Tech Titans of China


How China’s Tech Sector is challenging the world by innovating faster, working harder, and going global

The rise of China’s tech companies and intense competition from the sector is just beginning. This will present an ongoing management and strategy challenge for companies for many years to come. Tech Titans of China is the go-to-guide for companies (and those interested in competition from China) seeking to understand China’s grand tech ambitions, who the players are and what their strategy is. Fannin, an expert on China, is an internationally-recognized journalist, author and speaker. She hosts 12 live events annually for business leaders, venture capitalists, start-up founders, and others impacted by or interested in cashing in on the Chinese tech industry. In this illuminating book, she provides readers with the ammunition they need to prepare and compete.

Featuring detailed profiles of the Chinese tech companies making waves, the tech
sectors that matter most in China’s grab for super power status, and predictions for China’s tech dominance in just 10 years.

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THE NEW YORK TIMES , USA TODAY , AND WALL STREET JOURNAL BESTSELLER Dr. Kai-Fu Lee—one of the world’s most respected expert.

 

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China’s new digital currency


https://youtu.be/QlBp9fz6eVE

China launching Cryptocurrency

— China’s central bank on the brink of launching a digital currency. How will this revolutionize the monetary landscape in China and abroad?

— and, we meet a scholar whose calling revolves around friendly China-US ties. How can people on both sides maintain the relationship.

China’s to launch its own digital currency

The Point: What does China think about Facebook’s digital currency?

Facebook announced plans to launch a cryptocurrency for its members, with the aim of enabling them to make virtually all their transactions online. What are the potential risks for governments, companies and individuals?


China to launch gov’t-backed digital currency


China Is Issuing It’s Own Digital Currency

China’s yuan will become a cryptocurrency, blockchain expert says


China Cryptocurrency is Ready!!! – Crypto Daily News

Christine Lagarde: ‘Central Bank digital currency is coming alive’

Tech Daily: China government backed digital currency launch soon


US, China to meet as Beijing considers digital currency

CHINA’S CENTRAL BANK SAYS THEIR DIGITAL CURRENCY IS READY

From ‘Made in China’ to ‘Created in China’从中国制造到中国智造

Made in China” used to be a synonym for cheap products, but all that has changed. China has made huge progress in innovation and technology. From the Sunway TaihuLight supercomputer, the fastest in the world, and the 500-meter-wide radio telescope in southwest China’s Guizhou Province, to the development of lithium battery and 3D-printed blood vessels made from stem cells and renewable energy technologies, Chinese innovations are making a name for themselves.
CGTN explains China’s huge transformation from the world’s factory to an innovation leader.

CGTN’s special program “New China” gives you an in-depth look at China 70 years on. Our crew is on a 12-day journey around China’s southwestern, southeastern and northeastern regions. Don’t miss it. #PanoramicChina #70YearsThriving

China’s central bank speeds up digital currency drive

 Private-sector players likely to participate in project

Photo: VCG

With internet technologies advancing and cryptocurrencies flourishing amid a broad digital transformation, individual countries are starting to issue legal tender in digital form, and the People’s Bank of China (PBC), the country’s central bank, is also accelerating its pace in this area.

As of Sunday, the PBC had applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, according to a report by the Economic Information Daily on Monday.

The PBC said it will speed up the development of legal digital currency on Friday.

Wang Xin, director of the PBC Research Bureau, said in July that the authority is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, China’s Cabinet.

“China is beefing up efforts in digital currency innovation, a trend driven by emerging technologies that is spreading worldwide,” said Huang Zhen, a professor at the Central University of Finance and Economics.

Rather than letting cryptocurrencies challenge the position of sovereign currencies, it is wiser for countries to roll out their own digital currencies, Huang told the Global Times on Monday.

Chinese authorities ordered a ban on initial coin offerings in 2017 and stopped direct bitcoin-yuan trading as the rapidly expanding market spawned concerns over financial risks.

The PBC, one of the earliest central banks in the world to start the process of digital currency innovation, launched its program in 2014 during the tenure of former governor Zhou Xiaochuan. In 2017, the PBC established a research institution for the digital currency.

“China is among the leading countries in terms of its research into a government-backed currency,” said Huang.

Favorable conditions

The basic conditions favorable for China’s implementation of a digital currency include comprehensive and fast networks, broad digitalization in the financial sector, and advanced financial technologies – particularly blockchain, a digital, public ledger that records online transactions, according to Huang.

In recent years, Chinese internet companies have made huge achievements in the mobile payment and e-commerce sectors, helping create a digital economy of more than 30 trillion yuan ($4.36 trillion), according to media reports.

In June, US social media giant Facebook released an official white paper for its cryptocurrency project Libra, a blockchain-powered stablecoin expected to arrive in 2020.

The move stepped up the global race for digital currencies, with China’s central bank paying close attention.

The central bank is closely working with market participants on creating a central bank digital currency, PBC official Wang said.

“China’s private market players have accumulated some experience in the digital currency sector. Their participation in the government’s work will effectively help promote the project,” Cao Yin, an expert in the blockchain sector, told the Global Times on Monday.

It is likely that the sovereign digital currency will be issued within two or three years at the soonest, although the authority tends to take a prudent attitude, Cao said.

Once it is broadly implemented, the new currency will have a big impact on Alibaba’s Alipay and Tencent’s WeChat Pay, the two dominant mobile digital payment tools in China, as the PBC’s digital currency is featured by decentralization, unlike the former two.

Challenges ahead

There are still some bumps on the road to promoting the digital currency.

“For this new kind of currency, its nature actually poses challenges to existing policies in such aspects as foreign exchange control, so it takes time to balance benefits with potential risks,” said Cao.

A flexible and open mechanism is needed by the PBC to attract more talent, he added.

Digital currencies can help strengthen regulation as transaction data can be tracked and analyzed, including illegal money laundering, according to Huang. But laws and rules should be formulated in a timely fashion to protect individual information. “Safety is the biggest issue,” he added.

“Use of the digital currency to better serve the real economy also requires policy guidance,” said Huang.
Newspaper headline: PBC accelerates digital currency drive.

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Why China can take a lead in 5G and AI technology application


China is among the world’s first countries to apply 5G to business services. China’s telecommunications guides the global 5G-technology trend. An open China is becoming the “playground” for global AI businesses and a key landmark for a joint exploration of AI’s direction of end development. Check out this video and have a look at why China can take a lead in 5G and AI technology application.

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Malaysian public universities’ worst nightmare is beginning, with local private universities rapidly rising and making their presence fe.


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Jack Ma Ends 20-Year Reign Over Alibaba Wealth Creation Empire


Stepping down as chairman: Jack Ma waving while standing for a photograph with Alibaba CEO Jonathan Lu (left) and co-founder and vice-chairman Joseph ‘Joe’ Tsai in front of the New York Stock Exchange. Ma is giving up the reins of Alibaba Group Holding Ltd after presiding over one of the most spectacular creations of wealth the world has ever seen. — Bloomberg

Alibaba co-founder Jack Ma retires as CEO on 55th birthday

As Alibaba founder Jack Ma retires, a look at how he built the $460 bn ecommerce empire in China


 

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Jack Ma’s Alibaba to take on Kuala Lumpur’s traffic Artificial Intellligence project

Alibaba Cloud, which set up a datacentre in Malaysia last year, is considering a second one to further develop a
local ecosystem, its president Simon Hu said. — Reuters

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Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

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Looking East policy with a twist to China ?

Japan may have led Malaysia’s Look East policy of yore, but the stakes are heavily tipped in China’s favour now as the leader of the new world order.

华为不惧美国封杀 美式霸凌失道寡助!Huawei’s goodwill gesture being treated unscrupulously by the US !


https://youtu.be/hRv0QMEwdas

《今日关注》是CCTV中文国际频道播出的时事述评栏目。该栏目紧密跟踪国内外重大新闻事件,邀请国内外一流的专家和高级官员梳理新闻来龙去脉,评论新闻事件的影响和发展趋势。

中国财经报道》 任正非:美国政客低估华为的力量

任正非接受中央广播电视总台等媒体采访,任正非:美国政客低估华为的力量;摩根士丹利:美加征关税或致全球经济衰退;东航正式就波音737,MAX停飞损失向波音公司提出索赔。 《中国财经报道》原“整点财经”,联通全天频道财经资讯滚动递进式播出,形成频道财经资讯流。向受众提供即时国内国际财经新闻资讯,及时报道足以影响普通投资者重大利益的变化。

【栏目介绍】
离你最近的热点新闻,给你最快的新闻现场,予你最深的剖析解读,《今日亚洲》栏目携手亚洲30家强势媒体,独家资源、权威学者、专业制作,倾力打造亚太时事述评新闻高地。

#財經八點檔 #非凡貿易戰 #華為

【財經八點檔】暫緩禁令90天美國怕了?華為嗆沒意義 中國網友力挺:全面拋棄蘋果! 商用到軍用”大疆”好神!白宮盯上中國無人機巨頭控竊密│非凡新聞│20190521

首发!任正非最新回应:需要跟世界霸主较量!不需要90天临时执照!!!

专家批驳“美国重建中国论” 纯属荒谬说法 中国发展靠自己

Huawei products should not be linked to politics: Ren

U.S. ban not to affect Huawei’s high-end and 5G products: Ren

Huawei is a commercial company, and the use of its products is a choice for consumers based on their likes and should not be linked to politics, said Ren Zhengfei, founder and president of Huawei Technologies Co. Ltd. on Tuesday.

Ren made the remarks after the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce put Huawei and its affiliates on an “Entity List,” which would restrict the sale or transfer of U.S. technologies to the company. The ban has triggered opposition from markets worldwide.

Huawei maintains mass production capacities for specific key components, including chips, and the U.S. ban will not result in negative business growth, Ren told reporters.

The telecommunications giant projected slower but positive growth this year.

Huawei posted a 39 percent year-on-year revenue growth in the first quarter of the year. The growth has slowed slightly in the second quarter, but the slowing will not hurt the company, Ren said.

“Huawei had made preparations for the extreme situations even before the Chinese Lunar New Year,” he said.

He noted, however, that it would not reject the U.S. supply chain, citing Huawei’s announced purchase of 50 million chips from Qualcomm in 2018.

“As long as the U.S. government allows U.S. companies to export the components, Huawei will continue to buy while sticking to its own research and development,” he said.

Ren said he appreciated the support of a large number of U.S. components suppliers over the years, and they are also lobbying for the easing of U.S. government-imposed restrictions.

He said Huawei is also in talks with companies like Google for potential remedy solutions, he said.

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Ren’s mind-set fit to face down US

China can hardly make the US clear about all these issues. The only option for China is to do its own things well and accept the fact that the China-US trade war will last in the days that follow. As China becomes stronger, it will eventually see the US willing
to reflect upon itself.

Homegrown BeiDou system guarantees industry safety

The overall output value of China’s satellite navigation and positioning services industry reached 301.6 billion yuan ($43 billion) in 2018, up 18.3 percent on a year-on-year basis, with the country’s home-developed BeiDou satellite system contributing 80 percent to the core production value, reads an official white paper.

 

China launches new BeiDou navigation satellite

China sent a new satellite of the BeiDou Navigation Satellite System (BDS) into space from the Xichang Satellite Launch Center in Sichuan Province at 11:48 p.m. Friday.

 

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Steep learning curve


What is meant by “steep learning curve”?

Unfazed, this mass comm graduate overcame all kinds of challenges to make it in business.

SAMANTHA Mah did well on her first business venture but suffered a loss on her second. However, failure did not deter her and her two partners from moving on. They gave it another go until they could see the fruits of their labour.

Mah worked as a company administrator and voice talent for radio commercials before she decided to venture into business.— aNis aBdullah/The star

Mah’s first business received an investment of RM10,000 from her sister, Natasha, 37. She and two investor-partners started an online boutique targeted at young women. After one-and-a-half years, business picked up and was quite good.

Mah, 30, is the youngest in her family. She has two elder sisters and a brother.

Mah, Natasha and a friend Jason Leong, 31, started their trading company on March 8, 2011. Just four months later, it incurred a big loss, prompting them to change the products they were selling – from peanuts and sesame seeds to edible organic products.

A mass communication graduate from Universiti Tunku Abdul Rahman (UTAR) in Selangor, Mah had worked part-time as a company administrator and voice talent for radio commercials before she venturing into business. She is now the marketing manager/managing director of her company.

After starting Wide Tropism Trading, she passed her online boutique business to a friend.

One of the biggest challenges for Mah, at the beginning, was that neither she nor her partners had a corporate background.

“We handled matters based on our experiences. Sometimes we had to ask friends for advice.

“In the first few years, there were lots of arguments,” she said.

Mah is glad that her relationship with Natasha survived those trying times.

As part of the company’s costcutting measures, each of them had to take on more responsibilities in various departments.

“There were too many things on my plate – human resource, accounts, design and marketing – and I was suffocating. But we did not have enough (finances) to hire staff,” said Mah.

After two months, she “exploded” and cried during a meeting.

“I could not take the pressure and workload anymore,” she said.

Eventually, they could afford to hire new staff.

“Only then did things start to fall into place,” she said.


Cheated by a supplier

Initially, they were importing foods such as peanuts and sesame seeds, and distributing them to local suppliers. Unfortunately, they suffered a huge loss in the first year itself due to unscrupulous parties.

Due to limited cash flow, they could only import one container of stock at a time. Each time, they flew over to the exporting country, India, to check on the quality of the stock and witness the peanuts being loaded into the containers. The first two shipments went through successfully.

However, the third shipment, supposedly of Grade A peanuts, was discovered to contain Grade C stock instead, when it arrived.

She said: “No one in the market would accept the stock. We sought help from the local distributor to sell off the peanuts at a lower price but even then, no one wanted them. After trying for two months, we had to sell off the peanuts to a peanut butter factory at below cost. As a result, we ran into losses amounting to RM40,000.”

The supplier denied it was his fault and instead blamed others. They then contacted the High Commission of India, in Kuala Lumpur, for help but to no avail.

“We wondered how we were going to continue business. My father advised us to pick ourselves up, learn from it, and be more careful. Everyone was very supportive and encouraged us to continue. They believed we could do better,” she said.

Mah then sought help from her uncle, an experienced fruit trader and grocer. He advised her to run a business that’s less risky, such as repackaging and distributing organic products.

She and her business partners promptly took his advice.

In July 2011, her company had its first customer, a newly opened supermarket in Petaling Jaya. In two months, Mah’s team had designed the logo and sourced for products and packaging. And so, their label Love Earth was born.

 Overcoming obstacles

Every day, Mah and her partners packed their products until midnight, and delivered them, working on weekends to selfpromote their products as well.

Said Mah: “Each time a new supermarket called, we’d celeto brate!”

Gradually, it was time start their expansion plan but they were hampered by limited cash flow.

They knew they had to spend more to create brand awareness. That’s when they started their online webstore.

“None of us had any knowledge about marketing. So I attended marketing and e-commerce talks to learn and see what we could do,” she said.

Mah recalled: “The first three years of business were really tough. My salary was only RM1,000 monthly (to cut costs).”

But their efforts paid off. After five years of sheer hard work, they could buy two units of four-storey shophouses.

The company started with 50 products and now has 180.

Currently, it is distributing these products to over 500 outlets throughout Malaysia.


New priorities

Mah, who got married two years ago, plans to expand her family this year. Her husband, C.V. Loh, 32, distributes bio-degradable plates, lunch boxes and bowls as well as health supplements.

She said: “I hope to have financial freedom, and more time for my family. If possible, I would like to be a part-time businesswoman and full-time housewife one day.”

She plans to raise her children herself and not send them to a nanny. She also hopes to travel more in the future. Presently, she travels at least thrice a year. Seeing other countries and cultures opens up one’s mind, she said.

Although she is a career woman, Mah believes in putting family first.

“Women play a role in bringing up the family. If a child is not well taught, he might be a nuisance to society in the future. But if he has a good upbringing, he can be the sun that shines and brings benefits to all. Also, a woman is the pillar that upholds the family,” she said.

Mah explained that even though she studied mass communication and broadcasting, it was during her internship that she realised that she wanted to go on a different career path than she had originally planned.

After her graduation, she thought of going into volunteer work. But her uncle advised against it. He told her to be successful so that she could help herself and others in future.

By Majorie Chiew The Star
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Bytedance, World’s Most Valuable Startup Is Home to a Complex Fortune


US$13bil man: Zhang is the youngest self-made billionaire in Asia on the Bloomberg index, which tracks the world’s 500 richest people. He is worth US$13bil. — Bloomberg

  • Ownership structure used by Zhang Yiming is popular in tech
  • Chinese authorities will soon allow so-called VIEs to list

The 35-year-old founder of Bytedance Ltd. is worth about $13 billion, according to the Bloomberg Billionaires Index, making him China’s 9th-richest person and one of the fastest in modern times to amass a mega-fortune.

The business, founded in 2012, has more than 1 billion active monthly users across eight mobile apps, including a news aggregator powered by artificial intelligence and a video-sharing platform.

Zhang is the youngest self-made billionaire in Asia on the Bloomberg index, which tracks the world’s 500 richest people. His rapid wealth accumulation is a sign that China hasn’t lost its knack for creating mega-rich company founders despite a slowing economy.

His rapid wealth accumulation — he’s now the world’s 98th-richest person — is a sign that China hasn’t lost its knack for creating mega-rich company founders despite a slowing economy. It also helps explain why authorities seem to be taking a more tolerant stance toward a corporate structure favored by the country’s technology tycoons, most of whom have chosen to list their businesses overseas.

Zhang’s fortune is harder to calculate than the founders of Baidu Inc. and Tencent Holdings Ltd. in part because his company isn’t yet public. It’s also difficult because Bytedance is structured in the same way as the two tech behemoths — a complicated ownership system known as a variable interest entity (VIE).

Of the 44 Chinese tycoons on Bloomberg’s wealth index, eight are tech moguls with VIEs listed outside China. The billionaires’ combined net worth exceeded $150 billion as of March 21, and their stakes weren’t publicly known until the companies filed with regulators ahead of going public in New York or Hong Kong.

VIEs have never been formally endorsed by the Chinese government. But in an acknowledgment of their importance, officials will soon permit VIEs to go public in the country, allowing them to list on a new technology-focused exchange set to launch in coming months.

Complex Structure

Bytedance is, for now, a closely held VIE with a complex structure that involves layers of holding companies.

Its main business, Jinri Toutiao, is ultimately owned by Zhang and Bytedance Senior Vice President Zhang Lidong through a Beijing-registered holding firm, according to China’s National Enterprise Credit Information Publicity System.

Zhang pledged his 98.8 percent stake to another Beijing company, which in turn is owned by a Hong Kong-registered firm. That entity, where Zhang is a director, is owned by a company registered in the Cayman Islands. The principals won’t be disclosed unless there’s an IPO prospectus.

The Bloomberg Billionaires Index calculated Zhang’s net worth by pegging his stake at 65 percent and using the company’s valuation of $20 billion, a figure provided in 2017 by people with knowledge of the matter. The analysis assumes his stake has been diluted through funding rounds.

Bytedance is said to have secured a $75 billion valuation in late 2018, making it the world’s most valuable startup — though the figure isn’t used in the net worth calculation because the details haven’t been confirmed.

Yin Ai, a Bytedance spokeswoman, declined to comment on Zhang’s wealth or the ownership structure.

Zhang uses a VIE because Chinese regulations limit foreign investment across more than 30 sectors including the internet, telecommunications and education. The VIE structure — which allows offshore companies to control domestic Chinese businesses through contractual agreements — circumvents the rules and allows, for example, Baidu’s holding company to be based offshore (and list in the U.S.) while still being a dominant force in China.

Internet giant Sina Corp. pioneered the VIE model so that it could transfer income from onshore operating businesses to an offshore holding company, an arrangement that meant the Cayman Islands entity could list on the Nasdaq Stock Market in 2000.

There are risks to the structure for foreign investors, said Donald Clarke, a specialist in Chinese law at George Washington University.

“A contract entered into for an unlawful purpose is invalid under Chinese law,” he said. “Any time the government wants to pull the plug, it can.”

Still, that hasn’t stopped more than 100 companies using VIEs in offshore IPOs, according to research by Zhou Fang, a Beijing-based partner at law firm JunHe LLP, who predicts that more companies will follow.

That growth helps explain why authorities are slowly embracing VIEs. Earlier this month, China enacted a foreign-investment law that allayed investor concerns about the future of such companies, while unicorn VIEs will be able to list on the new exchange in Shanghai, known as the Tech Board.

“To some extent, it shows the government easing concerns over VIEs — but they still care about who’s the ultimate controller of the company,” said Zhang Biwang, a partner at Allbright Law Offices. As long as the controller of the company remains a Chinese citizen, “the government won’t shut their eyes and ignore reality to make the companies give up VIEs.”

ByBloomberg

Read more:

China tech firms, seeking passion and energy, promote younger staff
 https://www.reuters.com/article/us-china-tech-ageism/china-tech-firms-seeking-passion-and-energy-promote-younger-staff-idUSKCN1R60PS

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