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Asian markets, particularly China's, will be hoping this sparks a recovery from Wednesday's decline following yet another batch of sub-par Chinese economic indicators. The Chinese yuan fell below 7.00 per dollar for the first time in nearly six months and with GDP forecasts being slashed, analysts reckon the yuan could be poised for more weakness. Citi's Chinese economic surprises index had its biggest fall in two years and one of the steepest on record. Economists polled by Reuters expect the unemployment rate to hold steady at 3.5% and net new job growth to slow to 25,000. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

WASHINGTON, May 10 (Reuters) - A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements, PCAOB Chair Erica Williams told reporters on Wednesday. KPMG Huazhen in China said in a statement it has taken steps to address the issues the PCAOB had found. With its 2023 work, the PCAOB expects it will have inspected auditors representing 99% of the work in the region. The agency will continue to demand full access to do its work, Williams said.

[1/2] The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall. Portfolio firms of the Vision Fund unit whose shares climbed during January-March include e-commerce firm Coupang Inc (CPNG.N) and robotics firm AutoStore Holdings Ltd (AUTO.OL). What matters is Arm for SoftBank to demonstrate it can get results as an investment company," said SMBC Nikko Securities analyst Satoru Kikuchi. Still, SoftBank executives are unlikely to offer meaningful new information about the Arm listing on Thursday, Kikuchi said.

☆ Alibaba's global online commerce arm weighs US IPO - Bloomberg News
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK), international online shopping unit is exploring a U.S. initial public offering, Bloomberg News reported on Thursday citing people familiar with the matter. The e-commerce giant is in the early stages of consideration and the IPO's size is yet to be determined, the report added. The business group is in talks with banks that could potentially help prepare for the IPO next year, according to the report. However, in an emailed statement to Reuters, Alibaba Digital Commerce Group said, "Currently, there is no IPO plan". Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Alibaba's global online commerce arm weighs US IPO, Bloomberg reports
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

But Nvidia has created variants of its chips for the Chinese market that are slowed down to meet U.S. rules. Even the slowed Nvidia chips represent an improvement for Chinese firms. The back-and-forth between government and industry exposes the U.S. challenge of slowing China's progress in high tech without hurting U.S. companies. Chip industry sources said that was an effective action. Some in the AI industry believe that is still plenty of speed.

☆ Biden should sanction Huawei Cloud, other Chinese firms -senators
▼ + stars: | 2023-04-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, April 25 (Reuters) - A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Cloud and other Chinese cloud service providers, citing national security concerns, according to a letter seen by Reuters. The senators said Huawei Cloud launched its "Sky Computing Constellation" in co-sponsorship with Changsha Tianyi Space Science and Technology Research Institute also known as "Spacety China" in 2021. Alibaba Cloud, a subsidiary of Alibaba Group Holding Ltd (9988.HK), did not immediately comment. Reuters reported in January 2022 that the Biden administration was reviewing the cloud business of e-commerce giant Alibaba to determine whether it poses a risk to U.S. national security. The letter said the Biden administration should consider further investigation or actions against China’s other cloud service providers including Baidu Cloud and Tencent Cloud which may impact U.S. national security.

☆ Futures subdued as investors eye bank earnings, Fed cues
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.07%, S&P 0.10%, Nasdaq 0.01%April 17 (Reuters) - U.S. stock index futures were largely flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank will pause its monetary policy tightening. Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. U.S. central bank officials including New York Fed President John Williams and Cleveland Fed President Loretta Mester are scheduled to speak later this week. ET (1230 GMT) is expected to show business conditions in New York state improved in April after slumping in the previous month. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were up 1 point, or 0.01%.

☆ A Chinese company is reportedly planning to replace some human copywriters and graphic designers with AI
▼ + stars: | 2023-04-14 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A marketing company in China reportedly has plans to replace some of its human contractors with AI. A memo seen by Bloomberg says BlueFocus plans to replace external copywriters and graphic designers. Experts previously told Insider some jobs in media can be at risk of being replaced by AI models. A marketing and brand management company in China has plans to replace some of its copywriters and graphic designers with generative AI models like ChatGPT, according to an internal memo seen by Bloomberg. Generative AI can potentially affect 300 million-full time jobs around the world, research from Goldman Sachs found.

Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong and closed down about 2%. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said. "It is well within the realms of expectations that the proportion of Chinese shares among its total investment will shrink further." In New York, Alibaba's shares were up 3% as analysts noted that the stake sale was more due to SoftBank's circumstances.

TOKYO, April 13 (Reuters) - Japanese technology investor SoftBank Group Corp (9984.T) has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), , the Financial Times reported, sending the Chinese e-commerce major's stock tumbling. Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong after the report before paring the loss to 2.8%. SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago with just $20 million spending. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said.

☆ SoftBank to sell nearly all its stake in Alibaba - FT
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

[1/2] SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-HoonApril 12 (Reuters) - SoftBank has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), the Financial Times reported on Wednesday citing regulatory filings it had analyzed. Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. "We are finally starting to see the cumulative effects of the relentless rate hikes," said Peter Andersen, founder at Andersen Capital Management. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 220 points, or 0.65%, S&P 500 e-minis were up 33 points, or 0.80%, and Nasdaq 100 e-minis were up 130 points, or 0.99%.

☆ Futures edge higher ahead of inflation data
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.19%, S&P 0.13%, Nasdaq 0.06%April 12 (Reuters) - U.S. stock index futures edged higher on Wednesday as investors awaited key inflation data and minutes from the Federal Reserve's policy meeting for clues on whether U.S. interest rates are near their peak. The Labor Department data, which will be published at 8:30 a.m. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will be watched closely by investors later in the day for fresh clues on the trajectory of interest rates. The Fed in March raised rates by 25 bps and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 64 points, or 0.19%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were up 8 points, or 0.06%.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. Stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the U.S. central bank will raise interest rates again next month. US inflation, Fed rates and MarketsMajor technology and other growth stocks such as Microsoft Corp (MSFT.O), Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) edged higher as Treasury yields slipped. Minutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes.

☆ Alibaba shows off its generative AI tech, to roll out in all apps
▼ + stars: | 2023-04-11 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

Called Tongyi Qianwen, the AI large language model drafted invitation letters, planned trip itineraries and advised shoppers on types of makeup to purchase in a filmed demonstration. Tongyi Qianwen will initially be integrated into DingTalk, Alibaba's workplace messaging app and can be used to summarise meeting notes, write emails and draft business proposals. AI models like Tongyi Qianwen are "the big picture for making AI more popular in the future," he added. On Monday, Chinese AI company SenseTime (0200.HK) unveiled a slew of new AI products including a chatbot called SenseChat. Zhang said that Alibaba and other companies working on AI models were at the "starting line" of a new phenomenon.

☆ Alibaba unveils Tongyi Qianwen, an AI model similar to GPT
▼ + stars: | 2023-04-11 | by ( Josh Horwitz | ) www.reuters.com time to read: +1 min

[1/2] The logo of Alibaba Group is seen at its office in Beijing, China, January 5, 2021. REUTERS/Thomas PeterSHANGHAI, April 11 (Reuters) - Alibaba Group Holding Ltd (9988.HK) on Tuesday unveiled Tongyi Qianwen, an AI large language model similar to GPT that it plans to integrate into all of the company's business applications in the near future. Alibaba Cloud plans to open Tongyi Qianwen to its clients so they can build their own customized large language models. Others including Alphabet Inc's Google (GOOGL.O) and Baidu Inc (9888.HK) have since promoted their AI models and released similar chatbots. Tongyi Qianwen is based on Tongyi, Alibaba's proprietary pre-trained model framework that unifies various AI models.

☆ 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%.

☆ Hopes for Hong Kong’s IPO Market Rest on Alibaba, JD.com Carve-Outs
▼ + stars: | 2023-04-06 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Plans by two of China’s biggest technology companies to sell shares in their subsidiaries could give a jolt of confidence to a Hong Kong IPO market that has been in the doldrums for more than a year. Chinese e-commerce giant Alibaba Group Holding Ltd., which is listed in Hong Kong and New York, said last week it would reorganize into six independently run companies and explore IPOs for them. Not long after, smaller rival JD.com Inc. filed paperwork in the Asian financial hub to sell shares in its property and industrial units, which The Wall Street Journal reported were aiming to raise about $1 billion each this year.

☆ Fitch says Alibaba’s new structure will not impact credit profile
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Fitch Ratings on Tuesday said that it doesn't expect Alibaba Group Holding Limited's (9988.HK) new structure to bring about an immediate change in its credit profile. The credit rating agency said that it expected the group's new governance structure to enhance its ability to respond rapidly to changes in the market and competition, improve management accountability and increase transparency to regulatory authorities. Alibaba previously said it was planning to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises. Fitch also said that the structural subordination of Alibaba's current debt will not pose a significant credit risk, and that the company could unlock value through spin-offs or IPOs. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Jack Ma Engineered Alibaba’s Breakup From Overseas
▼ + stars: | 2023-03-30 | by ( Jing Yang | Shen Lu | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese billionaire Jack Ma was orchestrating from overseas the corporate breakup of the e-commerce empire he built, Alibaba Group Holding Ltd. , according to people familiar with the matter. Despite having stepped down as executive chairman of Alibaba in 2019, Mr. Ma remained an influential figure at the company and is active in deciding its strategy, the people said. In recent months, he held calls with Alibaba’s top executives, including the current chairman and chief executive Daniel Zhang , urging them to split up the company, saying it would make it more nimble and competitive in China’s increasingly crowded market, the people said.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1%. "Markets are calmer as the tension of the banking situation is lessening. The CBOE volatility index (.VIX), known as Wall Street's fear gauge, fell to its lowest since March 9, reflecting easing investor anxiety. ET, Dow e-minis were up 216 points, or 0.66%, S&P 500 e-minis were up 32.5 points, or 0.81%, and Nasdaq 100 e-minis were up 114.25 points, or 0.9%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

That should unlock value for weary shareholders, and please regulators and politicians keen to control strategic businesses. The restructuring will give each of Alibaba’s six businesses, which include its core commerce division, as well as cloud computing, games and logistics units, their own chief executive and board of directors. Investors promptly added nearly $23 billion, or 10%, to the New York-listed company’s market value, now at $250 billion, following Tuesday’s announcement. The $460 billion video-game giant also operates in sensitive areas like online media, cloud computing and mobile payments. Daniel Zhang will continue to serve as chairman and chief executive of Alibaba, which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence.

Larger peers Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan Chase & Co (JPM.N) rose between 0.7% and 1.6% in premarket trade. "Markets are calmer as the tension of the banking situation is lessening. A key inflation reading expected at the end of the week will provide more clues on the Fed's monetary tightening plans. ET, Dow e-minis were up 244 points, or 0.75%, S&P 500 e-minis were up 35.25 points, or 0.88%, and Nasdaq 100 e-minis were up 109.25 points, or 0.86%. Reporting by Amruta Khandekar; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Alibaba shares soar 15% in Hong Kong on news of major overhaul
▼ + stars: | 2023-03-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Hong Kong-listed shares of Alibaba surged 15% at the open on Wednesday after the company announced a significant overhaul to split the tech giant into six business groups. On Wall Street overnight, Alibaba stocks soared to close 14.26% higher. The decision to split into different units means each will be managed by its own leadership and executive board, and can pursue independent fundraising and IPOs when they're ready. The company said the move aims to "unlock shareholder value."

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