CIW News 14 Mar

Author

Elaine Wong
March 14, 2024

CIW Weekly, is now CIW News, an email newsletter on China digital and tech trends.

Join us as we navigate through the bustling digital streets of China's internet economy, uncovering insights and strategies that are setting the pace for the global digital future. Let’s dive in…

In 2023, BYD showcased its remarkable performance, selling 3.02 million vehicles and securing the top spot in the Chinese market. Notably, its exports surged by 334% year-over-year, making it the fastest-growing car manufacturer among the top ten global brands.

Backed by 11 research institutes, over 90,000 engineers, and cumulative R&D investments exceeding 100 billion, BYD’s innovations are well-supported.

Tencent and ByteDance, both hailing from China, have claimed the top two spots in Top Global 50 with annual user spending of $8.67 billion and $5.05 billion, respectively.

This achievement marks Tencent’s seventh consecutive year at the pinnacle, largely fueled by the success of its MOBA game, “Honor of Kings,” which also stands as the second-highest-grossing product globally, trailing only behind the match-three game “Candy Crush Saga.”

In total, Tencent boasted 10 products each exceeding $100 million in global annual user spending in 2023.

An Apollo Go user on a nighttime ride in a fully driverless vehicle

Baidu has launched a pioneering 24/7 robotaxi service through Apollo Go in Wuhan, marking a significant advancement in China's autonomous driving sector.

With a fleet of 300 fully driverless vehicles, Apollo Go's operations in Wuhan are a testament to Baidu's pioneering role in the autonomous driving industry.

Du Xiaoman, previously known as Baidu Finance, is a leading AI-powered financial services platform in China. It recently announced the release of 12 new financial large models (FLMs) under its “XuanYuan” series.

The new models, with parameters ranging from 6B to 13B and 70B, are open-sourced and have demonstrated outstanding financial performance in a variety of real-world tasks.

The “XuanYuan” series of FLMs are trained on a massive dataset of financial text and code, including financial news, research reports, regulatory documents, and code from Du Xiaoman’s own financial services platform.

BRIEF BLASTS

A key highlight of Bilibili’s (China’s version of YouTube) performance is its robust user engagement, with average daily active users (DAUs) reaching 100.1 million in the fourth quarter, an 8% increase from the same period in 2022.

🌐 iFlytek, China's leading provider of speech recognition technology, is expanding its overseas operations despite facing restrictions from the U.S. The company is introducing AI-powered applications globally, including speech-to-text transcription, real-time translation, virtual assistants, and voice-activated smart home systems.

💡 China's top advisory body, CPPCC, warned about the widening AI gap with the US. Head of a major state-owned chip maker expressed concerns about China falling further behind in AI. China Electronics Corporation delegate emphasized the significant gap between Chinese and American AI companies.

💡 China's ruling party aims to boost innovation in disruptive and frontier technologies, with a 10% increase in this year’s national budget for science and technology to $51.6 billion. Despite external pressures like US chip export controls and tech sanctions, Chinese tech companies are focusing on de-risking from the US, with initiatives like the state-backed Big Fund raising over $27 billion for chip development.

💳 Alipay and WeChat Pay eased access for foreign users, allowing backing with international credit cards. Alipay allows foreigners to spend up to $2000 a year without registering an ID, while WeChat Pay users can use international bank cards without providing complete information.

💹 Chinese stocks have surged 20% from recent lows, indicating a potential market bottom. The Hang Seng Tech Index and other sectoral indexes have entered technical bull markets. Previously among the worst performers, Chinese shares are now showing improved sentiment, driven by signs of economic recovery and increased foreign inflows.