Alibaba Group Holding Ltd (9988.HK)

Alibaba Group's cloud computing unit released two opensourced artificial intelligence (AI) models in a bid to take on Meta Platform (META.O). The Hangzhou-based company said it has open-sourced two large language models (LLM), a type of AI model, named Qwen-7B and Qwen-7B-Chat.

Each model has 7bn parameters, which is often used to measure the strength. This marks the first time a big Chinese tech company has open-sourced its LLM.

Baidu Inc-Class A (9888.HK)

Baidu is set to integrate its AI model Ernie into its vehicles. According to a report by South China Morning Post, China’s largest sport-utility vehicle (SUV) assembler, Great Wall Motor is set to become the first carmaker to use Baidu’s ChatGPT-like AI model. This technology will enable car drivers to communicate with the car.

In a statement, Great Wall Motor announced its partnership with Baidu to develop vehicles fitted with the chatbot tool known as Ernie Bot. This move will reinforce the push to make cars more intelligent and user-friendly.

“Several innovative features have been tested in those vehicles that are being mass-produced. They will be gradually put into commercial use on a wide basis,” Great Wall Motor said in the statement.

Geely Automobile Holdings Ltd (175.Hk)

Geely supposedly cancels Thailand EV production plans, to switch its focus to Malaysia. It is set to invest US$10bn (RM45.6bn) to turn Tanjung Malim in Perak into the region’s largest auto city, as revealed by prime minister Datuk Seri Anwar Ibrahim last month.

While this investment is expected to centre around the development of Proton-related models, it doesn’t discount the possibility of Proton providing contract assembly for the wider Geely group in the future, as it has excess capacity at its car and engine plants in Tanjung Malim.

Hang Seng Bank Ltd (11.HK)

Hang Seng Bank limits Crypto Companies to Simple Accounts. the largest local bank in Hong Kong, stated that cryptocurrency companies can only open simple accounts after obtaining the approval-in-principle (AIP) license from the Hong Kong Securities Regulatory Commission. Although the local government wants to make it a territory but crypto companies in Hong Kong are having a difficult time getting corporate bank accounts.

Crypto companies applying to operate in Hong Kong are struggling to open bank accounts due to limited staffing at Securities and Futures Commission and unwillingness from banks, even though there’s no ban on them offering services to crypto firms.

Xiaomi Corp-Class B (1810.HK)

The Mix Fold 3 from Xiaomi is confirmed to debut later this month. The cover screen will feature a slight curvature on the right-hand side as well as a centered punch-hole cutout for its front-facing camera. Based on previous reports, Mix Fold 3 will benefit from Xiaomi’s new Smart Factory which features new manufacturing systems specifically designed for the upcoming foldable.

The Mix Fold 3 box confirms the device will feature Leica-branded cameras which was also the case on last year’s Mix Fold 2. Reports from last month suggest Xiaomi will bring a quad camera setup with a wide, ultrawide and two telephoto modules. Sadly, previous Mix Fold devices remained exclusive to China and it seems this trend will continue with the Mix Fold 3.

Source: Rakuten Research - 9 Aug 2023

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