Good morning, I hope that you're having a good week. Again not much startup news, except Megvii deni
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| November 7 · Issue #119 · View online |
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Good morning, I hope that you’re having a good week. Again not much startup news, except Megvii denies media reports that it may delay its Hong Kong IPO. This is an ‘on again, off again’ story, I believe largely inflated by the media. The AI-startup originally delayed plans due to trade war and then announced in August that it was going proceed, which has been the general thread of comment by Megvii since. Meanwhile, Ernst & Young reported that overseas mergers and acquisitions by Chinese companies jumped by 152 per cent in the third quarter. Asian investment trends are also an issue in danger of being distorted by the media. KMPG reporting in its Q3 Pulse report that the volume of venture capital deals increased during Q3, but total value declined. However, media do often seem to be rather binary in choosing their headlines. The environment has certainly changed markedly during the past year and I’m no expert, but its not quite as simple as pointing upwards or downwards. As usual, the end of this newsletter is reserved for US-China trade war news, including a story from South China Morning Post on how AI and human rights became embroiled in US-China tech war. SCMP says that the U.S. move to blacklist more Chinese firms because of the treatment of Uyghurs caught Chinese officials off-guard. The timing is interesting! The situation in Xinjiang has been the subject of international criticism for about 5 years, but the U.S. move to punish Chinese firms comes just as the details of its phase one trade deal with China are being put to bed. Oh, and at the very end of today’s newsletter is '7 innovations by Baidu which changed the face of AI’. /Carrington
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Chinese AI giant Megvii denies report it may delay Hong Kong IPO
#China #IPO - Chinese AI start-up Megvii Technology dismissed a report that it is considering a delay in its Hong Kong initial public offering over US trade blacklist concerns. The IPO, which could raise as much as $1 billion, is expected to herald the debut of China’s AI start-ups on secondary markets at a time when the country’s AI ambitions are at the forefront of a trade war. (SCMP)
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South Korea needs new strategies to nurture unicorn companies
#SouthKorea #Unicorns - South Korea does not stack up against the United States and China in terms of the number of unicorn companies, which refer to unlisted startups valued at over US$1 billion. The United States and China have 201 and 101 unicorns, respectively, while Korea has only nine. (Business Korea)
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Chinese overseas M&As jumped 152 per cent in third quarter, but still more than 40 per cent behind 2018, Ernst &Young says
#China #M&A - Overseas mergers and acquisitions by Chinese companies jumped by 152 per cent in the third quarter, but were still 44.6 per cent below last year’s tally for the January to September period, according to a report released by consultancy Ernst & Young on Tuesday. (SCMP)
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Samsung prepares for AI development while wooing scientists
#SouthKorea #USA #R&D -South Korean tech giant Samsung could be pushing forward with ambitious plans to place artificial intelligence at the center of its businesses. Samsung is competing against U.S. firms like Google, which is opening a regional center for its cloud services in Seoul, the firm said Wednesday at a tech event in Korea. (Breitbart)
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State of Enterprise AI In India 2019
#India #industry - In India, the enterprise AI market is heading towards wide adoption. An industry expert associates the Indian Enterprise Market for AI to be estimated to be $100 million, growing at 200-250% CAGR. Futuristic growth of this sort clearly underscores the potential in the big revolution that business leaders should prepare for! (Analytics India)
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How AI and human rights became embroiled in US-China tech war
#China #USA #tradewar - When Trump administration officials announced on October 7 that they were banning some of China’s most feted AI and surveillance companies from buying US technology, the move caught Chinese policymakers off guard. (SCMP)
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Xi Jinping's unmistakable message for the US, Australia, on Chinese technology
#China #Australia #tradewar - Chinese President Xi Jinping has used a keynote address at the Chinese International Import Expo in Shanghai to warn countries that they risk stifling innovation if they fail to remove barriers and “knowledge blockades” preventing cooperation on technology. His comments came amid a trade war with the United States that has seen a growing list of Chinese technology companies, including China’s 5G champion Huawei, hit with US restrictions . (Sydney Morning Herald)
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US military needs help from private firms and universities to beat China in AI race, says Defence Secretary Mark Esper
#China #USA #AIrace - The United States military needs help from private firms and universities to win the AI race against its main “strategic competitor” China, according to Pentagon chief Mark Esper. The US defence secretary warned that the US could not let China dominate the field because “whichever nation harnesses AI first will have a decisive advantage on the battlefield for many, many years”. (SCMP)
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Huawei founder calls on Europe, Japan to step up development of alternative tech amid US blacklist
#China #USA #Blacklist - Ren Zhengfei, founder and chief executive of Huawei Technologies, is looking to hi-tech suppliers in Europe and Japan for support, as the Chinese telecommunications equipment maker nears its sixth month on the US government’s trade blacklist. (SCMP)
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With trade war set to drag on, are China’s growth targets still valid?
#China #USA #tradewar -When China’s economic output slowed to the critical level of 6 per centin the third quarter of the year, policymakers – puzzlingly – seemed to attach less weight to the figure than markets expected. (SCMP)
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Trump's Belt and Road rival heralds open season for China-bashing
#China #USA #BRI - In Bangkok this week, U.S. officials revealed America’s belated rival to China’s trillion-dollar Belt and Road Initiative global infrastructure plan. President Donald Trump now has his Blue Dot Network, with the help of the Japanese and Australian governments. The plan, as the U.S. Overseas Private Investment Corporation explains it, is to “promote high-quality, trusted standards for global infrastructure development in an open and inclusive framework.” (Asia Nikkei - subscription)
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7 innovations by Baidu which changed the face of AI
#China #AI - Chinese multinational technology company Baidu, which specialises in Internet-related services and artificial intelligence-powered solutions, has been responsible for a number of AI innovations. (Analytics India)
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