Shenzhen’s Bao’an district is offering subsidies of up to 100 million yuan for “manufacturing innovation centers” to be established there. The district, which centers on the international airport but is a large-scale logistics and commerce hub in the making, has just released a plan aimed at transforming traditional manufacturing industries through the IoT model, which in China is known as the “industrial internet”.
A set of detailed criteria for the subsidies has been formulated. Any enterprise formally identified as being engaged in industrial internet development, by authorities at the municipal, provincial, or national level, qualifies for financial support if they set up in Bao’an. The district will add up to 50% of funding provided by these higher-level authorities, capped at 50% of the enterprise’s total required investment. Depending on the size of the project, these can be 100 million yuan, 50 million yuan, or 30 million yuan.
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Recruitment website Zhaopin has released a report showing that Guangzhou and Shenzhen are by far the country’s biggest recruiters of talent for the burgeoning area of cross-border e-commerce. In the first quarter of 2021, positions advertised on the platform for foreign trade import and export industries overall rose 11.2% year-on-year, with Guangdong ranking just ninth at 18.3%. However, the fastest-growing segment was in cross-border e-commerce operations, where the province accounts for 51.6% of the country’s overall demand. Nearly all of this came from its two biggest cities, Shenzhen and Guangzhou, which accounted for a combined 48.8% of the total.
Cross-border e-commerce is a category denoting direct online sales between merchants in China and buyers overseas. It includes, for instance, sales by Chinese firms on Amazon.com and Aliexpress.com.
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Tencent seems to have taken a shine to Zhuhai. After signing a deal with the city’s Xiangzhou district back in May to build a cloud computing base, its cloud-computing subsidiary – surprise! – recently won a public tender to provide AI-powered cloud services to the district worth RMB75 million.
Tencent Cloud will provide full-stack public cloud services supported by AI technology, including machine learning, facial recognition, image recognition, voice recognition, natural language processing, optical character recognition and supporting infrastructure as a service (IaaS) cloud services.
The company will also set up various “platforms” for local innovators and entrepreneurs to “enhance their R&D skills”. This will involve the establishment of AI colleges and labs cofounded by Tencent and local universities.
Xiangzhou district is the political, financial and cultural center of Zhuhai, at the forefront of the city’s efforts to digitalize the local government, boost the AI industry, and create a smart city.
Alibaba, flush from having announced strong Q2 results, has agreed to pay US$2 billion in cash for NetEase’s cross-border e-commerce platform, Kaola.
Continue reading Alibaba pays NetEase $2b for Kaola
Shenzhen-based Tencent, China’s largest provider of messaging services and mobile gaming, has reported Q2 numbers that disappointed analysts, sending the stock down in Hong Kong trading today.
Continue reading Tencent profit up 35%, but stock dives
Chinese internet and entertainment giant Tencent has paid US$1.5 billion to renew its exclusive five-year digital licensing contract with the National Basketball Association, some three times the value of their previous agreement, according to a press release by NBA.
Tencent will retain the rights to offer live NBA broadcasts, videos on demand and short video services to Chinese fans through various websites, apps and social platforms under the new deal, Tencent said today in a statement. It will also work with the NBA to create innovative advertising products and to build a fan community, it added.
Continue reading Tencent pays US$1.5b for NBA rights
Hong Kong-listed B2B online trading group HC International will move its headquarters and more than 1,000 employees from Beijing to Huizhou’s Daya Bay, it announced. The move is expected to inject nearly RMB76.5 billion per year into the local economy, with a tax contribution of RMB730 million annually.
Focused on a new technology park projects, HC International (2280.HK) is expecting to lower its cost base while it expands its reach into the country’s third- and fourth-tier cities. The company is of a similar nature to e-commerce giant Alibaba, in that it helps traditional businesses get online. It did RMB10 billion of turnover last year, but its stock has been underperforming as profit margins have been steadily narrowing.
Read moreabout the move, and hereis a backgrounder on the company by a Hong Kong-based securities house.