Qualcomm broadens Vietnam R&D into chip design amid talent race
Economy

Qualcomm broadens Vietnam R&D into chip design amid talent race

US semiconductor company ramps up hiring as demand for engineers outpaces supply Qualcomm Chief Technology Officer Baaziz Achour speaks at the opening of the company’s R&D center in Hanoi on May 12. The chipmaker is expanding its Vietnam operations beyond AI into chip design. (Photo by Mai Nguyen) HANOI -- Qualcomm is expanding its research and development efforts in Vietnam beyond artificial intelligence into chip design, as the U.S. semiconductor company races to build a broader engineering hub amid intensifying competition over global talent.

Nepal protests India’s plan to reopen Himalayan pass to Tibet
Economy

Nepal protests India’s plan to reopen Himalayan pass to Tibet

Beijing seen to 'go along with India's position' on disputed Kalapani region People walk on Mount Kailash in Tibet, China, May 2017. (Photo by Christoph Mohr/picture-alliance/dpa/AP Images) KATHMANDU -- Nepal has protested against India's decision to reopen a Himalayan pass leading to a revered Hindu pilgrimage site in Tibet, reviving a territorial dispute between the two neighbors.

Nidec confirms ‘suspected improper conduct’ over quality irregularities
Economy

Nidec confirms ‘suspected improper conduct’ over quality irregularities

Company establishes third-party investigation committee as its stock price falls to daily limit Nidec's stock price fell by the daily limit on Wednesday after it confirmed "suspected improper conduct" related to quality tampering. (Photo by Kosaku Mimura) TOKYO -- Japan's Nidec announced on Wednesday that the company has identified "suspected improper conduct" related to quality tampering, saying it has established an investigation committee composed of external experts.

Uzbek IPO oversubscribed, as investors jump at privatization play
Economy

Uzbek IPO oversubscribed, as investors jump at privatization play

Tashkent-London listing paves way for assets, like Uzbekistan Airways, to launch Uzbekistan Airways is one of the assets held by UzNIF, which is due to list in Tashkent and London on May 18. © AP ISTANBUL -- Uzbekistan's plan to privatize state assets took a large step forward Wednesday after the initial public offering of its investment fund was four times oversubscribed.

Nikkei launches new stock index tracking Japan’s entertainment industry
Economy

Nikkei launches new stock index tracking Japan’s entertainment industry

Sony Group, Nintendo among initial constituents of 20-member gauge New index reflects growing clout of Japan's content-driven companies. TOKYO -- Nikkei announced on Wednesday that it will begin calculating and publishing a new stock index, the Nikkei Japan Entertainment Content Stock Index, aiming to capture the share price trends of Japanese companies behind globally popular games, anime and characters. The index will consist of 20 Tokyo Stock Exchange-listed companies in entertainment content-related sectors such as game software and toys, selected primarily based on market capitalization. At the launch, constituents will include Sony Group, Nintendo, Bandai Namco Holdings and Toho. Japan's content industry has drawn growing attention as an investment theme. Last year, there was a period when the combined market capitalization of nine major entertainment companies, including Sony Group, exceeded that of nine leading automakers. With the Japanese government positioning the content industry as one of its strategic growth areas, many investors are betting on the further expansion of the sector.

Olympus CEO marks turbulent first year with 20% share price jump
Economy

Olympus CEO marks turbulent first year with 20% share price jump

Markets hopes for resolution of product safety issues with FDA Olympus CEO Bob White has had a tumultuous first year at the helm of the Japanese company. (Nikkei montage/Source photos by Kotaro Igarashi) TOKYO -- Olympus CEO Bob White has largely erased a nearly 30% slide in the company's share price after a roller-coaster first year at the helm of the world's largest gastrointestinal endoscope maker.

China, US trade chiefs huddle for last-minute talks before Trump visit
Economy

China, US trade chiefs huddle for last-minute talks before Trump visit

Seoul discussions aim for stabilization despite 'wider and wider' gaps in interests U.S. Treasury Secretary Scott Bessent, center, arrives at Incheon International Airport ahead of a meeting with South Korean President Lee Jae Myung and trade talks with Chinese Vice Premier He Lifeng, hours ahead of President Donald Trump's arrival in China. © Reuters SHANGHAI -- Trade representatives from China and the U.S. huddled in South Korea on Wednesday in last-minute preparations for a high-stakes summit between Chinese President Xi Jinping and U.S. President Donald Trump.

SoftBank’s annual profit quadruples as it doubles down on OpenAI bet
Economy

SoftBank’s annual profit quadruples as it doubles down on OpenAI bet

AI holdings drive Vision Fund gains as billions more committed to ChatGPT maker SoftBank CEO Masayoshi Son, left, has made one of the group's biggest bets with a huge investment in counterpart Sam Altman's OpenAI. © Reuters TOKYO -- SoftBank Group on Wednesday reported a record full-year net profit of 5 trillion yen ($31.6 billion), quadrupling from a year earlier, as the Japanese technology investor increased its bet on ChatGPT developer OpenAI.

MSCI’s index rebalance drops Indonesian stocks and rupiah hits record low
Economy

MSCI’s index rebalance drops Indonesian stocks and rupiah hits record low

Six companies removed from global standard index including materials and energy majors The potential outflow from active and passive investors due to the stock exclusion is estimated at around US$1.7 billion. (Photo by Yuki Kohara) JAKARTA -- Indonesian equities plummeted on Wednesday after an index provider removed six local companies from the domestic global standard index following a quarterly review and the weakening of the rupiah.The Jakarta Composite Index closed 1.98% lower at 6,723.32, while the rupiah weakened to an all-time low of 17,535 on the dollar. A total of 428 stocks weakened, weighing on the index. MSCI has retained its status for Indonesia in the emerging market category. The index provider also removed 6 stocks from the MSCI Global Standard Index and 13 Indonesian stocks from the MSCI Global Small Cap Index. Major companies such as Amman Mineral Internasional, Barito Renewables Energy, Chandra Asri Pacific and Sumber Alfaria Trijaya were downgraded to small cap index.This review leaves 11 Indonesian stocks in the MSCI Global Standard Index and 43 stocks in the MSCI Global Small Cap Index.

Nissan expects first net profit for three years in FY26
Economy

Nissan expects first net profit for three years in FY26

Struggling carmaker beginning to see results from business restructuring plan Nissan Motor is beginning to see results from Re:Nissan, the restructuring plan Ivan Espinosa, the president and CEO appointed last year, is implementing. (Photo by Marina Inoue) TOKYO -- Nissan Motor forecasted on Wednesday a net profit of 20 billion yen ($127 million) for the fiscal year ending in March 2027, which would mark its return to the black for the first time in three years as the automaker works to turn around its business.

Founder of Indonesia’s Gojek faces 18 years for alleged Chromebook graft
Economy

Founder of Indonesia’s Gojek faces 18 years for alleged Chromebook graft

Prosecutors demand ex-education minister pay back $275m or serve extra 9 years Nadiem Makarim, a former Indonesian education minister and co-founder of the country's ride-hailing giant Gojek, faces 18 years in prison for alleged graft in the procurement of Google Chromebook laptops for remote schools. © Reuters JAKARTA -- Indonesian prosecutors on Wednesday demanded 18 years in prison for Nadiem Makarim, a former education minister and founder of ride-hailing company Gojek, for his alleged role in a corruption case connected to the 9.3 trillion rupiah ($531 million) procurement of Google Chromebook laptops.

Indian jewelers brace for 10% sales dip as gold tariffs nearly triple
Economy

Indian jewelers brace for 10% sales dip as gold tariffs nearly triple

Tax bump follows Modi's urging to avoid gold, cut fuel use, promote EVs and work from home A saleswoman shows off gold necklaces inside a jewelry store in Kolkata on Jan. 28. Dealers are reeling now that Prime Minister Narendra Modi has asked Indians to curtail purchases of the precious metal. MUMBAI -- Indian jewelers are bracing for a significant decline in domestic sales now that the government has more than doubled import duties on precious metals like gold, silver and platinum in a bid to ease pressure on the country's external account and consequently on the rupee.

Trump-Xi summit live: US president arrives in Beijing
Economy

Trump-Xi summit live: US president arrives in Beijing

Chinese state mouthpieces signal government's expectations and red lines U.S. President Donald Trump is greeted with an arrival ceremony at Beijing Capital International Airport as he starts his visit to China on May 13. © Reuters SHANGHAI/TOKYO -- U.S. President Donald Trump is making his first visit to China in nearly nine years, as the rival superpowers aim to stabilize their fraught relationship. The American president arrived Wednesday evening and is scheduled to stay until Friday. An itinerary released by the White House includes plenty of face time with Chinese President Xi Jinping, from formal bilateral talks starting Thursday morning to a state banquet, tea and a working lunch. Their discussions are expected to touch on a host of hot topics, such as the Iran war, trade and export controls, tensions over Taiwan, and artificial intelligence. Trump is bringing an entourage of corporate executives including Tesla's Elon Musk, Apple's Tim Cook and NVIDIA's Jensen Huang. There are high expectations that the president will help seal commercial deals for aircraft and U.S. farm goods.

Tencent and Alibaba sales disappoint as AI monetization efforts fall short
Economy

Tencent and Alibaba sales disappoint as AI monetization efforts fall short

Sources say Alibaba out of DeepSeek deal; Tencent still aiming to invest Chinese tech titans Tencent and Alibaba are betting heavily on integrating in-house AI into their vast ecosystems. (Source photos by Tomoko Wakasugi and Itsuro Fujino) HONG KONG -- Tencent Holdings and Alibaba Group missed sales expectations for the March quarter, as they were unable to monetize artificial intelligence as quickly as investors were expecting, though the Chinese tech giants have pledged to continue to invest in and leverage AI.

10 Hong Kong students hurt as self-heating hotpot pack explodes in classroom
Business

10 Hong Kong students hurt as self-heating hotpot pack explodes in classroom

Police received report from St Paul’s Co-educational College that self-heating hotpot pack exploded after being improperly heated Ten students from an elite secondary school in Hong Kong were injured or experienced ringing in their ears after a self-heating hotpot pack exploded in a classroom on Wednesday. A police spokesman said officers received a report from St Paul’s Co-educational College in Mid-Levels at 3.29pm, that a self-heating hotpot pack had exploded after being improperly heated. A source said a 15-year-old boy was preparing the hotpot pack at about 1pm when he poured hot water onto it and it exploded. Six boys and four girls, aged between 15 and 16, were taken to hospital. Two students – the 15-year-old boy, who reported burns to his left wrist and chest, and a 15-year-old girl who complained of eye discomfort – were sent to Queen Mary Hospital. The other eight students – three girls and five boys who reported tinnitus, commonly described as a ringing in the ears – were sent to Ruttonjee Hospital in Wan Chai, according to the source.

Owners push back as Wang Fuk Court administrator seeks to delay crucial meeting
Business

Owners push back as Wang Fuk Court administrator seeks to delay crucial meeting

Residents call for extraordinary general meeting to be held ahead of deadline on decision about whether to sell flats The government-appointed administrator of Hong Kong’s fire-ravaged Wang Fuk Court has sought to delay an owners’ meeting, prompting calls from residents to hold it before the end of June to address concerns ahead of a decision on whether to sell their flats. The move by Hop On Management Company came after more than 240 owners, representing over 12 per cent of households at the estate in Tai Po, petitioned the administrator in late April to hold an extraordinary general meeting (EGM), warning they might seek legal action if the request was ignored. Hop On announced on Wednesday that it would apply to the Lands Tribunal to delay the EGM for residents. “Based on the unique circumstances of Wang Fuk Court, there might not be enough time for Hop On to complete the preparatory work,” it said in a statement. The administrator was appointed following the dissolution of the management committee of the owners’ corporation for the estate in the aftermath of last November’s fire. The inferno killed 168 people and left nearly 5,000 others displaced.

What does Pentagon chief Hegseth’s presence in China say about Trump’s military agenda?
Business

What does Pentagon chief Hegseth’s presence in China say about Trump’s military agenda?

US arms sales to Taiwan, nuclear weapons and military-to-military communication will be among topics discussed, experts say The summit might include discussion of nuclear weapons and restoring and expanding military-to-military communication channels, they said. Zhu Feng, dean of the School of International Studies at Nanjing University, said Hegseth’s participation was likely to advance bilateral military communication mechanisms and crisis management. Since Hegseth was taking part, Zhu said China would “at the least” bring in Dong, its minister of national defence, to the summit.

EU won’t ban LGBTQ ‘conversion therapy’ but will push states to act
Business

EU won’t ban LGBTQ ‘conversion therapy’ but will push states to act

So-called conversion “therapies” involve methods that seek to change the sexual orientation or gender identity or expression of members of gay, lesbian, queer and trans people. The EU stopped short of heeding a call by over a million people, who signed a petition last May calling on the 27-country bloc to prohibit such methods. Conversion practices “have no place in our union”, said Ursula von der Leyen, the president of the European Commission, which flew the LGBTQ flag outside its headquarters in Brussels on Wednesday. Instead, the EU executive said it would issue a recommendation next year for member states to adopt national-level bans.

Ex-HKUST professor admits taking HK$40,000 to secure student’s admission
Business

Ex-HKUST professor admits taking HK$40,000 to secure student’s admission

Liu Hongbin, 63, abused authority to help automotive engineering student secure admission into master’s programme in environmental health and safety A Hong Kong court has remanded a former university professor in custody pending sentencing for accepting a HK$40,000 (US$5,109) bribe and offering red packets to two colleagues to help a student gain admission to a postgraduate programme last year. Kwun Tong Court heard on Wednesday that Liu Hongbin, 63, abused his authority as chair professor at the Hong Kong University of Science and Technology’s (HKUST) department of ocean science to help a mainland Chinese student majoring in automotive service engineering secure admission into the master’s degree programme in environmental health and safety between March and May 2025. As the programme director at the time, Liu was responsible for reviewing applications and interviewing candidates to determine their eligibility for the 2025-26 academic year. He was asked by a friend, insurance agent Priscilla Lam Pui-ling, to help Lin Zhengxi, a final-year student pursuing a bachelor’s degree at a Shenzhen university. Lam, 60, reportedly informed Liu that “people connected to Lin” could pay “a few tens of thousands of dollars” in return.

France locks down 1,700 on cruise ship after 90-year-old dies
Business

France locks down 1,700 on cruise ship after 90-year-old dies

Food poisoning had not been excluded, and health officials say there is no connection with the hantavirus outbreak French authorities on Wednesday confined more than 1,700 passengers and crew on a British cruise ship docked in Bordeaux after an elderly passenger died, said officials, who played down any links to the hantavirus scare. Dozens also suffered from upset stomachs aboard the Ambition – most of whose 1,233 passengers are from Britain or Ireland – which arrived in the western port of Bordeaux on Tuesday, with 514 Indian crew members also on board. But health officials said there was no connection with the hantavirus outbreak, suspected of killing three passengers on the Dutch MV Hondius cruise ship that set sail from Argentina. One 90-year-old passenger on the Ambition, run by the Ambassador Cruise Line company, had died and about 50 people have shown symptoms of stomach issues, the officials said. Initial tests ruled out an outbreak of norovirus, a highly contagious form of gastroenteritis which causes vomiting and diarrhoea, but secondary tests were still underway, they added. Passengers on board the Ambition showed peak symptoms on Monday when the ship was docked in Brest, the officials said.

South Asia must make water a top priority
Business

South Asia must make water a top priority

Summer hit South Asia early this year. April saw above average temperatures and the mercury is expected to reach unbearable highs this month. We are also bracing for a “super El Nino”, where a combination of increased heatwaves and highly variable weather patterns are expected to push urban zones, agricultural systems and public health to their limits. South Asia, especially parts of Pakistan, India and Nepal, is likely to receive below average monsoon rainfall during the summer months of...

Gunshots fired in stand-off at Philippine Senate over ICC suspect
Business

Gunshots fired in stand-off at Philippine Senate over ICC suspect

Chaos mounted in anticipation of an attempt to arrest a top senator wanted by the International Criminal Court Gunshots broke out at the Philippine Senate on Wednesday and people ran for cover after a top politician wanted by the International Criminal Court said his arrest was imminent and security forces entered the building. There were no immediate reports of casualties, however, Senate Secretary Mark Llandro Mendoza told reporters following the chaos at the legislature in the capital Manila. Senator Ronald dela Rosa, a former police chief who was the main enforcer of former Philippine president Rodrigo Duterte’s bloody “war on ‌drugs”, had earlier urged people to mobilise to prevent his arrest and handover to the ICC. The Hague-based court on Monday unsealed an arrest warrant for dela Rosa on charges of crimes against humanity, the same that 81-year-old Duterte is accused of as he awaits trial in the ICC following his transfer last year.

Iran war pushes Asia’s Gulf migrants to use stablecoins for remittances
Business

Iran war pushes Asia’s Gulf migrants to use stablecoins for remittances

The risk of sanctions has fuelled concerns that monetary transfers from migrant workers via banks or other operators could be disrupted Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets – in Nepal, it is as high as 10 per cent, according to data from the Global Settlement Network. Concerns over remittance flows have escalated after the US warned against toll payments to Iran for ship passage through the Strait of Hormuz, which has largely been blocked amid the ongoing conflict between the two countries. “There has been a quiet but noticeable informal pivot among South Asian migrant workers, including a significant number from India, towards digital tokens such as stablecoins in the period following the Iran conflict,” said Anndy Lian, a Singapore-based adviser to governments on blockchain and information technology. “Rather than routing everything through traditional dollar-linked banking channels, a slice of remittances is now moving via instruments like USDT,” he said, referring to the Tether stablecoin backed by the US dollar.

Netherlands protests US proposal to further bar chip giant ASML from China market
Business

Netherlands protests US proposal to further bar chip giant ASML from China market

While the chipmaking-gear giant is already banned from selling advanced kit to China, new rule would make low-end products off-limits too “Given the possible impact of the Match Act on the Netherlands if adopted in its current form, the Netherlands has communicated its objections, particularly regarding the extraterritorial aspects, to both members of Congress and the US government,” Dutch Trade Minister Sjoerd Sjoerdsma said in written answers to lawmakers published on Tuesday. The Multilateral Alignment of Technology Controls on Hardware (Match) Act, introduced into the US Congress by a bipartisan group of lawmakers last month, would ban ASML from shipping lower-end deep ultraviolet lithography machines to Chinese buyers, and also prevent it from servicing existing customers there. Currently, the company is banned from selling its most advanced extreme ultraviolet machines to China, as a result of sweeping US export controls designed to hobble Beijing’s efforts to catch up with the West in chipmaking.

UK PM faces biggest challenge yet as resignation threat overshadows King’s Speech
Business

UK PM faces biggest challenge yet as resignation threat overshadows King’s Speech

According to reports, Health Minister Wes Streeting was preparing to resign as early as Thursday to challenge Starmer The report in the Times newspaper that Health Minister Wes Streeting was preparing to resign as early as Thursday to mount a formal leadership challenge could mean the Starmer government’s agenda, outlined by Charles amid much pomp and ceremony, might never be implemented. Streeting’s office did not immediately respond to a request for comment. British government bond futures fell sharply on the report, erasing their day’s gains, as did 20- and 30-year government bonds, while the pound weakened against the euro. Earlier, Streeting had briefly met Starmer at the prime minister’s Downing Street office but the health minister’s team said he would not comment on that meeting to make sure he did not distract from the King’s Speech.

Hong Kong Airport Authority takes over 11 Skies retail from New World: sources
Business

Hong Kong Airport Authority takes over 11 Skies retail from New World: sources

Ahead of Terminal 2’s opening, sources tell SCMP that the authority has assumed control of 70 per cent of the troubled project The authority managing Hong Kong International Airport has taken over the retail operations of 11 Skies from New World Development ahead of the opening of Terminal 2, the South China Morning Post has learned. Multiple sources said the Airport Authority had assumed control of key components of the 2.66 million sq ft retail and dining space, representing 70 per cent of the entire project. But it remains unclear whether the authority has also taken over the rest of 570,000 sq ft of experiential entertainment space and 570,000 sq ft of grade A offices. The move marks a significantly reduced role for New World, which in 2018 won the rights to design, build and operate the HK$20 billion (US$2.5 billion) project. During an SCMP reporter’s visit to 11 Skies on Wednesday, a five-minute walk from the AsiaWorld-Expo station on the MTR’s Airport Express line, only two restaurants were operating, including one coffee shop. The restaurants served mainly staff working at offices upstairs.

Donald Trump’s red-carpet welcome in Beijing before Xi summit – as it happened
Business

Donald Trump’s red-carpet welcome in Beijing before Xi summit – as it happened

This live article is freely available to our registered users. Please log in or create an account below. Unrivalled Xi-Trump summit analysis: get real-time updates and exclusive boots-on-the-ground reporting from our Beijing and Washington bureaus. Subscribe now with great savings to stay ahead. US President Donald Trump has arrived at Beijing Capital International Airport for talks with Chinese President Xi Jinping. The state visit is the first by an American president in almost nine years. It...

Alibaba CEO signals capex boost as China tech giant forges full-stack AI path
Markets

Alibaba CEO signals capex boost as China tech giant forges full-stack AI path

Alibaba’s quarterly revenue arrived largely in line with estimates as the tech giant disclosed its first AI sales data, and in early US trading, the shares jumped 6% Alibaba Group Holding expects its annualised recurring revenue from AI models and applications to hit 30 billion yuan (US$4.42 billion) by the year’s end, as the company ramps up its AI commitment. AI products are projected to generate more than 50 per cent of Alibaba’s cloud-computing revenue within the next year, as the tech giant looks to step up its AI monetisation efforts. Alibaba CEO Eddie Wu Yongming said the company was likely to “overshoot” the original capital-expenditure target of 380 billion yuan, citing the massive investment required for the buildout of AI data centres. The company on Wednesday disclosed quarterly revenue of AI-related products for the first time, reporting that the segment has registered triple-digit growth for an eleventh consecutive quarter. The surge helped bolster a 3 per cent overall revenue increase that was largely in line with market expectations. AI-related product revenue hit 8.97 billion yuan, the company said in a filing to the Hong Kong stock exchange, as the segment continues to show strong momentum.

Are those flying ants or termites? How to protect your home from the winged pests
Business

Are those flying ants or termites? How to protect your home from the winged pests

‘Flying ant’ sightings have risen across Hong Kong as the summer season approaches, raising concerns over termite infestations As the early summer season approaches after weeks of heavy rain, reports of “flying ants” have emerged across Hong Kong, sparking concerns that the insects could cause a nuisance and even damage homes. Social media users also shared photos of the insects circling street lights in the evening or of their carcasses scattered across toilet sinks, with some questioning whether they are in fact termites. The South China Morning Post looks into these flying insects and how to prevent termites from entering homes. The massive swarms of winged insects appearing during rainy days in homes are essentially termites. Although commonly referred to as “flying ants” in Chinese, there are differences between the two. While both termites and ants live in colonies, ants are close relatives of bees and wasps, while termites are not, according to a pest control newsletter by the Food and Environmental Hygiene Department. Despite sharing some resemblance, termites have straight antennae and broad waists, while ants have elbowed antennae and constricted waists. Termites subsist on wood, but ants feed on a variety of food.

Marco Rubio dons ‘Maduro look’ as he heads to China, sparking internet frenzy
Business

Marco Rubio dons ‘Maduro look’ as he heads to China, sparking internet frenzy

In the hours before Donald Trump’s arrival in Beijing to begin his state visit, an unexpected detail caught the internet’s attention: US Secretary of State Marco Rubio’s choice of travel attire. Instead of the tailored formalwear typically expected of a top diplomat, Rubio appeared in a grey Nike tracksuit on the Beijing-bound Air Force One – an ensemble social media users quickly recognised as the “Maduro arrest look”. White House communications director Steven Cheung posted a photo of the top...

Tesla lures budget-conscious Chinese buyers with cheap loans ahead of state visit by Trump
Markets

Tesla lures budget-conscious Chinese buyers with cheap loans ahead of state visit by Trump

Tesla China has launched a new financing scheme to attract more budget-conscious buyers after its sales in the world’s largest electric vehicle (EV) market fell behind its domestic rivals. The US carmaker said on Wednesday that the down payment for a Shanghai-made Model 3 vehicle – priced at 235,500 yuan (US$34,672) – would be slashed to 55,900 yuan from 79,900 yuan if the buyer chose a five-year car loan offered by Tesla. “Our strong products, combined with attractive incentives for car...

Tencent misses first-quarter revenue estimates, bets on AI for new growth
Markets

Tencent misses first-quarter revenue estimates, bets on AI for new growth

CEO Pony Ma told shareholders there was the beginning of a turnaround, but that the company was ‘not yet seated’ Facing scrutiny and persistent questions over its track record in artificial intelligence, Tencent Holdings’ co-founder and CEO Pony Ma Huateng offered this candid assessment to shareholders on Wednesday: “A year ago we thought we were on the boat, then we found it was leaking.” Speaking at the firm’s annual general meeting at the Four Seasons Hotel in Hong Kong, Ma signalled the beginnings of a turnaround, saying that the company had finally found its footing but was “not yet seated”. “We hope the ship can go a bit faster,” he said ahead of first quarter earnings that missed estimates amid a slowdown in gaming sales growth. A major AI milestone for the company this year was the launch of “Hy3 preview”, Tencent’s first flagship model since former OpenAI researcher Yao Shunyu joined the Shenzhen-based tech giant to lead its foundational AI development efforts. Since its launch in April, Hy3 preview, a relatively small model with only 295 billion parameters, quickly rose to the top of the leaderboard of OpenRouter, an AI hosting platform, in terms of token usage.

How US missile shortages after Iran war could strengthen China’s hand during Trump visit
Industry

How US missile shortages after Iran war could strengthen China’s hand during Trump visit

Depleted US weapons stockpiles as a result of its war in Iran risk eroding Donald Trump’s bargaining power when he meets Xi Jinping in China this week. With Trump on the high-stakes trip is Defence Secretary Pete Hegseth, marking the first time a Pentagon chief has accompanied a president to Beijing in decades. The weapons shortages not only raise questions about US preparedness for war in the Indo-Pacific, but may give Beijing extra leverage because of its control of the supply of critical...

SEEKOO Raises Tens of Millions, Launches Multi-Agent Video Platform Anijam.ai
Technology

SEEKOO Raises Tens of Millions, Launches Multi-Agent Video Platform Anijam.ai

SEEKOO, a Hangzhou video AI startup founded by former ByteDance and Tencent executives, raises tens of millions of dollars and launches Anijam.ai, a Multi-Agent video platform gaining traction with over 1,000 paying users.

Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces
Markets

Hong Kong’s first biodiversity loan goes to Henderson Land for Central Yards green spaces

Loan from HSBC and Hang Seng Bank, reportedly worth US$12.8 million, enhances city’s stature in sustainable finance, parties say This loan would provide a “scalable blueprint” for companies to achieve their sustainability goals and enhance Hong Kong’s position as a leading international sustainable finance centre, according to the two banks. The proceeds would support smart systems to support the maintenance and management of a newly established urban forest populated by native plant species, as well as surveys, assessments and monitoring of urban biodiversity at the project, according to the statement released by the developer and the banks. The loan showed how sustainable financing could “help businesses integrate urban development with ecological development”, said Matthew Hung, head of global corporates in Hong Kong for HSBC, adding that it would also enhance “Hong Kong’s position as a leading international sustainable finance centre”. The parties did not disclose the loan size, but it was estimated at about HK$100 million, according to sources familiar with the matter. As part of the project, more than 400 trees and about 280 plant species would be planted across multiple gardens, the parties said.

MiniCPM-V 4.6: Tsinghua Spinoff Open-Sources a 1.3B Multimodal Model That Runs on a Single RTX 4090
Technology

MiniCPM-V 4.6: Tsinghua Spinoff Open-Sources a 1.3B Multimodal Model That Runs on a Single RTX 4090

OpenBMB and Tsinghua University open-source MiniCPM-V 4.6, a 1.3B-parameter multimodal model that runs on a single RTX 4090 while matching larger competitors on key benchmarks.

JD.com Rolls Out AI Virtual Try-On Feature Ahead of 618 Shopping Festival
Technology

JD.com Rolls Out AI Virtual Try-On Feature Ahead of 618 Shopping Festival

JD.com launches AI virtual try-on feature that generates personalized clothing fit images from user photos, rolling out ahead of the 618 shopping festival as e-commerce giants compete on AI-powered shopping experiences.

Shanghai AI Lab Achieves Breakthrough in Chip Photoresist Resin Using AI-Driven R&D Platform
Technology

Shanghai AI Lab Achieves Breakthrough in Chip Photoresist Resin Using AI-Driven R&D Platform

Shanghai AI Lab and university partners develop a high-purity KrF photoresist resin using an AI-driven synthesis platform, achieving batch consistency metrics that meet semiconductor manufacturing standards and entering customer validation with Hengkun New Materials.

The Little-Known Chinese Company Powering NVIDIA’s Most Advanced AI Servers
Technology

The Little-Known Chinese Company Powering NVIDIA’s Most Advanced AI Servers

As the only global supplier of NVIDIA’s 78-layer AI server backplane, Kunshan-based PCB maker WUS Printed Circuit recorded a 62.9% YoY profit increase in Q1 2026, backed by strong AI server order growth.

Taiwan stages live-fire drill on island facing mainland China as Trump heads to Beijing
Industry

Taiwan stages live-fire drill on island facing mainland China as Trump heads to Beijing

Coming Xi-Trump summit has triggered renewed anxiety in Taiwan about becoming a bargaining chip in broader negotiations The exercise on Kinmen, also known as Quemoy, simulated a People’s Liberation Army amphibious assault on the coastline. According to the Taiwanese army’s Kinmen Defence Command, Wednesday’s drill was conducted in the Houhu coastal area, which sits just a few kilometres from the mainland Chinese city of Xiamen. Beginning shortly after dawn, the exercise – which included US-made weaponry – simulated enemy amphibious landing operations, with troops deploying artillery, tanks, armoured vehicles and anti-armour weapons to create overlapping fire zones along the shoreline. Among the highlights was the first live firing of two US-made Javelin anti-tank missiles stationed in Kinmen, which the military has described as part of efforts to strengthen Taiwan’s asymmetric warfare capabilities. Units taking part included the Kinmen Garrison Brigade, an artillery battalion, a support battalion and an amphibious reconnaissance platoon.

Trump flies to Beijing, Nvidia’s Huang joins trip at last minute
Industry

Trump flies to Beijing, Nvidia’s Huang joins trip at last minute

US President Donald Trump said he would urge China’s Xi Jinping to “open up” to American business, and belatedly added Nvidia’s Jensen Huang to the list of executives accompanying him on a trip to Beijing. “I will be asking President Xi, a Leader of extraordinary distinction, to ‘open up’ China so that these brilliant people can work their magic,” Trump said on social media. “I will make that my very first request.” Huang boarded Air Force One during a refuelling stop in Alaska on Wednesday,...

Alibaba Health Unveils Medical AI “Hydrogen Ion” and Forges Exclusive Partnership with UK’s BMJ Group
Technology

Alibaba Health Unveils Medical AI “Hydrogen Ion” and Forges Exclusive Partnership with UK’s BMJ Group

Alibaba Health launches "Hydrogen Ion" medical AI in partnership with the UK's BMJ Group, granting Chinese doctors exclusive access to 70+ leading medical journals and multimedia resources.

‘New historical juncture’: Beijing frames Trump visit as ‘milestone’ for stable ties
Industry

‘New historical juncture’: Beijing frames Trump visit as ‘milestone’ for stable ties

China’s top envoy to US and commentaries underscore what is at stake and strike a forward-looking tone despite the two sides’ differences Xie Feng, China’s ambassador to the US, echoed that message in a wide-ranging Newsweek interview published on the eve of the visit, voicing hope the Beijing meetings would help to manage differences and broaden cooperation along a “steady, sound and sustainable” path. It was published under the byline Guo Jiping, a collective pen name used by the paper’s international department to convey Beijing’s official stance on major global issues. It reviewed two cycles of downturn and recovery since 2018, citing Trump’s two rounds of trade war – during each of his presidential terms – and pointing to a shift towards “more equal” and pragmatic engagement with clearer boundaries.

Why the world needs China to save more, not less
Industry

Why the world needs China to save more, not less

The IMF assumes China should save less. China’s saving is key to financing the developing world’s need for green infrastructure The diagnosis is wrong. The world economy, especially emerging markets and developing economies, benefits from China’s high saving. A current account surplus is the excess of national saving over domestic investment. The saving is not lost; it is exported abroad in the form of net capital outflows, with an equivalent increase of China’s financial claims on the rest of the world. These claims add to China’s wealth and future national income. The economically relevant question is not whether such a surplus should exist, but whether the net capital outflows finance worthwhile investments. However, the Group of 7 and the International Monetary Fund assume that China saves too much and should consume more. Such a view is arbitrary. China’s consumption grows over time, roughly alongside its rising national income. If the question is whether China should save less, grow less rapidly over time and reduce saving and investment, the answer is no. The IMF speaks of “consumption-led growth in China” as opposed to saving-led and investment-led growth, but this is naive.

Chinese brands eye Europe; Geely joins Chery and BYD in profit slide: 7 EV reads
Markets

Chinese brands eye Europe; Geely joins Chery and BYD in profit slide: 7 EV reads

We have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. From Beijing to Berlin: Chinese EVs turn heads as brands eye European markets For German consumer Erik Böhme, a first visit to the Beijing auto show was an eye-opener – the world’s largest car exhibition showcased a vast array of electric vehicle (EV) brands, many already gaining...

US and China in ‘unprecedented’ cooperation against scam centres in Dubai
Industry

US and China in ‘unprecedented’ cooperation against scam centres in Dubai

Nine fraud centres dismantled and 276 suspects arrested in joint operation between FBI, Chinese Ministry of Public Security and Dubai Police Dubai Police – which led the operation dubbed Tri-Force Sentinel – said at least nine scam hubs were dismantled and 276 suspects arrested, most of them from Southeast Asia. “The operation delivered a decisive strike against three criminal syndicates and dismantled nine fraud centres behind high-yield investment scams (HYIS), ‘pig butchering’ schemes, and virtual currency fraud, all of which are among the fastest-growing forms of financial crime worldwide,” according to the Dubai Police statement released on April 28. FBI Director Kash Patel wrote on social media that the cooperation between the agency, Dubai Police and China’s Ministry of Public Security was “unprecedented”. The US Department of Justice said three of the arrested were charged with federal fraud and money laundering charges in Southern California.

Chinese tech indexes close at all-time highs as investors await Trump-Xi summit
Markets

Chinese tech indexes close at all-time highs as investors await Trump-Xi summit

Both the ChiNext and SSE Star 50 indexes closed at record highs on Wednesday, as investor optimism over China’s tech sector surges China’s tech-heavy ChiNext Index surged to an all-time high on Wednesday, closing past the 4,000-point mark as investor optimism rose ahead of US President Donald Trump’s trip to Beijing. The index, which tracks tech firms listed on Shenzhen’s Nasdaq-style ChiNext board, reached 4,038.33 by market close, its highest finish on record. Other Chinese stock indexes also made strong gains, with the Shanghai Composite Index rising to its highest level since 2015. In a Wednesday note, Morgan Stanley said China’s equities market could see “moderate upside by the second quarter of 2027” based on “improved earnings and growing dominance in global upstream supply chains”.

China sends embryos into orbit to find out if humans can have babies in space
Industry

China sends embryos into orbit to find out if humans can have babies in space

Artificial embryos sent to the Tiangong space station to study impact of zero-gravity on human development, CCTV reports China has sent artificial embryos to its space station to study whether humans could reproduce in zero gravity. The experiment was reported on Tuesday by state broadcaster CCTV. Project leader Yu Leqian said the main goal was to study the impact of gravity – and its absence – on early development, in preparation for eventual human settlement off Earth. Once the impact of the force on embryos was understood, scientists could develop interventions to control its effect, he told CCTV. Yu is a professor and investigator at the State Key Laboratory of Stem Cell and Reproductive Biology of the Institute of Zoology, Chinese Academy of Sciences. “[We might] use certain technologies to mitigate the impact. This is our first attempt to answer [the questions]: Can humans survive and reproduce in space? I hope the answer is yes,” he said.

GEESPACE Satellite Network Enters Commercial Inflection Point: From Constellation to Monetization
Technology

GEESPACE Satellite Network Enters Commercial Inflection Point: From Constellation to Monetization

GEESPACE's low-orbit satellite network reaches commercial monetization stage, marking a new inflection point for China's commercial aerospace as satellite internet enters the 15th Five-Year Plan.

PL-Universe Robotics Unveils Industrial Embodied Intelligence Product Matrix 2.0
Technology

PL-Universe Robotics Unveils Industrial Embodied Intelligence Product Matrix 2.0

PL-Universe Robotics releases industrial embodied intelligence Product Matrix 2.0, including the world's first sub-millimeter precision data acquisition solution, targeting trillion-yuan industrial market.

Chinese company that tracked US bombers over Iran wears sanctions with pride
Industry

Chinese company that tracked US bombers over Iran wears sanctions with pride

MizarVision defiant after Washington imposes sweeping ban for publishing open-source images detailing Operation Fury activities The open-source intelligence (OSINT) start-up, formally known as Meentropy Technology Hangzhou Co Ltd, specialises in analysing data from commercial satellites and has conducted several observations of US military movements in recent months. It was added to the US Treasury’s Specially Designated Nationals (SDN) list on Friday for publishing “open-source images detailing US military activity during Operation Epic Fury”. The company responded on Sunday, posting a recruitment advertisement on social media that prominently featured a screenshot of the US Treasury’s official sanctions notice alongside MizarVision job openings. “The outside world occasionally sends us a ‘surprise’, but we have always been the type to accept with a grin and keep charging forward,” the text reads. “If you believe in superiority through strength, love combat-grade engineering, know how to turn pressure into productivity – welcome to join us!” The company has not replied to queries from the South China Morning Post.

Cosmic order, political authority: the messaging in temple setting for Trump’s China visit
Industry

Cosmic order, political authority: the messaging in temple setting for Trump’s China visit

From Obama’s evening chats on Yingtai island in the grounds of Zhongnanhai to Trump’s tea reception in the Forbidden City, historic settings have long formed a symbolic backdrop to key moments in US-China diplomacy. As Trump prepares for his visit to China from Wednesday to Friday – the first by an American president in almost nine years – all eyes will not only be on the summit agenda, but also on the carefully choreographed details surrounding the reception, including sites featured in the...

Xiaomi YU7 GT Spotted Uncamouflaged in Cherry Red — Official Launch Set for End of May
Technology

Xiaomi YU7 GT Spotted Uncamouflaged in Cherry Red — Official Launch Set for End of May

Xiaomi YU7 GT spotted on public roads without camouflage in cherry red colorway, with official launch scheduled for end of May — 1,003 PS, 300 km/h top speed.

Xi-Trump meeting could lift Chinese stocks 12%: Morgan Stanley
Markets

Xi-Trump meeting could lift Chinese stocks 12%: Morgan Stanley

‘Moderate’ upside is possible as investors ‘direct attention back to China somewhat’, assuming trade truce is extended, bank says The bull case stretches to 27 per cent for the MSCI China gauge if the bilateral relationship improves and China breaks out of its deflation cycle. “We believe moderate index level upside is possible” based on the truce continuing, said the investment bank’s equity strategists. Investors would “direct attention back to China somewhat, after being occupied by the Middle East/Hormuz situation”, as well as the AI-related “supercycle” that had been making neighbouring markets such as South Korea, Taiwan and Japan “stand out more”, they said.

Japan aims to set first new global standard for second in 63 years
Economy

Japan aims to set first new global standard for second in 63 years

Instrument maker Shimadzu and others to use optical lattice atomic clock Shimadzu President Yasunori Yamamoto speaks next to BIPM Director Annette Koo and Riken President Makoto Gonokami May 12 in Kawasaki, Japan. (Photo by Akitoshi Sugiura) TOKYO/KYOTO, Japan -- A new type of atomic clock developed in Japan is close to being adopted as the tool for measuring the official length of a second.

Hong Kong activist investor Oasis reports 5.4% stake in Japan’s Kanadevia
Economy

Hong Kong activist investor Oasis reports 5.4% stake in Japan’s Kanadevia

Japanese engineering group Kanadevia's products include energy and desalination equipment. (Photo by Arisa Moriyama) OSAKA -- Hong Kong-based investment firm Oasis Management owns more than 5% of Japanese engineering group Kanadevia, according to a securities filing Tuesday.

The AI space race: US and China bet big on orbital data centers
Economy

The AI space race: US and China bet big on orbital data centers

The U.S. and China are both looking to space as the next frontier in data center construction. © NASA Asia supply chain gears up as Google, Nvidia and startups shoot for the stars PALO ALTO, California/TAIPEI -- Travis Beals spent two years trying to dismiss an idea that his Google colleague came up with: putting data centers in space, powered by the sun.

Japan’s Murata rewards in-house innovators to keep global capacitor lead
Economy

Japan’s Murata rewards in-house innovators to keep global capacitor lead

Electronics maker owns 40% market share for multilayer ceramic capacitors Multilayer ceramic capacitors are tiny parts that are essential for circuits in electronic devices. (Murata Manufacturing) KYOTO, Japan -- Murata Manufacturing looks to maintain its global lead in multilayer ceramic capacitors (MLCCs) over Chinese and South Korean rivals by focusing on intellectual property, boosting its rewards program for employees whose inventions lead to patents.

Al Qaeda’s shadow returns
Economy

Al Qaeda’s shadow returns

Militant attacks in Mali are a reminder that fragile states can incubate extremism A framed portrait and the coffin of Malian Defense Minister Sadio Camara, who was killed in a militant attack, are displayed on the day of his state funeral, in Bamako, Mali, on April 30. © Reuters Farhan Bokhari is an Islamabad-based foreign correspondent who writes on Pakistan and the surrounding region.

China loves food deliveries. Restaurants are starving as a result
Economy

China loves food deliveries. Restaurants are starving as a result

Consumers' preference for cheap eats adds to pain of austerity law Revenue and profit at Peking duck chain Quanjude fell for a second consecutive year. (Photo by Kohei Fujimura) DALIAN, China -- Restaurants in China are struggling to make money on dine-in meals as customers choose cheaper delivery options, adding to the pressure of a government ban on expensive official dinner parties.

Japan Inc., households step up overseas investment despite weak yen
Economy

Japan Inc., households step up overseas investment despite weak yen

Net FDI doubles in 10 years as companies seek growth, holding Japanese currency down Sumitomo Forestry has decided to acquire U.S. homebuilder Tri Pointe as it sees growth overseas. (Sumitomo Forestry) TOKYO -- The yen's depreciation in recent years has not discouraged foreign investment by Japanese companies or individuals, as low interest rates at home that have not kept up with inflation and growing markets outside Japan send them looking for opportunities overseas.

China widens oil purchases to extend influence from US to Iran
Economy

China widens oil purchases to extend influence from US to Iran

Beijing able to avoid tapping strategic reserves despite disruptions in Persian Gulf An oil terminal in Texas, a state serving as a major U.S. energy export hub. Reports say 15 tankers departed the U.S. for China in April. (Photo by Ryosuke Hanafusa) BEIJING -- China is expanding its options for buying crude oil, including imports from the U.S., to leverage its energy security for an upper hand as President Donald Trump visits Beijing this week for a summit with President Xi Jinping.

Myanmar’s political transition leaves ASEAN in a quandary
Economy

Myanmar’s political transition leaves ASEAN in a quandary

Nominal move to civilian rule seen as insufficient for key members of regional bloc Myanmar's representative at last week's ASEAN summit, Permanent Secretary of the Ministry of Foreign Affairs U Hau Khan Sum, left, remained very much on the periphery of the gathering as the bloc still does not recognize the government's legitimacy. © Reuters BANGKOK -- A summit of Southeast Asian leaders that ended in the Philippines on Friday has exposed the divisions within the ASEAN regional bloc about the supposed political makeover in Myanmar, which was yet again left out in the cold from the grouping's high-level gatherings.

Luang Prabang’s World Heritage status at risk over Mekong dam
Economy

Luang Prabang’s World Heritage status at risk over Mekong dam

$3.5bn project near a fault line will disrupt river, displace communities The dam for the Luang Prabang Hydroelectric Power Plant, 20 km upriver from the city that is Laos' premier tourist attraction, rises from the Mekong River. (All photos by Tom Vater) LUANG PRABANG, Laos -- Travelers heading to the Pak Ou caves, a major tourist attraction on the western banks of the Mekong River, 25 kilometers upriver from Luang Prabang in northern Laos, will see the construction of an enormous 1,460-megawatt hydropower dam. Earth movers and silos dot the denuded hillsides around the dam wall rising from the river. Trucks frequently cross a newly built bridge across the Mekong to deliver construction materials.

Will Singapore warm to nuclear as 20% of electricity goes to data centers?
Economy

Will Singapore warm to nuclear as 20% of electricity goes to data centers?

Power supply a concern amid AI boom, but Google to keep investing in city-state Singapore has emerged as a major AI data center hub in Asia. (Source photo by Akira Kodaka) PALO ALTO, California -- Singapore is expected to use nearly 20% of its national grid to power data centers in 2026, a greater share than any other nation on Earth, as the city-state cements its position as one of Asia's most important digital hubs.

Texas Instruments boosts in-house chip output for AI infrastructure boom
Economy

Texas Instruments boosts in-house chip output for AI infrastructure boom

World's analog semiconductor leader makes 'foundational' play in Japan, Malaysia and US Texas Instruments is the world's largest maker of analog chips, which are used for sensing, controlling, powering and connecting devices, rather than for computing activities. © Texas Instruments TAIPEI -- U.S. chip giant Texas Instruments is expanding its global manufacturing footprint, including in Japan and Malaysia, to increase in-house production of "foundational" semiconductors needed to support the booming AI infrastructure market, a senior executive told Nikkei Asia.

Japan megabanks to gain access to Anthropic’s powerful AI model Mythos
Economy

Japan megabanks to gain access to Anthropic’s powerful AI model Mythos

MUFG, Sumitomo Mitsui and Mizuho were likely informed of decision by Bessent Japan's Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are set to gain access to Claude Mythos, the powerful AI model developed by U.S. startup Anthropic. (Nikkei montage/Source photos by Suzu Takahashi and Nanami Sato) TOKYO -- Japan's three megabanks are set to gain access to Claude Mythos, the powerful artificial intelligence model developed by U.S. startup Anthropic, as soon as the end of May, Nikkei learned Wednesday.

China, US trade chiefs to huddle for last-minute talks before Trump visit
Economy

China, US trade chiefs to huddle for last-minute talks before Trump visit

Seoul discussions aim for stabilization despite 'wider and wider' gaps in interests U.S. Treasury Secretary Scott Bessent, center, arrives at Incheon International Airport ahead of a meeting with South Korean President Lee Jae Myung and trade talks with Chinese Vice Premier He Lifeng, hours ahead of President Donald Trump's arrival in China. © Reuters SHANGHAI -- Trade representatives from China and the U.S. are set to huddle in South Korea on Wednesday in last-minute preparations for a high-stakes summit between Chinese President Xi Jinping and U.S. President Donald Trump.

Nvidia’s Jensen Huang heads to Beijing with Trump after all
Economy

Nvidia’s Jensen Huang heads to Beijing with Trump after all

AI chip leader's CEO is a last-minute addition to president's retinue Nvidia CEO is among the tech executives accompanying President Donald Trump to Beijing. © Reuters TAIPEI -- Nvidia CEO Jensen Huang is joining U.S. President Donald Trump on his visit to China for a highly anticipated meeting between the world's two most powerful leaders, the company confirmed to Nikkei Asia on Wednesday.

Antibody discovery platform Immunocan closes RMB250 million Series A
Technology

Antibody discovery platform Immunocan closes RMB250 million Series A

Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry. Shanghai-based Immunocan has closed a RMB250 million Series A round led by Vivo Capital, with participation from Gold Mine Multi Family Office and follow-on backing from existing investors including Kingray Capital and TigerYeah Capital. The company said the funds will be used to advance its gene-edited animal platforms, commercialize its fully human antibody rabbit platform, build an AI-driven antibody drug screening platform, and expand its team. Founded in 2020, Immunocan develops antibody discovery platforms based on gene-editing technologies. The company said it has built a multi-species platform portfolio spanning mouse, alpaca, and rabbit models, while also advancing its MabAI platform for AI-based antibody generation and characterization. Immunocan added that it is already working with multiple domestic and international pharmaceutical companies, including several top global drugmakers. [TechNode reporting]

Xiaomi Has Four New Car Models in the Pipeline: Pure Electric GT, Entry-Level, Xuntian, and Extended Version
Technology

Xiaomi Has Four New Car Models in the Pipeline: Pure Electric GT, Entry-Level, Xuntian, and Extended Version

Xiaomi's automotive roadmap leaked: four new models including YU7 GT, entry-level EV, Xuntian extended-range, and long wheelbase variant all expected to debut within seven months.

Spacecom Satellite Network Enters Commercial Inflection Point: From Constellation to Monetization
Technology

Spacecom Satellite Network Enters Commercial Inflection Point: From Constellation to Monetization

Spacecom's low-orbit satellite network reaches commercial monetization stage, marking a new inflection point for China's commercial aerospace as satellite internet enters the 15th Five-Year Plan.

Tencent Launches Life List Mini Program for Youth Social Networking
Technology

Tencent Launches Life List Mini Program for Youth Social Networking

Tencent launches Life List WeChat mini program, a lightweight social product for young users featuring wish-list check-ins and same-frequency social discovery.

Yiren Technology Closes Tens of Millions in Sequential Pre-A++ Funding, AI Data Revenue Exceeds 100M RMB
Technology

Yiren Technology Closes Tens of Millions in Sequential Pre-A++ Funding, AI Data Revenue Exceeds 100M RMB

Yiren Technology closes two consecutive Pre-A++ rounds worth nearly 100M RMB, becoming China's first AI data company to achieve positive profitability with 100M+ RMB annual revenue.

Pro Universe Robotics Unveils Industrial Embodied Intelligence Product Matrix 2.0
Technology

Pro Universe Robotics Unveils Industrial Embodied Intelligence Product Matrix 2.0

Pro Universe Robotics releases industrial embodied intelligence Product Matrix 2.0, including the world's first sub-millimeter precision data acquisition solution, targeting trillion-yuan industrial market.

Nvidia’s Jensen Huang joins Trump’s trip to China at last minute
Business

Nvidia’s Jensen Huang joins Trump’s trip to China at last minute

The tech giant’s CEO, not among the original invitees, boarded Air Force One during a refuelling stop, the White House has confirmed “Jensen is attending the summit at the invitation of President Trump to support America and the administration’s goals,” an Nvidia representative told the South China Morning Post in an email. Seventeen American CEOs were on a list of invited business delegates released by the White House on Monday – a smaller group than Trump’s previous China trip in 2017, when 27 high-profile executives joined. Huang was not included on Monday’s list, which fuelled speculation Washington had limited appetite for rolling back some of its tech export controls. In an interview last week, he said he would have joined the trip “if invited”. Laila Khawaja, research director at Gavekal Technologies, said Huang’s last-minute inclusion was more reflective of the chip giant CEO’s “lobbying efforts” than a shift in Washington’s agenda for the summit.

How ByteDance plans to turn OpenClaw craze into a profitable AI business
Business

How ByteDance plans to turn OpenClaw craze into a profitable AI business

ArkClaw’s subscription model and surging token demand mark ByteDance’s new approach to agent economics “Agent-related token consumption still accounts for a single-digit percentage of total token usage, but it is growing,” said Li Guodong, chief architect of ArkClaw, on Tuesday on the sidelines of OpenClaw’s first mainland China event since the open-source agent framework went viral globally earlier this year, triggering a wave of “lobster” enthusiasm among Chinese developers. The nickname lobster comes from the AI tool’s logo. Although some of the initial hype around OpenClaw has eased, the Shanghai event was packed with about 1,300 attendees, according to the organiser, the Mu, a global builder community that was forced to restrict entry at one point. Attendees wore claw-themed headgear and gathered around demos and keynotes. In March, it launched ArkClaw, a cloud version of OpenClaw that Li likened to turning MySQL – a widely used open-source database – into a service. In April, the two sides co-launched the China mirror site for ClawHub, OpenClaw’s skills marketplace.

Hong Kong-listed biotech firm uses AI to produce nano-rockets to deliver life-saving drugs
Business

Hong Kong-listed biotech firm uses AI to produce nano-rockets to deliver life-saving drugs

METiS TechBio debuts on Hong Kong stock market as its CEO compares the drug design start-up to SpaceX for the pharmaceutical industry Its stocks first traded at HK$28.68, significantly higher than its offering price of HK$10.50 each. METiS TechBio’s shares drew strong demand from both retail and institutional investors, as buyers from the mainland and overseas snapped up AI-related stocks in Hong Kong amid a wave of Chinese hi-tech companies rushing to list on the city’s stock exchange. Mike Leung Kit-man, director at Wocom Securities, said, “Several AI-related IPOs have seen their share prices multiply since listing.”

Singaporeans refute lack of hunger stereotype, warn of ‘self-fulfilling bias’ over jobs
Business

Singaporeans refute lack of hunger stereotype, warn of ‘self-fulfilling bias’ over jobs

A recruiter’s comment on Singaporean workers supposedly lacking drive has sparked a fierce debate on evolving career goals and pay “Every company seems to only want to hire contractors, because we’re cheaper for balance books. It’s very hard to find a full-time role,” the 38-year-old Singaporean said. Azizul did not secure a third extension as a lawyer at his previous firm, after it found a permanent replacement based in Kuala Lumpur, he said. With bills to pay, he has made a career pivot and now works as a physical trainer while dabbling in live streaming on the side. “I don’t think I got any less hungry. I moved from one contract role to another, took care of my résumé by choosing roles carefully, but still ended up in a position where I couldn’t find a job,” he said. Citing this as a reason, legal recruiter Lee Shulin said in the viral podcast with local broadcaster CNA released on April 30 that companies she worked with were letting go of Singaporeans in favour of workers from Malaysia, Vietnam and the Philippines. Lee also said Gen Zs were unable to hold a conversation and “can’t even explain what they do to a stranger”. “For young employees, you need to be a little bit more paranoid about what the future holds,” she added.

US’ scientific self-harm will only help China
Business

US’ scientific self-harm will only help China

While Washington slashes funding for the sciences, Beijing is clinching its lead in everything from patent applications to publications After the Louisiana Purchase from France in 1803, which almost doubled the size of the United States’ territory, US president Thomas Jefferson commissioned the legendary Lewis and Clark expedition, which surveyed new routes from the Missouri river to the Pacific coast. It also carried out work in agriculture, ethnography (with indigenous peoples) and geography. Throughout the 19th and early 20th centuries, that was the kind of science the US government was willing to pay for – practical, applicable (especially to the military) and, where possible, profitable. It would be absurd to think it should fund basic science with no immediate discernible applications or payoffs. That was certainly the case in the United States up to the 1930s. “Practically since the start of the United States, the federal government has invested in science,” University of California, Santa Barbara history professor Patrick McCray told his university system’s news publication in September. “But for most of our history, those were investments of a very practical nature.

Thailand to review visa rules after spate of tourist crimes trigger public anger
Business

Thailand to review visa rules after spate of tourist crimes trigger public anger

Proposed measures include reducing the 60-day visa-free stay to 30 days for tourists from 93 countries and reviewing visa criteria Possible measures include reducing the 60-day visa-free stay for tourists to 30 days and reviewing the criteria for categories, including investment, long-term stay, student and digital nomad visas, according to officials. Visitors from 93 countries currently are eligible for the 60-day waiver. Anutin visited the tourist hotspot Phuket earlier this week and pledged no tolerance for foreign “thugs” who encroach on public beaches to run illegal businesses and threaten locals. The recent arrest of a Chinese national with a cache of arms in Pattaya, another popular tourist destination, has heightened national security concerns. The review is a response to long-standing complaints from local businesses – especially in areas popular with foreign tourists – that their livelihoods are being threatened by visitors who misuse visas to engage in prohibited activities.

Privacy screens and police dogs: how Beijing is preparing for Trump’s visit
Business

Privacy screens and police dogs: how Beijing is preparing for Trump’s visit

The Chinese capital intensifies security and clears hotels ahead of the summit between Xi Jinping and Donald Trump Trump is expected to stay at the five-star Four Seasons Hotel in northeastern Beijing after arriving on Wednesday night. His delegation is expected to stay at the nearby Kempinski Hotel Beijing Yansha Centre. Two US officials confirmed to the South China Morning Post that Trump was expected at the Four Seasons on Wednesday evening, while some members of the US delegation would stay at the Kempinski Hotel. The sources arrived at the Four Seasons on Monday to carry out preparations. The Four Seasons Hotel Beijing opened in 2012 and is located just 700 metres (0.4 miles) from the US embassy. During his 2017 visit to China, Trump stayed at the St Regis Beijing, which opened in 1997.

How Australia’s mining giants are helping China to globalise the yuan
Business

How Australia’s mining giants are helping China to globalise the yuan

Mining firms are increasingly using the yuan for financing and settlements, as China pushes to reduce its reliance on the US dollar Australia’s mining giants are aiding China’s push to internationalise its currency and reduce the dominance of the US dollar, as they gradually shift towards using the yuan for financing and settlements, analysts said. And the firm’s chief financial officer, Vandita Pant, said on the sidelines of the Macquarie Australia Conference last week that the firm was open to issuing bonds in yuan in the future. Other firms have made similar moves. Rio Tinto, the British-Australian mining behemoth, signed its first yuan-denominated iron ore spot contract as far back as 2019. A year later, it completed the industry’s first fully paperless yuan settlement with China’s Baoshan Iron & Steel using blockchain technology. John Welborn, chairman of Fenix Resources, a smaller iron ore producer, said earlier in May that his company would be “very enthusiastic” to secure low-cost Chinese debt – denominated in yuan – if it could be matched with yuan-priced commodities, as “that would make logical sense”.

China actor who stopped growing at 9 faces mockery over wedding photos called ‘mother and son’
Business

China actor who stopped growing at 9 faces mockery over wedding photos called ‘mother and son’

Diminutive entertainer who was born prematurely because his mother suffered malnutrition during pregnancy faces cruel remarks head-on An actor in China nicknamed the “ageless man” because of a childhood condition which halted his growth has silenced detractors with his nuanced performances. According to Beiqing.com, Hou Xiang, 40, from Beijing, was born prematurely after his mother suffered from malnutrition during pregnancy. His growth and voice development stopped around the age of nine, leaving him less than 1.6 metres tall. Even in adulthood, strangers often mistake Hou for a boy, asking his age or where he studies. The exact diagnosis has not been made public, though mainland media described it as a lingering effect of premature birth or congenital developmental delay.

Hong Kong teens dive deep to safeguard global shipping lanes
Business

Hong Kong teens dive deep to safeguard global shipping lanes

Students from Canadian International School of Hong Kong take home second place and special awards at the Conrad Challenge in Houston [The content of this article has been produced by our advertising partner.] A group of Grade 8 students from Canadian International School of Hong Kong (CDNIS) has made waves on the global innovation stage, returning from the Conrad Challenge Global Innovation Summit in Houston with multiple top honours. The team captured the coveted Innovation Summit Power Pitch Award and the Equinor Searching for Better Award – achievements that also earned them a sponsored educational trip to Boston, including hands-on workshops and a visit to the Massachusetts Institute of Technology (MIT). The five students, aged 13 to 14, spent months designing and building OctoScope, an autonomous underwater vehicle developed to monitor busy canals and remove debris before it can disrupt global shipping routes. The project tackles a high-stakes real-world problem: major maritime chokepoints are vulnerable to trade blockages that can paralyse trade, as seen in the 2021 grounding of the Ever Given in the Suez Canal, which triggered billions of dollars in losses and widespread supply-chain disruption.

Hong Kong to launch public consultation on 5-year blueprint ‘by early June’
Business

Hong Kong to launch public consultation on 5-year blueprint ‘by early June’

Large-scale publicity campaign to promote consultation includes television advertisements, banners and other public announcements, sources say The South China Morning Post learned that the government was also planning a large-scale publicity campaign to promote the consultation exercise, including television advertisements, large banners and other forms of public announcements. The Constitutional and Mainland Affairs Bureau, led by Janice Tse Siu-wa, who replaced Erick Tsang Kwok-wai in March, is currently consolidating proposals from various departments. Meanwhile, lawmakers are expected to submit preliminary views spanning six major areas by the end of May after consulting sector representatives. A source said the government planned to launch the consultation in early June, featuring a preliminary framework designed to facilitate “more focused” discussions on how local policies should align with China’s 15th five-year plan, which guides national development from 2026 to 2030. “Consultation sessions will be organised by sector, with some attended by the chief executive and relevant ministers to hear views in person,” the insider said.

Southeast Asia warned of ‘Godzilla El Nino’ whiplash threatening drought, floods, haze
Business

Southeast Asia warned of ‘Godzilla El Nino’ whiplash threatening drought, floods, haze

Experts warn the heat could increase the risk of localised flooding, put pressure on drainage systems and threaten agricultural production The threat is also landing at a fragile moment for emerging economies, analysts add, as geopolitical tensions, higher energy costs and pressure on remittances leave governments and households with less room to absorb climate shocks. Sea surface temperatures in the equatorial Pacific were already rising rapidly in late April, signalling the expected return of El Nino next month, according to the World Meteorological Organization (WMO). The weather phenomenon typically brings hotter and drier conditions to Southeast Asia, damaging agriculture, straining water supplies and amplifying the risk of forest fires. But experts said the same heat could also make sudden bursts of rainfall more dangerous, increasing the risk of localised flooding even during a broadly dry spell. “Things get a lot hotter, nevertheless – and this is something that is kind of a little counterintuitive – but it can also mean that localised flooding increases,” said Andy Smith, chief operating officer of Fathom, a firm that uses scientific tools and intelligence to understand the climate’s impact on water risk.

Malaysia’s Jho Low seeking Trump pardon for 1MDB fraud
Business

Malaysia’s Jho Low seeking Trump pardon for 1MDB fraud

Jho Low, the fugitive Malaysian financier accused by the United States of being the mastermind of one of the largest financial frauds in history, has asked US President Donald Trump for a pardon. Low, who was charged in 2018 but has evaded arrest, submitted a pardon application to the US Justice Department this year, according to a notice on its website. He is accused of being the architect of a scheme that siphoned at least US$4.5 billion from Malaysia’s sovereign wealth fund, 1Malaysia...

Loongson’s flagship chip hits 1 million units, boosting China’s tech self-reliance
Innovation

Loongson’s flagship chip hits 1 million units, boosting China’s tech self-reliance

Since its launch in November 2023, the 3A6000 has been adopted in a Chinese government-backed IT replacement programme called ‘XinChuang’ Chinese chip designer Loongson Technology has shipped more than 1 million units of its flagship desktop processor, marking a milestone for China’s efforts to build a self-sufficient semiconductor industry and move domestic central processing units (CPUs) beyond basic usability towards broader commercial adoption. The 3A6000 processor, designed for desktop computers, was built on Loongson’s self-developed LoongArch instruction set architecture, proprietary IP cores, and domestic manufacturing supply chain. The company has said the chip’s performance is broadly comparable to Intel desktop processors released around 2020. Founded in 2001 as a research project under the Chinese Academy of Sciences before being spun off in 2010, Loongson became the first CPU-focused company listed on Shanghai’s Star market in 2022. It remains one of China’s most prominent efforts to build a domestic alternative to Intel and AMD.

US confirms delegation to Apec meeting in China, hours after Trump sets off for Beijing
Business

US confirms delegation to Apec meeting in China, hours after Trump sets off for Beijing

US representatives to attend Apec trade and investment meetings in Shanghai and Suzhou this month as key Trump-Xi summit looms Additionally, Paige Willey, deputy assistant to the president and deputy director of the National Economic Council, is set to serve as the US head of delegation for the Apec Women and the Economy Forum that takes place in Shanghai on May 15. Rick Switzer, the deputy US trade representative, will be in the same role for the Ministers Responsible for Trade Meeting in Suzhou from May 22 to 24. “The United States is proud of the leading role we have played in Apec. After hosting the forum three times, American companies, technology, and workers have been instrumental in building a more prosperous Asia-Pacific,” the Department of State said.

Takeover of Hong Kong Golf & Tennis Academy’s Central club postponed by 2 months
Business

Takeover of Hong Kong Golf & Tennis Academy’s Central club postponed by 2 months

Source says delay of merger with Carlyle & Co follows meeting of HKGTA members The takeover of an exclusive Hong Kong sports club’s top venue in Central has been postponed following opposition from some members, the South China Morning Post has learned. A source said that following a meeting involving members of the Hong Kong Golf & Tennis Academy (HKGTA), the date of the merger of operations for its Town Club at Central’s New World Tower with private members’ club Carlyle & Co would be pushed back by two months. Until as recently as last Friday evening, the HKGTA had told the SCMP that it would go ahead with the merger on June 8. “This is not just a small win, holding off for two months after all these high-profile adverts is quite big,” a meeting attendee said. “We hope we will be able to arrive at a good middle ground at the end.” The latest development stalls previous plans to allow members of the two clubs to use their facilities reciprocally. The SCMP reported on Saturday that some HKGTA members had deemed the takeover unfair as they had paid up to HK$2.68 million (US$342,200) for their memberships, whereas Carlyle & Co’s fees were significantly less, as low as under HK$50,000.

Pop Mart expands IP empire with debut dessert store in Hebei province
Markets

Pop Mart expands IP empire with debut dessert store in Hebei province

In the first three months, revenue in China alone surged 100 to 105 per cent, while growth was 25 to 30 per cent in Asia-Pacific Chinese toymaker Pop Mart is set to open its first official physical Pop Bakery store in the coastal community of Aranya in Qinhuangdao, Hebei province. The outlet will mainly sell desserts, as the company continues to diversify its business portfolio to sustain the value of its intellectual property (IP) and generate income beyond pop toys. The plan comes as the Hong Kong-listed company announced strong first-quarter growth on Tuesday, with total revenue surging 75 to 80 per cent year on year. In the first three months, revenue in China alone surged 100 to 105 per cent, while growth was 25 to 30 per cent in Asia-Pacific, 55 to 60 per cent in the Americas, and 60 to 65 per cent in Europe and other regions. Offline sales grew 75 to 80 per cent year on year, while online revenue surged 150 to 155 per cent. The company did not announce net profit or revenue figures for the quarter. Pop Bakery, an independent dessert brand under Pop Mart, would sell desserts and tea drinks, with desserts as its core business, according to people familiar with the matter.

Trump’s ‘art of the deal’ playbook is failing as Beijing asserts itself
Industry

Trump’s ‘art of the deal’ playbook is failing as Beijing asserts itself

As the Trump-Xi summit approaches, China will be going into negotiations with a new diplomatic posture This domestic discontent is reflected in Trump’s plummeting approval ratings, which have hit historic lows as voters grow weary of economic instability and the administration’s aggressive rhetoric. These internal fractures are mirrored on the world stage, where protracted conflict with Iran has triggered a sharp decline in US global standing. Washington has reportedly demanded that China make large-scale purchases of US poultry, beef and non-soybean crops, alongside a commitment to buy 25 million metric tonnes of soybeans annually for the next three years. It is also pushing for massive imports of Boeing aircraft, as many as 500 737 Max aircraft along with dozens of widebody jets. In April, the Trump administration brandished the stick of economic warfare, threatening a staggering 50 per cent tariffs should Beijing provide advanced weaponry to Iran. This is bolstered by the Pentagon’s national security blacklist, which has targeted vast swathes of the Chinese tech sector.

US defence secretary joins Trump on China trip in rare diplomatic move
Industry

US defence secretary joins Trump on China trip in rare diplomatic move

US Defence Secretary Pete Hegseth has become the first American defence chief in decades to accompany a sitting president on a state visit to China, in a rare departure from long-established diplomatic practice. Hegseth boarded Air Force One bound for Beijing alongside US President Donald Trump on Tuesday afternoon, according to the White House. Trump is set to hold highly anticipated bilateral talks with Chinese President Xi Jinping on Thursday and Friday. A South China Morning Post tally shows...

Beijing calls Paraguay leaders willing ‘chess pieces’ after disputed Taiwan trip
Industry

Beijing calls Paraguay leaders willing ‘chess pieces’ after disputed Taiwan trip

Beijing’s anger over President Santiago Pena’s Taipei trade visit comes as Taiwan issue looms large at this week’s Trump-Xi summit “The wheels of history wait for no one. Rejecting the one-China principle will only isolate oneself from the international community,” Guo told a regular press briefing. He questioned whether the visit served the Paraguayan public or had “some ulterior motive”. Beijing sees Taiwan as part of China to be reunited by force if necessary. Most countries, including the US, do not recognise Taiwan as an independent state, but Washington is opposed to any attempt to take the self-ruled island by force and is committed to supplying it with weapons.

China presses Pakistan to deepen Iran mediation ahead of Trump-Xi talks
Industry

China presses Pakistan to deepen Iran mediation ahead of Trump-Xi talks

Wang Yi highlights Strait of Hormuz security and regional stability as Middle East tensions loom over Beijing talks China’s foreign minister Wang Yi on Tuesday urged Pakistan to ramp up mediation efforts in the Iran crisis, as the war threatens to overshadow US President Donald Trump’s visit to Beijing. In a call with his Pakistani counterpart Ishaq Dar, Wang lauded Pakistan’s efforts in facilitating negotiations between Washington and Tehran and helping to extend the ceasefire. But he also called for Pakistan to “step up its mediation efforts to contribute to … the opening of the Strait of Hormuz and the early restoration of regional peace”. “China will continue to support Pakistan’s mediation efforts and make its own contributions towards this end,” he said, according to Chinese state broadcaster CCTV. Still, tensions in the region remain high and the ceasefire has been repeatedly tested, with the US carrying out “self-defence strikes” against Iranian targets. According to the CCTV report, Dar thanked China for backing Islamabad’s mediation efforts and said he looked forward to closer coordination to “jointly play a positive role in safeguarding regional peace and stability”.

Trump heads to Beijing seeking stability in high-stakes Xi talks
Industry

Trump heads to Beijing seeking stability in high-stakes Xi talks

Trade, Taiwan and Middle East tensions loom as US and Chinese leaders meet for first state visit since Trump’s return Before boarding Marine One for Andrews Air Force Base, Trump struck an optimistic tone about the visit, saying he expected “great things” from the summit and describing Xi as “a friend” with whom he shares a strong personal relationship. “I spoke with Xi, we both look forward to the meeting,” Trump said. “We’ll be talking about many things, but more than anything, it will be trade.” Trump said he did not expect Iran to feature prominently in discussions with Xi, adding that “we have Iran very much under control”. The remarks came a day after Trump dismissed Tehran’s latest peace proposal as “garbage” and said the existing ceasefire was “on life support”. He did, however, indicate that recent developments in Cuba would be discussed during the visit. “Cuba is not doing well, and we’ll be talking about Cuba on the trip,” Trump said.

Trump visit sees Marco Rubio become first sanctioned US secretary of state to visit China
Industry

Trump visit sees Marco Rubio become first sanctioned US secretary of state to visit China

Marco Rubio will become the first sitting US Secretary of State under Chinese sanctions to visit Beijing. Images of Rubio leaving for China on Air Force One with Donald Trump appear to have answered previous questions about whether he would skip such a globally important event. Rubio is also serving as the US National Security Adviser and would normally have been expected to visit China to lay the groundwork for such a high-stakes summit. Instead he has met his Chinese counterpart Wang Yi twice...

US first lady not travelling to China with Trump
Industry

US first lady not travelling to China with Trump

US President Donald Trump departed for a three-day state visit to China on Tuesday without first lady Melania Trump, travelling instead with Cabinet officials and business executives in a delegation that contrasts sharply with the pageantry of his 2017 visit. Hours before his departure, the office of the first lady confirmed Melania’s no-show in an email response to the South China Morning Post. “First lady Melania Trump is not travelling this time,” a spokesperson said. The confirmation comes a...

Tea at the Forbidden City: how SCMP covered 2017 Xi-Trump meeting
Industry

Tea at the Forbidden City: how SCMP covered 2017 Xi-Trump meeting

Cooperative symbolism behind tea with the Trumps in the Forbidden City This article was first published on November 10, 2017 by Laura Zhou Beijing’s Forbidden City was more than just an opulent backdrop for US President Donald Trump’s first day in China. One of the main halls used to stage a set piece on Trump’s tour of the former imperial palace was weighted with meaning and chosen to underscore cooperation between the two countries. As part of their higher-than-usual welcome to the capital,...

AI engine: China’s booming tech exports give Beijing ‘wind in its sails’ for Trump summit
Innovation

AI engine: China’s booming tech exports give Beijing ‘wind in its sails’ for Trump summit

The role of tech products in April’s trade data reflects how computing-related goods are a ‘new and important growth driver’ for exports Driven by global appetite for artificial intelligence, China’s computing hardware exports have emerged as a pivotal new engine for growth, providing Beijing with strategic leverage as US tech titans accompany President Donald Trump on a high-stakes visit to the Chinese capital this week, according to analysts. Chinese trade received another significant boost from the technology sector in April, as integrated circuit (IC) export value doubled year on year to US$31.09 billion, according to data released last week by the General Administration of Customs. Volume rose 3.7 per cent to 32.04 billion units. Meanwhile, exports of automated data processing machines and parts – which include computers, laptops and servers – jumped 47.6 per cent year on year to US$23.81 billion. The two sectors alone accounted for roughly half of China’s total export growth last month, according to a Monday note by Bank of America (BofA).

China Inc.’s global growth curbs Trump tariff powers undercut by courts
Economy

China Inc.’s global growth curbs Trump tariff powers undercut by courts

US president likely to find levy threat gives little leverage over Xi Jinping U.S. President Donald Trump is set to meet Chinese leader Xi Jinping in Beijing this week, as they look to preserve their trade truce. (Nikkei montage/Source photos by Reuters) SHANGHAI -- When U.S. President Donald Trump talks trade with Chinese counterpart Xi Jinping this week, he is likely to find that tariff threats provide less leverage than they used to, not only due to lost legal battles but also because Chinese companies have spent years diversifying global supply chains.

South Korea floats using AI profits for ‘people’s dividend’
Economy

South Korea floats using AI profits for ‘people’s dividend’

President's policy chief suggests redistributive measure to ease AI-driven inequality The administration of South Korean President Lee Jae Myung has floated the idea of having members of the public receive dividends from the massive profits of chipmakers. (Nikkei montage/Source photo by Reuters) SEOUL -- A high-ranking South Korea policymaker suggested Tuesday that members of the public should be paid a share of chipmakers' massive profits, in comments that reflect the growing reliance of Asia's fourth-largest economy on semiconductor exports.

Chinese rare-earth miners bullish ahead of Trump-Xi summit
Economy

Chinese rare-earth miners bullish ahead of Trump-Xi summit

Earnings rise on higher prices as importers face battle to curb China dominance People gather at the rare-earth elements production section of an exhibition on China’s manufacturing achievements at the National Museum in Beijing on March 24. © Reuters TOKYO -- Chinese rare-earth miners are coming off strong years and staying bullish ahead of President Xi Jinping's summit this week with American counterpart Donald Trump, where the critical minerals are likely to feature in discussions.

Bond yields jump in Japan and South Korea as US-Iran talks snag
Economy

Bond yields jump in Japan and South Korea as US-Iran talks snag

Higher energy prices stir inflation fears; stock markets choppy 10-year Japanese government bond yields jumped to 2.545% on May 12, a level not seen since June 1997. (Photo by Arisa Moriyama) TOKYO -- Inflation worries stemming from the ongoing conflict in the Middle East have sent government bond yields higher in Asia, with Japan's 10-year debt yield soaring to its highest point in nearly three decades. Interest rates are also facing upward pressure in South Korea as the Iran war drags on.

Mitsubishi Heavy expects profit surge as Japan eases arms export rules
Economy

Mitsubishi Heavy expects profit surge as Japan eases arms export rules

Defense contractor touts frigate sales abroad as contributing to regional security Mitsubishi Heavy Industries' military hardware includes warships like the destroyer “Yoshii”, launched here at its Nagasaki Shipyard in Japan last December. (Photo by Taro Fujii) TOKYO -- Mitsubishi Heavy Industries expects full-year net profit to surge as it benefits from the Japanese government's decision to ease restrictions on defense equipment exports.

Trump and Xi need to master a new art of the deal
Economy

Trump and Xi need to master a new art of the deal

Frequent but substance-light summits can prevent US-China rivalry from veering out of control President Donald Trump and Chinese President Xi Jinping participate in a welcome ceremony at the Great Hall of the People in Beijing on Nov. 9, 2017. © AP Minxin Pei is professor of government at Claremont McKenna College and a nonresident senior fellow of the German Marshall Fund of the United States.

Private equity firm EQT to buy Japan restaurant review operator for $3.7bn
Economy

Private equity firm EQT to buy Japan restaurant review operator for $3.7bn

Bain and LY have also submitted a joint offer for Kakaku.com Sweden's EQT is set to acquire the Japanese operator of the Tabelog restaurant review and booking site. (Source photos by screenshot from Tabelog's website and Ryuta Minamihata) TOKYO -- Sweden-based private equity firm EQT is set to acquire Japan's Kakaku.com, operator of the popular Tabelog restaurant review and booking site, for about 590 billion yen ($3.75 billion), Nikkei learned on Tuesday.

Major Japanese petroleum company expects Hormuz crisis to subside in July
Economy

Major Japanese petroleum company expects Hormuz crisis to subside in July

Idemitsu Kosan also seeks to secure oil supply from sources outside the Middle East Idemitsu Kosan is one of the few companies that has been able to slip a vessel through the Strait of Hormuz since the U.S. attacked Iran. (Nikkei montage/Source photos by Yuki Nakao and Idemitsu Tanker website) TOKYO -- Idemitsu Kosan, one of Japan's largest petroleum companies, expects the Hormuz crisis to begin subsiding in July, with oil prices to fall to pre-crisis levels early next year.

Bessent says FX volatility ‘undesirable’ after meeting Japan’s Takaichi
Economy

Bessent says FX volatility ‘undesirable’ after meeting Japan’s Takaichi

US Treasury chief touches on JGB yields, BOJ policy; bilateral chat follows yen intervention Japanese Prime Minister Sanae Takaichi, right, and U.S. Treasury Secretary Scott Bessent pose for photos at the prime minister's office in Tokyo on May 12. (Photo by Ken Suzuki) TOKYO -- U.S. Treasury Secretary Scott Bessent said that both Washington and Tokyo see excessive volatility in currency markets as undesirable, following his meeting with Japanese Prime Minister Sanae Takaichi on Tuesday.

Japan’s Nidec suspected of over 1,000 cases of quality tampering
Economy

Japan’s Nidec suspected of over 1,000 cases of quality tampering

Fresh allegations follow acounting irregularities at the world's largest motor maker Compliance issues at Kyoto-based motor maker Nidec include unauthorized design changes and falsification of inspection data (Photo by Kosaku Mimura). TOKYO/KYOTO, Japan -- Japan's Nidec is suspected of having engaged in quality tampering involving more than 1,000 cases, extending a series of compliance issues at the world's largest motor maker that were previously centered on accounting irregularities, Nikkei has learned Tuesday.

Australia takes aim at rising fuel prices with annual budget
Economy

Australia takes aim at rising fuel prices with annual budget

Parliament House in Canberra. Treasurer Jim Chalmers says, "We're delivering a fairer tax system for workers, first home buyers and future generations." (Photo by Ken Kobayashi) CANBERRA -- Australia will allocate additional funds to boosting its fuel and fertilizer supplies as part of a package worth 14.8 billion Australian dollars ($10.68 billion) aimed at addressing the global energy shock unleashed by the U.S.-Israel-Iran war, Treasurer Jim Chalmers announced on Tuesday while unveiling the country's annual budget.

Tokio Marine gets green light for talks to buy Malaysia’s RHB Insurance
Economy

Tokio Marine gets green light for talks to buy Malaysia’s RHB Insurance

Local authorities approve Japanese insurer's efforts to pursue merger Tokio Marine collaborated previously with RHB Bank on life insurance sales. (Photo by Kosuke Imamura) TOKYO -- Japanese insurance group Tokio Marine Holdings has received approval from Malaysia's central bank to begin negotiations for acquiring RHB Insurance, a non-life insurance company under local financial major RHB Bank, Nikkei learned on Tuesday.

Japan’s NYK Line eyes more oil tankers for supplies outside Mideast: CEO
Economy

Japan’s NYK Line eyes more oil tankers for supplies outside Mideast: CEO

Global economy headed for 'chaos' if Hormuz stays closed past September, Soga says NYK Line is looking at expanding its fleet of very large crude carriers to meet demand for oil shipped from outside the Middle East. (NYK Line) TOKYO -- Japanese marine shipper NYK Line will consider expanding its fleet of oil tankers, looking to meet demand for importing petroleum from regions outside of the Middle East, the company's president and CEO told Nikkei on Tuesday.

Solar firms in US allege Chinese tariff evasion through Ethiopia
Economy

Solar firms in US allege Chinese tariff evasion through Ethiopia

Solar panels in the Chinese province of Gansu. Chinese-origin parts of a solar panel and cell are subject to 50% duties when shipped into the U.S. © Reuters NEW YORK -- Eight solar power product manufacturers operating in the U.S. petitioned the Commerce Department on Tuesday to investigate whether solar panels imported from Ethiopia evade American antidumping duties placed on Chinese components.

Japan bearing makers NSK, NTN agree to merger into world’s top player
Economy

Japan bearing makers NSK, NTN agree to merger into world’s top player

Manufacturers see need for industry realignment amid mounting costs, competition NSK President Akitoshi Ichii, left, shakes hands with NTN President Eiichi Ukai at a news conference May 12. (Photo by Kosaku Mimura) TOKYO -- Japan's NSK and NTN will merge their operations in a move that would create the world's top bearing manufacturer, the companies said Tuesday, seeking economies of scale to control rising costs.

Wang Fuk Court administrator outlines HK$127 million refund for displaced owners
Business

Wang Fuk Court administrator outlines HK$127 million refund for displaced owners

Residents express dissatisfaction as administrator says HK$180 million in renovation levies have been paid, with remaining funds set aside for refunds Wang Fuk Court’s administrator has revealed that HK$180 million (US$22.9 million) has been paid to parties involved in the estate’s renovation project, with the remaining HK$127 million to be refunded to owners displaced by one of Hong Kong’s deadliest fires in decades. The details were disclosed during a Zoom meeting on Tuesday, one of two sessions arranged for residents by Hop On Management Company, the government-appointed administrator of the Tai Po estate following the fire. The second session is scheduled for May 20. The meetings were organised after more than 240 owners, representing over 12 per cent of households at Wang Fuk Court, petitioned Hop On in late April to convene an extraordinary general meeting (EGM) within 45 days, warning they might take legal action if their request was ignored. Since being appointed in January to represent the management committee of the Wang Fuk Court owners’ corporation, Hop On said it had completed the handover of 890,000 digital files from ISS EastPoint, the estate’s previous property management firm.

‘Frogs in a well’: Chinese diplomat slams Europe’s ‘outdated’ approach to China
Business

‘Frogs in a well’: Chinese diplomat slams Europe’s ‘outdated’ approach to China

Foreign ministry’s European Affairs chief warns about pitfalls of protectionism, says Beijing ready to address Brussels’ concerns A senior Chinese diplomat has accused Europe of taking an outdated, inward-looking approach to China, while signalling that Beijing is open to addressing Brussels’ concerns. Li Jian, director general of the Chinese foreign ministry’s Department of European Affairs, delivered his strongly worded speech at a high-level forum on Tuesday. Addressing the event, Li used a string of traditional Chinese idioms and other colourful expressions to criticise Europe’s approach towards China. He warned that “some voices arising in Europe” sought to push China-Europe ties “away from the track of long-term cooperation” and towards “comprehensive competition, or even confrontation”.

Top Swedish universities eager to forge ties with city, Hong Kong minister says
Business

Top Swedish universities eager to forge ties with city, Hong Kong minister says

Secretary for Innovation, Technology and Industry Sun Dong says visit aimed at strengthening collaboration in innovation and technology Top Swedish universities are eager to deepen collaboration with Hong Kong in areas such as life sciences, the city’s innovation and technology minister has told the South China Morning Post during a visit to the country to strengthen ties. “What impressed us most during this trip to Sweden is the incredible enthusiasm of Swedish organisations, groups and individuals for cooperating with Hong Kong. This exceeded my expectations,” Secretary for Innovation, Technology and Industry Sun Dong said on Tuesday, after visiting KTH Royal Institute of Technology, the Karolinska Institutet and Uppsala University in Sweden. “I have extended invitations to the three universities, hoping they will utilise our platforms such as InnoHK and the soon-to-be-established Life and Health Technology Research Institute. Many start-ups also hope to expand into the Chinese market while raising funds in Hong Kong to pursue global development.” The trip marked Sun’s first official visit to Northern Europe since taking office, with a stop in Helsinki, Finland, scheduled after Sweden.

Unitree Unveils GD01: World’s First Mass-Produced Human-Carrying Transforming Mecha at 3.9M RMB
Technology

Unitree Unveils GD01: World’s First Mass-Produced Human-Carrying Transforming Mecha at 3.9M RMB

Unitree Tech has unveiled the GD01 — the world's first mass-produced human-carrying transforming mecha, priced at 3.9 million RMB (~$540K). The 500kg robot can walk upright, punch through brick walls, and transform into a quadruped form in seconds.