China and the United States are both artificial intelligence superpowers. But China may soon be the clear leader, at least in terms of AI patents filed. The U.S. currently has more, with 35,508 AI patents, versus 34,345 for China. But as Chinese companies and scientists are filing AI patents at a faster pace, the nation is likely to hold more AI patents than the U.S. by year end, according to a report by Sequoia Capital China and Zhen Fund.
There have been a lot of discussions on China’s rising prowess in artificial intelligence, on how the Chinese are catching up or even surpassing the U.S. in leading the world’s most important future technology trend. The concerns are so real that the U.S. government is reportedly looking to strengthen scrutiny of Chinese investments in American AI companies.
Chinese private equity firm Hony Capital and Japan’s SoftBank Group Corp. have agreed to inject US$500 million into an investment vehicle to operate WeWork Cos.’s China unit and fuel the American co-working giant’s expansion throughout China.
C-Bridge Capital, a Shanghai-based private equity firm focused on China’s healthcare sector, has closed its second healthcare fund, C-Bridge Healthcare Fund II, at a US$400 million hard cap.
China’s venture capital market made strong gains in the second quarter of 2017, as the total value of new venture investments more than tripled to US$10.7 billion, compared to US$3.5 billion recorded during the first three months of the year, according to a KPMG report.
Sweden may not be the most populous of nations, with just 9.8 million people. But the country that brought us the the Nobel Prize for science has given birth to a disproportionately high number of tech giants. Skype, the Internet calling service bought by Mcirosoft, digital music service Spotify, popular mobile game Candy Crush and Minecraft developers King and Mojang, are all Swedish entities.
Cathay Innovation, a global venture capital fund affiliated with Sino-French private equity firm Cathay Capital Private Equity, has closed its first venture capital fund at US$320 million.
The Russian Direct Investment Fund (RDIF) and China Development Bank (CDB) have agreed to establish a RMB68 billion (US$10 billion) China-Russia RMB Investment Cooperation Fund, as part of China’s One Belt One Road initiative to improve connectivity between Eurasian countries.
China has issued a new set of regulations to tighten oversight of online news and a wide range of online content, requiring all online news institutions, including those who publish, edit and share news, to obtain publishing licenses.
The Chinese Academy of Sciences is developing the world’s first quantum computer, which it expects to be completed within the next several years.
Hong Kong-based real estate private equity firm Gaw Capital Partners has reached a final closing of its fifth Greater China and Asia Pacific focused real estate fund at its US$1.3 billion hard cap.
Major international business incubators are expanding into the Chinese market, adding to what is already the world’s biggest business incubator ecosystem. At the end of 2015, China had a combined 4,875 incubators, the most of any nation, and up from just 1600 in 2014, according to Zero2IPO Research Center. Foreign firms are adding to the growing market. Plug and Play Tech Center entered China on a large scale in 2016. The Silicon Valley-based venture fund/innovation platform connects startups to corporations …
China surpassed the U.K. to become the second largest outbound investor behind the U.S. in 2016, cementing its positing as a leading player in the global M&A market. The nation also saw its outbound investment surpass that of inbound deals for the first time ever, according to a report by law firm White & Case LLP and Rhodium Group.
Zong Qinghou, a renowned Chinese entrepreneur with a net worth of US$7.2 billion and chairman of Hangzhou-based beverage company the Hangzhou Wahaha Group Co., Ltd., has teamed up with Chinese Academy of Sciences and the University of Haifa in Israel to invest US$10 million to establish three artificial intelligence centers in Beijing, Hangzhou and Haifa.
China’s foreign exchange reserves increased US$6.92 billion last month to reach US$3.01 trillion at the end of February, returning to a level above the psychological US$3 trillion mark, according to data released by the People’s Bank of China.
An economic development zone in Chengdu city, the capital city of Sichuan province in Western China, plans to invest US$2.19 billion before 2020 to entice and recruit talent from around the globe, as well as enhancing its technological innovation competitiveness, the city announced today.
FinTech has revolutionized the Chinese New Year tradition of giving cash gifts to friends and family. On New Years eve 2016, 420 million people sent each other over eight billion Wechat red packets containing so-called lucky money or Hong Bao. This has created a new challenge for the Chinese Communist Party’s corruption fight.
China Investment Corporation, Silk Road Fund, Singapore’s Temasek Holdings, ARM Holdings plc and two other investors have established a fund targeted to raise US$800 million to invest in the mobile Internet, Internet-of-Things (IoT) and artificial intelligence sectors globally. Shenzhen government-owned conglomerate Shum Yip Group Ltd. and Chinese private equity firm Hopu Investment Management Co are also backers of the Shenzhen-based vehicle named Hou An Innovation Fund, according to an announcement posted on China’s Ministry of Science and Technology’s website. ARM …
Alibaba Group Holding’s results for the quarter ended December 31, 2016 show that the Chinese online commerce giant continues to grow at an impressive rate, with total revenue of RMB53.2 billion (US$7.7 billion), an increase of 54% year-over-year. Revenue from its core e-commerce business, however, increased at a more moderate 42% year-over-year, while the company’s strongest revenue growth came from non-core businesses such as cloud computing and media and entertainment.
Lu Qi, an executive vice president at Microsoft’s Applications and Services Group, is to join China’s Tencent Holdings Ltd. as Chinese technology companies continue to attract top-tier senior talent globally, Sina Technology reported citing insiders.
Although precision medicine has attracted great market attention and venture funding during the past two years, there are few Chinese start-ups with truly innovative technologies, warns Sequoia Capital’s partner Chen Penghui at the ChinaVenture Annual Conference.
China wants to sell a total of 100,000 domestically produced industrial robots every year and leap into the Top 10 of the world’s most intensively automated nations by 2020, says a Chinese official.
Zhu Min, the deputy managing director of the International Monetary Fund, gave a speech at Tsinghua University in Beijing yesterday. The former deputy governor of the People’s Bank of China made several interesting points. Here is a brief summary:
Investors need to sign out of social media and block the key word “Five-Year Plan” and “National People’s Congress” from their inbox for a week during China’s annual meetings of its political and business leaders, says Andrew Gilholm, managing Director at consulting firm Control Risk.
A recent published article by the Chinese government signals a clear shift in the focus of the country’s top leadership led by President Xi Jinping away from the anti-corruption campaign to economic growth, says a research report released by Mizuho Securities Asia Ltd.
The People’s Bank of China (PBoC) is planning to use various methods to ensure ample liquidity during the Lunar New York and maintain stable short-term interest rates without cutting commercial banks’ required reserve ratio (RRR), says a research report by UBS.
The Chinese government’s recently announced easing measures for the property could provide some modest support to growth in the remainder of the year, says a report by the Australia and New Zealand Banking Group Limited (ANZ). On March 30, the People’s Bank of China (PBoC) urged financial institutions to support home purchases using a combination of commercial lending and housing provident fund. Specifically, the down payment needed to buy second homes for investment purpose has been lowered to 40% from …
Citi has appointed Catherine Cai as managing director, chairman and head of China investment banking, reporting to Mark Slaughter, head of corporate and investment banking for Citi in Asia Pacific, according to a company announcement. Catherine will oversee Citi’s China investment banking team, and continue the strong partnership between China investment banking and industry coverage, M&A and capital markets origination teams.
China’s state-owned conglomerate CITIC Group has agreed to jointly establish a series of investment funds with Australian entertainment firm, Village Roadshow Limited, to invest in theme parks, entertainment facilities and related real estate development throughout Asia, with a particular focus on China, according to a company announcement. The two parties will establish the first fund with approximately US$500 million, to be denominated in RMB, later in 2015. It will be followed by the creation of a number of future funds …
Chinese e-commerce giant Alibaba Group Holdings says its Taobao Marketplace shopping site has partnered with Shanghai YTO Express Logistics Co. to begin a three-day trial of drone delivery technology in Beijing, Shanghai, and Guangzhou today, according to a company announcement. During the test, parcel-packing quad-copters will be used to ferry boxed sets of products high above city traffic to 450 Taobao shoppers.
China’s central bank has provided RMB500 billion of liquidity to the nation’s biggest five banks for RMB100 billion each, via its 3-month Standing Lending Facility (SLF). The amount is roughly equivalent to one 50 basis point rate cut in the commercial banks’ required reserve ratio (RRR). Has the People’s Bank of China finally blinked in the face of deteriorating economic conditions?