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The article discusses the efforts by Chinese-owned social media app TikTok to avoid a ban. Republican Mike Gallagher and Democrat Raja Krishnamoorthi sponsored a bill seeking to ban the app on the suspicion that the Chinese Communist Party could use TikTok to track and manipulate Americans. Also mentioned are the reassurance made by Michael Beckerman of Tiktok that users have nothing to worry about and measures being taken by Tiktok to keep operating in the U.S.

The article talks about the decision of the Chinese government to allow local officials to decide on what to do with the data it collected to adhere to China's strict COVID-19 Zero rules. Topics include the decision of the city of Wuxi to completely destroy stored data from its cloud computing platforms, the announcement by Shanghai that it would convert its pandemic-era health code, into a permanent city code, and the downsides of each approach.

The article shows the easing by the government of China's crackdown on technology companies in favor of a policy approach to companies that sacrifice economic growth for tighter governmental control. It reports the decline in China-focused venture fundraising in 2022, shift of investors toward artificial intelligence (AI) and semiconductors, support of Chinese President Xi Jinping to platform companies, and cost-cutting measures of technology industry executives and investors.

China's Lunar New Year holiday saw a surge in travel, indicating a potential pickup in consumer spending in the country. Over 61 million rail trips were made in the first six days of the holiday, a 61% increase compared to the previous year. Initial data also showed improvements in road and air trips, as well as hotel sales on Chinese e-commerce platforms. However, box office receipts were slightly lower, suggesting reduced spending per trip. The Lunar New Year holiday is an important indicator of consumption in China, and while travel has increased, consumer confidence remains weak due to factors such as declining home prices and decreased car sales. [Extracted from the article]

Chinese food-delivery giant Meituan is planning to expand its international operations by launching its KeeTa app in Riyadh, Saudi Arabia. This move comes as Meituan seeks growth outside of China, where competition is intensifying and consumption is slowing. The expansion into Riyadh will pit Meituan against local rivals such as Jahez International, Talabat, HungerStation, and Careem. Meituan's entry into the Middle East aligns with Saudi Arabia's plans to become a tourism and commercial hub, and it reflects a broader trend of Chinese companies seeking opportunities abroad. Meituan's approach in the Middle East is likely to involve subsidies to attract users and delivery workers, and the company has already posted job openings for Riyadh. However, plans could still change, and Meituan has explored other Middle Eastern markets in the meantime. [Extracted from the article]

Chinese food-delivery giant Meituan is planning to expand its international operations by launching its KeeTa app in Riyadh, Saudi Arabia. This move comes as Meituan seeks growth outside of China, where competition is intensifying and consumption is slowing. The company's expansion into Riyadh will pit it against local rivals such as Jahez International, Talabat, HungerStation, and Careem. Meituan's Middle Eastern approach is expected to rely on subsidies to attract users and delivery workers, and the company has already posted job openings for Riyadh on LinkedIn and its own website. This expansion reflects a broader trend of Chinese companies seeking growth abroad as their home economy faces challenges. [Extracted from the article]

China has reaffirmed its commitment to becoming self-reliant in various technological fields, including AI and chipmaking, in order to challenge the US for technological supremacy. The Chinese government plans to increase spending on scientific and technology research by 10% in 2024 and promote national champions to spearhead technological advances. Under President Xi Jinping, China has expanded state control in critical areas such as semiconductor manufacturing. However, China faces challenges, including US efforts to contain its technological progress through sanctions. The government continues to support local tech champions like Huawei and SMIC, but there are mixed messages and policy uncertainty in the internet sector. [Extracted from the article]

China has reaffirmed its commitment to becoming self-reliant in key technological areas, such as AI and chipmaking, in order to challenge the US for tech supremacy. The government plans to increase spending on scientific and technology research by 10% in 2024 and promote national champions to spearhead advances. China faces challenges from the US campaign to freeze its progress in tech, as well as difficulties in its semiconductor industry. The government has endorsed local champions like Huawei and Semiconductor Manufacturing International Corp., but also faces mixed messages and policy uncertainty in its internet sector. [Extracted from the article]

The top US diplomat in Hong Kong, Gregory May, has expressed concern over increasing internet censorship in the city, warning that it could diminish Hong Kong's appeal as a global finance hub. May highlighted connectivity issues and data security concerns that have led some American companies to use burner phones and laptops when visiting Hong Kong. The government's campaign to remove certain content from the internet and block certain websites has raised fears that mainland China's tight controls on the internet could spill over into Hong Kong. May called on the government to reassure businesses that it is committed to a free and open internet and business-friendly data controls. [Extracted from the article]

Alibaba Group Holding Ltd. has led a $1 billion funding round for Chinese artificial intelligence startup Moonshot AI, increasing the firm's valuation to $2.5 billion. Moonshot AI, founded in 2023, is focused on developing generative artificial intelligence and aims to compete with companies like OpenAI and Google. This investment is part of Alibaba's strategy to invest in game-changing technologies like AI and revitalize its business. However, the AI field in China is becoming increasingly crowded, with other startups like Baichuan and Zhipu also raising significant amounts of funding. [Extracted from the article]

Alibaba Group Holding Ltd. has led a $1 billion funding round for Chinese artificial intelligence startup Moonshot AI, increasing the firm's valuation to $2.5 billion. Moonshot AI, founded in 2023, aims to compete with companies like OpenAI and Google in the development of generative artificial intelligence. Alibaba's investment in Moonshot AI is part of its strategy to invest in game-changing technologies like AI and revitalize its business. However, the AI field in China is becoming increasingly crowded, with other startups like Baichuan and Zhipu also raising significant amounts of funding. [Extracted from the article]

Chinese e-commerce operator JD.com is considering a takeover of UK electronics retailer Currys as it seeks new avenues for growth amid increasing competition in China. JD.com has until March 18 to decide whether to make an offer for the entire issued share capital of Currys. Currys recently rejected a preliminary offer from Elliott Advisors, stating that it undervalued the company. JD.com has been focusing on boosting morale and expanding internationally to counter competition in China. [Extracted from the article]

Chinese e-commerce giant JD.com is reportedly considering a takeover of UK electronics retailer Currys as it seeks new avenues for growth amid increasing competition in China. JD.com has held informal talks with Currys, although no official comment has been made by either company. Currys recently rejected a preliminary offer from Elliott Advisors, stating that it undervalued the company. JD.com has been focusing on boosting morale and expanding internationally in response to competition and the impact of Covid-19 restrictions in China. [Extracted from the article]

The head of ByteDance's China operations, Kelly Zhang, is stepping down from her role as Douyin Group CEO. ByteDance, the owner of TikTok and Douyin, aims to avoid complacency and catch up in the AI race. Zhang will shift her focus to the video-editing app CapCut, and ByteDance will not seek a successor for her position. This move comes as ByteDance faces organizational problems and falls behind in the AI race. Zhang's departure leaves some uncertainty at the top of Douyin, which has grown into an e-commerce and content force. [Extracted from the article]

Kelly Zhang, the CEO of Douyin, the sister app of TikTok in China, is stepping down from her position to take on other responsibilities within parent company ByteDance. ByteDance will not be appointing a successor, and Zhang will focus on the video-editing app CapCut. Zhang joined ByteDance in 2014 and became the CEO of Douyin Group in 2020, making her one of the few women in leadership roles among China's major tech companies. She expressed excitement about working with the CapCut team and continuing to pursue her passions in the AI era. [Extracted from the article]

Kelly Zhang, the CEO of Douyin, the sister app of TikTok in China, is resigning from her position to take on other responsibilities within parent company ByteDance Ltd. This decision comes after ByteDance CEO Liang Rubo expressed the need for the company to address organizational issues and catch up in the field of artificial intelligence. Zhang's departure highlights the company's commitment to addressing these challenges and avoiding complacency. [Extracted from the article]

Chinese fast fashion retailer Shein's plans for a US IPO have hit a roadblock as the China Securities Regulatory Commission (CSRC) has stated that the company must undergo regulatory scrutiny under new rules. Despite Shein's efforts to distance itself from its Chinese roots, the CSRC's decision highlights the challenges faced by global businesses of Chinese origins. The Cyberspace Administration of China is now reviewing Shein's data handling and sharing practices as part of the regulatory clearance process for its IPO. This scrutiny could potentially delay the IPO, and US lawmakers have also called for the Securities and Exchange Commission to verify that Shein does not use forced labor in its supply chain. [Extracted from the article]

Chinese fast fashion retailer Shein's plans for a US IPO have hit a roadblock as the China Securities Regulatory Commission (CSRC) has stated that the company must undergo regulatory scrutiny under new rules for IPOs outside of China. Despite Shein's efforts to distance itself from its Chinese roots, the CSRC's decision highlights the challenges faced by global businesses of Chinese origins. The Cyberspace Administration of China is also reviewing Shein's data handling and sharing practices as part of the regulatory clearance process. The review could potentially delay the IPO, and US lawmakers have called for the Securities and Exchange Commission to verify that Shein does not use forced labor in its supply chain. [Extracted from the article]

China's Cyberspace Administration is conducting a data review of Shein, a fast-fashion company, as part of the company's efforts to gain approval for its initial public offering (IPO) in the US. The investigation is focused on Shein's ability to protect data on its China-based staff, suppliers, and partners and prevent it from being leaked overseas. The Cyberspace Administration is also seeking information on what data Shein needs to provide to US regulators for its IPO. If serious faults are found in Shein's data handling, the IPO plan could be scrapped. The Cyberspace Administration has gained power under President Xi Jinping's administration, leading to increased control over tech companies' data and restrictions on Chinese firms listing overseas. [Extracted from the article]

Macau's casino industry has shown resilience in the face of China's economic slowdown, with gaming revenue in December increasing by 433%. The annual take has returned to 62.6% of pre-Covid levels, surpassing analyst estimates. Despite weakened consumer sentiment, Macau's casinos have benefited from a change in spending patterns, as tourists seek entertainment and instant gratification activities. While it may take years for gaming revenue to fully recover, analysts predict that it could reach about 76% of pre-pandemic levels by 2024. [Extracted from the article]

Macau's casino industry has experienced a significant revival despite China's economic slowdown. In December, gaming revenue increased by 433%, reaching 62.6% of pre-Covid levels. The annual gaming income for the year was 183.1 billion patacas. Macau's recovery can be attributed to a change in spending patterns, with tourists seeking entertainment and instant gratification activities instead of luxury purchases. Premium gamblers continue to spend more than in 2019, and the average minimum bet has increased. However, it may take several years for gaming revenue to fully recover after China's crackdown on high-rollers and capital outflows. [Extracted from the article]

Taiwanese President Tsai Ing-wen has called on China to help maintain peace in the region in a New Year's speech ahead of a hotly contested election. Tsai emphasized the importance of healthy and constructive exchanges between both sides of the Taiwan Strait, while also earning the trust of the international community and deepening cooperation with democratic partners. The upcoming presidential election will shape US-China relations, with Tsai's Democratic Progressive Party seeking to strengthen ties with Washington and the opposition Kuomintang being Beijing's preferred negotiating partner. Concerns over the risk of military conflict in Taiwan have been raised, but all three presidential candidates expressed a willingness for direct dialogue with Beijing. Chinese President Xi Jinping, in his own new year address, reiterated China's aim of eventually bringing Taiwan under its control, even by force if necessary. Tsai also highlighted her policies in attracting foreign investment, reducing reliance on trade from China, and bolstering national defense. She emphasized the importance of communication with China but stated that exchanging sovereignty for this communication would be too high a price. Tsai also stressed that trade and economic exchange should not become political tools or threats, and that Taiwan should not return to relying on China. [Extracted from the article]

Tencent Holdings Ltd. executive David Wallerstein is stepping down from his management role as the company faces challenges from China's efforts to regulate technology, entertainment, and gaming companies. Wallerstein will become a senior adviser and plans to continue contributing on topics such as climate and human health. Tencent, once China's largest company, has seen its success decline due to government-imposed restrictions, including new curbs on in-game spending. Despite some moderation in Chinese officials' rhetoric, Tencent shares remain down since the gaming regulation announcement. [Extracted from the article]

Tencent Holdings Ltd. and other major Chinese online companies experienced an $80 billion selloff after the surprise announcement of new gaming regulations by China's top gaming regulator. The regulations aim to curb practices that encourage excessive spending and time spent online, including caps on player spending, bans on rewards for frequent log-ins, and restrictions on content that violates national security. The vague and unexpected nature of the regulations has caused confusion and concern among industry players and investors, who fear that further measures targeting the sector may follow. This crackdown on the gaming industry is part of a broader campaign by the Chinese government to rein in the power and expansion of the private sector. [Extracted from the article]

Tencent Holdings Ltd. and other major Chinese online companies experienced an $80 billion selloff after the surprise announcement of new gaming regulations by China's top gaming regulator. The rules aim to curb practices that encourage excessive spending and time spent online, including caps on player spending, bans on rewards for frequent log-ins, and restrictions on content that violates national security. The regulations, which were vague and unexpected, reminded investors of the tech-sector crackdown in 2021. The move reflects the Chinese government's ongoing campaign against the private sector and its efforts to combat gaming addiction. [Extracted from the article]

Shanghai Micro Electronics Equipment Group Co. (SMEE), a Chinese chipmaking gear company, has achieved a breakthrough in developing a lithography machine that can be used to make 28-nanometer chips, according to a state-backed shareholder. This development is significant as it suggests that China is making progress in overcoming US chip sanctions. SMEE is seen as China's best hope to compete with ASML Holding NV, which currently has a monopoly on the advanced lithography systems needed for making semiconductors. The US Department of Commerce blacklisted SMEE last year as part of efforts to hinder China's chip industry development. [Extracted from the article]

Alibaba Group Holding Ltd. CEO Eddie Wu will be taking over the company's core e-commerce business, replacing Trudy Dai, one of the company's founding partners. Dai will now be involved in setting up a firm to manage Alibaba's extensive portfolio of assets worldwide. This change comes as Alibaba faces challenges such as post-Covid consumption volatility, regulatory crackdowns, and increased competition from rivals like PDD Holdings Inc. Alibaba Chairman Joseph Tsai emphasized the need for change and the empowerment of new management leaders. Alibaba, once China's most valuable company, has fallen behind competitors like PDD in terms of growth. [Extracted from the article]

(Bloomberg) -- Alibaba Group Holding Ltd. Chief Executive Officer Eddie Wu will take over the company's core e-commerce business, replacing longstanding executive Trudy Dai at the helm of China's biggest online marketplace.Dai, one of Alibaba's earliest employees, will now help the company set up a company to oversee unspecified non-core assets. Wu and other executives have talked about the need to review their investment portfolio to identify and create value from Alibaba's assets.©2023 Bloomberg L.P.By Sarah ZhengReported by Author [Extracted from the article]

Ernst & Young's legal affiliate in Hong Kong, LC Lawyers, will be closing down in January. The independent law firm, which is part of the Big Four auditor's global network, offers services such as IPOs, corporate finance, mergers and acquisitions, and legal compliance. The closure comes as law firms in mainland China and Hong Kong face challenges due to tightened cybersecurity mandates and slow economic growth. This follows similar moves by other global law firms, such as Dentons and Linklaters, who have also made changes to their operations in China. [Extracted from the article]

Meituan, a Chinese food delivery giant, has warned that growth in its main meal delivery business may slow this quarter due to an uneven economic recovery in China. The company's Chief Financial Officer expects diners to dine out more due to warm weather, despite the weak macroeconomic environment. Meituan's shares have fallen, along with other tech peers, due to expectations of fourth-quarter weakness in Chinese consumption. The company has been investing in new initiatives and exploring overseas opportunities, while also relying on subsidies and discounts to attract customers and merchants. Meituan has expanded into adjacent areas like grocery retailing and group-buying, and has also joined the generative AI trend. [Extracted from the article]

Meituan, a food delivery giant in China, has reported its third consecutive quarter of profit due to strong travel demand. Sales increased by 22% to 76.5 billion yuan ($10.7 billion) in the third quarter, surpassing expectations. The company has faced challenges in the Chinese market due to a weak rebound in consumption and the impact of Covid-19 restrictions. Meituan has implemented subsidies and discounts to attract customers and merchants, and has expanded into areas such as grocery retailing and group-buying. It has also made investments in short video and live-streaming to compete with rivals. Meituan has been considering overseas expansion and has joined the generative AI trend in China. [Extracted from the article]

Alibaba Group Holding Ltd. has reversed its plans to spin off and list its $11 billion cloud business due to the escalating fight between the US and China for technological dominance. The company's decision comes as a result of the US's increasing restrictions on chip sales to China, which have forced Alibaba to rethink its strategy. The Biden administration's curbs on exports of certain chips, critical for Alibaba's cloud services, have affected the company's ability to develop its business. Alibaba's cloud business has also been slowing and losing market share, attracting government scrutiny over alleged security violations. [Extracted from the article]

Alibaba and JD.com experienced sales increases during China's Singles' Day shopping festival, but they likely fell behind newer competitors from social media platforms like Douyin. The overall revenue numbers were not disclosed by the e-commerce leaders, making it difficult to gauge consumer sentiment. Online transactions on the three largest platforms likely decreased by about 1% to 923.5 billion yuan ($127 billion), while streaming platforms saw a 19% increase in transactions. Chinese consumption has been affected by economic turbulence and deflationary pressures, leading to concerns about the country's growth trajectory. [Extracted from the article]

Alibaba and JD.com experienced sales increases during China's Singles' Day shopping festival, but they likely fell behind newer social media platforms like Douyin. The two e-commerce giants did not disclose overall revenue numbers, making it difficult to gauge their performance. Analysts estimate that Alibaba and JD.com achieved 1% to 3% growth in gross merchandise value, while smaller rival PDD Holdings saw 20% growth. Chinese consumer spending has been affected by economic challenges, and this year's Singles' Day focused on low prices to attract hesitant consumers. Alternative platforms like Douyin likely thrived due to their unique formats and longer discount periods. [Extracted from the article]

China's Alibaba and JD.com experienced sales growth during Singles' Day, a major shopping event in the country. Both e-commerce companies offered significant discounts to attract consumers. The event is seen as an indicator of Chinese consumption sentiment, which has been weaker than expected due to the pandemic. This year, the focus was on low prices to entice reluctant shoppers. China's postal delivery companies also saw an increase in package volume during the event. The earnings reports of Alibaba, JD.com, and Tencent next week will provide further insight into the recovery of domestic consumption in China. [Extracted from the article]

(Bloomberg) -- JD.com said its sales for this year's Singles' Day shopping bonanza reached "new highs" in transaction volume, order volume, and number of users, according to a company statement. The retailer did not disclose the specific sales figures for the Nov. 11 event for the second year in a row, as China's economy has recovered at a slower-than-expected pace JD.com, along with its rival Alibaba Group Holding, will release earnings next week, a key barometer for Chinese consumer sentiment Read more: Singles' Day Casts Light on China Tech: Asia Earnings Week Ahead©2023 Bloomberg L.P.By Sarah ZhengReported by Author [Extracted from the article]

As it looks beyond its home market, Meituan has also been rolling out cash-heavy incentive schemes for its "KeeTa" meal delivery app in Hong Kong, its first foray beyond the mainland Chinese market it dominates. (Bloomberg) -- Meituan fell its most in almost three months after warning that growth in its core meal delivery business will slow this quarter, in one of the clearest signs that Chinese economic turbulence is beginning to hurt the country's internet leaders. [Extracted from the article]

China eventually abandoned its Covid Zero policy after historic protests late last year, ending daily use of the health code system. In February, Guangdong suspended its provincial health code's functions and erased its health data. A few months later, hackers claimed to have stolen health code data from as many as a billion Chinese residents from a Shanghai police database. [Extracted from the article]

(Bloomberg) -- Global law firm Dentons is splitting from its Chinese operations to comply with impending data regulations, one of the more significant withdrawals by a Western company as Beijing intensifies a campaign to curb leakages of valuable information. Among other things, Beijing's new data security regime gives President Xi Jinping's administration the power to shut down or fine companies that leak or mishandle sensitive information. [Extracted from the article]

The law firm signed a deal in 2015 to link up with Dacheng Law Offices to create what was at the time the world's largest legal firm. (Bloomberg) -- Global law firm Dentons is splitting from its Chinese operations to comply with impending data regulations, one of the more significant withdrawals by a Western company as Beijing intensifies a campaign to curb outflows of valuable information. [Extracted from the article]

(Bloomberg) -- China released its official guidelines for generative artificial intelligence services in one of the world's first major moves to regulate the advanced technology. China's regulation of the nascent sector will offer one model for the orderly development of AI and its distribution as a service for businesses and consumers. [Extracted from the article]

The guidelines from the Cyberspace Administration of China, the country's top internet overseer, will go into effect from Aug. 15, according to an official statement on Thursday. (Bloomberg) -- China released its official guidelines for generative artificial intelligence services, in one of the world's first major moves to regulate the advanced technology. [Extracted from the article]

The hackers were then able to access Outlook email hosted on systems run and operated by Microsoft. (Bloomberg) -- Hackers breached Microsoft Outlook email accounts linked to government agencies in the US, including State and Commerce departments, and others in Western Europe, according to government officials and Microsoft Corp., which described the attackers as being based in China. [Extracted from the article]

(Bloomberg) -- China is tightening controls on independent content creators in its latest regulatory guidelines for tech companies. The document directs platform operators to strictly verify content creators producing information in realms including finance, education, media and public health. [Extracted from the article]

An escalating trade war between the US and China has barred the best such DUV gear, provided by ASML Holding NV, from being sold in the Asian country. (Bloomberg) -- A new series in China tells the story of a scrappy startup developing the advanced chipmaking technology that multinational trade sanctions today are keeping out of the country. [Extracted from the article]

Altman's speech to the Beijing conference itself was notable as the academy has strongly positioned itself in the AI sector in China. (Bloomberg) -- China should play a key role in shaping the artificial intelligence guardrails needed to ensure the safety of transformative new systems, OpenAI Inc.'s Chief Executive Officer Sam Altman said. [Extracted from the article]

The article focuses on the pressure being made by the U.S. on Israel regarding its technology deals with China. Topics discussed include a visit made by U.S. President Joe Biden in Israel, the state of the ties between Israel's technology sector and China, the significance of Israel in the technology sector, the investments made by Chinese investors in Israel, and the reasons behind the hesitation of Israel's companies to do business with Chinese investors.

(Bloomberg) -- Beijing's crackdown on foreign consulting firms in China has found its first official public target: Capvision Pro Corp. Authorities have questioned staff at the Chinese offices of Bain & Company and targeted New York-based due-diligence enterprise Mintz Group. While China's recent push to tighten foreign access to sensitive information has affected other firms, such as domestic data company Wind Information Co., Capvision is facing a unique level of public scrutiny. [Extracted from the article]

(Bloomberg) -- Beijing's crackdown on foreign consulting firms in China has found its first official public target: Capvision Pro Corp. Capvision's 2022 prospectus to the Hong Kong Stock Exchange said the company accounted for 33% of China's expert consulting market in 2020, according to the state-backed National Business Daily. While China's recent push to tighten foreign access to sensitive information has affected other firms, such as domestic data company Wind Information Co., Capvision is facing a unique level of public scrutiny. [Extracted from the article]