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PetroChina buys EV charging firm Potevio New Energy
  + stars: | 2023-09-08 | by ( ) www.reuters.com   time to read: +1 min
Model of petrol pump is seen in front of PetroChina logo in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 8 (Reuters) - PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment by China's top oil and gas company, parent CNPC said on Friday. Set up in 2010, Potevio New Energy was among China's first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account. PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities.
Persons: Dado Ruvic, CNPC, PetroChina, Jason Neely Organizations: REUTERS, PetroChina, New Energy Co Ltd, Potevio, Energy, EV, SAIC Motor Corp, Beijing, Thomson Locations: Putian, Fujian
Walter Isaacson said Elon Musk considered spending less time at Twitter to focus on AI and SpaceX. "With AI coming, I'm sort of wondering whether it's worth spending that much time thinking about Twitter," Isaacson said Musk told him in March at a meeting between the biographer, Musk, and a Neuralink director who gave birth to two of his children. Isaacson said Musk first discussed his plans to build an AI company at the March meeting. The biographer said Musk told him he plans to run the company himself. It is one of six companies, including Tesla, SpaceX, and X, that Musk is helping to lead.
Persons: Walter Isaacson, Elon Musk, Musk, Walter Isaacson's, ChatGPT, Isaacson, Tesla, Linda Yaccarino, Insider's Kali Hays Organizations: Twitter, SpaceX, Service, Bloomberg Locations: Wall, Silicon
REUTERS/David Kirton/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Tencent Holdings (0700.HK) said on Thursday companies could now use its large language artificial intelligence (AI) model "Hunyuan" as it premiered the much-awaited product amid a race by tech firms race to become China's AI champion. Hunyuan's debut comes after several Chinese tech firms including Baidu Inc (9888.HK) and SenseTime Group (0200.HK) recently unveiled their own AI models. Tencent, China's most valuable internet company, said Hunyuan had more than 100 billion parameters and was trained with more than 2 trillion tokens, two metrics often used to measure AI models' power. OpenAI's GPT-3 AI model contained 175 billion parameters in 2020 and Meta Platform Inc (META.O)'s Llama 2 model had 70 billion parameters in 2023. AI experts often describe moments where AI models generate incorrect information but present it as if it was a fact as "hallucination".
Persons: David Kirton, Hunyuan, Jiang Jie, OpenAI's, Tencent, ChatGPT, Josh Ye, Christopher Cushing, Miral Organizations: REUTERS, Rights, Tencent Holdings, HK, Baidu Inc, SenseTime, Meta, Beijing, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, Rights BEIJING, Hong Kong
Goldman Sachs is bullish on e-commerce in China, naming it as one of its "most preferred" areas within China's internet sector. Top picks The analysts named Chinese e-commerce shares among the bank's top buy-rated stocks, two of which are on Goldman's conviction buy list of assets it expects will outperform the market. Goldman gave a target price of $138 for Alibaba's U.S.-listed shares, and 134 Hong Kong dollars ($17.09) for its Hong Kong-listed shares. Goldman Sachs gave Pinduoduo a target price of $129, following expectations of a sizeable profit in the longer term. The bank gave Tencent a target price of 431 Hong Kong dollars, accounting for a potential upside of around 32%.
Persons: Goldman Sachs, Goldman, , — CNBC's Michael Bloom Organizations: Alibaba's U.S, Hong, Baidu Locations: China, Hong Kong
Tencent has said it was internally testing its Hunyuan AI model on advertising and fintech. Tencent is integrating Hunyuan's capabilities with its existing products for video conferencing and social media, Tong told CNBC. The company operates WeChat, a widely used messaging and payments app in China, and video conference platform Tencent Meeting. Baidu and several other Chinese companies received the green light in the last few weeks to release AI-powered chatbots to the public. "The constraint that we're facing will hinder the progress, the speed of development," Tong told CNBC in response to a question about U.S. restrictions.
Persons: Dowson Tong, Tencent, Tong, Ernie, ChatGPT Organizations: CNBC, Baidu Locations: China, Beijing
HSBC named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%. HSBC's picks are "opportunities with good value," the analysts led by Charlene Liu said in a research note dated Sept. 1. "PDD has the most promising but undervalued top-line growth … as a market share gainer domestically and internationally," the analysts said. Tencent , with a 35% upside according to HSBC, "delivered a strong beat in ad revenue," the analysts said. Short video app Kuaishou , a preferred stock for HSBC for its gains in advertising market share and mix of revenue streams, has a 39% upside, according to the bank.
Persons: Charlene Liu, PDD, Pinduoduo, — CNBC's Michael Bloom Organizations: HSBC, Meituan, JD.com
The leader of tech's favorite texting app suspects there will never be a WeChat in the U.S.Elon Musk is attempting to turn Twitter, renamed X, into just such an app. AdvertisementAdvertisementThe odds of Elon Musk turning Twitter into the next "super app" are slim, according to the president of Signal. Signal is a fully encrypted app for calls and texts that is widely used in the tech industry, including by Musk. "People have been talking about it for years, and we still don't have a super app," she said in an interview with Swiss magazine Schweizer Monat. Meta, formerly known as Facebook, has also been attempting for a couple of years to build WhatsApp into something akin to a super app.
Persons: Elon Musk, Meredith Whittaker, Signal's, Whittaker, Schweizer, Musk, Linda Yaccarino, Mark Zuckerberg, Dara Khosrowshahi, Uber Organizations: U.S, Elon, Twitter, Morning, Google, Swiss, Facebook Locations: China, Asia, WeChat, Japan, Kakao, Korea, U.S, West
The moves comply with new rules introduced last month as Beijing tightens oversight of mobile apps in the country. "The Android app stores have confirmed that new apps require the app filings from Friday onwards, and existing apps must have it from March 31 onwards," Rich Bishop, CEO of app publishing firm AppInChina said. "It forces all global apps on these app stores to either establish a local entity or work with a local partner." As of Monday, it is not yet checking apps' filing status, AppInChina said, citing its own checks. The notice also said app stores will have to clearly mark each app's filing status on their platforms.
Persons: Aly, Rich Bishop, AppInChina, Vivo, Tencent's, MIIT, Josh Ye, Brenda Goh Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Reuters, Tencent, Huawei Technologies, Apple, Ministry of Industry, Information Technology, Huawei, Xiaomi, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG, Beijing
CNN —X, the social media platform formerly known as Twitter, said this week it may collect biometric and employment information from its users — expanding the range of personal information that account-holders may be exposing to the site. “Based on your consent, we may collect and use your biometric information for safety, security, and identification purposes,” the policy read. In addition, under a new section labeled “job applications,” X said it may collect users’ employment and educational history. The change also happens as some regulatory initiatives around the world begin to require that social media companies verify their users’ ages. On Thursday, however, a federal judge temporarily blocked an Arkansas law mandating age verification for social media platforms, just hours before it was due to take effect.
Persons: X, Elon Musk Organizations: CNN, Twitter Locations: Arkansas
Elon Musk's X to roll out audio, video calling feature
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +1 min
A screen capture of Twitter's official page with an "X" on the profile image is seen on July 23, 2023 in this screengrab obtained from a social media website. via REUTERS/File Photo/File Photo/File Photo Acquire Licensing RightsAug 31 (Reuters) - Social media platform X, formerly Twitter, plans to launch video and audio calls as owner Elon Musk races to build an "everything app" to stay ahead of competition from Meta Platforms-owned (META.O) Threads. After rebranding Twitter as X, Musk signaled he would turn the platform into a super app offering a range of services from messaging and social networking to peer-to-peer payments. The vision brings to mind Tencent's (0700.HK) WeChat app - a ubiquitous part of daily life in China. Reporting by Jaspreet Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Elon, Musk, Tencent's, Jaspreet Singh, Devika Organizations: REUTERS, Meta, Twitter, HK, Thomson Locations: China, Bengaluru
AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Aug 31 (Reuters) - Chinese artificial intelligence (AI) firms Baichuan Intelligent Technology and Zhipu AI on Thursday opened their AI large language models to the public after receiving approval from Chinese authorities. The companies made the launch announcements in separate WeChat statements. It comes after Baidu said it had received a regulatory nod to launch its artificial intelligence Ernie Bot to the general public starting from Aug. 31. Reporting by Brenda Goh; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Baidu, Ernie Bot, Brenda Goh, Tom Hogue Organizations: REUTERS, Rights, Intelligent Technology, Thomson
Acquire Licensing Rights Read moreHONG KONG, Aug 31 (Reuters) - Chongqing, a sprawling municipality in southwest China, announced this week that insured residents no longer need to provide marriage certificates to get maternity benefits, the most recent move to encourage women to have children. China's fertility rate is estimated to have dropped to a record low of 1.09 in 2022, state media reported. China's fertility rate is already one of the world's lowest alongside South Korea, Taiwan, Hong Kong and Singapore. Young Chinese women cite factors including high childcare costs, career hindrance, gender discrimination and not wanting to get married as key reasons for not having children. Low consumer confidence and growing concerns over the health of China's economy are also key factors cited by young Chinese for not wanting to get married and have children.
Persons: Farah Master, Jacqueline Wong Organizations: South, Singapore ., Thomson Locations: Xujiashan, Haitang, Liangshan Yi Autonomous Prefecture, Sichuan province, China, HONG KONG, Chongqing, China's, Guizhou, Shaanxi, Hunan, Jiangsu, South Korea, Taiwan, Hong Kong, Singapore, Singapore . Young, Beijing
A newly-wed couple pose with their marriage certificates at the marriage registration center during '520 I Love You' Day on May 20, 2023 in Chengdu, Sichuan Province of China. Local Chinese officials trying to encourage earlier marriages are offering an incentive that all newlywed couples can appreciate: cash. The reward, which is restricted to couples marrying for the first time, is meant to promote "age-appropriate marriage and childbearing," the notice said. They include abolishing the "one-child policy" that reigned from the late 1970s until 2016, which was designed to limit the number of births to prevent China's population from growing too quickly. The China Population and Development Research Center, a government-backed institution, said the number of children per woman in China was the lowest among countries with populations over 100 million.
Persons: Couples Organizations: Development Research Center, Ministry of Civil Affairs, Young, Social, Twitter Locations: Chengdu, Sichuan Province, China, Local, Changshan county, Zhejiang, Weibo
The notice, which was published on Changshan county's official Wechat account last week, said the reward was to promote "age-appropriate marriage and childbearing" for first marriages. It also included a series of childcare, fertility and education subsidies for couples who have children. China's legal age limit for marriage is 22 for males and 20 for females, but the number of couples getting married has been falling. That has driven down birth rates due to official policies which make it harder for single women to have children. ($1 = 7.2900 Chinese yuan renminbi)Reporting by Farah Master; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Persons: HONG KONG, Changshan, Farah Master, Lincoln Organizations: REUTERS, Thomson Locations: Hangzhou, Zhejiang province, China, HONG
China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.
Persons: , Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing
A county in China is offering couples a cash reward of $137 if the bride is under 25. The county is also handing out childcare subsidies and benefits, to encourage people to have babies. Recently, a county in eastern China started offering couples 1,000 Chinese yuan, or $137, in cash if the bride is 25 years old or younger, according to a post on its official WeChat account last Thursday. They are even offering free public transport in the county for families with two or more kids under the age of 16. The push for marriage and babies comes after China saw a record low of 6.83 million marriages registered in 2022.
Persons: China's Organizations: Service Locations: China, Wall, Silicon, Changshan, Zhejiang province, Hangzhou, Singapore, South Korea, Japan
All three stocks have double-digit gains ahead of them, if the average FactSet analyst price target holds true. Still, the average price target rose by 2.4% to $118.90 a share, according to FactSet. KraneShares CSI China Internet ETF (KWEB) gained nearly 19% last month. "We expect the stock will remain volatile in the near term along with China internet peers on macro uncertainty," the report said. Loop has a $210 price target on Baidu, more than 50% above where shares closed on Friday.
Persons: Tencent, , Louis, Vincent, Jiong Shao, Nomura, Jialong Shi, Morgan Stanley, Alex Poon, NetEase, Rob Sanderson, — CNBC's Michael Bloom Organizations: Baidu, UBS, Hong, Barclays, China Internet, CSI China Internet Locations: U.S, Europe, China, Hong Kong, Barclays China, Tencent
[1/5] Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. Both sites are run by Country Garden, China's largest developer by sales volume before this year, now mired in a debt crisis threatening to spill over to the wider economy. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers. Country Garden built its success by quickly selling a large number of units for low margins and by promising "five-star living" in less popular, smaller cities. Tianjin has about a dozen Country Garden projects, with the majority finished and delivered, said Gao Fei, investment advisory manager at the Tianjin branch of Centaline Property Agency.
Persons: Tingshu Wang, Wang, Wei, Gao Fei, Gao, Laurie Chen, Clare Jim, Sumeet Chatterjee, Sonali Paul Organizations: Workers, REUTERS, Rights, Reuters, Construction, Nomura, Centaline Property Agency, Thomson Locations: Tianjin, China, Rights TIANJIN, HK, Beijing, Shenyang Tengyue, Centaline, Hong Kong
CNN —Chinese authorities on Monday publicly accused a government worker of spying for the CIA, the second high-profile espionage case publicized this month as Beijing ramps up its emphasis – and rhetoric – on national security. The 39-year-old Chinese national, identified only by his surname Hao, became acquainted with a US embassy official in Japan while applying for a US visa, the ministry said. Upon returning to China, Hao landed a job at a government ministry, and allegedly met with CIA agents multiple times to “provide intelligence and collect espionage funds,” the Chinese spy agency claimed. The secretive agency, which overseas intelligence and counterintelligence both within China and overseas, has taken on a higher profile to warn the Chinese public against espionage. Earlier in August, two US Navy sailors in California were arrested for allegedly providing sensitive US military information to Chinese intelligence officers.
Persons: Hao, ” Hao, , Xi Jinping Organizations: CNN, CIA, Ministry of State Security, US Locations: Beijing, Japan, China, Italy, WeChat, United States, California
Alibaba's Taotian Group — which includes Taobao and Tmall — is hiring 2,000 fresh graduates this year. It comes at an opportune time for China's fresh graduates as youth unemployment hit a record high in June. Alibaba's hiring over 2,000 fresh graduates this year – signaling that it views an end to China's tech crackdown. China's unemployment rate for those in the 16 to 24-year-old bracket hit a record high of 21.3% in June — meaning one in five youths were unemployed. The development is a reversal after waves of job cuts in China's tech sector following a regulatory crackdown that started in 2020 and wiped $1.1 trillion off the market value of its Big Tech firms.
Persons: Alibaba's, Alibaba, It's Organizations: Morning, Taotian, China Morning Post, Alibaba Holdings, Big Tech Locations: China —, Beijing, Shanghai, Hangzhou, China
A separate lawsuit has been filed by TikTok users in Montana. Knudsen said in a legal filing that Montana can ban harmful products, saying it does not violate free speech rights. The law does not impose penalties on individual TikTok users. TikTok estimates 380,000 people in Montana use the video service, or more than a third of the state's 1.1 million people. The American Civil Liberties Union this month called TikTok's ban unconstitutional and "a direct restriction on protected expression and association."
Persons: Dado Ruvic, China's ByteDance, General Austin Knudsen, " Knudsen, Donald Trump, Knudsen, David Shepardson, Jonathan Oatis Organizations: REUTERS, Tencent Holdings, Republican, HK, Biden, American Civil Liberties Union, Thomson Locations: Montana
[1/3] Taiwan’s Vice President William Lai waves at Taoyuan International Airport following his trip to the United States and Paraguay, in Taoyuan, Taiwan August 18, 2023. "My position is that Taiwan is not a part of the People's Republic of China. China has demanded that Taiwan's government accept that both sides of the Taiwan Strait are part of "one China", but it has refused. LOWER-KEY DRILLSChina's Saturday drills were much more low-key than two rounds of war games around Taiwan last August and again in April this year. Taiwan's military also released pictures of one of its fighter jets taking off and a pilot checking a missile underneath an aircraft.
Persons: William Lai, Carlos Garcia Rawlins, Lai, Su, It's, That's, Taiwan's, Alexander Neill, Neill, lambasting Lai, Tian Dan, Ben Blanchard, Greg Torode, James Pomfret, William Mallard, Kim Coghill, Edmund Klamann Organizations: REUTERS, Rights, U.S, Democratic Progressive Party, APEC, Hawaii's, Eastern Theatre Command, Sunday, Taiwan, State Department, Reuters, Thomson Locations: United States, Paraguay, Taoyuan, Taiwan, Rights TAIPEI, China, Beijing, New York, People's Republic of China, San Francisco, Singapore, U.S, Hong Kong
What China's big earnings say about the consumer
  + stars: | 2023-08-18 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
But general merchandise revenue fell by 8.6% from a year ago to 81.72 billion yuan. Marketing revenue rose by 8.5% to 22.51 billion yuan. TencentLivestreaming e-commerce saw 150% year-on-year growth in gross merchandise value in the second quarter to an unspecified number. Overall, Tencent reported earnings for the quarter that missed expectations, but showed a third-straight quarter of revenue growth. The overall Taobao and Tmall Group saw revenue grow by 12% to 114.95 billion yuan.
Persons: Aly Song, Tencent, ByteDance, Tim Cook, Li Ning Organizations: Artificial Intelligence, Reuters, Electronics, Tmall, Shanghai Disney, Universal Studios Beijing, Comcast, Baidu, Adidas, Fila, Apple Apple Locations: Shanghai, China, Reuters BEIJING, Douyin, Greater China
It warned investors to be vigilant of fraud, but has not commented on the issue of missed payments to investors. Investors were afraid of “contagion” spreading to the country’s $2.9 trillion investment trust industry, Citi analysts wrote in a Wednesday research report. Last year, Zhongrong extended payments on several of its real estate trust products, saying that the companies couldn’t repay their debts. Most trust products are closed-ended, which means they can only be repaid at maturity, and hence are not vulnerable to panic selling. In addition, thanks to new regulations launched in 2017, the traditional banks have curbed their off-balance-sheet business, including trust products.
Persons: Technology —, Zhongrong, hasn’t, , Stringer, Zhongrong’s, China’s “ Lehman, ” Nomura, Lehman, Organizations: Beijing CNN, Service, KBC Corporation, Xianheng, Science, Technology, CNN, Zhongzhi, International Trust Co, Bloomberg, Getty, Investors, Citi, China, Association, Companies, Kaisa, Sunac, Nomura, Consumer, National Bureau of Statistics, People’s Bank of China Locations: Hong Kong, Beijing, China, Shanghai, Shenzhen, , Sunac China
The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv. Domestic gaming revenue stayed mostly flat at 31.8 billion yuan, while international gaming revenue rose 12% to 12.7 billion yuan, excluding the impact of currency movements. It grew 34% to 25 billion yuan as its TikTok-like short video service Video Accounts experienced increased demand. Revenue from fintech and business services grew 15% to 48.6 billion yuan which the company said reflected expansion in both offline and online payment activities.
Persons: David Kirton, HONG KONG, Tencent, Shawn Yang, Josh Ye, Himani Sarkar, Raju Gopalakrishnan Organizations: REUTERS, Tencent Holdings, HK, Refinitiv, Blue Lotus Capital Advisors, Inc, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG, fintech
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