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South China Morning Post
38 minutes ago
- South China Morning Post
China mandates more domestic AI chips for data centres to cut reliance on Nvidia
China is requiring its data centres to use more home-grown computing chips in a move that underscores Beijing's accelerated efforts to cut reliance on foreign technology as the US tightens export controls. Advertisement Publicly owned computing hubs across the country have been asked to source more than 50 per cent of their chips from domestic producers to support the indigenous semiconductor sector, according to people familiar with the matter. The mandate finds its origins in guidelines proposed in March last year by the Shanghai municipality, which was among the first in the country to stipulate that 'adoption of domestic computing and storage chips at the city's intelligent computing centres should be above 50 per cent by 2025'. The guidelines were part of a policy to strengthen artificial intelligence computing resources in China's financial hub. The plan was backed by government agencies including branches of the National Development and Reform Commission (NDRC) in the city and the Shanghai Communications Administration, an agency under the Ministry of Industry and Information Technology (MIIT). One source, who works as an adviser in the data centre industry, said that earlier this year the Shanghai chip quotas for the city's intelligent computing centres had become mandatory nationwide policy. The guidelines were part of a policy to strengthen AI computing resources in Shanghai. Photo: EPA The MIIT and NDRC did not immediately respond to a request for comment on Saturday outside business hours.
South China Morning Post
2 hours ago
- South China Morning Post
How The Peninsula Hong Kong is trying to stay competitive against Shenzhen rivals
The Peninsula Hong Kong is focusing on luxury retail, fine dining and high-end services to attract both local and international guests amid a surge in new hotel openings in the city and competing lodging options in neighbouring Shenzhen. The Peninsula saw its occupancy rise by double digits year on year, even as its average room price per night fell 27 per cent, according to operator Hongkong and Shanghai Hotels' (HSH) half-year earnings report. However, the hotel was seeing 'a lot of competition rising in Shenzhen', said Benjamin Vuchot, the group's new CEO, noting that it was often easier and more economical for travellers from mainland China to book a room in Shenzhen and make a day trip to Hong Kong. Developers Wharf Holdings and CK Asset Holdings, both of which have interests in the hotel sector, echoed the sentiment, saying recently that the local operating environment remained challenging. Cautious spending continued to suppress room rates, despite an increase in visitor arrivals and overnight stays in the first half of this year. HSH CEO and executive director Benjamin Vuchot. Photo: Jonathan Wong Visitors to the city increased 11.7 per cent in the first six months compared to the same period last year, reaching 23.64 million – 75 per cent of whom were from the mainland, according to the Hong Kong Tourism Board. Overnight visitors rose 7 per cent to 11.28 million. Amid the difficult environment, Vuchot said that the Peninsula's premium catering and retail offerings had become especially crucial.
South China Morning Post
4 hours ago
- South China Morning Post
Hong Kong stablecoin rules to upgrade city's trade-finance role: UAE digital banker
Hong Kong's Stablecoins Ordinance marks a significant milestone, as cross-border payments using the cryptocurrency can facilitate trade-finance flows between Hong Kong, mainland China and global markets such as the Middle East, according to the CEO of Zand, an AI-powered fintech and financial-services group in the United Arab Emirates (UAE). Advertisement Future development under the ordinance could help Hong Kong rebuild its role in expediting trade and exports between mainland China and global markets, said Michael Chan. 'The city's traditional re-export role for mainland China has been diminishing as direct trade through mainland ports grows,' said the Hong Kong-born graduate of City University of Hong Kong. 'But its role as the middleman in the digital trade-finance segment could be revitalised.' 'A stablecoin is more time and cost effective [than traditional currency], as a reliable corridor with greater transparency, plus programmability features, such as automation of conditional payments and escrow, integrated compliance checks and real-time [foreign exchange] rates.' Chan joined Zand as CEO in November 2022 and led the bank to break even in just 22 months. Zand also became one of the youngest banks to achieve an investment-grade rating from Fitch Ratings, a BBB+. The bank has also obtained in-principle approval from the central bank of the UAE to offer a dirham stablecoin. Advertisement Hong Kong rolled out the Stablecoins Ordinance on August 1, setting a global standard in the cryptocurrency sector as it kick-started the application process for potential issuers in line with a broader effort to be a leading digital asset hub connected to China's vast economy. The ordinance aims to ensure a prudent approach for the issuance of stablecoins , a type of cryptocurrency backed by fiat currencies or other reserve assets. Some players have described the regime's upfront capital requirement of HK$25 million (US$3.2 million) as a barrier for smaller firms.
