Unisplendour Corporation, a subsidiary of state-backed Tsinghua Holdings, has scrapped year-long plans to get listed on the Hong Kong stock exchange, reports the South China Morning Post. Instead, it will raise $800 million via a private share placement on the Shenzhen exchange. The Shenzhen-listed developer of cloud computing software and manufacturer of servers and storage systems […]
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A strong yuan?
China’s central bank set the yuan at the strongest rate since mid-2023, fixing it at RMB 6.9438 to the dollar, continuing a trend from April 2025 when it hit its lowest point since 2007 of 7.3498. However, comparing it against other currencies, it appears as though it is currently more that the dollar is weakening […]
The Shanghai Integrated Circuit Industry Investment Fund, backed by the municipal government, has expanded one of its three funds more than 11-fold, reports the South China Morning Post. The move aims to pump more capital into the city’s chip firms as part of China’s broader pursuit of tech self-reliance. The third phase of the fund, also […]
Alibaba Group’s research arm has unveiled a new foundational AI model intended to serve as the “brain” for robots, reports Caixin. This comes amid an intensifying global race to equip machines with advanced reasoning abilities. The Damo Academy on Tuesday released RynnBrain along with seven open-source models, including a 30-billion-parameter Mixture-of-Experts version. Alibaba said the system […]
TikTok parent ByteDance has unveiled its latest generative AI image model that it says undercuts the popular Nano Banana image editor from Alphabet’s Google, reports the South China Morning Post. This comes on the same day as rival Alibaba Cloud releases its own Qwen-Image-2.0. Chinese short-video giant ByteDance said its Seedream 5.0 image model ships with stronger reasoning […]