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  • Zhang Yiming Tops China Wealth List with Nearly $100 Billion Fortune

    Zhang Yiming Tops China Wealth List with Nearly $100 Billion Fortune

    ByteDance founder Zhang Yiming has regained the top spot on China’s wealth ranking with a fortune of nearly US$100 billion, driven by artificial intelligence deployment across his consumer technology empire.

    His net worth surged 43 percent over the past year, displacing bottled water magnate Zhong Shanshan after consumer goods company Nongfu Spring saw its founder’s valuation drop 23 percent to $61 billion.

    The annual Hurun China Rich List, published Tuesday by the Shanghai-based Hurun Research Institute, tracked 1,529 individuals holding fortunes above 5 billion yuan ($750 million) as of Sept. 1. Mainland real estate operators dropped entirely out of the top 100 ranks, completing a decadelong transformation in the engines driving Chinese capital.

    Artificial Intelligence Reshapes Top Ranks

    About 160 individuals on the roster, roughly 10 percent of the total cohort, generated their primary wealth through artificial intelligence applications and foundational hardware. ByteDance accelerated that momentum through consumer-facing tools, deploying the Doubao chatbot into China’s most active automated assistant alongside video-generation software Seedance.

    Newer entrants took immediate command of the top ten. DeepSeek founder Liang Wenfeng, 41, entered the ranking at seventh position with $41.7 billion. Chen Tianshi of semiconductor designer Cambricon Technologies broke into the top 10 for the first time with $30.5 billion, climbing 14 percent.

    Both men now share the distinction of being the youngest self-made entrepreneurs inside the top tier. Zhang, 43, previously held that position.

    Consumer Tech and Hardware Displace Real Estate

    Traditional manufacturing and tech heavyweights shuffled positions behind the top two. Contemporary Amperex Technology founder Robin Zeng Yuqun took third place at $57.3 billion, advancing 17 percent as energy storage demand expanded. Tencent founder Pony Ma Huateng slipped to fourth after his holdings dropped 26 percent to $51.5 billion.

    Appliance manufacturer Midea lifted co-founder He Xiangjian into fifth place. He displaced Xiaomi founder Lei Jun, whose personal valuation dropped by roughly half following market volatility across consumer device lines.

    Hurun Report chairman and chief researcher Rupert Hoogewerf documented the disappearance of residential real estate developers, who accounted for one-third of the top 100 a decade ago. Mainland property names vacated the elite threshold, leaving traditional landlord representation almost solely to established Hong Kong dynasties.

    Today, for the first time ever, not a single mainland property developer remains in the Top 100, the only property names left at the top are the Hong Kong landlord families

    Shifting Capital for Retail and Commercial Operators

    For Asian retail brands and commercial operators, the complete exit of mainland developers marks an irreversible shift in balance-sheet power. Shopping mall construction and commercial master leases across top-tier Chinese cities no longer lean on aggressive land-banking syndicates. Capital flows instead follow software ecosystems, high-efficiency appliances, and hardware components.

    Retail brands across Asia-Pacific face direct exposure to this realigned influence. ByteDance, Tencent, and hardware players dictate consumer acquisition costs and social commerce funnels, leaving commercial landlords with diminishing use over brand tenants. Commercial real estate in Greater China now answers to digital platform power rather than physical site scarcity.

    Hong Kong real estate magnate Li Ka Shing, 98, alongside his son Victor Li Tzar-kuoi, retained a presence in the upper tier with $37.6 billion, up 8 percent. Their persistence reflects mature, diversified infrastructure holding models that survived the residential developer debt unraveling on the mainland.

    The Long Unwind of Property Fortunes

    The transition began after regulatory tightening dismantled debt-fueled expansion strategies among mainland developers. Wealth figures tumbled over multiple assessment cycles, dragging property founders off the boards as credit channels dried up and homebuyer transactions slumped.

    Zhang last held the top position in 2024 before brief market contractions reordered the roster. ByteDance expanded its global digital commerce revenue alongside domestic video and messaging traffic throughout the intervening period, shielding its equity value from regional property fallout.

    Commercial landlords and retail chains will watch ByteDance’s commercial monetization pacing across Doubao and enterprise AI tools in the coming quarters, alongside Nongfu Spring’s ability to protect core beverage shelf pricing against domestic discounters.

  • Tencent Unifies Workplace Apps Under WorkBuddy Agent with 700 Yuan Monthly Tier

    Tencent Unifies Workplace Apps Under WorkBuddy Agent with 700 Yuan Monthly Tier

    Tencent rolled out Buddy One on October 29, linking Tencent Docs, Tencent Meeting, and its knowledge software under a single WorkBuddy artificial intelligence agent with unified accounts and shared credits.

    A premium consumer tier costs 700 yuan per month, bundling WorkBuddy’s top tier with Tencent Meeting Pro, Tencent Docs premium access, and one terabyte of cloud storage.

    Shared Credits and Cross-App Search

    Users link accounts through version 5.9.0 or later of WorkBuddy’s desktop client. The integration eliminates the need to manually toggle tools or paste context between applications.

    When a user submits a prompt, WorkBuddy runs an automated search across approved files, meeting recordings, and knowledge bases. Returned answers label the originating software for each piece of retrieved context. Credits purchased inside WorkBuddy convert directly into universal Buddy One credits functional across Docs, knowledge tool ima, and the company’s new storage system.

    Cloud Storage Built for Agents

    Alongside the consumer bundling, Tencent introduced Tencent Drive, a cloud storage infrastructure layer designed specifically for autonomous software agents. The product provides the shared data layer for WorkBuddy and connects with external agents using a command-line interface and the Model Context Protocol.

    This protocol lets workers complete an initial draft in one third-party artificial intelligence tool and reopen it inside another without manually uploading files. WorkBuddy’s internal knowledge base already operates on this infrastructure.

    For corporate clients, the storage layer relies on Tencent Cloud Object Storage architecture. The setup includes virtual private cloud deployment, off-site disaster recovery backups, and end-to-end data encryption. Corporate administrators can assign distinct permission rules to human employees and automated software tools. Tencent expanded corporate seat storage within WorkBuddy from 5 gigabytes to 50 gigabytes.

    Platform Interoperability and Market Pressure

    Enterprise software platforms across China are racing to prevent corporate clients from switching between disconnected point solutions.

    Tencent is positioning WorkBuddy as an open framework rather than an enclosed ecosystem. Enterprise clients can connect proprietary models, external autonomous agents, and outside messaging networks directly into the storage architecture. Tencent cloud chief Dowson Tong stated that enterprise buyers must retain final discretion over their chosen models, agents, and workplace communication tools.

    Building Out the Hunyuan Architecture

    The product launch follows an active expansion of Tencent’s proprietary model stack. In August, the company introduced its Hy4 preview under the Hunyuan model family, aiming to compete with open-source systems deployed by domestic rivals.

    Corporate deployments have expanded across consumer sectors during the same period. Domestic cosmetics manufacturer Shanghai Jahwa deployed WorkBuddy across nine separate operating departments in late August, testing agent workflows before Tencent finalized this cross-application unified credit tier.

    Enterprise software managers will track how quickly Tencent expands memory sharing between individual applications, which remains scheduled for upcoming client revisions.

  • Tencent Deploys Retail AI Suite Across 600 Asian Merchants

    Tencent Deploys Retail AI Suite Across 600 Asian Merchants

    Tencent Smart Retail rolled out its artificial intelligence enterprise software suite to 600 retail clients across Asia during an industry summit in Hong Kong. The deployment targets merchants across 30 retail sectors, connecting automated operational software directly into Tencent Cloud and the broader Weixin, WeCom and Mini Programs network.

    Terry Li, vertical general manager of Tencent Smart Retail, detailed the push alongside enterprise partners at the 2026 World Retail Lab Asia event. The software line-up introduces five specialized tools for merchant operations: WorkBuddy for workforce productivity, CodeBuddy for software development, DataBuddy for enterprise data workspaces, Miora for automated creative design, and Ardot for turning design assets into code.

    Connecting Weixin to the shop floor

    The system links merchant back offices directly to front-line sales teams on WeCom and shoppers on Weixin. Rather than forcing store associates to toggle between stand-alone software suites, the setup feeds automated inventory updates, design files and customer prompts into Tencent’s messaging channels. That reduces friction for floor staff who already run client relationships through corporate chat accounts.

    Enterprise software vendors across Asia frequently stumble on floor-level adoption. Tencent is betting that tying generative design and analytics agents to the chat apps clerks already use daily will bypass the standard training hurdles.

    Jewellery chains and supply taggers

    Chow Tai Fook Jewellery Group is using the infrastructure across customer management, store operations and jewellery design. The jewellery retail chain manages a database of nearly 60 million global loyalty members, who generate more than 95 per cent of its total sales volume. The group links unified customer insights to floor operations across its store network to track individual buying habits and stock preferences.

    Industrial supplier SML Group has embedded the software into its product development, market intelligence and supply management. The firm provides RFID tracking, retail identification and digital product solutions to roughly 600 consumer brands across global markets.

    Sinong Duan, vice president of strategy and transformation at SML Group, said: “Customer engagement is one of the areas where we see significant potential for AI. It can help businesses better understand customer needs and improve product recommendations, creating new opportunities to enhance both conversion and service experiences. We have also had the opportunity to work with Tencent WorkBuddy, and its flexibility, user experience and support capabilities have enabled our teams to explore AI adoption more effectively.”

    The platform battle against Alibaba

    The aggressive push into merchant operations pits Tencent directly against Alibaba Group’s cloud and DingTalk ecosystem across Greater China. While Alibaba dominates pure-play e-commerce marketplaces like Taobao and Tmall, Tencent controls private-domain traffic where brands cultivate direct shopper relationships through bespoke Mini Programs. Brand operators increasingly favor private-domain channels because customer acquisitions carry lower marketplace take-rates.

    For consumer brands, committing to proprietary cloud agents locks enterprise data deep inside Tencent’s walled garden. Shifting between competing cloud environments becomes punitive once product catalogs, customer service histories and design archives run on platform-specific models. Retailers gain rapid workflow speed today at the price of long-term software dependency tomorrow.

    Measuring actual returns on automation

    Chinese consumer spending has remained selective throughout the year, forcing retail executives to audit back-office overhead and technology spending closely. Multinationals and domestic retail giants, including Decathlon China, Estee Lauder Group and toy maker Pop Mart, have increasingly trimmed speculative software experiments in favor of tools that cut headcount costs or lift repeat store visits.

    Tencent began assembling its smart retail unit in 2018 to bridge social messaging with physical store sales counters. The group spent earlier iterations refining digital payment terminals and loyalty program Mini Programs for department stores and supermarket chains across tier-one Chinese cities. This latest enterprise suite represents the next operational tier: replacing manual design, coding and inventory forecasting with automated agents.

    Merchant adoption rates for tools such as Miora and Ardot over the upcoming Golden Week and Lunar New Year retail peaks will provide the first real test of whether generative design can shave measurable weeks off corporate fashion and merchandising cycles.

  • DeepSeek Secures 80 Billion Yuan in Funding Ahead of 2027 IPO

    DeepSeek Secures 80 Billion Yuan in Funding Ahead of 2027 IPO

    Chinese artificial intelligence developer DeepSeek is close to securing at least 80 billion yuan in a new funding round backed by Tencent Holdings and battery maker CATL.

    Strong investor demand for the round pushed commitments past the initial 50-billion-yuan target, with signed term sheets indicating the final total could reach 100 billion yuan ahead of a planned public listing in early 2027.

    Proceeds will fund computing infrastructure and model training. The company had initially sought an equity valuation of roughly 500 billion yuan during negotiations.

    Capital Beyond Initial Targets

    Investor interest accelerated after DeepSeek introduced its V4 Flash large language model, which cut operating expenses relative to proprietary models from US developers OpenAI and Anthropic. Tencent, which previously contributed 10 billion yuan in an earlier funding round, joined Contemporary Amperex Technology Ltd. In providing the largest commitments for the current transaction.

    Founder Liang Wenfeng told investors during 2026 meetings that the company intends to develop open-source systems and pursue artificial general intelligence without prioritising immediate product monetisation. The lab traces its roots to Liang’s quantitative hedge fund High-Flyer, which provided the original seed capital before outside institutions entered.

    Hardware Push in Inner Mongolia

    DeepSeek is allocating a substantial share of the fresh capital to build an artificial intelligence computing facility in Inner Mongolia. The site will house at least 160,000 high-end accelerators supplied by Huawei Technologies, establishing one of the largest single clusters of domestic Chinese silicon.

    To support that infrastructure, DeepSeek released joint software tools developed with Huawei to optimise workload programming on non-Nvidia processors. The project reduces reliance on imported hardware while addressing bandwidth and efficiency constraints across large server arrays.

    Rivalries and Valuation Milestones

    Domestic competition across China’s foundation model sector is accelerating as capital concentrates around a handful of scaled developers. Moonshot AI is similarly working toward an early 2027 initial public offering after completing a private round that valued the startup at 50 billion dollars.

    For enterprise software operators and cloud providers, DeepSeek’s low-cost architecture creates direct pricing pressure on proprietary application programming interfaces. For hardware suppliers like CATL, the funding provides an opening to supply high-density power storage systems and electrical components to hyperscale data centres.

    Restructuring for 2027 Listing

    The transaction experienced brief delays earlier this year after remarks attributed to Liang regarding China’s technological distance from US chipmakers circulated on social media. Negotiations resumed once terms were clarified, following a prior 50-billion-yuan round that valued the business at approximately 350 billion yuan and lifted Liang’s estimated wealth to 36 billion dollars.

    DeepSeek plans to initiate corporate restructuring immediately after the current funding round closes. That formal process will establish the legal shareholding framework required for regulatory filings before the company proceeds to an early 2027 stock market debut.

  • Alipay and WeChat Pay Link Foreign Cards Ahead of Apec Meeting

    Alipay and WeChat Pay Link Foreign Cards Ahead of Apec Meeting

    China has expanded cross-border mobile payment access across Alipay and WeChat Pay. The update enables foreign bank card integration ahead of the November Apec Economic Leaders’ Meeting in Shenzhen.

    Daily domestic mobile payment usage reached 88.5 per cent in 2025, according to August survey data from the Payment and Clearing Association of China. That is up 5.6 percentage points from the prior year.

    Card Linking and App Setup

    International travellers visiting mainland cities can now register on Alipay and WeChat Pay using an email address. They can link Visa, Mastercard, or other overseas payment cards. Users scan merchant QR codes directly at point-of-sale terminals. They no longer need a domestic bank account or a local currency balance.

    Tencent has introduced a payment application built for foreign visitors. Meanwhile, Ant Group has expanded terminal acceptance points across transit hubs, hospitality venues, and retail districts in tier-one cities. Covered locations include Beijing, Xian, Chengdu, and Shenzhen.

    Retail and Hospitality Impact

    Merchant acceptance barriers historically suppressed direct retail spending by international tourists in mainland China. Domestic consumers moved away from cash and card swipes years ago. Foreign card acceptance, however, remained confined to high-end department stores and international hotel chains.

    Overseas travellers can now transact with street vendors, local convenience stores, ride-hailing networks, and regional rail ticketing systems. This broadens the customer base for independent retailers and food operators. They do not need separate card-processing hardware.

    Platform Infrastructure and Merchant Settlement

    Operational risks for domestic merchants centre on payment processing fees and foreign exchange buffers. Tech platforms handle currency conversion at the point of sale. They route charges through international payment channels and settle in yuan to local merchant accounts.

    Regional payment providers across Asia and Hong Kong continue to align their cross-border wallets with mainland QR standards. Technical adjustments made for the summit establish a permanent clearing model instead of a temporary trial.

    Earlier Policy Steps

    Regulators prompted the platform overhaul to lower inbound tourism friction and support consumer services. Central authorities told major wallet operators to raise transaction limits for non-resident users. They also ordered simpler passport verification steps.

    Initial trials began in early 2024, when platforms first allowed foreign card bindings with restricted spending limits. The new infrastructure removes earlier balance transfer limits. It also simplifies interface navigation for non-Chinese speakers.

    What to Track Next

    Inbound spending volume across Shenzhen’s retail network during the November Apec summit will serve as the first major test. Regional payment operators will track merchant settlement speeds as transaction volumes scale across southern China’s retail corridors.

  • Tencent-Backed Enflame Draws 4,073 Times Retail Demand in Shanghai IPO

    Tencent-Backed Enflame Draws 4,073 Times Retail Demand in Shanghai IPO

    Shanghai Enflame Technology drew 4,073 times retail subscription for its public offering on Shanghai’s STAR Market, raising 6.12 billion yuan ($860 million) to expand production of domestic artificial intelligence chips.

    Individual buyers lodged seven million orders totaling 5.98 trillion yuan, taking up the retail tranche of an issue priced at 142.18 yuan per share. The sale of 43 million shares represents 10 percent of the company’s enlarged equity base.

    Anchor Customer And Rising Shipments

    Founded in 2018, Enflame develops AI accelerator hardware designed for cloud infrastructure and large data centers. Tencent Holdings owns 20 percent of the business and generated 84 percent of Enflame’s total revenue in 2025, up from roughly 38 percent a year earlier.

    The company builds processor cards deployed in chatbots, recommendation systems and generative computing workloads. SWS Research estimates Nvidia commanded 55 percent of China’s AI accelerator market in 2025, while Enflame captured 1.7 percent of local shipments.

    The Final Dragon Reaches Public Capital

    Enflame is the last of China’s four emerging AI chip startups, known locally as the four little dragons, to complete a public listing. Peers Moore Threads, Biren Technology and MetaX Integrated Circuits reached the market earlier, with Moore Threads gaining 425 percent on its trading debut last December.

    While local computing platforms continue to substitute imported silicon, profitability remains unproven across the cohort. Enflame cut its net loss to 1.2 billion yuan in 2025 from 1.5 billion yuan in 2024. For the first half, the company projects a loss of 600 million yuan against anticipated revenue between 10.6 billion and 11.5 billion yuan.

  • Shein Prices Hong Kong IPO at $26.5 Billion Valuation to Raise $1.73 Billion

    Shein Prices Hong Kong IPO at $26.5 Billion Valuation to Raise $1.73 Billion

    Shein priced its Hong Kong initial public offering at HK$48.56 a share, raising HK$13.6 billion ($1.73 billion) and valuing the fast-fashion retailer at $26.5 billion.

    The price sits near the midpoint of the marketed HK$47.60 to HK$49.50 range. That crystallises a sharp valuation reset, leaving the business worth roughly one-quarter of its $100 billion private market peak in 2022 and down from $66 billion in 2023.

    Valuation Reset and Shareholder Payouts

    Cornerstone investors committed about $383 million to the offering. Existing backers Boyu Capital, Tiger Global and General Atlantic led that group, joined by Tencent, Greenwoods, Taikang Life and UBS Asset Management. Shein plans to spend 80 per cent of the net proceeds on upgrading technology infrastructure and expanding its international market reach.

    Cash outflows will also head straight to legacy backers. The company agreed to pay up to $3.5 billion to settle obligations with investors who bought special share classes during earlier private fundraising rounds.

    The listing ends a four-year hunt for a public venue after regulatory hurdles blocked attempts to float in New York and London. For Asian equity capital markets, securing a $26.5 billion consumer tech platform provides welcome liquidity to the Hong Kong exchange, but the steep discount shows investors now demand hard profitability rather than runaway gross merchandise volume.

    Slowing Growth and Market Scrutiny

    Financial filings show operating momentum has cooled across key Western markets. Shein reported revenue growth of just 1.1 per cent in the first quarter, with management projecting first-half performance to match that pace alongside slightly weaker operating margins.

    Local retail demand in Hong Kong proved muted during the bookbuild following a broader regional equities retreat in July. Alvin Cheung, associate director at Prudential Brokerage, noted that retail investors questioned Shein’s expansion prospects as shipping expenses and competition climbed.

    Goldman Sachs, Morgan Stanley and JPMorgan served as joint sponsors on the deal. Final institutional and retail allotment figures will be published on Monday, ahead of the stock’s trading debut on the Hong Kong Stock Exchange on Tuesday.

  • Chinese AI and Chip Makers Hand Millions in Stock to Lock Down Staff

    Chinese AI and Chip Makers Hand Millions in Stock to Lock Down Staff

    Chinese artificial intelligence and semiconductor firms are granting stock awards worth millions of dollars to staff across entire workforces to halt talent poaching.

    Chip designer Cambricon Technologies unlocked nearly 600,000 shares for 124 core staff, delivering an average payout of 5.57 million yuan (US$828,000) per employee. The Shanghai-listed company also launched a 5 million share scheme covering 944 workers through 2028, representing 85.3 per cent of its total payroll.

    Hardware Giants Expand Workforce Coverage

    Zhongji InnoLight, which makes optical transceivers for AI data centres, allocated 2.48 million shares across 99 key personnel in its latest vesting cycle. Based on April market pricing, that distribution yielded an average of more than 26 million yuan per recipient.

    Equipment manufacturer Advanced Micro-Fabrication Equipment China widened access further. Its March restricted share programme enrolled more than 97 per cent of its workforce. GPU maker Moore Threads followed in April by assigning 1,080 employees, roughly 85 per cent of its headcount, into its equity pool. At memory producer ChangXin Memory Technologies, founder Zhu Yiming pledged 768 million shares, half his partnership stake, to fund a decade-long employee pool while excluding himself from payouts.

    Zero Targets and Pre-IPO Payouts

    AI model developers are structuring payouts with fewer performance hurdles. Hong Kong-listed MiniMax issued 1.16 million zero-cost shares in June to core personnel, tying vesting schedules solely to tenure rather than operational benchmarks. Rival developer Zhipu AI allocated a 9.8 per cent post-listing stake across 426 staff through an internal platform, yielding an average holding value exceeding HK$100 million per person.

    Big Tech platforms are stepping up their own programmes to match startup offers. Tencent Holdings granted more than 38.6 million shares under its employee scheme, representing 0.42 per cent of its issued equity, as Alibaba Group Holding, Baidu, Meituan and Xiaomi rework compensation packages.

    The scale of these handouts reflects how quickly technical headcount costs have risen across mainland China. Where earlier stock plans favoured senior directors, current programmes distribute equity down to floor engineers to insulate operations from overseas recruitment drives and venture-backed rivals.

    Market watchers are now monitoring upcoming interim financial filings to track the share dilution costs from these multi-year vesting programmes.

  • Asian Markets Mixed Amid US Economic Worries, Retail Sales Dip

    Asian Markets Mixed Amid US Economic Worries, Retail Sales Dip

    Asian stock markets exhibited mixed performance on Monday following a downturn on Wall Street. Investors are currently weighing new economic data that suggests a potential weakening in the world’s leading economy, thereby tempering expectations for an immediate US interest rate hike.

    Last week, anticipation that the Federal Reserve might not increase policy rates next month had bolstered equities, with the S&P 500 and Nasdaq reaching record highs. This sentiment was driven by reports indicating a softening labor market and easing inflation, despite it remaining above target levels. However, recent figures have raised questions about the economy’s underlying health, prompting market observers to advise caution.

    US Economic Concerns Shift Market Focus

    Retail sales in the US declined by 0.6 percent month-on-month in July, marking the poorest performance in over a year. Concurrently, consumer sentiment plummeted as households, grappling with the economic impact of President Donald Trump’s Iran conflict, curtailed spending and anticipated higher inflation. According to Fawad Razaqzada at Forex.com, payroll data earlier in the month, coupled with inflation figures, softer retail sales, and weaker consumer sentiment, collectively suggest a loss of momentum in the US economy. This reinforces expectations that the Federal Reserve might maintain current rates in September, with traders now assigning a one-in-four probability of a hike, down from 50:50 last week.

    This week, market attention will turn to the release of earnings reports from prominent retail companies such as Walmart, Home Depot, and Target. These results are expected to provide clearer insights into the prevailing consumer sentiment, which is critical for understanding future retail trends. For companies operating across Asia, tracking these shifts in consumer behavior and market confidence is essential for strategic planning and investment. RetailNews Asia has been monitoring how similar pressures on discretionary spending, whether from geopolitical events or inflationary environments, often ripple through regional markets, influencing consumer brand strategies and investment in the retail sector.

    Asian Tech Sector Resilient Amid Regional Swings

    Despite mounting worries about the US economy, investors in Asia are currently maintaining a more optimistic outlook, particularly with technology firms showing signs of recovery after July’s sell-off. Hong Kong saw gains driven by tech giants including Alibaba, Tencent, and JD.com, while Shanghai and Taipei also recorded increases. Tokyo’s market remained largely flat, though chipmaker Kioxia gained over five percent, and SoftBank, Advantest, and Tokyo Electron added between 1.3 and two percent. Japan’s economic growth falling short of forecasts in the second quarter appeared to have minimal immediate market reaction.

    Conversely, markets in Sydney, Singapore, Wellington, and Manila experienced slight declines. The US dollar continued to weaken against other currencies, extending losses from Friday, which were a direct consequence of the latest economic data. Meanwhile, oil prices extended their one-percent gains from Friday, fueled by ongoing tensions between the US and Iran over the Strait of Hormuz. The prolonged standoff suggests that elevated oil prices, potentially contributing to inflationary pressures, could persist.

  • Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent, the Chinese multinational conglomerate, has extended its cross-border payment service, TenPay Global, to non-Chinese citizens. This move allows overseas individuals to send money directly into China and avail themselves of WeChat-related services.

    Enhanced Access to Digital Transactions in China

    Tencent’s newly launched service, “Remit to China for Non-Chinese Citizens,” permits foreign passport holders to transfer funds directly from overseas to beneficiaries in mainland China. This expansion in Tencent’s service offerings is a significant move in making China’s highly digitalized payment ecosystem more accessible to international tourists, students, expatriates, and business travelers.

    With this service, overseas users can transfer funds to beneficiaries in China using mobile phone numbers associated with WeChat accounts. Upon receipt, the funds can be instantly used for a variety of services within the Weixin ecosystem. These include online shopping, mobile top-ups, utility payments, and other everyday transactions.

    This service is particularly beneficial for international students, workers, travelers, and expatriates in China. TenPay Global offers round-the-clock access and allows transfers to be completed within minutes.

    Strengthening Cross-Border Payment Connectivity

    This launch is part of Tencent’s broader strategy to bolster cross-border payment connectivity between China and international markets. The current TenPay Global remittance platform works in conjunction with over 60 international banks and money transfer providers, supporting transfers to China from more than 100 countries and territories worldwide.

    As cross-border mobility begins to recover across Asia, payment providers are concentrating on minimizing friction for international consumers seeking access to local payment networks.

    Tencent’s remittance service is a key component of the internationalization strategy for Weixin Pay, Tencent’s leading domestic payment platform. The company has also advanced its “Pay with Your Home E-Wallet” initiative, enabling foreign visitors to make payments in mainland China using digital wallets issued in their home markets.

    With over 40 global wallet providers, TenPay Global currently has 36 e-wallets from 13 countries and regions connected to Weixin Pay’s network.

    Tencent’s expansion is indicative of the ongoing efforts by Chinese tech companies to merge domestic payment platforms with international financial networks, simplifying transactions within China’s predominantly cashless economy for foreign users. This initiative also strengthens WeChat’s position as a hub for both payments and everyday digital services, extending its reach to a rapidly growing international customer base.

    Questions & Answers

    What services does Tencent’s “Remit to China for Non-Chinese Citizens” allow?

    The service enables foreign passport holders to transfer funds directly from overseas to recipients in mainland China. The funds can then be used for various services within the Weixin ecosystem, like online shopping, mobile top-ups, and utility payments.

    What initiative has Tencent expanded apart from the remittance service?

    Tencent has also expanded its “Pay with Your Home E-Wallet” initiative, which allows overseas visitors to make payments in mainland China using digital wallets issued in their home markets.

    Which countries and regions are connected to Weixin Pay’s network?

    Currently, 36 e-wallets from 13 countries and regions, including the United States, Singapore, Vietnam, Laos, and Mongolia, are connected to Weixin Pay’s network.

  • Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    The internet giant said Wednesday that Tencent Holdings Ltd. will distribute 90% of its holdings in meal delivery giant Meituan to shareholders as a special dividend.

    Tencent will hand out 958 million of Meituan’s B shares to shareholders at a rate of one Meituan share for every 10 Tencent shares. Based on Meituan’s Wednesday closing price of HK$162.3 a share ($20.74), the payout will worth roughly $20 billion.

    As of June 30, Tencent owned more than 1 billion of Meituan’s B shares, or 19.75%, making it the biggest shareholder. The distribution will leave Tencent with less than 2% of Meituan. Tencent said it expects to complete the distribution in March.

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  • Asia a Hotspot for US-China Cloud Giants

    Asia a Hotspot for US-China Cloud Giants

    Cloud computing momentum continues to build in Asia as cloud giants channel more attention toward the fast-growing region. Demonstrating this, Oracle Cloud, Google Cloud and Tencent Cloud successively announced – within a week’s time in August – expansion plans to capture cloud market opportunities in Asia.

    As one example, Oracle Cloud has just established a new Oracle Cloud Singapore Region to meet the rising demand for cloud services. According to Chin Ying Loong, regional managing director for ASEAN & South Asia Growing Economies (SAGE),

    Google Cloud, meanwhile, has its eye on Singapore’s neighboring country, Malaysia, where it announced the establishment of the first cloud region in the country, a move set to advance the next phase of the country’s economic growth. Google Cloud has said that this new region is its “most significant infrastructure investment in Malaysia to date to support its growing local customer base, including companies in regulated industries.”

    In addition, Google Cloud will also add a cloud region in Thailand. According to research by Google, with an economy expected to reach $57 billion by 2025, Thailand is a strategic cloud market that is predicted to churn out $79.5 billion in annual economic value in the country by 2030. This would put Google Cloud in direct competition with major industry players like AWS and Tencent. A new cloud region will also be added in New Zealand – totaling three new regions in the Asia Pacific.

    Karan Bajwa, vice president for Google Cloud, Asia Pacific, noted, “When they launch, these new regions will join our 34 cloud regions in operation around the world — 11 of which are located in Asia Pacific — delivering high-performance services running on the cleanest cloud in the industry.”

    Moreover, Google just opened its third data center in Singapore in August, in a move “to build the country into its regional hub for its network of data centers, cloud regions and subsea cables.”

    Also setting sights on different countries in the region, Tencent Cloud recently announced its partnership with CITIC Telecom’s subsidiary, Acclivis, to deliver private, public and hybrid cloud services, as well as ICT solutions to cater to the demands of enterprises in Southeast Asia, China and Hong Kong. Through this partnership, Tencent Cloud aims to expand its footprint beyond China to offer its services in Southeast Asian markets. According to IDC, Southeast Asia is the fastest-growing cloud computing market and is expected to be valued at $40.32 billion by 2025, attributed in large part to India.

    This wave of interest is spurred by increased cloud reliance as more organizations recognize the long-term benefits of embracing the cloud. Across Asia, governments are investing in cloud computing to fuel digital transformation, which in turn drives greater innovation in the private sector.

    In Asia Pacific, China is the largest cloud market, followed by Japan, India, South Korea and Australia. The clear cloud leaders in this region are AWS and Alibaba. According to Synergy Research Group, Asia Pacific now accounts for one-third of the global cloud market and is growing more rapidly than North America or EMEA regional markets.

    AWS, the global leader in the cloud computing market, posted a strong 33% revenue growth from its cloud business in the second quarter of 2021, signaling strong growth, albeit slower than the growth of rivals Google Cloud and Microsoft.

    Alibaba Cloud – the largest cloud provider in the Asia Pacific and the third largest globally, behind AWS, Microsoft and Google Cloud – posted a 60% hike in revenue in Southeast Asia alone last year, with plans to continue to leverage further overseas market opportunities outside of China.

    While China is dominated by local cloud companies like Alibaba Cloud and Tencent, the rest of the region is a playing field between Chinese and US cloud giants. The succession of cloud expansion announcements in the region is a clear indication that Asia is the coveted region for unprecedented cloud growth.

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  • Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud and technology services provider Acclivis Technologies and Solutions announced that they have signed a strategic partnership to bring private, public and hybrid cloud and ICT solutions to enterprises in Southeast Asia, mainland China and Hong Kong.

    Tapping Acclivis’ presence in Singapore, Malaysia, Indonesia, Thailand, Philippines and Hong Kong as well as Tencent Cloud’s expertise and experience in China, the collaboration primes both parties to be the go-to partners for Southeast Asian enterprises who want to access China as well as Chinese enterprises keen to expand in Southeast Asia.

    The combined platform will offer Tencent Cloud’s cloud computing services and industry solutions available for verticals including financial services, entertainment, gaming, media and entertainment, retail and more.

    Additionally, the collaboration also provides a one-stop ICT platform featuring the internet services, managed services and IT end-user support provided by Acclivis to address the diverse and interconnected needs of every enterprise’s digital transformation journey.

    This full-suite ICT platform will allow enterprises to enjoy a better customer experience through simplified IT management using AI and machine learning, and also reap cost savings from the synergies expected from the partnership.

    Further highlighting Tencent Cloud’s commitment to bringing only the best cloud solutions to every part of the world, Tencent Cloud said it is pleased to team up with Acclivis to serve Southeast Asian enterprises who want to expand their reach to China.

    Kenneth Siow, regional director for Southeast Asia and general manager of Singapore, Malaysia and Indonesia, Tencent Cloud International, said, “Enterprises all over Southeast Asia have clamored for cloud technology that would help them easily connect their businesses to China. We are pleased to enter this new agreement with Acclivis to help businesses and organizations expand their global footprints, whether they are from Southeast Asia or China.”

    Meanwhile, Marcus Cheng, CEO of Acclivis Technologies and Solutions, added, “Acclivis’ mission is to provide reliable and comprehensive ICT solutions to help organizations realize the power of digital transformation. Leveraging on our deep roots in Southeast Asia, our internet connectivity and managed services capabilities, and Tencent Cloud’s years of experience in providing cloud services to various industries, our new partnership will put us ahead of the curve to access greater opportunities in Southeast Asia and China.”

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  • China regulator fines Alibaba, Tencent for disclosure violations

    China regulator fines Alibaba, Tencent for disclosure violations

    China has imposed fines on technology giants Alibaba and Tencent, as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, the country’s market regulator, said on Sunday.

    The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.

    Tencent was involved in 12 of the transactions on SAMR’s list.

    The firms could not immediately be reached for comment. China’s tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.

    Under the anti-monopoly law, the maximum potential fine in each case stands at 500,000 yuan ($74,688).

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  • Tencent posts slowest-ever sales rise; regulation impact set to ease

    Tencent posts slowest-ever sales rise; regulation impact set to ease

    Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 percent in the fourth quarter. This is reflecting regulatory scrutiny which has affected has hurt its gaming and advertising sales.

    China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing’s move to strengthen control over its society and industries including technology, after years of unbridled growth.

    This has also led to a slowdown in advertising as businesses have cut spending.

    Tencent Holdings, which gets much of its revenue from gaming and develops games such as ‘Honour of Kings’ and ‘Call of Duty Mobile’, said domestic gaming sales grew 1% in the quarter ended Dec. 31.

    The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year.

    “As we move into the latter half of 2022 it should cease to impact the revenue growth rate,” Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures.

    Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed.

    The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter.

    It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements.

    Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed.

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