online-brokerage-futu-taps-hong-kong-ipo-frenzy?utm_source=rss_feed Mon, 30 Nov 2020 09:00:27 +0000