Caixin
Aug 12, 2021 09:25 AM
CHINA

CX Daily: Chinese Chipmaking Upstarts Race To Rival Nvidia

Chips /

In Depth: Chinese chipmaking upstarts race to rival Nvidia

Chinese venture capital is pouring into development of the next generation of microprocessors as Chinese startups race to challenge the dominance of the U.S. chipmaking giant Nvidia Corp.

Investment in the new generation of general purpose graphics processing units (GPGPUs), an advanced kind of computing chip, has been booming as venture capital bets on the growing Chinese industry. While traditional graphic processing units (GPUs) render images on computers, GPGPUs are designed to harness data processing power for artificial intelligence (AI) computing.

Several Chinese frontrunners have jumped into the race, attracting investors’ attention. Beijing has been pushing for more self-reliance in semiconductors, and a global chip shortage has created an opportunity for Chinese companies to make breakthroughs.

Education /

Individual tutors become latest target in China’s after-school education crackdown

Authorities in China increased scrutiny of after-school tuition offered by individuals as tutoring service providers change tactics amid high demand and a government crackdown on private education enterprises.

During a recent inspection, one individual and six institutions were punished for offering unlicensed after-school tutoring that violated government regulations, the Beijing Municipal Education Commission said in a statement Monday. The individual, surnamed Gong, was found “organizing unauthorized tutoring on curriculum subjects” in a cafe in the city’s Pinggu district, the statement said.

FINANCE & ECONOMY

HK

Financial institutions will be required to submit proof of their clients’ identity to the Hong Kong Stock Exchange to trade shares. Photo: IC Photo

Stocks /

Hong Kong to make investors trade stocks under their real names

Hong Kong’s securities regulator said investors will need to register their real names with the city’s bourse to trade stocks as of the second half of 2022, a move that tightens personal identification rules on the exchange in an effort to prevent misconduct.

Financial institutions will be required to submit proof of their clients’ identities to the Hong Kong Stock Exchange to place buy or sell orders, the Securities and Futures Commission (SFC) said in a statement Tuesday.

Currently, investors are not required to register their real names on the exchange, with the exception of Chinese mainland residents who trade Hong Kong-listed shares through the Stock Connect program.

SoftBank /

SoftBank to curb China deals amid regulatory uncertainty

SoftBank Group will significantly cut back on new investments in China due to regulatory uncertainty, Chairman and CEO Masayoshi Son said Tuesday, after a crackdown by Beijing dented the valuation of its investments.

The retreat of SoftBank marks the loss of one of the most aggressive tech investors in China and signals a correction in startup valuations there. The Japanese company has poured billions of dollars into some of the country’s biggest tech companies, including Didi Global, ByteDance and Alibaba Group Holding.

Covid-19 /

Nanjing airport officials probed as outbreaks spread

Two top officials of state-owned Eastern Airport Group Co. Ltd. were placed under investigation after Covid-19 outbreaks spread across China from one of the airports they oversaw.

Feng Jun, party secretary and chairman of Eastern Airport Group, was probed on suspicion of serious violations of law and discipline, the provincial anti-corruption agency said Tuesday. Eastern Airport Group oversees several airports in Jiangsu province. Xu Yong, general manager of the company, was also investigated.

The graft buster didn’t elaborate on the reason for the investigations, but the move followed an earlier probe of three other officials at the Nanjing Lukou International Airport for poor pandemic control.

BUSINESS & TECH

SHIP

Ambulances arrive at a Zhoushan dock and wait to transfer crew members to the designated medical institution for treatment on Thusday. Photo: Xinhua

Ship /

After days stranded off China’s coast, cargo ship crew members hospitalized with Covid

Nearly a dozen crew members of a cargo ship stranded for days off a Zhejiang province city have been hospitalized with Covid-19 and are in stable condition, local authorities said.

The Grand Progress bulk carrier with a crew of 20 Chinese seafarers on board was transporting coal to Nantong, East China’s Jiangsu province, after leaving the Philippines July 30, according to an account of the incident (link in Chinese) posted Tuesday on WeChat by the Zhoushan government’s publicity department.

On Aug. 3, the vessel was passing by the archipelago city when its engine malfunctioned, forcing the ship to stop for maintenance, which was successful. A few days earlier, several crew members began to develop feverish symptoms and were by then too ill to work.

Telecoms /

China Telecom’s first-half investment lags amid chip shortage, executive says

China Telecom Corp. Ltd., one of the country’s three major state-owned mobile carriers, achieved just a third of its full-year investment target in the first half of 2021 amid a shortage of chips and weak demand for its 5G equipment, according to a senior executive.

The company spent 27 billion yuan ($4.2 billion) in the first six months of this year, far less than half of the previously announced 87 billion yuan earmarked for the whole year, Liu Guiqing, executive vice president at China Telecom, said during an earnings conference call with analysts and the media Tuesday.

Airports /

Qatar’s Hamad Airport dethrones Singapore’s Changi to be named world’s best in survey

Qatar’s Hamad International Airport was named the world’s best airport, snatching the crown from Singapore’s Changi Airport, which held the top spot for eight years, according to the 2021 Skytrax World Airport Awards.

Guangzhou Baiyun International Airport ranked highest among the Chinese mainland’s airports, jumping 16 spots from last year to 14th while also earning the title of the world’s most outstanding in the 35 million-to-45 million passenger category, according to Skytrax.

Sexual assaults /

Opinion: Government intervention needed to prevent sexual assaults at work

"In recent years, continuous efforts have been made to build some restraint into society, including sexual harassment and sexual assault policies at companies," writes Zhou Dongxu, a reporter at Caixin Media, in an article. "But old practices die hard and these efforts are far from sufficient."

"In short, preventing sexual harassment and sexual assault cannot be achieved without the government formulating legal norms and without enterprises and public institutions creating complete systems of internal regulation," Zhou writes.

Blog: Evidence is critical in suspected sexual assault case at Alibaba

Quick hits /

China Evergrande soars after confirming talks to sell assets

China anti-graft watchdog calls for business drinking curbs

Huawei’s Meng Wanzhou fights extradition as Canadian sentenced to 11 years in China

Hot Topics /

Alibaba to fire manager accused of raping colleague, Beijing recalls ambassador to Lithuania, Hong Kong teachers’ union to disband

GALLERY

Wenjuan01

Beijing’s private tutors close up shop

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