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Keep is reportedly cutting more than 100 jobs. Photo: SCMP
Health & Fitness

Tech Trends

China’s top fitness app slashes jobs as online users drop out

Keep is reportedly cutting more than 100 jobs, as online gym memberships lose their appeal in a challenging economy.

Xiaomi

Xiaomi readies in-house mobile chip for 2025 in move away from Qualcomm

Electric & new energy vehicles

Foreign carmakers risk losing up to US$20 billion a year in China: UBS

Big Tech

Social media

Tech giants Meta, TikTok, Google slam Australia’s under-16 social media ban

The proposed law will hold social-media platforms responsible for policing the ban, under threat of fines of up to US$32.5 million.

Australians under 16 years of age will be prohibited from setting up accounts on all major social media sites under a proposed legislation. Photo: AP
Australians under 16 years of age will be prohibited from setting up accounts on all major social media sites under a proposed legislation. Photo: AP

Tech Trends

Artificial intelligence

Video of a robot leading a mass escape draws laughs and fears over AI in China

A video of a robot inciting other robots to flee an exhibition hall has gone viral in China, but the reality is less scary than it looks.

Business

Hong Kong property

Chinese tycoon offloads 9 Hong Kong luxury flats at half price in fire sale

Chen Zhuolin sold nine units in Hamburg Villa, valued at HK$213 million (US$27.3 million), for about HK$90 million.

4

Companies

Banking & finance

China’s multidecade dairy boom sours as population ages, sales slump

Sales of top dairy firms like China Mengniu and Inner Mongolia Yili fell between 9 and 13 per cent in the first half, S&P said.

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China’s falling birth rate is affecting sales of the dairy industry. Photo: AFP

Banking & Finance

IPO

Hong Kong to boost financial reforms to aid Chinese firms: Paul Chan

Amid geopolitical tensions, city can help mainland firms that are struggling to raise funds abroad, financial secretary says.

Financial Secretary Paul Chan Mo-po speaks at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit on November 25, 2024. Photo: Handout
Financial Secretary Paul Chan Mo-po speaks at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit on November 25, 2024. Photo: Handout

Big Tech

Apple

Apple’s Cook makes third trip to China in 2024 amid iPhone slump

The CEO lauded the importance of Apple’s Chinese partners at the International Supply Chain Expo in Beijing.

16

Banking & Finance

Mergers & Acquisitions

Chinese M&A activity seen rising amid Trump tariff threat

‘More tariffs may mean that the globalisation of Chinese companies is going to get faster,’ Deloitte analyst says.

Business

Hong Kong property

Art houses Christie’s, Sotheby’s show off flashy new Hong Kong showrooms

The auction houses’ glammed up spaces are a reflection of their desire to change the way they conduct business.

A view of Sotheby’s new space in Hong Kong. Photo: Facebook

China Business

China economy

Shanghai banks on top international artists to draw tourism spending

A recent month-long arts festival drew 20,000 visitors from abroad, according to organisers, boosting officials’ confidence in the strategy.

A scene in dance drama Azure After The Rain, staged during the China Shanghai International Art Festival in 2024. Photo: Handout
A scene in dance drama Azure After The Rain, staged during the China Shanghai International Art Festival in 2024. Photo: Handout

China Business

Hong Kong stock market

New World Development ejected from Hang Seng Index

Quarterly review adds video platform Kuaishou Technology and New Oriental Education & Technology to the Hong Kong benchmark.

Big Tech

Amazon

Amazon invites Chinese sellers to new bargain marketplace Haul

The US e-commerce giant is aggressively promoting its new budget-shopping platform this holiday season to take on Temu and Shein.

Big Tech

Artificial intelligence

Uber said to eye US$10 million stake in IPO of China’s Pony AI

The ride-hailing giant may consider using Pony AI’s autonomous-driving technology outside the US, a source says.

Uber is in talks to invest in the US IPO of Chinese robotaxi firm Pony AI. Photo: dpa

China Business

Electric & new energy vehicles

Unprofitable Chinese EV makers face ‘do-or-die moment’

Only those that can sustain operations without external funding will stay in the race amid overcapacity and tariff woes, analysts say.

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6
Visitors look at Mona M03 electric vehicles (EVs), displayed at an XPeng launch event in Beijing on August 27, 2024. Photo: Reuters
Visitors look at Mona M03 electric vehicles (EVs), displayed at an XPeng launch event in Beijing on August 27, 2024. Photo: Reuters

Biomedicine

Biomedicine: Companies

Chinese biotech firms brace for Trump tariffs, US funding bill

Efforts to expand sales of high-value products in China and non-US markets would cushion the blow, analysts say.

Companies

Starbucks

Is Starbucks seeking help from a partner to regain its perk in China?

Starbucks is ‘working to find the best path to growth, which includes exploring strategic partnerships’, according to a statement.

Big Tech

ByteDance

China’s second-richest man demands apology from ByteDance founder

Zhong Shanshan, founder of bottled-drinks giant Nongfu Spring, blames ByteDance’s social media apps for perpetuating online assaults.

China’s second-richest man Zhong Shanshan. Photo: sohu.com

Big Tech

Alibaba

Alibaba CEO highlights AI advancement at China’s internet forum

The agenda at this year’s Wuzhen summit focuses heavily on AI, as China’s tech rivalry with the US grows.

Eddie Wu Yongming, CEO of Alibaba Group Holding, speaks at the 2024 World Internet Conference in Wuzhen, China, on Wednesday. Photo: EPA-EFE
Eddie Wu Yongming, CEO of Alibaba Group Holding, speaks at the 2024 World Internet Conference in Wuzhen, China, on Wednesday. Photo: EPA-EFE

Big Tech

E-commerce

Meituan aims to launch meal deliveries by drones in Hong Kong

The meal delivery giant joins a slew of Chinese tech giants vying for new growth in Hong Kong.

Big Tech

Apple

Apple reveals App Store revenue share in China as Huawei rivalry grows

The US giant says most of its App Store revenues in China are paid to developers and companies.

Big Tech

ByteDance

TikTok parent ByteDance offers top performers more stock options

ByteDance has adjusted its staff incentive policy for the second time this year, as Trump’s re-election boosts its valuation.

A ByteDance office in Beijing. Photo: EPA-EFE
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