CK Asset underlying profit rises 1.6pc, maintains interim dividend
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South China Morning Post
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- South China Morning Post
India to ban ‘harmful' online money games, threatening US$3.6 billion industry
India 's parliament on Thursday passed a bill to ban online games played with money in a move that threatens the survival of the popular fantasy gaming sector, after Prime Minister Narendra Modi 's government flagged the high risk of financial harm. The sudden ban has shocked an industry backed by venture capital firms like Tiger Global and Peak XV Partners and which was set to be worth US$3.6 billion in India by 2029. Executives fear imminent job losses and a complete shutdown of many app-based businesses, which attracted billions from foreign investors. The bill prohibits 'harmful' online money gaming services, advertisements and financial transactions related to them, with the government also citing the psychological harm they can cause. 'It is the duty of the government and the parliament to take strict action against social evils, which keep erupting time and again,' federal IT minister Ashwini Vaishnaw said in parliament on Thursday. India's upper house of parliament passed the Promotion and Regulation of Online Gaming Bill 2025 after the lower house cleared it earlier this week. The president must sign the bill into law, which, although there is no set date, is considered a formality.
South China Morning Post
33 minutes ago
- South China Morning Post
Huawei opens Douyin account to promote HiSilicon Shanghai as it expands chip design work
Huawei Technologies has opened an account on Douyin, China's version of TikTok, to promote the custom design services of its HiSilicon chip unit, even as the company continues to maintain a cloak of secrecy around its Kirin smartphone and Ascend AI chips. Advertisement The Douyin account, set up by HiSilicon (Shanghai), said the company aimed to 'enable smart devices for a fully connected world.' As of Thursday, it had three posts and nearly 50,000 followers. The first post, published on Wednesday, was a video introduction of the Shanghai-based business, which said its products were for applications in sectors such as smart homes, consumer electronics and automotive. The second post, on the same day, was a video about NearLink – a short-range wireless connection technology developed by Huawei, which it said integrated the advantages of traditional wireless technologies such as Bluetooth and Wi-fi. The video showed how the technology was used to automatically open and lock doors on Aito cars, which are electric vehicles produced by Huawei's partner Seres Group. The third post, published on Thursday afternoon, promoted solutions for smart terminals. Huawei's Mate 60 Pro smartphone is powered by the Kirin 9000 processor. Photo: Handout Established in 1991, HiSilicon serves as the in-house chip design unit of Huawei that is credited with designing the Kirin processors that power the parent company's smartphones.
South China Morning Post
an hour ago
- South China Morning Post
China reveals past EV subsidies, from Tesla to state giants – where did the money go?
China has released a breakdown of the subsidy settlements for new-energy vehicle (NEV) companies from 2016 to 2020, along with the allocation plan for 2021 to 2022, and the data helps illustrate how the industry landscape shifted during those years. According to data released by the Ministry of Industry and Information Technology (MIIT) earlier this month, over the seven years from 2016 to 2022, subsidies gradually moved from traditional state-owned enterprises to leading carmakers and emerging start-ups. A total of 1.65 billion yuan (US$230 million) in subsidies was disbursed between 2016 and 2020. The Beijing Electric Vehicle Co. emerged as the biggest winner, receiving about 556 million yuan, or a third of the total. Meanwhile, BYD received only 15.74 million yuan, and Tesla, which first applied for subsidies in 2020, received 3.59 million yuan – each sum accounted for less than 1 per cent of the total. The MIIT explained that several carmakers received less than their requested amounts due to non-compliant documentation or failure to upload required vehicle data. The subsidy plans for 2023-2024 have yet to be publicised. From 2021 to 2022, a clear shift in subsidy distribution began to emerge. BYD's Shaanxi and Shenzhen subsidiaries were allocated 37.91 million yuan and 35.56 million yuan, respectively, while Tesla's Shanghai subsidiary received 30.15 million yuan. Stellantis-backed electric vehicle (EV) maker Leapmotor was the only start-up to receive subsidies, totalling 2.76 million yuan. The data shows how subsidies increasingly favoured leading carmakers and select new entrants, signalling a transition from state-owned dominance to a more diversified market, said Zhou Lijun, director and chief researcher of auto industry analysis firm Yiche Research. Authorities will dynamically adjust NEV subsidy policies, with subsidies expected to gradually decrease, according to Zhou.
