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Alibaba-owned retail platform AliExpress has expanded its user base in South Korea by more than 150% in three years, reaching 2.9 million users as of April this year, according to data compiled by Forbes Korea. The Forbes report also highlighted that the company has seen significant reach among male consumers in their 30s and 40s, accounting for 14% and 17.2% of its customer base respectively. The report noted that the proportion of male users of AliExpress is 1.6% higher than that of female users, with the latter demographic dominating the consumer bases of local Korean e-commerce platforms such as Coupang and 11th Street. Alibaba’s global online retail platform recently selected famous actor Ma Dong-seok, known for his tough-guy characters and action movies, as its first brand ambassador amid further expansion in the country. [Forbes Korea, in Korean]Alibaba-owned retail platform AliExpress has expanded its user base in South Korea by more than 150% in three years, reaching 2.9 million users as of April this year, according to data compiled by Forbes Korea. The Forbes report also highlighted that the company has seen significant reach among male consumers in their 30s and 40s, accounting for 14% and 17.2% of its customer base respectively. The report noted that the proportion of male users of AliExpress is 1.6% higher than that of female users, with the latter demographic dominating the consumer bases of local Korean e-commerce platforms such as Coupang and 11th Street. Alibaba’s global online retail platform recently selected famous actor Ma Dong-seok, known for his tough-guy characters and action movies, as its first brand ambassador amid further expansion in the country. [Forbes Korea, in Korean]On May 29, Nvidia CEO Jensen Huang introduced several intelligent platforms, including the Isaac AMR (Autonomous Mobile Robot) platform that supports third-party secondary development, at a tech show. The platform enables a coordinated fleet of robots to function efficiently in large, highly dynamic, unstructured environments along with humans. Nvidia primarily handles the integration of the software system for the Isaac AMR, while the Chinese tech company Segway-Ninebot manufactures the robot chassis. Beijing-based Ninebot makes electric scooters and balance boards, and the company acquired the US electric scooter brand Segway in 2015. [TechNode reporting]On May 29, Nvidia CEO Jensen Huang introduced several intelligent platforms, including the Isaac AMR (Autonomous Mobile Robot) platform that supports third-party secondary development, at a tech show. The platform enables a coordinated fleet of robots to function efficiently in large, highly dynamic, unstructured environments along with humans. Nvidia primarily handles the integration of the software system for the Isaac AMR, while the Chinese tech company Segway-Ninebot manufactures the robot chassis. Beijing-based Ninebot makes electric scooters and balance boards, and the company acquired the US electric scooter brand Segway in 2015. [TechNode reporting]On June 1st, Tencents health unit secured Class III approval from Chinas National Medical Products Administration (NMPA) for its AI-powered diagnostic software for colonic polyps. The product is specifically designed for detecting adult colonic polyps and is capable of identifying and displaying suspected polyp regions within video images captured by electronic endoscopes. This product is the third AI-assisted diagnostic software for intestinal polyps to obtain NMPA approval, out of a total of 208 innovative medical devices across all fields. The previous two software approvals were granted to Chengdu Weishi Medical Devices in August 2022, and Wuhan Chujingling in May 2023. [Caixin, in Chinese]

On June 1st, Tencents health unit secured Class III approval from Chinas National Medical Products Administration (NMPA) for its AI-powered diagnostic software for colonic polyps. The product is specifically designed for detecting adult colonic polyps and is capable of identifying and displaying suspected polyp regions within video images captured by electronic endoscopes. This product is the third AI-assisted diagnostic software for intestinal polyps to obtain NMPA approval, out of a total of 208 innovative medical devices across all fields. The previous two software approvals were granted to Chengdu Weishi Medical Devices in August 2022, and Wuhan Chujingling in May 2023. [Caixin, in Chinese]Venture capital firm Sequoia Capital plans to split its China and India-Southeast Asia operations into separate entities due to rising geopolitical tension, while its US and Europe operations will retain the existing name, Sequoia Capital. Led by Neil Shen, Sequoia China will retain its Chinese brand name and go by HongShan in English. The Silicon Valley-based company stated on Tuesday that it has become increasingly complex to run a decentralized global investment business. The spin-off is scheduled to conclude by March 2024. Over the course of nearly two decades, Sequoia has invested in more than 1,200 Chinese companies, including Meituan, a food delivery firm, PDD (parent company of Temu), and ByteDance, the owner of TikTok. [Reuters]On July 20, Chinese automaker SAIC confirmed that it had reached an agreement with Audi to accelerate the development of electric vehicles through collaboration. Technode reported on July 13 that Audi was in negotiations with SAIC to purchase the electric vehicle platform of SAICs premium electric vehicle unit IM Motors. The collaboration between the two entities may involve SAIC Volkswagens second factory located in Anting Town, Jiading District, Shanghai, according to people familiar with the matter. The partnership will proceed with resource exchanges, with Volkswagen conceding assets of the factory in exchange for SAICs EV platform. Through the move, Audi aims to obtain EV manufacturing technologies concerning the electric powertrain system, underbody structure, and intelligent driving system, while retaining autonomy over the designing part. Currently, SAIC has independent research departments and exterior suppliers in terms of motor, electric drive, solid-state batteries, vehicle body control, chips, and intelligent driving technologies. [Jiemian, in Chinese]

Lost Ark, a hit game developed by Smilegate RPG and distributed by Tencent Games, was launched in the Chinese market on Thursday. A massively multiplayer online role-playing game, the title was released in South Korea in December 2019 and in North American, South American, and European regions last February, with Amazon Games serving as the global publisher. The game features PVE (players versus environment) and PVP (players versus players) scenarios and in addition to plot explorations and battles, players also experience gathering, mining, lumbering, fishing, hunting, and archaeology activities within the game. According to IThome, the game hit over one million online concurrent players when it first landed on Steam in 2019. [IThome, in Chinese]Lost Ark, a hit game developed by Smilegate RPG and distributed by Tencent Games, was launched in the Chinese market on Thursday. A massively multiplayer online role-playing game, the title was released in South Korea in December 2019 and in North American, South American, and European regions last February, with Amazon Games serving as the global publisher. The game features PVE (players versus environment) and PVP (players versus players) scenarios and in addition to plot explorations and battles, players also experience gathering, mining, lumbering, fishing, hunting, and archaeology activities within the game. According to IThome, the game hit over one million online concurrent players when it first landed on Steam in 2019. [IThome, in Chinese]Alibabas logistic arm Cainiao announced that it had launched a next-day delivery service with guaranteed compensation for late delivery in Hong Kong. Following this move, packages dispatched from mainland China through Cainiaos distribution center can be delivered to designated pick-up points or directly to customers in Hong Kong within a maximum of two days. If the delivery is not completed within the promised time, Cainiao will initially compensate up to 60 yuan ($8.4) for each order. In the first half of 2023, the volume of packages shipped to Hong Kong increased by over 20% compared to the same period last year, according to the companys announcement. Since 2018, Cainiao has built a comprehensive self-operated logistics network in Hong Kong, comprising 11 distribution centers, over 750 Cainiao pick-up points, trans-regional transportation trunk lines, and local delivery fleets. Currently, Cainiao is also piloting a local B2C (business-to-customer) delivery service in Hong Kong, which may become a significant focal point for future business expansion. [Cainiao announcement, in Chinese]Alibabas logistic arm Cainiao announced that it had launched a next-day delivery service with guaranteed compensation for late delivery in Hong Kong. Following this move, packages dispatched from mainland China through Cainiaos distribution center can be delivered to designated pick-up points or directly to customers in Hong Kong within a maximum of two days. If the delivery is not completed within the promised time, Cainiao will initially compensate up to 60 yuan ($8.4) for each order. In the first half of 2023, the volume of packages shipped to Hong Kong increased by over 20% compared to the same period last year, according to the companys announcement. Since 2018, Cainiao has built a comprehensive self-operated logistics network in Hong Kong, comprising 11 distribution centers, over 750 Cainiao pick-up points, trans-regional transportation trunk lines, and local delivery fleets. Currently, Cainiao is also piloting a local B2C (business-to-customer) delivery service in Hong Kong, which may become a significant focal point for future business expansion. [Cainiao announcement, in Chinese]

ByteDance is bringing Lu You, head of Douyin’s social business, into the company’s large language model (LLM) team. The move comes as ByteDance aims to accelerate the development of its own large model system by appointing experienced technical and management executives from other established units. According to local media outlet Tech Planet, Lu will be reporting to Zhu Wenjia, who oversees the firm’s efforts in developing large language models. However, this information has not been officially confirmed by ByteDance. The outlet also mentioned that, as per a source close to the Beijing-based company, ByteDance is currently diversifying its services based on AI models, which includes the development of a chatbot tool and a text-to-image assistant. [Tech Planet, in Chinese]ByteDance is bringing Lu You, head of Douyin’s social business, into the company’s large language model (LLM) team. The move comes as ByteDance aims to accelerate the development of its own large model system by appointing experienced technical and management executives from other established units. According to local media outlet Tech Planet, Lu will be reporting to Zhu Wenjia, who oversees the firm’s efforts in developing large language models. However, this information has not been officially confirmed by ByteDance. The outlet also mentioned that, as per a source close to the Beijing-based company, ByteDance is currently diversifying its services based on AI models, which includes the development of a chatbot tool and a text-to-image assistant. [Tech Planet, in Chinese]

On Thursday, Chinese bubble tea chain Naixue (formerly known as Nayuki) said it is open to franchises, with the aim of reaching lower-tier markets that are currently not covered by directly-managed stores. Naixue’s franchise threshold is much higher than that of rival HeyTea, with a single-store investment of at least RMB 1 million ($140,000) required, according to details posted on Naixues official WeChat account. The Hong Kong-listed company is also requiring prospective partners to have more than two years of direct operating and management experience in the food industry. The decision follows the move by Naixue subsidiary Lelecha and competitor HeyTea to recently diversify their long-standing direct sales models as competition heats up in Chinas new-style tea industry. The decision also highlights the urgency for Naixue to increase profitability, with the companys losses more than tripling to RMB 461 million in 2022 from a year earlier. [Naixue, in Chinese]TSMC, the world’s largest chip contract manufacturer, reported its financial results for the second quarter of 2023 on Thursday. The company’s revenue reached NT$480.8 billion ($15.38 billion), a 10% decline year-on-year. Additionally, the firms net profit fell by 23.3% year-on-year to NT$181.8 billion ($5.82 billion). In the second quarter, TSMC’s advanced processes, including 5nm chips and 7nm chips, accounted for 30% and 23% of its total revenue, respectively. The annual decline was partly attributed to a strong performance in the previous year, but it also reflects a slowdown in semiconductor demand throughout 2023, amid a slow economic recovery. Although the company observed an increase in AI-related demand recently, it was not sufficient to offset the overall business slump, according to C.C. Wei, the CEO of TSMC. [Jiemian, in Chinese]TSMC, the world’s largest chip contract manufacturer, reported its financial results for the second quarter of 2023 on Thursday. The company’s revenue reached NT$480.8 billion ($15.38 billion), a 10% decline year-on-year. Additionally, the firms net profit fell by 23.3% year-on-year to NT$181.8 billion ($5.82 billion). In the second quarter, TSMC’s advanced processes, including 5nm chips and 7nm chips, accounted for 30% and 23% of its total revenue, respectively. The annual decline was partly attributed to a strong performance in the previous year, but it also reflects a slowdown in semiconductor demand throughout 2023, amid a slow economic recovery. Although the company observed an increase in AI-related demand recently, it was not sufficient to offset the overall business slump, according to C.C. Wei, the CEO of TSMC. [Jiemian, in Chinese]Alibaba has poured $845 million into its Southeast Asia-focused e-commerce platform Lazada, according to a Wednesday report by Tech in Asia, raising the Chinese tech giants bet to nearly $6 billion in the region since gaining control of Lazada in 2016. Lazada is currently under the operation of Alibabas spinoff Global Digital Commerce Group, which got its boards green light to seek external financing for further business expansion in May. The latest capital injections came just three months after the previous investment of $5.99 billion, and the report noted the funds are expected to bolster support for local merchants to cope with fierce competition in a region where Tencent-backed Shopee retains the position of largest online retailing platform. [Tech in Asia]

Alibaba has poured $845 million into its Southeast Asia-focused e-commerce platform Lazada, according to a Wednesday report by Tech in Asia, raising the Chinese tech giants bet to nearly $6 billion in the region since gaining control of Lazada in 2016. Lazada is currently under the operation of Alibabas spinoff Global Digital Commerce Group, which got its boards green light to seek external financing for further business expansion in May. The latest capital injections came just three months after the previous investment of $5.99 billion, and the report noted the funds are expected to bolster support for local merchants to cope with fierce competition in a region where Tencent-backed Shopee retains the position of largest online retailing platform. [Tech in Asia]Chinese tech giant Tencent said on Thursday that it now allows foreign tourists to link their international credit cards to its payment service WeChat Pay. With the rise of digital payments in China, foreign visitors have sometimes encountered difficulty in the country as many shops and restaurants only accept digital payments. Tencent has published bilingual Chinese and English guidelines on how to add a card within its super app WeChat, with overseas cardholders able to pay like a local via payment codes or scanning merchants QR codes, the company said. However, WeChat added that a 3% transaction fee will be charged when a single transaction amounts to RMB 200 or over. [WeChat, in Chinese]Chinese electric vehicle maker Li Auto has stated that it currently has no immediate plans for overseas expansion. Instead, the company is focused on dedicating all its efforts to achieving its annual sales target of 1.6 million vehicles by 2025. Chief executive Li Xiang made this announcement on Wednesday via the Chinese Twitter-like platform Weibo. He emphasized that Li Auto maintains a direct-sale strategy, without utilizing any dealers overseas. Additionally, Li Xiang mentioned that during the first two weeks of July, more than 200 Li Auto crossovers were exported by individuals to regions including Central Asia and the Middle East. Li Autos approach differs from its rivals, who are actively increasing their efforts to penetrate the overseas EV market. Nio, for instance, has already established over 20 battery swap stations in Europe, while Xpeng Motors initiated sales of its G9 and P7 vehicles in four European countries in February. [Li Xiangs Weibo post, in Chinese]Chinese electric vehicle maker Li Auto has stated that it currently has no immediate plans for overseas expansion. Instead, the company is focused on dedicating all its efforts to achieving its annual sales target of 1.6 million vehicles by 2025. Chief executive Li Xiang made this announcement on Wednesday via the Chinese Twitter-like platform Weibo. He emphasized that Li Auto maintains a direct-sale strategy, without utilizing any dealers overseas. Additionally, Li Xiang mentioned that during the first two weeks of July, more than 200 Li Auto crossovers were exported by individuals to regions including Central Asia and the Middle East. Li Autos approach differs from its rivals, who are actively increasing their efforts to penetrate the overseas EV market. Nio, for instance, has already established over 20 battery swap stations in Europe, while Xpeng Motors initiated sales of its G9 and P7 vehicles in four European countries in February. [Li Xiangs Weibo post, in Chinese]

Farizon Auto, a Chinese electric and hybrid truck manufacturer owned by Geely, announced that it has raised $600 million in its Series A funding round. The largest-ever single round of financing in Chinas new energy commercial vehicle sector is led by Boyu Capital and Yuexiu Industrial Fund, with additional contributions from other investors including Singapore-based United Clean Energy and Linjiang Industry Group. The newly acquired funds will be used for further investment in research and development, ecosystem development, and global expansion, according to Farizons statement. The company aims to establish its presence in key international markets, including the Asia Pacific, Middle East, South American, and European markets. Farizon plans to commence sales of the light electric cargo van called the Super Van in Europe as early as 2024. It sold approximately 37,800 light commercial vehicles in China in 2022, according to Reuters, citing data from consultancy LMC Automotive. [Reuters]Farizon Auto, a Chinese electric and hybrid truck manufacturer owned by Geely, announced that it has raised $600 million in its Series A funding round. The largest-ever single round of financing in Chinas new energy commercial vehicle sector is led by Boyu Capital and Yuexiu Industrial Fund, with additional contributions from other investors including Singapore-based United Clean Energy and Linjiang Industry Group. The newly acquired funds will be used for further investment in research and development, ecosystem development, and global expansion, according to Farizons statement. The company aims to establish its presence in key international markets, including the Asia Pacific, Middle East, South American, and European markets. Farizon plans to commence sales of the light electric cargo van called the Super Van in Europe as early as 2024. It sold approximately 37,800 light commercial vehicles in China in 2022, according to Reuters, citing data from consultancy LMC Automotive. [Reuters]

On July 19, Tencent-backed digital publisher Yuewen Group launched Yuewen Miao Bi, the first large language model in the online literature industry. This is the first large-scale model for Chinas online publishing business and will be the most knowledgeable one about online literature, Yuewens CEO Hou Xiaonan said. The large-scale model is based on general large language models, and incorporates vast amounts of data from the online publishing industry, including literature works on Yuewens online literary platforms and writing tutorials for authors provided by Yuewen Group. By the end of this month, 400 writers will participate in the internal testing of the author-assisting version of the model, which will help authors in world-building, character-creating, scene descriptions, and action-packed combat situations descriptions in their stories, according to the companys announcement. [iFeng News, in Chinese]Meituan has invested RMB 1.72 million ($240,000) in Zhipu AI, a Chinese company focused on large language models, according to corporate data site Tianyancha. Following the investment, Meituan now holds 10.4% of Zhipu Ais shares, making it the third largest shareholder of the company. Zhipu AI was founded by Tsinghua alumni in 2019. The company launched a giant-scale pre-trained model with over 100 billion parameters called GLM-130B in 2022. In 2023, they released the beta version of a large-scale bilingual model called ChatGLM, which features question-answering, long-form dialogue, and code generation functionalities in both Chinese and English languages. [Tianyancha, in Chinese]

Meituan has invested RMB 1.72 million ($240,000) in Zhipu AI, a Chinese company focused on large language models, according to corporate data site Tianyancha. Following the investment, Meituan now holds 10.4% of Zhipu Ais shares, making it the third largest shareholder of the company. Zhipu AI was founded by Tsinghua alumni in 2019. The company launched a giant-scale pre-trained model with over 100 billion parameters called GLM-130B in 2022. In 2023, they released the beta version of a large-scale bilingual model called ChatGLM, which features question-answering, long-form dialogue, and code generation functionalities in both Chinese and English languages. [Tianyancha, in Chinese]On July 19, the Chinese fiscal authority announced that the current range of the new energy vehicle purchase tax exemption policy will be extended for an additional four years until the end of 2027. Under this policy, new energy vehicles purchased between Jan. 2024, and Dec. 2025, will be fully exempted from the vehicle purchase tax, with each vehicle eligible for an exemption of up to RMB 30,000 ($4,180). New energy vehicles purchased between Jan. 2026 and Dec. 2027 will enjoy a 50% reduction of the vehicle purchase tax, with each vehicle eligible for a reduction of up to RMB 15,000 ($2,090). The tax exemption policy for new energy vehicles in China was first implemented in late 2014, and was extended in 2022 until the end of this year. [CCTV, in Chinese]On July 19, the Chinese fiscal authority announced that the current range of the new energy vehicle purchase tax exemption policy will be extended for an additional four years until the end of 2027. Under this policy, new energy vehicles purchased between Jan. 2024, and Dec. 2025, will be fully exempted from the vehicle purchase tax, with each vehicle eligible for an exemption of up to RMB 30,000 ($4,180). New energy vehicles purchased between Jan. 2026 and Dec. 2027 will enjoy a 50% reduction of the vehicle purchase tax, with each vehicle eligible for a reduction of up to RMB 15,000 ($2,090). The tax exemption policy for new energy vehicles in China was first implemented in late 2014, and was extended in 2022 until the end of this year. [CCTV, in Chinese]The Chinese authorities have pledged to improve operating conditions for private enterprises, according to a statement published on Wednesday, signaling a softening in attitude towards private business after a years-long crackdown. The announcement came two days after the country posted weaker-than-expected economic data for the first half of 2023, while youth unemployment lingers at record highs. Private firms shall be treated equally and not be discriminated against compared to state-owned companies, the guidelines said. The State Council, Chinas chief administrative body, committed to better provision of legal protection to private enterprises while supporting their participation in major national strategies, though few details were provided. [Xinhua news agency, in Chinese]The Chinese authorities have pledged to improve operating conditions for private enterprises, according to a statement published on Wednesday, signaling a softening in attitude towards private business after a years-long crackdown. The announcement came two days after the country posted weaker-than-expected economic data for the first half of 2023, while youth unemployment lingers at record highs. Private firms shall be treated equally and not be discriminated against compared to state-owned companies, the guidelines said. The State Council, Chinas chief administrative body, committed to better provision of legal protection to private enterprises while supporting their participation in major national strategies, though few details were provided. [Xinhua news agency, in Chinese]Toyota will recall 12,205 bZ3 electric vehicles to address a defect that could result in the rear doors opening while driving or remaining closed in extreme cases, marking the latest setback for the Japanese automaker as it enters the Chinese electric vehicle market. The recall applies to the battery electric sedans co-produced by Toyotas manufacturing partner FAW Group from March 13 to July 5. Toyotas Chinese joint venture will be responsible for replacing the rear door locks, according to a statement released by the State Administration for Market Regulation on Wednesday. On April 16, Toyota introduced its first electric sedan and the second model in its new Beyond Zero (bZ) all-electric series in China. The sedan is priced between RMB 169,800 and RMB 199,800 ($23,495-$27,646) and features BYDs combustion-proof blade batteries along with an electric motor sourced from FinDreams Powertrain, a subsidiary of BYD. [State Administration for Market Regulation, in Chinese]

Toyota will recall 12,205 bZ3 electric vehicles to address a defect that could result in the rear doors opening while driving or remaining closed in extreme cases, marking the latest setback for the Japanese automaker as it enters the Chinese electric vehicle market. The recall applies to the battery electric sedans co-produced by Toyotas manufacturing partner FAW Group from March 13 to July 5. Toyotas Chinese joint venture will be responsible for replacing the rear door locks, according to a statement released by the State Administration for Market Regulation on Wednesday. On April 16, Toyota introduced its first electric sedan and the second model in its new Beyond Zero (bZ) all-electric series in China. The sedan is priced between RMB 169,800 and RMB 199,800 ($23,495-$27,646) and features BYDs combustion-proof blade batteries along with an electric motor sourced from FinDreams Powertrain, a subsidiary of BYD. [State Administration for Market Regulation, in Chinese]Global smartphone shipments dropped by 11% year-on-year in the second quarter of 2023, with Samsung maintaining its leading position with a 21% market share, according to a report by analyst firm Canalys released on Tuesday. Apple took second place with a 17% market share, while Xiaomi secured third place with a 13% market share as its sub-brand Redmi launched new devices during the period. Oppo (including OnePlus) performed strongly in the Asia-Pacific market, ranking fourth with a 10% market share. Vivo held on to fifth place with an 8% market share following the launch of its new Y-series. Although global sales declined for the last six consecutive quarters, there were early signals of recovery including an increase in component orders, and continued investments in manufacturing, said an analyst at Canalys. [Canalys]

Global smartphone shipments dropped by 11% year-on-year in the second quarter of 2023, with Samsung maintaining its leading position with a 21% market share, according to a report by analyst firm Canalys released on Tuesday. Apple took second place with a 17% market share, while Xiaomi secured third place with a 13% market share as its sub-brand Redmi launched new devices during the period. Oppo (including OnePlus) performed strongly in the Asia-Pacific market, ranking fourth with a 10% market share. Vivo held on to fifth place with an 8% market share following the launch of its new Y-series. Although global sales declined for the last six consecutive quarters, there were early signals of recovery including an increase in component orders, and continued investments in manufacturing, said an analyst at Canalys. [Canalys]Chinese automaker Geely will invest $10 billion and add thousands of jobs in the town of Tanjung Malim in western Malaysia, home of national carmaker Proton, a Reuters report quoted Prime Minister Anwar Ibrahim as saying on Tuesday. The investment plan was delivered to Anwar in a letter from Geely, and a company spokesperson confirmed the news by saying that the automaker will sustainably develop the area with its local partners, without revealing further details. Geely, Volvos parent group, signed a deal with Malaysian conglomerate DRB-Hicom Bhd to acquire a 49.9% stake in Proton Holdings in mid-2017. Sales of the formerly state-owned automaker increased 34% year-on-year to 80,506 units during the first six months of this year, according to a regulatory filing by Geely on July 6. [Reuters]

Chinese automaker Geely will invest $10 billion and add thousands of jobs in the town of Tanjung Malim in western Malaysia, home of national carmaker Proton, a Reuters report quoted Prime Minister Anwar Ibrahim as saying on Tuesday. The investment plan was delivered to Anwar in a letter from Geely, and a company spokesperson confirmed the news by saying that the automaker will sustainably develop the area with its local partners, without revealing further details. Geely, Volvos parent group, signed a deal with Malaysian conglomerate DRB-Hicom Bhd to acquire a 49.9% stake in Proton Holdings in mid-2017. Sales of the formerly state-owned automaker increased 34% year-on-year to 80,506 units during the first six months of this year, according to a regulatory filing by Geely on July 6. [Reuters]Chinese autonomous driving supplier HoloMatic recently completed a Series C funding round, raising 300 million yuan ($42 million). The fundraising was led by the state-owned Technology Financial Group in Guangdong province and Chinese OEM Guangdong Automotive Group (GAC). Founded in June 2017, HoloMatic offers intelligent driver assistance and parking solutions and provides automakers with self-developed domain controllers. Following the financing, GAC, which has invested in HoloMatic multiple times, now holds approximately 13% of the companys shares, making it the largest external shareholder. HoloMatics founder, Ni Kai, previously served as a senior scientist at Baidu Research and was a key technology leader in the tech giants autonomous driving business. By the end of this year, the number of mass-produced vehicles equipped with HoloMatics driver assistance solutions will reach tens of thousands, according to Ni. He believes that 200,000 units is the prerequisite for the company to achieve profitability and consider an IPO. [LatePost, in Chinese]

Warner Music Group and TikTok have announced a comprehensive partnership, granting TikTok access to Warners extensive music collection, and presenting new opportunities for artists and songwriters to generate revenue. This collaboration, announced on Tuesday, will strengthen the existing partnership between the two entities, leveraging TikToks revenue-generating and promotional capabilities, and deepening artists connection with the platforms vast music enthusiasts. Additionally, both entities have also reached a licensing agreement for TikTok Music, a subscription streaming service launched in Indonesia and Brazil this month, for further expansion into additional markets. Through this expanded and significantly improved partnership for both companies, we can jointly deliver greater value to WMGs artists and songwriters and TikToks users, Warner Musics CEO Robert Kyncl said in the statement. [Bloomberg]The Biden administrations plans to limit investments in China will primarily focus on cutting-edge technology and will only apply to new investments, according to Bloomberg. These restrictions are not expected to take effect until at least 2024 due to the bureaucratic process in Washington. Officials are working towards finalizing a proposal by the end of August, which aims to screen and potentially prohibit investment in Chinas semiconductor, quantum computing, and artificial intelligence sectors. As the administrations initial ambitions have been scaled back, the proposal is expected to spare the biotechnology and energy sectors, according to people familiar with the matter. Chinas Foreign Ministry spokesperson Mao Ning responded to the matter at a Regular Press Conference on July 18, and said, We hope that the US will follow through on President Bidens commitment of not seeking to 鈥榙ecouple from China, halt Chinas economic development or contain China, and create a sound environment for China-US economic cooperation and trade.  [Bloomberg]The Biden administrations plans to limit investments in China will primarily focus on cutting-edge technology and will only apply to new investments, according to Bloomberg. These restrictions are not expected to take effect until at least 2024 due to the bureaucratic process in Washington. Officials are working towards finalizing a proposal by the end of August, which aims to screen and potentially prohibit investment in Chinas semiconductor, quantum computing, and artificial intelligence sectors. As the administrations initial ambitions have been scaled back, the proposal is expected to spare the biotechnology and energy sectors, according to people familiar with the matter. Chinas Foreign Ministry spokesperson Mao Ning responded to the matter at a Regular Press Conference on July 18, and said, We hope that the US will follow through on President Bidens commitment of not seeking to 鈥榙ecouple from China, halt Chinas economic development or contain China, and create a sound environment for China-US economic cooperation and trade.  [Bloomberg]Chinese chip startup Shanghai Biren Intelligent Technology Co. is considering an IPO in Hong Kong this year, according to Bloomberg, citing people familiar with the matter. The move aims to take full advantage of the increasing demand for its AI chips as a substitute for Nvidias banned products. The company is planning to file for the IPO in the coming weeks and is now engaged in discussions with investors, including state-backed funds in Guangzhou, for a separate funding round that could raise approximately 2 billion yuan ($279 million), according to sources. The specific details of the IPO, such as its size, are yet to be determined. Biren, established in 2019, specializes in graphics processing units and cloud computing and has released its first general-purpose graphics processing unit in August 2022. As of March 2021, it has secured around 4.7 billion yuan ($651 million) in funding from investors like IDG Capital, Ping An Insurance Group, and China Merchants Capital. [Bloomberg]

Chinas AI-focused company Cloudwalk,聽 known for supplying facial recognition technology to the Bank of China, has made significant progress in the field of large-scale visual models. Its foundational large model for pedestrian analysis has outperformed products developed by renowned universities, companies, and research institutions across four datasets, namely PA-100K, RAP V2, PETA, and HICO-DET, setting new world records. Notably, the model achieved an impressive fine-tuning accuracy of 92.89% on the PA100K dataset. Cloudwalk uses over 2 billion data points, including a vast amount of unlabeled datasets and multimodal data, to develop the foundational model, enabling it to extract robust features suitable for a variety of pedestrian-related tasks. [36Kr, in Chinese]Chinas AI-focused company Cloudwalk,聽 known for supplying facial recognition technology to the Bank of China, has made significant progress in the field of large-scale visual models. Its foundational large model for pedestrian analysis has outperformed products developed by renowned universities, companies, and research institutions across four datasets, namely PA-100K, RAP V2, PETA, and HICO-DET, setting new world records. Notably, the model achieved an impressive fine-tuning accuracy of 92.89% on the PA100K dataset. Cloudwalk uses over 2 billion data points, including a vast amount of unlabeled datasets and multimodal data, to develop the foundational model, enabling it to extract robust features suitable for a variety of pedestrian-related tasks. [36Kr, in Chinese]

Singaporean state-owned fund Temasek definitely wont invest in generative AI companies just yet, its China chief Wu Yibing told media outlet Caixin, after the Asian investor posted its worst returns in seven years. Wu said artificial intelligence firms were lacking fundamental support, as the industry still had no decent profit or business model. Wu tempered this however by saying that generative AI may have potential applications in the future, linking it to well-known Chinese app operators Meituan and Tencent, which rose in the mobile internet era. In the first wave of the internet, he said, multiple attempts were made to replicate Androids operating system, but not all succeeded. [Caixin, in Chinese]Singaporean state-owned fund Temasek definitely wont invest in generative AI companies just yet, its China chief Wu Yibing told media outlet Caixin, after the Asian investor posted its worst returns in seven years. Wu said artificial intelligence firms were lacking fundamental support, as the industry still had no decent profit or business model. Wu tempered this however by saying that generative AI may have potential applications in the future, linking it to well-known Chinese app operators Meituan and Tencent, which rose in the mobile internet era. In the first wave of the internet, he said, multiple attempts were made to replicate Androids operating system, but not all succeeded. [Caixin, in Chinese]

Tesla will partner with Samsung for the mass production of its cutting-edge 4nm process node, which will be utilized in its fifth-generation auto chips, according to an exclusive report in the Korea Economic Daily on Tuesday. Tesla had initially chosen TSMC as its sole production partner for the HW 5.0 automotive chips last year. However, industry sources have recently revealed that Tesla plans to collaborate with both Samsung and TSMC, as Samsung has successfully improved the yield rate of its 4nm process around 70%, which is comparable to TSMC’s rate. HW 5.0 represents Tesla’s upcoming generation of autonomous driving hardware and is expected to be implemented in the company’s high-end models, including L5 auto vehicles, within the next three to four years. [Korea Economic Daily]Tesla will partner with Samsung for the mass production of its cutting-edge 4nm process node, which will be utilized in its fifth-generation auto chips, according to an exclusive report in the Korea Economic Daily on Tuesday. Tesla had initially chosen TSMC as its sole production partner for the HW 5.0 automotive chips last year. However, industry sources have recently revealed that Tesla plans to collaborate with both Samsung and TSMC, as Samsung has successfully improved the yield rate of its 4nm process around 70%, which is comparable to TSMC’s rate. HW 5.0 represents Tesla’s upcoming generation of autonomous driving hardware and is expected to be implemented in the company’s high-end models, including L5 auto vehicles, within the next three to four years. [Korea Economic Daily]

Semiconductor Manufacturing International Corporation (SMIC) announced on Monday that Gao Yonggang had resigned from the positions of chair and executive director, with deputy chair Liu Xunfeng stepping up as the new leader. Gao was appointed as chair of SMIC in September 2021, when his predecessor Zhou Zixue resigned due to health reasons. Founded in 2000, Shanghai-based SMIC has become the largest contract chip maker in mainland China. TSMC (with 60.1% of the global market), Samsung (12.4%), UMC (6.6%), Global Foundries (6.4%), and SMIC (5.3%) were the world’s top five chip manufacturers by revenue in the first quarter of 2023, according to market intelligence platform TrendForce. In 2022, SMIC saw its revenue grow 33.6% year-on-year to $7.2 billion, with net profits attributable to shareholders reaching $1.8 billion, according to its annual financial report. [Caixin, in Chinese]Bai Peng, the vice president of Xiaomis B2B business, has recently departed from Xiaomi and joined iQiyi Smart, a company focused on VR headsets backed by Chinas video streaming giant iQiyi, as its CEO. Bai entered Xiaomi in 2015 and was initially responsible for the companys video streaming platform Xiaomi Video. In 2021, Xiaomi ventured into B2B business initiatives, and Bai Peng was promoted to its vice president. However, Xiaomi gradually abandoned its B2B operations as it moved into the EV market, making business adjustments in the process. IDC data in 2022 showed that Chinas VR device sales reached 1.1 million units, while products from iQiyi Smart accounted for only around 7% of the total deliveries in the domestic market. With Bais appointment, the VR company will focus on the B2B business, according to a source familiar with the matter. [36Kr, in Chinese]NetEase Music, the online music-streaming unit of gaming giant NetEase, has launched an internal test of its AI feature called Private DJ. The new function introduces innovative upgrades to the music platforms current song recommendation algorithm. Private DJ aims not only to provide personalized song recommendations based on user preferences, but also to give explanations for its recommendations, interpretations of song meanings, and encyclopedic information about music. [36Kr, in Chinese]NetEase Music, the online music-streaming unit of gaming giant NetEase, has launched an internal test of its AI feature called Private DJ. The new function introduces innovative upgrades to the music platforms current song recommendation algorithm. Private DJ aims not only to provide personalized song recommendations based on user preferences, but also to give explanations for its recommendations, interpretations of song meanings, and encyclopedic information about music. [36Kr, in Chinese]

Xiaomi, a Chinese consumer electronics manufacturer, is shifting its focus to boost sales through retail stores in India, according to the companys Indian president Muralikrishnan B. The move aims to revive Xiaomis smartphone sales and catch up with competitor Samsung. Although 44% of Indias smartphones are sold online, the offline segment remains the bigger part of the market with 600 million mobile phone users. Our market position offline is substantially lower, Muralikrishnan B said. Offline is where you have other competitors who have been executing fairly well and have a larger market share, he added. Only 34% of Xiaomis sales in India this year came from retail outlets, whereas Samsung derives 57% of its sales from physical stores, according to Reuters, citing data from Hong Kong-based Counterpoint Research. To strengthen its offline presence, Xiaomi plans to hire more store promoters who will engage with prospective buyers and pitch Xiaomi products, aiming to triple the number to 12,000 by the end of next year. [Reuters]Chinese e-commerce company Temu has filed a lawsuit in Boston federal court, accusing rival Shein of violating U.S. antitrust law through its interactions with clothing manufacturers. Temus lawsuit alleges that Shein forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu, and that Shein impedes the expansion of the ultrafast fashion market in the United States. The latest development in the companies ongoing legal dispute, comes as another case makes its way through Chicago federal court. In it, Shein has accused Temu of collaborating with influencers to defame Shein on social media. Shein on Monday said Temus lawsuit was without merit and we will vigorously defend ourselves. Shein is a China-based company, which markets apparel at low prices in the US, Europe, and Asia. It has achieved a valuation of $66 billion. Temu, positioning itself as a provider of even lower prices than Shein, has experienced significant growth, with its gross merchandise value reaching $635 million in May, according to data from YipitData. [Reuters]

Huawei, Shandong Energy Group, and Yunding Technology have jointly launched a large language model designed for the energy industry. The joint version is based on Huaweis Pangu large language model and has been pilot-tested for industrial production. The three companies are now working to make it applicable to actual industrial scenarios. The new Pangu model will support 21 scenarios in coal mining, including extraction, tunneling, transportation, lifting, safety monitoring, coal bump prevention, coal washing, and coal coking. This marks the first commercial use of Huaweis proprietary model in the energy sector globally. [36Kr, in Chinese]Chinese e-commerce company Temu has filed a lawsuit in Boston federal court, accusing rival Shein of violating U.S. antitrust law through its interactions with clothing manufacturers. Temus lawsuit alleges that Shein forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu, and that Shein impedes the expansion of the ultrafast fashion market in the United States. The latest development in the companies ongoing legal dispute, comes as another case makes its way through Chicago federal court. In it, Shein has accused Temu of collaborating with influencers to defame Shein on social media. Shein on Monday said Temus lawsuit was without merit and we will vigorously defend ourselves. Shein is a China-based company, which markets apparel at low prices in the US, Europe, and Asia. It has achieved a valuation of $66 billion. Temu, positioning itself as a provider of even lower prices than Shein, has experienced significant growth, with its gross merchandise value reaching $635 million in May, according to data from YipitData. [Reuters]

Chinese electric vehicle brand Rising Auto announced on Monday plans to establish over 50 battery swap stations nationwide by the end of the year. The initiative is a collaboration with Chinas two state oil and gas majors, Sinopec and CNPC. According to a statement, these swap facilities will be accessible to consumers in several major cities, including Beijing, Guangzhou, and Chengdu, allowing for battery replacement in a mere two and a half minutes. Rising Auto, a prominent EV unit of SAIC, a state-owned automaker in China, introduced its R7 crossover model last September, priced from RMB 302,500 ($42,187). Additionally, the company offers a battery lease program, which can bring down the starting price to just RMB 205,900. Currently, Rising Auto operates seven battery swap stations in Shanghai. [Rising Auto announcement, in Chinese]On Monday, the Semiconductor Industry Association (SIA) issued a statement regarding potential additional restrictions that the US government may impose on the export of semiconductors and related technologies. According to the SIA, additional chip restrictions targeting China pose a risk to the competitiveness of the US semiconductor industry, could disrupt supply chains, and create significant market uncertainty. The SIA urged both governments to engage in dialogue instead of escalating tensions. This is not the first time that the SIA has voiced its concerns over the US’s China chip restrictions. In a May interview with Bloomberg, SIA CEO John Neuffer emphasized that China represents the largest market for US semiconductors. Despite the national security concerns highlighted by the US government, Neuffer asserted that US semiconductor companies cannot afford to ignore the Chinese market. [SIA]