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☆ Alibaba's breakup plan lifts hopes China's tech crackdown is ending
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

The group's Hong Kong-listed shares jumped as much as 16.3%, tracking a 14.3% rally in its U.S.-listed shares overnight . Its e-commerce rival JD.com Inc (9618.HK) rose 7% and gaming giant Tencent Holdings Ltd (0700.HK) gained 5%. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). Brian Tycango, who tracks China's tech sector at Stansberry Research, says that in addition to enabling higher valuations, the restructuring better protects individual divisions from future government regulation. "Any new regulations will likely not affect the whole company now - just the particular division that that regulation covers," Tycango told Reuters.

☆ Asian stocks rally as banking anxiety eases; Alibaba surges
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.82% higher, while Japan's Nikkei (.N225) advanced 0.49%. Hong Kong's Hang Seng index surged over 2%, buoyed by Alibaba (9988.HK) after the Chinese e-commerce conglomerate announced its break-up plans. Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. Worries over inflation have prompted investors to recalculate what they expect the Fed to do in its next meeting in May. In the foreign exchange markets, the dollar index , which measures the U.S. currency against six peers, was mostly flat, having eased 0.3% overnight on improving risk appetite.

☆ Alibaba's Hong Kong shares surge 16% on split-up plans
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Hong Kong shares of Alibaba Group (9988.HK) soared on Wednesday, marking a vote of confidence from investors after the company announced a major restructuring plan. Shares of Alibaba's e-commerce rival JD.com Inc (9618.HK) were up 7%, and gaming giant Tencent Holdings Ltd (0700.HK) jumped 5% on Wednesday morning. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). One day before the re-organization was announced, Alibaba founder Jack Ma, who had been out of mainland China since late 2021, was spotted visiting a primary school in Hangzhou, the city where Alibaba is headquartered. Reporting by Josh Horwitz in Shanghai and Donny Kwok in Hong Kong; Editing by Muralikumar Anantharaman and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Tencent Returns to Revenue Growth With Digital-Ad Recovery
▼ + stars: | 2023-03-23 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

In the past few months, Tencent has secured government licenses for several blockbuster videogames in its pipeline. SINGAPORE—Chinese internet conglomerate Tencent Holdings Ltd .’s quarterly revenue rose 0.5% from a year earlier, backed by rising demand for digital advertisements, as executives said businesses were shaking off the impact from Beijing’s tough pandemic controls. October-December revenue rose to the equivalent of $20.8 billion, the company said Wednesday, after two quarters of contractions.

☆ Tencent Posts Surprise Profit Growth Despite Economic Slowdown
▼ + stars: | 2023-03-22 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

In the past few months, Tencent has secured government licenses for several blockbuster videogames in its pipeline. SINGAPORE—Chinese internet conglomerate Tencent Holdings Ltd. posted a surprise 12% rise in its quarterly profit from a year earlier, even as China’s weak economy and Beijing’s tough Covid-19 controls during the period dented demand for videogame and advertising markets. October-December net profit was the equivalent of $15.3 billion, boosted by a one-time gain of $12.46 billion from the disposal of food-delivery company Meituan stocks, the company said Wednesday. Revenue rose 0.5%. Both beat expectations of analysts polled by FactSet.

☆ Tencent says it will keep cutting costs as annual revenue drops
▼ + stars: | 2023-03-22 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

HONG KONG, March 22 (Reuters) - Tencent Holdings (0700.HK) on Thursday vowed to keep cutting costs and work on increasing efficiencies as it reported a drop in annual revenue for the first time ever, with its founder saying the company would stay focused on its core business. Tencent posted revenue of 554.55 billion yuan ($81 billion) for 2022, down 1% from a year earlier. Analysts on average had expected 555.15 billion yuan, according to Refinitiv. Profit attributable to equity holders fell 16% to 188.24 billion yuan for the year versus a consensus estimate of 114.19 billion yuan. Reuters reported last month that Tencent was working on a ChatGPT-like chatbot named the "HunyuanAide" which will incorporate Tencent's Hunyuan AI model.

☆ Tencent’s Sales Growth Lifted by Digital-Ad Recovery
▼ + stars: | 2023-03-22 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

SAN FRANCISCO, March 21 (Reuters) - Nvidia Corp (NVDA.O), the U.S. semiconductor designer that dominates the market for artificial intelligence (AI) chips, said it has modified its flagship product into a version that is legal to export to China. On Tuesday, the company said it has similarly developed a China-export version of its H100 chip. The rules around AI chips imposed a test that bans those with both powerful computing capabilities and high chip-to-chip data transfer rates. A chip industry source in China told Reuters the H800 mainly reduced the chip-to-chip data transfer rate to about half the rate of the flagship H100. The Nvidia spokesperson declined to say how the China-focused H800 differs from the H100, except that "our 800 series products are fully compliant with export control regulations."

☆ Tencent's annual revenue drops for first time as China crackdown bites
▼ + stars: | 2023-03-22 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

Analysts on an average had expected 555.15 billion yuan, according to Refinitiv. Its revenue for the fourth quarter ended December rose 1% from a year earlier to 144.95 billion yuan, versus a consensus estimate for about 144 billion yuan. Tencent's profit attributable to equity holders fell 16% to 188.24 billion yuan for the year, versus a consensus estimate of 114.19 billion yuan. Tencent's domestic gaming revenue fell 6% to 27.9 billion yuan in the fourth quarter, while international gaming revenue rose 5% to 13.9 billion yuan. Tencent's revenue from online ads rose 15% to 24.7 billion yuan as brands widened spending amid a recovery.

☆ The Fed is about to deliver a momentous policy decision. It'll be a choice between keeping the focus on inflation or stemming the banking chaos.
▼ + stars: | 2023-03-22 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Powell and the Fed may acknowledge that monetary policy has caused some pain, and even add that more may be coming. What's your prediction for today's Fed decision and what Powell might say about the recent banking tumult? A market analyst says investors need to have some key questions answered by the Fed today. Market watchers should pay attention over whether the central bank sees the SVB collapse and resulting crisis as deflationary. The governor of Florida has proposed legislation to ban a central bank digital currency and has called on like-minded states to do the same.

☆ China to import 27 new video games, including Tencent, NetEase titles
▼ + stars: | 2023-03-20 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, March 20 - China's online gaming regulator on Monday granted licences to 27 foreign games in March, including titles to be published by Tencent Holdings (0700.HK), NetEase Inc (9999.HK) and Bilibili Inc (9626.HK) . NetEase secured approval for at least one mobile game named Audition: Everybody Party, while Bilibili received a licence for a game called Shanyao! The crackdown by China on online gaming had halted the approval process for foreign video games for 18 months between 2021 and 2022. XD Inc (2400.HK) received licences for two mobile games named Gorogoa and Wizard of Legend respectively. Other notable titles approved by China via this batch include a mobile game called Fairy Tale: Fighting and a console game named Yo-kai Watch 4.

☆ Are they for real? South Korean girl band offers glimpse into metaverse
▼ + stars: | 2023-03-14 | by ( Hyunsu Yim | ) www.reuters.com time to read: +5 min

[1/3] Footages of virtual girl group MAVE is played at the control room of MBC in Seoul, South Korea, February 28, 2023. Apart from backing MAVE:, Kakao launched a 1.25 trillion won ($960 million) tender offer last week to buy South Korean K-pop pioneer SM Entertainment (041510.KQ). SM is home to popular K-pop groups such as Girls' Generation, H.O.T., EXO, Red Velvet, Super Junior, SHINee, NCT Dream and Aespa. MAVE: is an "ongoing" project to explore new business opportunities and find ways to work around technological challenges, said Chu Ji-yeon, who heads Metaverse Entertainment. But South Korean technology has made much progress since then in creating virtual characters.

☆ China Favors Chips, AI Executives Over Internet Tycoons at Top Political Meetings
▼ + stars: | 2023-03-05 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

The Chinese People’s Political Consultative Conference opened at the Great Hall of the People in Beijing on Saturday. A number of prominent Chinese internet executives have been left out of the country’s top political meetings in Beijing this week, giving way to experts in artificial intelligence and semiconductors as Chinese leader Xi Jinping ’s priorities shift amid rising technology competition with the U.S.Pony Ma , Robin Li and William Ding , the chief executives of Chinese internet companies Tencent Holdings Ltd., Baidu Inc. and NetEase Inc. respectively, are conspicuous in their absence from this year’s list of delegates to the National People’s Congress, China’s legislative body, and the Chinese People’s Political Consultative Conference, a political advisory body. Also missing was Lenovo Group Ltd. CEO Yang Yuanqing .

REUTERS/Thomas PeterSHANGHAI, March 5 (Reuters) - China's science and technology policies should aim to build the country's strength and self-reliance, while companies take the lead in pushing innovation, Premier Li Keqiang said on Sunday. The country effectively countered external attempts to suppress and contain China’s development over the past five years by promoting development of the real economy through innovation and fostering new drivers of growth, he said. President Xi Jinping has urged the country to strengthen its self-reliance in science and technology and continue to strive as a global tech power. The platform economy comprises China's largest tech companies, such as Alibaba Group (9988.HK) and Tencent Holdings (0700.HK). Such firms were the targets of a long, bruising regulatory crackdown that Beijing says it is now easing.

☆ At China political meeting, internet bosses are out, chip execs are in
▼ + stars: | 2023-03-03 | by ( Laurie Chen | ) www.reuters.com time to read: +4 min

HARDWARE FOCUSNewcomers to the events include representatives from chip firms Semiconductor Manufacturing International Corporation (SMIC), state-backed Hua Hong Semiconductor Ltd, Shandong Youyan Semiconductor Materials Co. in the NPC and Cambricon Techologies Corp in the CPPCC. Other new NPC delegates come from robotics, laser, aerospace and aeronautics firms. Delegates for the NPC and CPPCC are chosen every five years by the Communist Party and have the option to resign. Some celebrity CPPCC delegates did not reappear on this year's list, such as Hong Kong action star Jackie Chan, film director Feng Xiaogang and state television anchor Bai Yansong. Yao Ming, a retired basketball star who heads the Chinese Basketball Association, has moved from the CPPCC to the NPC.

☆ China's Tencent establishes team to develop ChatGPT-like product -sources
▼ + stars: | 2023-02-27 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

HONG KONG, Feb 27 (Reuters) - Chinese internet giant Tencent Holdings (0700.HK) has set up a development team to work on a ChatGPT-like chatbot, two people familiar with the matter told Reuters. ChatGPT's uncanny ability to create cogent blocks of text instantly has sparked worldwide frenzied interest in the technology behind it called generative AI. A number of Tencent rivals including Alibaba Group (9988.HK) and Baidu Inc (9888.HK) have also announced they are working on their own offerings. Asked for comment, Tencent reiterated a Feb.9 statement that it is conducting research on ChatGPT-tool technology. That also marked the first time an AI model has scored better than humans on CLUE since the test was established three years ago.

☆ China's Tencent sets up team to develop ChatGPT-like product -sources
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Feb 27 (Reuters) - Chinese internet giant Tencent Holdings (0700.HK) has set up a development team to work on a ChatGPT-like chatbot, two people familiar with the matter told Reuters. The product, to be called "HunyuanAide", will incorporate Tencent's AI training model named "Hunyuan", said the people who were not authorised to speak to media and declined to be identified. Asked for comment, Tencent reiterated a Feb.9 statement that it is conducting research on ChatGPT-tool technology. Rivals Alibaba Group (9988.HK) and Baidu Inc (9888.HK) are also working on ChatGPT-like products. Reporting by Josh Ye; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ ChatGPT Fever Sweeps China as Tech Firms Seek Growth
▼ + stars: | 2023-02-22 | by ( Karen Hao | Shen Lu | ) www.wsj.com time to read: 1 min

The viral popularity of ChatGPT has stirred a frenzy within China where tech companies, battered by a two-year regulatory clampdown and the Covid-19 pandemic, have been seeking new sources of growth. Search engine owner Baidu Inc., e-commerce giant Alibaba Group Holding Ltd. and social-media conglomerate Tencent Holdings Ltd. are among those that have announced investments to develop their own equivalents to the artificial-intelligence chatbot, which isn’t available in China. Stocks of other Chinese companies have surged in recent weeks as they have jumped on the bandwagon, triggering state media to issue a warning about the speculative rally.

☆ Meta in Talks to Reboot China Business With VR Headsets
▼ + stars: | 2023-02-21 | by ( Raffaele Huang | Newley Purnell | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is in talks to sell Facebook parent Meta Platforms Inc.’s popular virtual-reality headset in China, home to the world’s biggest pool of internet users. Tencent, China’s biggest videogame company, has proposed to Meta that it become the exclusive seller of Meta’s Quest 2 headsets in China, people familiar with the discussion said. Tencent has also sought to publish Chinese versions of existing videogames for the device, they said.

☆ Tencent in Talks to Sell Meta’s Quest 2 VR Headset in China
▼ + stars: | 2023-02-21 | by ( Raffaele Huang | Newley Purnell | ) www.wsj.com time to read: 1 min

☆ Tencent in talks with Meta to sell Quest VR headsets in China - sources
▼ + stars: | 2023-02-21 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 21 (Reuters) - Tencent Holdings (0700.HK) is in talks with Meta Platforms Inc (META.O) to distribute its Meta Quest line of virtual reality headsets in China, three people familiar with the matter said. The talks between Tencent and Meta started last year and have continued in recent months, according to one of the sources who has direct knowledge of the matter, adding that the talks remain early stage and details have yet to be agreed. Tencent and Meta did not immediately respond to requests for comment on Tuesday. Tencent is mostly known for software that includes a suite of games and social media applications. It sells the Nintendo Switch console in China through a partnership with the Japanese gaming firm (7974.T) established four years ago.

☆ Exclusive: Tencent scraps plans for VR hardware as metaverse bet falters - sources
▼ + stars: | 2023-02-17 | by ( Josh Ye | ) www.reuters.com time to read: +4 min

The world's largest video game publisher had ambitious plans to build both virtual reality software and hardware at an "extended reality" XR unit it launched in June last year, for which it hired nearly 300 people. One of the sources said the XR project was not expected to become profitable until 2027, according to an internal forecast. The company also said on Thursday that it was not disbanding the XR unit. It also entered into a race against Western peers such as Meta Platforms (META.O) and Microsoft (MSFT.O), which are building their own metaverses and have their own virtual reality hardware projects. Pico, a virtual reality (VR) headset manufacturer owned by TikTok's Chinese developer ByteDance, said on Friday it was laying off a small number of people, after local media reported the start of hundreds of redundancies earlier this week.

☆ VR firm Pico, owned by Chinese TikTok maker ByteDance, announces 'small' layoffs
▼ + stars: | 2023-02-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 17 (Reuters) - Pico, a virtual reality (VR) headset manufacturer owned by TikTok's Chinese developer ByteDance, said on Friday it was laying off a small number of people, after local media reported the start of hundreds of redundancies earlier this week. The South China Morning Post reported unidentified sources on Thursday as saying Pico had trimmed some teams by as much as 30%. "We greatly appreciate these colleagues' contributions and are working closely with those impacted to support them through this time of change." The layoffs mark the latest streamlining for ByteDance, which like many tech peers in China has cut jobs since last year and undergone restructuring as economic growth slows. On Thursday, Tencent Holdings Ltd (0700.HK) said it was making some personnel adjustments after local media reported the Chinese gaming and social media major was laying off staff in its recently formed "extended reality" (XR) business.

☆ Tencent says making personnel adjustments after report of XR layoffs
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Feb 16 (Reuters) - China's Tencent Holdings (0700.HK) said on Thursday it was making some personnel adjustments after a media report said that it was laying off staff in its recently formed "extended reality" (XR) unit. Chinese tech outlet 36Kr reported on Thursday citing unnamed sources that Tencent had notified the unit's more than 300 staff that they would be given two months to find new internal or external opportunities and that the unit would be disbanded. Tencent, Asia's biggest internet company, told Reuters that it was untrue that it planned to disband the unit. It said it was making adjustments to some business teams as its development plans for hardware had changed. Reporting by Josh Ye; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ American Cloud Companies Face Challenge From China in Southeast Asia
▼ + stars: | 2023-02-13 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

China’s Alibaba Cloud has pledged a new investment of $1 billion to support its global partners in the coming three years. SINGAPORE—U.S. cloud-computing companies, dominant globally, are facing intensifying competition from upstart Chinese rivals in Southeast Asia, offering a head-to-head look at how the two geopolitical rivals’ corporate champions stack up in a key technology. China’s Alibaba Group Holding Ltd., Huawei Technologies Co. and Tencent Holdings Ltd. are planning to invest hundreds of millions of dollars in Southeast Asia in the coming years.

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