CX Daily: Why Temasek Is Steering Clear of China’s Generative AI Stock Frenzy for Now
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Temasek?/
Investment firm?Temasek International Pte. Ltd.?will keep a close eye on the long-term prospects of generative artificial intelligence (AI) in China, but will hold off on investing in mainland-listed stocks in the industry?given their lack of fundamentals,?the company’s China president said.
The state-owned Singaporean firm hasn’t made a single investment on the mainland in artificial-intelligence generated content (AIGC) stocks, a term commonly used for shares related to generative AI, Wu Yibing told Caixin in an interview on July 13.
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Kissinger?/
President Xi Jinping?met with ?Henry Kissinger in Beijing on Thursday, expressing “high regards” for the former U.S. Secretary of State’s “historic contribution” to advancing China-U.S. relations, according to state broadcaster CCTV.
Xi addressed Kissinger as an “old friend” during their first meeting in over three years,?noting that the 100-year-old veteran U.S. diplomat has visited China more than 100 times over the past half century,?according to a CCTV video.
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Private?/
China?is pledging to boost its economy ?through a new set of measures aimed at unleashing a more fair and robust private sector.
The Communist Party and the State Council, the country’s cabinet, issued a joint pledge on Wednesday to make the private economy “bigger, better and stronger”?by creating a first-class, market-oriented business environment and cultivating a “close and clean” relationship between businesses and the government,?state broadcaster CCTV reported.
GDRs?/
China’s stock exchanges?patched up loopholes ?listings of global depositary receipts (GDRs)?to prevent shareholders from lending their domestically listed shares to brokerages in the offering.
The Shanghai and Shenzhen bourses revised their GDR rules based on guidelines published by the China Securities Regulatory Commission (CSRC) in May. They require companies to register with the CSRC within three working days after submitting applications abroad to sell GDRs and disclose the identities of subscribers of their GDRs within 15 working days of the sale.
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Payment?/
Chinese tech giant?Tencent Holdings Ltd.?upgraded its service ?that allows users to link international cards to its payment platform Weixin Pay, in a bid to enable foreign visitors to “pay like a local,” the company said in a Thursday statement.
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After entering the Chinese mainland,?people from overseas can now link their credit or debit cards issued by Visa, Mastercard, JCB or Discover Global Network to Weixin Pay?— which is embedded in Tencent’s ubiquitous WeChat app — to access tens of millions of merchants, the statement said. The merchants span sectors from dining, shopping, transport to hotel accommodation.
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Quick hit?/
Mining?/
Chinese mining company?CMOC Group?agreed to pay $800 million ?to Congo’s state mining firm?Gecamines, settling a two-year dispute over one of the world’s biggest copper and cobalt mines.
CMOC said it will start paying the money in batches between 2023 and 2028 to resolve a royalty disagreement over the?Tenke Fungurume Mine (TFM)?with its local partner. Starting this year, the Chinese company will also pay at least $1.2 billion in cumulative dividends to Gecamines over the life of the project.
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Fugitive?/
Guo Qigang, former Communist Party chief of state-owned?SDIC Power Holdings Co. Ltd.,?has?returned to China ?to surrender to authorities after fleeing abroad for four years to avoid corruption charges.
A video released by state broadcaster CCTV showed Guo, on Monday, signing a document that outlined a decision by anti-graft authorities to file charges in Datong, Shanxi province.
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Quick hits?/
Long Read?/
Fifty years ago, the celebrated actor and martial arts icon Bruce Lee died in Hong Kong at the age of 32 from a brain edema. In commemoration of the 50th anniversary of his death, Hong Kong has organized several workshops and exhibitions with artwork, memorabilia and displays honoring his legacy. Born in November 1940 in San Francisco, Bruce Lee’s movies sparked a global kung fu frenzy, helping popularize the genre of martial arts cinema.
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