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☆ Buffett's Berkshire Hathaway exits India's Paytm in $165 million deal
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing RightsBENGALURU, Nov 24 (Reuters) - Billionaire Warren Buffett's Berkshire Hathaway (BRKa.N) has exited India's Paytm (PAYT.NS) after selling its entire stake in the company for about 13.71 billion rupees ($164.70 million) through a bulk deal on Friday. Berkshire Hathaway's BH International Holdings has sold more than 15.6 million shares of the digital payments firm, with a weighted average price of 877.29 rupees per share, exchange data showed. Who the buyers of the Paytm shares are is not known. Paytm did not immediately respond to a Reuters request for additional details, while Berkshire was not available for comment. As of September 2023, BH International Holdings had a 2.46% stake in the company, as per exchange data.

Persons: Warren Buffett's Berkshire Hathaway, Paytm, Vijay Shekhar Sharma, Hritam Mukherjee, Sonia Cheema, Pooja Desai Organizations: REUTERS, Rights, ., Holdings, BH International Holdings, SoftBank, HK, Ant, Thomson Locations: Kolkata, India, . Berkshire, Berkshire, Bengaluru

☆ China's Alibaba shakes up cloud unit management after scrapping the division's IPO
▼ + stars: | 2023-11-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba will put a bigger emphasis on three business units within the cloud space — public cloud, hybrid cloud and cloud infrastructure. Weiguang Liu will lead the public cloud division, a person familiar with the matter who was not authorized to speak publicly on it told CNBC, while Jin Li will lead the hybrid cloud unit. Daniel Zhang stepped down from the CEO role in September, then quit as the head of the cloud business weeks later. "The cloud intelligence group will resolutely implement a strategy of driving growth with AI and of prioritizing public cloud. "In the future, incremental demand for cloud computing will be driven by demand for AI, and most AI computing will run in the cloud."

Persons: Alibaba, Weiguang Liu, Jin Li, Eddie Wu, Jiangwei Jiang, Jingren Zhou, Daniel Zhang, Wu Organizations: CNBC Locations: China

☆ Reaction to Alibaba's scrapping of cloud unit spin-off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +4 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba said its decision to shelve the spin-off was due to uncertainties fuelled by U.S. curbs on exports to China of chips used in artificial intelligence applications. Following are what people are saying about the decision:LI CHENGDONG, BEIJING-BASED TECH AND E-COMMERCE ANALYST:"I believe scrapping the cloud unit's IPO reflects a new development strategy implemented by the new leadership. In short, I think prior decisions to restructure and IPO certain business units will have to be reassessed based on prevailing market conditions. The international business is one of the few Alibaba units that’s growing fast, which puts it in a better position to explore external funding."

Persons: Dado Ruvic, Alibaba, LI, Daniel Zhang, Zhang, BRIAN WONG, CHARLIE CHAI, Eddie Wu, SERN LING, Casey, Josh Ye, Yelin, Anne Marie Roantree, Muralikumar Anantharaman Organizations: REUTERS, China's, HK, Cloud Intelligence, Casey Hall, Thomson Locations: HONG KONG, Hong Kong, China, BEIJING, AliCloud, Alibaba, Shanghai, Yelin Mo, Beijing

☆ China's Alibaba to scrap cloud unit spinoff in response to US chip curbs
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 16 (Reuters) - China's Alibaba Group Holding (9988.HK), said on Thursday it will scrap the spin off of its cloud unit in response to export curbs by the United States on chips used in artificial intelligence applications. Its U.S.-listed shares fell about 5% in premarket trading after it also reported second-quarter revenue in line with market expectations. "The recent expansion of U.S. restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group," Alibaba said. The e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts' average estimate of 224.32 billion yuan, according to LSEG data.

Persons: Dado Ruvic, Alibaba, Pinduoduo, Eddie Wu, Alibaba Group's, Jack Ma, Daniel Zhang, Akash Sriram, Sam Holmes, Arun Koyyur Organizations: REUTERS, HK, U.S, Cloud Intelligence Group, PDD Holdings, Thomson Locations: United States, Bengaluru

☆ Jack Ma's family trust to sell 10 mln shares in China's Alibaba
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Chinese billionaire Jack Ma's family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million, the ecommerce company said in regulatory filings. The sale will be done on Nov. 21 by JSP Investment and JC Properties, funds that are part of the family trust. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. U.S.-listed shares of Alibaba were down more than 3% in premarket trading ahead of its quarterly results. Reporting by Akash Sriram in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma's, Jack Ma, Ma, Eddie Wu, Akash Sriram, Arun Koyyur Organizations: Alibaba Group Holdings, HK, JSP Investment, JC, Jack Ma Foundation, Thomson Locations: Ma . U.S, Alibaba, Bengaluru

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The economic calendar sees the release of Japanese trade data, machinery orders and the closely-watched 'tertiary activity index', as well as Australian unemployment and Chinese house prices. On the policy front, the Philippine central bank is expected to keep its key interest rate unchanged at 6.50% on Thursday, although there's an outside chance it might hike to 6.75%. Here are key developments that could provide more direction to markets on Thursday:- Japan trade (October)- China house prices (October)- Philippines interest rate decisionBy Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jamie McGeever, Goldman Sachs, China's Alibaba Organizations: REUTERS, Investors, Treasury, Nikkei, Barclays, Bank of Japan, Lenovo, Thomson, Reuters Locations: Shanghai, China, Asia, Japan, Philippine, Philippines

Alibaba's Taobao and Tmall Group did not respond to a request for comment. This year's Singles Day event is also the first since Alibaba Group split into six business units. This view is supported by recent polls on social media where the majority of respondents said Singles Day was no longer necessary. Meara He, a 21-year-old student from Wenzhou, says she often shops using Douyin live-streams and this year, "doesn't care" about Singles Day as much. "In the past I would wait for Double 11 (Singles Day) and do some shopping, but this time I just plan to buy products that I need," she said.

Persons: Alibaba, Pinduoduo, Josh Gardner, Alibaba's, Ashley Dudarenok, AlixPartners, Douyin, Melody Zhao, Casey, Sophie Yu, Brenda Goh Organizations: PDD Holdings, Kungfu, Tmall, Administration, Market, ByteDance, Alibaba, Suisse, Industry, Hua Gui Food Group, Casey Hall, Thomson Locations: SHANGHAI, HK, China, Wenzhou, Shanghai, Beijing

☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

HONG KONG, Oct 6 (Reuters Breakingviews) - It’s getting harder for China Inc to go global, and tougher for global financial advisors to take on the rapidly shrinking pool of related mandates. Belgium’s intelligence service VSSE said on Thursday that it is trying to “detect and fight against possible spying and/or interference activities carried out by Chinese entities including Alibaba”. Fellow courier SF Holding is also preparing a Hong Kong listing to raise as much as $3 billion to support, among other things, ambitious expansion beyond Asia. Alibaba signed an agreement with the Belgium government in 2018 to open an e-commerce trade hub, run by its logistics arm Cainiao Smart Logistics Network. The Chinese e-commerce giant last month filed to list Cainiao on the Hong Kong stock exchange.

Persons: VSSE, Cainiao, won’t, Alibaba, Una Galani, Thomas Shum Organizations: Reuters, China Inc, HK, Belgian, Justice, Citigroup, JPMorgan, Hong, European, Liege Airport, Smart Logistics Network, Alibaba’s, Thomson Locations: HONG KONG, China, Hong Kong, Liege, Belgian, Asia, Belgium, United States, European, Alibaba’s New York

[1/2] People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo Acquire Licensing RightsSept 26 (Reuters) - Alibaba Group (9988.HK) on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. U.S.-listed shares of Alibaba pared early premarket trading losses following Tuesday's announcement and were down 0.4% at $86.86 by 1037 GMT. Alibaba in late March announced its biggest restructuring in its 24-year history. In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit.

Persons: Florence Lo, Alibaba, Cainiao, Dealmakers, Jack Ma, Daniel Zhang, Brenda Goh, Ayushman, Varun, Barbara Lewis Organizations: Fair for Trade, Services, REUTERS, Alibaba, HK, Tuesday, Smart Logistics Network, Reuters, Intime, Thomson Locations: Beijing, China, Hong Kong, Cainiao, Hong Kong . U.S

The capability, which Intel showed off during a software developer conference held in Silicon Valley, could let businesses and consumers test ChatGPT-style technologies without sending sensitive data off their own computer. It is made possible by new AI data-crunching features built into Intel's forthcoming "Meteor Lake" laptop chip and from new software tools the company is releasing. Intel said on Tuesday that it was building a new supercomputer that would be used by Stability AI, a startup that makes image-generating software. China's Alibaba Group Holdings (9988.HK) is using its newest central processors to serve up chatbot technology, Intel said. If Intel Chief Gelsinger can make AI "so that anyone can use it, that creates a much bigger market for chips – the chips that he makes," Hutcheson said.

Persons: Arnd, Taylor Swift, Pat Gelsinger, Gelsinger, Sachin Katti, Dan Hutcheson, TechInsights, Hutcheson, Stephen Nellis, Max Cherney, Peter Henderson, Lincoln, Josie Kao Organizations: Intel Corporation, REUTERS, JOSE, Intel, ., Taiwan Semiconductor Manufacturing, Nvidia, Stability, Alibaba, Holdings, Meta, Reuters, Thomson Locations: Davos, Switzerland, California, Silicon Valley, HK, San Francisco, San Jose , California

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Zhang also handed over the role of group CEO to Wu on Sunday as scheduled. "Alibaba Cloud has lost some ground with government and state-owned enterprise clients, which were previously a stronghold for the company," Li said. "During his leadership tenure, Alibaba Cloud's business did not improve significantly despite his efforts. Zhang likely realised that the challenges facing Alibaba Cloud's lacklustre growth were beyond what he could influence or control as an individual executive."

Persons: Aly, Daniel Zhang, Alibaba, Eddie Wu, Zhang, Wu, Canalys, Li Chengdong, Li, Sern Ling, Union Bancaire Privee, Donny Kowk, Josh Ye, Yelin, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman, Christopher Cushing Organizations: Artificial Intelligence, REUTERS, China's, Reuters, DAMO Academy, Huawei Technologies, Union Bancaire, HK, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, HK, Alibaba, Beijing, Yelin Mo

SHANGHAI, Sept 10 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement. "Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately." Zhang will continue to contribute to Alibaba by "channeling his expertise differently," the letter added, saying that Alibaba will invest $1 billion in a technology fund that Zhang would establish.

Persons: Daniel Zhang, Zhang, Eddie Wu, Alibaba, Daniel, Joseph Tsai, Eddie, Brenda Goh, Hugh Lawson, Sharon Singleton Organizations: HK, Sunday, Cloud Intelligence Group, Reuters, Thomson Locations: SHANGHAI

☆ Alibaba's grocery unit IPO put on ice amid disappointing valuation - Bloomberg News
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Alibaba said in May that Freshippo's IPO would be completed in six to 12 months and that it was also considering listing its logistic unit, Cainiao. Alibaba's capital management committee, which is overseeing the breakup of the company, recently decided to wait for a more favorable market before moving forward with a Freshippo IPO and will prioritize listings of other units, the report added. Reuters reported last year that Freshippo was seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier. The Freshippo business is a supermarket chain in China and also offers services like dine-in and 30-minute home delivery. Reporting by Shubhendu Deshmukh and Yuvraj Malik in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Alibaba, Freshippo, Shubhendu Deshmukh, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Holding, Bloomberg, Reuters, Thomson Locations: HK, Hong Kong, China, Bengaluru

☆ Sea sails recklessly into choppy e-commerce waters
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Singapore-based Sea Limited Chairman and CEO Forrest Li, speaks during an interview with CNBC following his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsHONG KONG, Aug 16 (Reuters Breakingviews) - Sea's (SE.N) boss Forrest Li has picked a turbulent time to rock the boat. But Li's declaration on Tuesday that it's time to "ramp up" investments again risks wiping out the hard-earned investor goodwill. Despite Li's assurances that Sea will keep emphasising self-sufficiency and cost efficiencies, investors promptly erased some $10 billion, or 29%, in market value. In July, the latter injected $845 million into its Southeast Asian arm, signalling a price war may be on the horizon.

Persons: Forrest Li, Brendan McDermid, HONG KONG, Li, China's Alibaba, Robyn Mak, Exor’s Philips, Bain, BoE, Antony Currie, Thomas Shum Organizations: CNBC, New York Stock Exchange, REUTERS, Reuters, HK, Twitter, FC Barcelona’s, Messi, Thomson Locations: Singapore, New York, U.S, HONG, York

REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

☆ China's Alibaba says will not join Ant Group share buyback
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 23 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday it had decided not to participate in affiliate Ant Group's proposed repurchase of shares, but would maintain its shareholding in the company. Ant Group announced a surprise share buyback of up to 7.6% of its equity interest earlier this month, a day after it was fined $984 million by Beijing for violating laws and regulations. Online retail giant Alibaba, which spun off Ant 12 years ago retains a 33% stake. The fine has fuelled hopes that a years-long regulatory crackdown on the company has ended, which could allow it to secure a financial holding company licence, focus on growth, and eventually, revive its plans for a stock market listing. Reporting by Amy Lv and Dominique Patton; Editing by Jan Harvey and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Ant, Amy Lv, Dominique Patton, Jan Harvey, Barbara Lewis Organizations: HK, Ant Group, Thomson Locations: BEIJING, Beijing

☆ China's Alibaba unveils AI image generator to take on Midjourney and DALL-E
▼ + stars: | 2023-07-07 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings Ltd (9988.HK) announced on Friday an artificial intelligence (AI) image generator, initially available to enterprise customers in beta form, as it ramps up its offerings in the fast-growing AI sector. The image generator, Tongyi Wanxiang, will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud, recently formed from a massive overhaul that split the Chinese tech major into six units, has also released a ChatGPT-like text generator, Tongyi Qianwen, which was launched in April. Baidu Inc (9888.HK) and SenseTime Group Inc <0020.HK > also recently unveiled AI image generators, although generative AI services have yet to receive regulatory approval for wide distribution in China. The Tongyi Wanxiang image generator, which roughly translates as "truth from tens of thousands of pictures", was revealed at the World Artificial Intelligence Conference in Shanghai on Friday.

Persons: Wanxiang, OpenAI's DALL, Inc's Midjourney, OpenAI's, chatbot, Josh Ye, Edmund Klamann Organizations: Alibaba Group Holdings, HK, McKinsey, Baidu Inc, SenseTime, Artificial Intelligence, Thomson Locations: HONG KONG, U.S, China, Shanghai

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings (9988.HK) and Huawei Technologies Co on Friday showcased new products, including an artificial intelligence (AI) image generator and an AI model upgrade, as Chinese companies jostle for position in the global AI race. Alibaba Cloud, an Alibaba subsidiary, presented at the World Artificial Intelligence Conference in Shanghai an image generator named Tongyi Wanxiang that will initially be available to enterprise customers in beta form. Also on Friday, Huawei demonstrated the third iteration of its Panggu AI model at the start of its three-day annual developer conference in Dongguan. Alibaba's image generator will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud emerged from a massive overhaul announced in March that split the Chinese tech major into six units.

Persons: OpenAI, OpenAI's DALL, Inc's Midjourney, Alibaba, Josh Ye, Edmund Klamann, Barbara Lewis Organizations: Alibaba Group Holdings, HK, Huawei Technologies, Artificial Intelligence, Huawei, McKinsey, Alibaba, Thomson Locations: HONG KONG, Shanghai, Dongguan, U.S, Shenzhen

☆ Alibaba misses revenue estimate, approves cloud unit spinoff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

"We would love nothing more than to see one of these little Alibabas...becoming another big Alibaba, as big as the group company is right now," said Alibaba Group chairman Daniel Zhang on an earnings call. Alibaba logged revenue of 208.20 billion yuan ($30.12 billion) for the three months ended in March, compared with a Refinitiv consensus estimate of 210.3 billion yuan. Net income attributable to ordinary shareholders was 23.52 billion yuan for the quarter, reversing a year earlier loss of 16.24 billion yuan. Revenue for Alibaba's cloud division in the recent quarter was 18.6 billion yuan, down 2% year-on-year. The company has opened up registration to test the technology to enterprise customers of Alibaba Cloud.

☆ Alibaba fourth-quarter revenue rises 2%
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - China's Alibaba Group Holding Ltd (9988.HK), said on Thursday that fourth-quarter revenue climbed 2%, missing expectations. The 208.20 billion yuan ($30.12 billion) logged for the three months ended in March compares with a Refinitiv consensus estimate of 210.3 billion yuan drawn from 26 analysts. Chinese consumer spending has gained some momentum since the country abandoned draconian zero-COVID policies late last year, but still remains relatively muted amid a wobbly economic recovery. Net income attributable to ordinary shareholders was 23.52 billion yuan, compared with a loss of 16.24 billion yuan. Revenue for the full year climbed 2% to 868.69 billion yuan, marking its slowest rate of growth since the company went public in 2014.

☆ 'Big Short' Michael Burry is long on China's Alibaba and JD.com — these stocks are now a fifth of his portfolio
▼ + stars: | 2023-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Michael Burry has been accumulating Alibaba and JD.com shares. Scion held $10.2 million worth of Alibaba shares and $11 million worth of JD.com shares as of March 31. "Big Short" investor Michael Burry is long on China's Alibaba and JD.com. Scion Asset Management held 100,000 Alibaba shares worth $10.2 million and 250,000 JD.com shares worth nearly $11 million as of March 31. The hedge fund's holdings in both Chinese tech companies increased from December 31, when it held 50,000 Alibaba shares and 75,000 JD.com shares, according to the regulatory filing.

☆ Shares of China's SenseTime jump after it unveils new AI products
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of SenseTime is seen at SenseTime office, in Shanghai, China December 13, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 11 (Reuters) - Shares of Chinese artificial intelligence (AI) company SenseTime (0020.HK) surged as much as 11% on Tuesday, a day after it unveiled a series of new AI-powered products as it joins a global race to dominate the sector. China's Alibaba Group Holdings (9988.HK) and Japan's Softbank Group Corp (9984.T) are both invested in the Chinese AI company. SenseTime's shares rose to as high HK$3.70, up 11.1% from its previous close but below its initial public offering price of HK$3.85 in December 2021. Alibaba's shares rose as much as 3.8%, while Softbank climbed 0.5%.

☆ China's Alibaba invites businesses to trial AI chatbot -media
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

Alibaba has opened up registration for businesses to conduct testing for its AI application, STAR Market reported without specifying details. Alibaba Cloud did not respond immediately to an emailed request for comment. A formal launch is expected at an Alibaba Cloud event on Tuesday. Others to have joined the AI chatbot race include Baidu Inc (9998.HK), with its Ernie Bot application open only to trial users at the moment. Last week Alibaba announced that it will restructure into six standalone divisions, each with its own board and CEO.

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