Author: Xinmei Shen
Former Chinese finance vice-minister, Zhu Guangyao, emphasized the importance of cryptocurrencies for the digital economy, urging China to catch up with the US in embracing the industry. Despite the risks associated with cryptocurrencies, Zhu believes they are crucial for the development of the digital economy. In light of significant changes in crypto policy in the US, Zhu suggests that China should study these developments and re-evaluate its ban on cryptocurrencies. He joins a growing number of Chinese economists advocating for a review of China’s crypto ban amid global expansion in the sector. Zhu Guangyao, China’s former vice-minister of finance, speaks…
Hong Kong is considering involving the Securities and Futures Commission (SFC) in regulating over-the-counter (OTC) virtual asset trading services to address regulatory challenges in the industry. The SFC is exploring the possibility of implementing a new licensing regime for cryptocurrency OTC services in collaboration with the Customs and Excise Department (C&ED). The proposal to regulate OTC services, previously under the jurisdiction of the C&ED, aims to oversee large-volume cryptocurrency transactions between parties. The SFC has also consulted companies on potentially introducing a new licensing regime for cryptocurrency custodian services. Efforts to develop a clear regulatory framework for the virtual assets…
Equinix is set to invest US$124 million to construct its sixth data center in Hong Kong, aiming to meet the rising demand in the Greater Bay Area. The new facility, planned to be operational by Q1 2026, will be the company’s largest investment in Hong Kong in a decade. The initial phase of the data center will offer 1,000 cabinets, with a total of 3,550 cabinets upon completion. The expansion reflects the increasing need for digital infrastructure to support customer’s digital transformation efforts. Equinix’s Asia-Pacific president highlighted the growth in internet exchange service traffic by 50% in Hong Kong in…
Hong Kong Investment Corporation (HKIC), a government fund worth HK$62 billion (US$8 billion), has partnered with Beijing-based humanoid robot start-up, Galbot, to boost the artificial intelligence (AI) industry in Hong Kong. Galbot will establish the HK-Galbot Embodied AI Lab to explore applications for humanoid robots in industries such as retail and tourism, with a focus on training teenagers in embodied AI technology. The partnership aims for Galbot to lead the robotics ecosystem in Hong Kong and potentially conduct an IPO in the city. HKIC CEO Clara Chan highlighted the advantages of embodied AI technology in replacing humans in hazardous and…
Shanghai has released China’s first governance guidelines for humanoid robots, emphasizing risk controls and international collaboration. This comes as tech giants like Tesla showcased their automatons at the World Artificial Intelligence Conference (WAIC). Makers of humanoid robots must ensure their products do not pose a threat to human security and uphold human dignity, as per the new guidelines. Measures such as risk warning procedures, emergency response systems, and user training on ethical and lawful machine use are outlined. The document, authored by five Shanghai-based industry organizations during WAIC, advocates for global cooperation in the humanoid robot sector. It suggests establishing…
China’s venture capital investments are increasingly focused on technology sectors aligned with government policies, such as AI and semiconductors. Despite an overall funding plunge, China contributed 90% of global venture capital investments in the chip sector last year, reaching US$22.2 billion, more than double the previous year. State-backed investors are playing a growing role in private market funding in China, participating in about 60 of the 100 largest deals from 2021 to June this year. AI and clean technology sectors also saw significant investments, with AI firms in China raising US$5.6 billion in the first half of 2024. Despite growth…
WeBank, a digital bank established in 2014 by Tencent and other Chinese companies, has recently been given approval to set up its wholly-owned subsidiary in Hong Kong with a capitalisation of US$150 million. The National Financial Regulatory Administration (NFRA) under the State Council granted this approval to help WeBank expand its overseas business and provide services to countries and regions covered by the Belt and Road Initiative. WeBank’s president, Li Nanqing, will lead the Hong Kong unit, as per the NFRA statement. The move aligns with the efforts to enhance economic integration between Shenzhen and Hong Kong under the Greater…
Hong Kong’s privacy watchdog has released the city’s first guidelines on protecting personal data in businesses using generative artificial intelligence (AI) services. The Office of the Privacy Commissioner for Personal Data (PCPD) outlined measures for companies to safeguard personal information when using AI, such as conducting risk assessments and establishing an internal AI governance committee. The framework aims to enhance data protection in Hong Kong as AI adoption grows, filling the regulatory gap in a technology-driven environment. While the guidelines are voluntary, they provide essential principles for handling AI ethically and responsibly. Mayer Brown partner Amita Haylock (right), pictured at…
Exciting news for Tesla owners in China! Baidu Maps will soon be available on Tesla’s EVs with the release of Version 20. The new software features lane-level, 3D navigation with traffic light countdowns, lane instructions, and surveillance alerts. The user interface is designed to be more intuitive and better suited for Tesla vehicles, as demonstrated in a road test video posted on Weibo. Mapping data is highly protected in China, where Google Maps is not officially available. Baidu Maps apologized for the delay in releasing the new version for Tesla owners but promised a quick rollout. The company also mentioned…
Cloud Light Technology, a manufacturer of optical modules based in Hong Kong Science and Technology Parks (HKSTP), is poised for a 50% annual growth rate following its acquisition by a US company. The surge in demand for data centers driven by artificial intelligence (AI) has fueled this growth. The company, which specializes in fibre-optic transceivers used in data centers, was acquired by US giant Lumentum for US$750 million. Cloud Light’s products cater to the increasing need for higher bandwidth and computing power in the global AI market. CEO Dennis Tong highlighted the importance of interconnect products for enabling massive computing…