On March 19, Kai-Fu Lee, Chairman and CEO of Sinovation Ventures, a venture capital firm, officially launched Project AI 2.0, a new company aimed at succeeding in the AI 2.0 era.
Baidu's ChatGPT-like product ERNIE Bot was unveiled yesterday and subsequently caused huge fluctuations in its share price. Before the Hong Kong stock market opened today, Baidu's share price rebounded. Around 15:00 Beijing time, the share price rose by over 12% to HK $142.8 (about 18.2 $).
Chinese electric vehicle maker XPeng has restructured its marketing system by merging the auto trade and user development service teams and establishing over 20 sales regions in China.
Since the beginning of this year, a surge in reduced car prices has swept across China, prompting many vehicle companies to participate. Nevertheless, some companies, including Li Auto, NIO, Porsche, and Audi, have no intention of following suit.
On March 14, Tesla Chief Executive Elon Musk and Chinese electric vehicle and battery maker BYD denied a media report that said the U.S. giant was ending its cooperation with BYD on battery supplies.
The recent shutdown of Silicon Valley Bank (SVB) by regulators marks the largest bank failure in the United States since 2008. Several Chinese Hong Kong-listed companies have sought to reassure investors by stating that their cash deposits in SVB were not significant.
On March 9, Chinese e-commerce giant JD.com released its financial results for the fourth quarter and the whole year of 2022. Although the report shows that its overall profitability has improved, its share price fell 11.28% to close at $41.68.
Personnel turmoil has persisted at Chinese electric vehicle manufacturer XPeng since its major organizational adjustment announcement in October of last year.
On March 8, Wang Xing, CEO of Meituan, revealed that he would participate in the A round financing of Wang Huiwen's AI startup and serve as a director. Wang Huiwen retired as senior vice-president of the Chinese food delivery company in 2020.
According to an internal notice circulated by Chinese food delivery giant Meituan on March 6, the company will reduce resources and manpower investment in its online ride-hailing sector.
Recently, rumors about layoffs in Google's China division caused some concern. This round of layoffs is mainly hitting senior positions and high-paying employees in an effort to reset the salary standard and reduce operating costs while improving overall work efficiency.
Luckin Coffee's annual revenue exceeded 10 billion yuan ($1.45 billion) for the first time last year. This year, the Chinese coffee chain targets to establish 10,000 stores despite competition from Cotti Coffee, a new brand launched by Luckin former chairman Charles Lu.
Alibaba's management team announced five strategic focal areas for its e-commerce platform Taobao this year. These areas cover livestreaming, private domain traffic (turning casual users into dedicated ones), content, local retailers, and pricing power.
Tencent has set up a project team named "HunyuanAide" for developing ChatGPT-like conversational products. At present, the team has at least 7 team leaders and 7 sponsors.
Private tutoring businesses in China are exploring new growth avenues since the introduction of the "Double Reduction" policy. With the rising popularity of ChatGPT, they have started to incorporate AI into its training products.
This year, the Chinese TV series based on "The Three-Body Problem", a popular sci-fi novel series, was highly praised. The chief producer said lately that he would put more strength into the second season to reward the numerous fans of the sci-fi drama.
Recent rumors about Huawei's expansion into the smart car industry, including alleged severed partnerships and plans for factory construction, have once again cast the Chinese tech giant's most concerned business segment into the spotlight.
On February 20, China's C9 League member Fudan University released MOSS, the first large-scale conversational language model from China. It shares its name with the computer that controls the space station in the popular Chinese sci-fi film The Wandering Earth 2.
