Latest news with #BlackMyth:Wukong
CNBC
07-05-2025
- Business
- CNBC
CNBC's The China Connection newsletter: Tourism surge defies consumption slowdown
Tourists visit Pingyao Ancient City on the second day of the May labor day holiday on May 2, 2025 in Jinzhong, Shanxi province of China. This report is from this week's edition of CNBC's The China Connection newsletter, which brings you insights and analysis on what's driving the world's second-largest economy. Each week, we'll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here. If people are spending in China, it's likely to be on travel — and businesses want a slice of that. After 10 years as the only hostel in China's Datong city, Fly by Knight suddenly gained six new competitors in one year, according to founder Daniel Huang. He said his 26-room venue was booked out for the May Labor Day holiday, which officially ran from Thursday to Monday. "Hotels are opening everywhere in Datong," he said, noting that one no-brand operator raised its prices for the holiday by more than five times to over 1,000 yuan ($140) a night. Surging interest in history and culture is helping. The popularity of Datong's Yungang Buddhist grottoes — a Unesco heritage site from around 1,500 years ago — skyrocketed after its statues were featured in the hit video game Black Myth: Wukong released last summer. More than 43,700 people visited the caves on May 1 alone, up over 10% from a year earlier, according to state media. The Grand Canyon averaged 13,477 visitors a day last year. The latest holiday shows young Chinese tourists remain very interested in museums and other cultural activities, said Ashley Dudarenok, founder of ChoZan, a China marketing consultancy. "What it means for international brands or local brands is that collaborating with those cultural icons is still a very, very important part of connecting with the consumer," she said. Nationwide, China reported 314 million domestic tourist trips over the May Labor Day holiday, continuing the steady increase in recent years and well above the pre-Covid level of 195 million in 2019. The government has extended the holiday in recent years, giving locals more time off as businesses typically offer employees only a handful of paid vacation days. China's recently built transportation infrastructure is encouraging locals to visit smaller cities such as Datong, Huang said. He pointed out that before the Covid-19 pandemic, travelers had to take a six-hour train from the capital city of Beijing to Datong. Now, a high-speed train between the cities (about $20 per one-way ticket) takes less than two hours, with dozens of departure times throughout the day. The train route opened in December 2019. Tourists in China have been turning to less popular, more remote destinations that tend to be cheaper than visiting large cities. During the latest May Labor Day holidays, trips to rural areas rose by nearly 20% from a year ago, with interest in farm-themed stays surging, according booking site Retail sales, including food, rose by 6.3% during the holiday from a year ago, according to official figures. Tourism revenue increased by 8% to 180.27 billion yuan. "Despite concerns over macroeconomic headwinds, the strength of travel numbers tells us that consumer sentiment is resilient," said Jacob Cooke, co-founder and CEO of WPIC Marketing + Technologies. The company helps foreign brands — such as Vitamix and IS Clinical — sell online in China and other parts of Asia. "Chinese consumers are prioritizing spending on what matters most to them -- and right now, that includes travel," he said. When Chinese consumers were asked where they expected to increase their spending this year, travel topped the list, followed by groceries, according to a survey conducted on behalf of financial services firm TD Cowen in February and published last month. However, in a sign of lingering uncertainty, fewer respondents than last year said they had made travel plans for the next six months. The survey covered 2,000 Chinese residents. Sales of retail goods have remained tepid since the Covid-19 pandemic, up by just 3.5% last year, according to official data. The services sector, including tourism, sports and childcare, has seen faster growth at 6.2% last year. China started reporting services retail sales on a year-to-date basis in July 2023. Chinese cities have meanwhile stepped up their efforts to attract tourists, whether through short videos on social media, virtual reality experiences or elaborate light shows splashed across skyscrapers. Some cities, such as the panda hub of Chengdu, are starting to use drones for delivering food within scenic parks, or renting out robotic-powered hiking support, Dudarenok pointed out. "We're going to see basically a lot of what the future of tourism is going to look like, and China is testing that massively over this May day holiday," she said, noting that places that have invested a lot are seeing robust tourist numbers. Chengdu, for instance, claimed a 6.2% year-on-year increase in tourist trips over the holiday to 15.52 million. That's nearly three-fourths of the city's population of 21.4 million, as of 2023. Social media influencers, as well as word-of-mouth comments about cleanliness and safety are also helping Chinese cities attract foreign travelers, Huang said. Huang said his hostel primarily served international visitors prior to Covid, and the share of foreign guests has recovered modestly to about one-fifth of customers. Local visitors tend to concentrate their travel during public holidays, while trips by foreign tourists are more spaced out, he said. China has expanded its visa-free policies in the last two years to attract foreign tourists. Citizens of the U.S., U.K., Canada and more than 50 other countries can now stay in China for 10 days without a visa, while people from Japan, South Korea and several European countries can visit for up to 30 days. Inbound travel to China around the May Labor Day holidays rose by more than 40% from last year, according to Hostel World. The data showed Chongqing, Yangshou and Guilin surged in popularity versus Beijing and Shanghai. The U.S. and China are finally going to talk on trade. It's not a presidential call, but both sides confirmed that Chinese Vice Premier He Lifeng, Beijing's top official for China-U.S. economic and trade matters, will meet with his U.S. counterparts while visiting Switzerland later this week. Ten people died after four tourist boats capsized in southwest China's Guizhou province. Vice Premier Zhang Guoqing on Monday visited the site of the accident, which state media attributed to "sudden strong winds." China's National Health Commission is investigating a hospital scandal. The probe, involving a senior physician at a prestigious hospital in Beijing, stirred discussion on Chinese social media about the potential role of connections in obtaining highly sought-after healthcare positions. Alibaba's Taobao e-commerce site has joined the on-demand delivery fray. The company is rolling out same-day delivery of food, clothing and other products, just days after and food delivery company Meituan ramped up their competition in the space. Taobao claimed it received more than 10 million orders in one day. Chinese and Hong Kong stocks climbed Wednesday after the People's Bank of China and financial regulators announced sweeping plans to cut key interest rates as they strive to shore up growth. China will cut the seven-day reverse repurchase rates by 10 basis points to 1.4% from 1.5%. The central bank will also lower the reserve requirement ratio by 50 basis points. Mainland China's CSI 300 was up 0.44% while Hong Kong's Hang Seng Index — which includes major Chinese companies — rose 1.5% as of 10:30 a.m. local time. The CSI 300 has lost roughly 2.8% while the Hang Seng Index has gained over 14.6% so far this year. The benchmark 10-year Chinese government bond yield was slightly down at 1.63%. The offshore Chinese yuan strengthened 0.18% against the greenback to 7.2227. Stock chart icon The performance of the Shanghai Composite over the past year. May 7-10: President Xi Jinping pays a state visit to Russia May 9: China's import and export data for April May 10: China's consumer price index and producer price index for April
Vancouver Sun
06-05-2025
- Vancouver Sun
ASUS ROG Zephyrus G16 review: Impressive visuals and power in one
Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Intelligent industrial design and the ability to tailor the power of the CPU and GPU create the perfect blend of performance and portability for gamers and power users alike. Let me explain. The 'oomph' is the visceral but not unwelcome thud I feel in my brain each time I fire up 'Black Myth: Wukong' with settings cranked. 'Schwing' is the sound of anodized aluminum alloy as it's deftly unsheathed from the folds of my laptop bag. In both cases there is little doubt that this machine has been purpose built to yield the best experience for professionals with little room for compromise between power and portability. After spending the last few weeks with the 2025 Asus Zephyrus G16 , I'll dig into a few of the technical details where it really succeeds, but I'll also touch on some of the areas where there is still room for improvement. Get top headlines and gossip from the world of celebrity and entertainment. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sun Spots will soon be in your inbox. Please try again Interested in more newsletters? Browse here. What: ROG Zephyrus G16 (2025) Gaming Laptop Release date: February 25, 2025 Price: starting at $4,799.00 CAD ( $5,299 CAD as tested) Colours: Eclipse Grey, Platinum White (tested) Where to buy: ASUS | Best Buy | Amazon Alright, to begin, a few admissions. By day, I spend my time working on a MacBook Pro . By night I can be found gaming on a PS5 Pro . I'm not your typical PC gamer, but my history in gaming spans both years and platforms, and my fondness and appreciation for technology has given me a keen eye for quality. With those truth bombs out of the way, we can make way for the real ordinance; the G16. I game in 4K consistently, though what I now realize is that I actually haven't really lived. 4K at 60 fps technically is nice, but let's be honest. When you double, or more than double that fps, and add in the OLED display, you realize the kind of visual experiences you've been missing. The 2.5K, 240Hz display on the G16 is a straight stunner and needs to be experienced. With 100% DCI-P3 color coverage, Pantone Validation, and Dolby Vision HDR support, colors are vibrant, deep and true-to-life. For gaming or creative work, it's fantastic. Another fancy thing about the display that continues to wow since it first laid its eye on me is the built-in infrared facial recognition camera that lets you login to the G16 via Windows Hello without a pin or even fingerprint. A welcome feature that works quickly and reliably even during dark, late night gaming sessions. This is exactly the line from Terminator 2 that I think about every time I boot up the G16 thanks to the Intel Core Ultra 9's AI Boost technology, and the NVIDIA GeForce RTX 50 series GPU's Blackwell architecture. Both use AI to enhance content and improve performance and battery life in a number of ways. As an example, for supported games, DLSS 4 (Deep Learning Super Sampling) turbo-charges gaming content by analyzing the pixels in every frame, and dynamically upscales it. DLSS 4's Multi Frame Generation can create and insert up to three frames of content between every traditionally rendered frame, boosting FPS significantly. Combined with other features like enhanced Super Resolution and improved ray tracing, this will make gameplay and cinematic scenes feel smoother and far more realistic. For those who create as well as play, NVIDIA Studio harnesses the power of the RTX 50 series silicon to make working with AI more accessible as well. This gives you the ability to host large language models (LLMs) locally as well as augment the performance of cloud-based AI services. Through services like NVIDIA NIM, you could host an AI instance right on your G16's GPU architecture and build your own AI model, agents, or simulations. The Zephyrus G16 needs to manage a lot of heat from both the CPU and the GPU, and in my testing, it was actually the CPU that needed the most help. The machine's aluminium chassis is the most visible way the G16 beats the heat, but when you pop it into Turbo mode using the fan button (FN+F5), you can instantly hear the three fans spin up. The fans draw that heat past the liquid metal that replaced the thermal paste, on to the vapor chamber, then to the heat sinks and out past the dust filter to the large exhaust vents. It sounds like I'm describing a nuclear reactor or a Starship, but it's the guts of this laptop all crammed into a 1.6cm thick main body. For those quiet movie nights, you can pop the G16 into silent mode and rely on the passive, ambient cooling to watch in silence. The raw power within the G16 is carefully nestled within the CnC machined, sand blasted, polished and anodized aluminium alloy chassis that had me feeling instantly at home as a guy accustomed to a MacBook Pro. There is a thinness to the aluminum compared to the MBP which I know is a decision made to reduce weight and bulk while also acting as a heat sink, but I do worry about how much flex I can feel when held flat in one hand. The construction does feel premium though, and not at all concerning. In terms of size, while carrying it in my bag I hardly noticed the weight difference between a 14' MacBook Pro (1.6Kg) and the 16' Zephyrus. At 1.95kg, and with some models measuring as thin as 1.49cm thick, it's downright dainty despite what it packs inside. On the lid of the Zephyrus you'll find the Slash Lighting, a diagonal bar of white LEDs that are configurable in Armoury Crate. Many reviewers have commented on how it's 'fully customizable' but it's worth knowing some of their limitations. First off, they're only white, so if you're hoping to incorporate them into your Aura setup, only the keyboard backlighting will be able to take part. Second, there are six themes and five animation patterns. You select one of each to create a different display. Each of these 30 combinations will produce different results, and you can alter the brightness and the interval at which it repeats. I'm not usually one to use lighting for lighting's sake, so I was pleased when I found that you can automatically disable the Slash Lighting when certain apps are in use, so I set it to turn off whenever the Netflix or Steam apps were active. The four-speaker system with dual woofers and Smart Amp Technology delivers some pretty rich, immersive audio for a laptop, and the max volume is significant. The G16 boasts AI noise-canceling technology for clear communication during online gaming, but I will confirm that my squadmates could hear themselves speaking as an echo through my built-in mic while playing Fortnite. So even though it may be effective at cancelling out the game audio (they confirmed it was), it isn't yet distinguishing between my voice and those of fellow gamers, so it lets the sounds of other voices through, meaning headphones are still recommended. Another reason to stick with some decent cans while you stress the processors is the noise. There's a lot of heat to move as I mentioned earlier, and I was thankful to have noise-cancelling over-ear headphones to avoid the hush/hiss of the triple fan setup. If you do game with the speakers or you're having a cheeky movie night in bed, Dolby Atmos and Hi-Res Audio certification make for a pretty enhanced laptop listening experience. After a couple weeks of use, I was a bit concerned with the battery. It's got 90Wh capacity, but I would charge it up, watch an hour or so of Netflix before bed, close the lid, and I'd wake up to the battery below 10%. I was a little worried. After a bit of digging, I realized that I had kept the laptop in 'Ultimate' GPU mode in Armoury Crate, and I'd changed the Performance Mode from 'Windows' to 'Performance' or other options depending on my use via the fan button (FN+F5). Without knowing, I'd bypassed the Windows power and sleep settings, and was now idling my GPU far higher than it needed to for just watching movies or other casual tasks. Once I'd sorted that out I was seeing completely reasonable battery usage, and the laptop would lose maybe a percent or two while asleep overnight. While gaming though, with full CPU, GPU and cooling engaged and game settings cranked, that 90Wh capacity gets chewed up in 2-3 hours depending on the game. The A/C adapter is a beefy 240W brick with a proprietary connection. Both of these I grew to live with since they grant 50% charge in 30 mins with fast charging. It turns out Thunderbolt 4 can handle up to 100w, so there's actually an option for you if you've got another charging brick and quality USB C cable. I repurposed another 60w laptop charger I had with a USB C connection, a cable I got off Amazon , and I was able to get pretty solid charging out of it. Probably about half speed, and no fast charging obviously. I don't know what effect that may have on the battery long term, but I'd assume it's minimal given it's charging slower than with the stock charger. With powerful hardware comes a desire for control, and that's where Armoury Crate (AC) comes in. It's not just a way to monitor performance and make little tweaks, it's like performance tuning software for a race car. There's honestly too much to get into, but this is where you can manage everything from Aura lighting to cooling and GPU performance via discrete modes. 'Ultimate' mode even engages the MUX switch which bypasses the CPU for graphics processing to push frames right from the dedicated GPU directly to the display to boost frame rates and reduce latency. AC also lets you remap the 4 customizable hotkeys above the keyboard, though frustratingly, there isn't an option to map any to enable/disable the Slash Lighting on the lid. A gripe shared by a number of folks online who eventually turned to GHelper, a popular 3rd party alternative billing itself as a lighter weight option; though there's sure to be some tweaking to manage both hardware and windows compatibility. There's a lot to be discovered and tinkered with in AC, and that's part of its value, but it's also part of its downfall. The user experience is not ideal, and it took me hours to actually find the GPU modes and slash lighting settings because they were buried in sub menus or only revealed after clicking a 'System Settings' button which is a totally different UX than the rest of the menus on the left of the screen. I tested a few AAA games with the ROG Zephyrus G16, as well as an old favourite just to see how it might change solely based on hardware, and each time I was blown away. This was the first game I tried, and right out of the gate in the first battle where you're introduced to Wukong and face-off against some towering gods up in the clouds, the particle physics and the lighting actually made me pause the game and restart just to play the intro again. The lighting and effects were staggering. I've uploaded a quick clip of the game to show some of the lighting effects in motion. Cyberpunk has the benefit of being one of the ~700 titles that can take full advantage of all the new features in the NVIDIA RTX 50 series GPUs. There's full support for frame generation, and other DLSS features I've been talking about earlier. It was clear even in the games' internal graphics benchmark that they were able to shine. Both the light and dark scenes popped and looked super realistic. Reflections too were stunning and mirrored the landscape nicely as you moved through a scene. The contrast and textures on offer in the gritty dystopian setting of this game were particularly striking on the OLED display. Perhaps because I am such a fan of the game, but also since I've been playing it since launch day in 2016 on PS4, PS5, and then PS5 Pro, I was particularly floored with the look and feel of No Man's Sky when I tried it on the Zephyrus G16. I was surprised to see that the game supported DLSS, frame generation, up to 240 fps in certain situations like the galactic map, and just generally looked drop dead gorgeous. Details I never knew existed were suddenly rendered before my eyes, and it's brought new life to the game. The 2025 Asus Zephyrus G16 does indeed make good on its promise of being a master of all it was designed for. A premium gaming or creator experience while still pushing the boundaries of portability, power and visual excellence. Combining the latest Intel and NVIDIA technologies, a stunning OLED display, massive memory and storage capacity and cutting-edge cooling solutions make it the ultimate choice for gamers and creators who want a high-performance laptop that's also easy to carry around. There are aspects of enjoying a game you can't share with others via videos or screenshots since they're only ever going to be able to experience them through their own hardware. In a way, that's the true magic of a powerful and portable gaming laptop. You can bring that experience anywhere you go, and share it with those who'll appreciate it as much as you do. Whether you're a console gamer like me looking to make the leap into the world of PC gaming or a seasoned enthusiast seeking a portable, powerful machine, the Zephyrus G16 delivers a top-tier experience that's hard to match. What: ASUS ROG Zephyrus G16 (2025) Gaming Laptop Release date: February 25, 2025 Price: starting at $4,799.00 CAD ( $5,299 CAD as tested) Colours: Eclipse Grey, Platinum White Where to buy: ASUS | Best Buy | Amazon Operating system: Windows 11 Pro Processor: Intel Core Ultra 9 Processor 285H 2.9 GHz; Intel AI Boost NPU up to 13TOPS Graphics: NVIDIA GeForce RTX 5080 Laptop GPU ROG Boost: 1550MHz* at 120W (1500MHz Boost Clock+50MHz OC, 100W+20W Dynamic Boost); 16GB GDDR7 Neural Processor: Intel AI Boost NPU up to 13TOPS Display: 16-inch 2.5K (2560 x 1600, WQXGA) OLED 16:10 aspect ratio Refresh Rate: 240Hz Memory: 64GB LPDDR5X 7467 on board(Actual memory speeds may vary by CPU configuration.) Storage: 2TB PCIe 4.0 NVMe M.2 SSD Expansion slots (includes used): 2x M.2 PCIe I/O Ports: ( 1) 3.5mm Combo Audio Jack; ( 1) HDMI 2.1 FRL; ( 1) Thunderbolt 4 support DisplayPort/power delivery; ( 2) USB 3.2 Gen 2 Type-A; ( 1) USB 3.2 Gen 2 Type-C; ( 1) card reader ( Camera: 1080P FHD IR Camera for Windows Hello Audio: Smart Amp Technology; Dolby Atmos AI noise-canceling technology; Hi-Res certification (for headphone); Built-in 3-microphone array; 4-speaker (dual-force woofer) system with Smart Amplifier Technology Battery: 90WHrs, 4S1P, 4-cell Li-ion Power supply: Rectangle Conn, 240W AC Adapter, Output: 20V DC, 12A, 240W, Input: 100~240C AC 50/60Hz universal Weight: 1.95 Kg (4.30 lbs) Dimensions: 35.4W x 24.6D x 1.49H ~ 1.74 cm Shopping Essentials , a category written by research-obsessed shopping fanatics, is now on . Explore in-depth product reviews, expert recommendations and exciting collaborations — plus get behind-the-scenes info on your favourite brands and trending products — learn more here or sign up for our newsletter .
Yahoo
02-05-2025
- Entertainment
- Yahoo
Highly Anticipated Fantasy RPG Gets PS5 Release Date
Soulslike action RPG from Chinese developer Leenzee and publisher 505 Games has been garnering the attention of gamers. Those who are anticipating the upcoming game are in luck, as the newly announced release date reveals players won't have to wait too long to enjoy the upcoming game. Wuchang: Fallen Feathers comes to PS5 on July 24. Players can preorder the standard edition for $49.99 or the Deluxe Edition for $59.99 on the PlayStation Store. Check out the trailer below, which shows off its Bride boss fight. 'Wuchang: Fallen Feathers is a soulslike action RPG set during the chaotic final years of the Ming Dynasty,' reads the game's description. 'You play as Wuchang, a pirate warrior afflicted by a mysterious illness known as the Feathering. Explore forgotten temples, unravel ancient secrets, and absorb the powers of fallen bosses to become a legend forged in shadow and flame.' Players who preorder the game will get several bonuses, including the Night Spectre Enhanced Costume Set, the White Spectre Enhanced Costume Set, Vervillion War Club (Axe), and Glistening Red Mercury Skill Upgrade Item (Medium). The Deluxe Edition includes several more goodies for players. Here is everything included in the slightly more costly version of the game: Wuchang: Fallen Feathers Base Game 4 Costumes: Tiger of Fortune Costume Draconic Resurgence Costume Soul Ritual Robe Costume Overlord's Regalia Costume 4 Weapons: Watcher's Gaze (Sword) Dragoncoil Lance (Spear) Eternal Sovereignty (Dual Blades) Moonlight Dragon (Sword) 1 Skill Upgrade Item Blood of Changhong Skill Upgrade Item (Large) Wuchang: Fallen Feathers has been gathering some interest specifically from players who have played Black Myth: Wukong as both are Dark Souls-inspired action games developed by Chinese developers. This may be a good sign for the upcoming Leenzee game, as Black Myth: Wukong sold incredibly well when it launched last year. The post Highly Anticipated Fantasy RPG Gets PS5 Release Date appeared first on PlayStation LifeStyle.
Business Mayor
01-05-2025
- Business
- Business Mayor
‘Breaking through the US blockade': HK backs Zhejiang tech firms but details are scant
HONG KONG – Hong Kong leader John Lee's recent visit to mainland China's tech powerhouse Zhejiang province signalled his commitment to more closely collaborate with Chinese cities amid the global trade turbulence. Mr Lee, who was accompanied by senior officials and business leaders, was there for four days in late April to find ways to work with industry to circumvent disruptions from the ongoing tariff war between the United States and China. But while the Hong Kong chief executive's trip was big on its symbolism, it has, for now, comparatively little to show by way of specifics on how it will help businesses diversify their supply chains. Analysts say it is a first step, however, towards building a broader strategy for Hong Kong and mainland cities to work together to overcome the trade and business obstacles posed by the US, including the latest tariffs imposed by President Donald Trump. During the trip, Hong Kong and Zhejiang agreed to set up a new mechanism by which Hong Kong will provide tailored supply chain services enabling mainland companies to bypass the US blockades. Hong Kong is 'well positioned to offer mainland enterprises new supply chain services and lead these businesses in exploring emerging markets, breaking through the US blockade', Mr Lee told a forum of some 600 government and business leaders in the Zhejiang port city of Ningbo on April 25. 'Utilising Hong Kong's advantages as an international trade centre and multinational supply chain hub, along with Zhejiang's strengths in the digital economy' would help Chinese businesses diversify away from the US where investment risks have risen, he added. Following the visit, the state-run China Daily published an opinion piece describing Mr Lee's move as a smart, 'prudent and proactive response' to the US tariffs. The US has imposed as much as 145 per cent tariffs on goods from China, including Hong Kong. An editorial in Hong Kong's South China Morning Post described it as 'another feather in (the city's) integration cap'. Hong Kong and Zhejiang 'can only benefit from the new cooperation mechanism, wide range of deals signed and hi-tech push', it added. Mr Lee also signed agreements with Zhejiang covering more than 50 projects in over a dozen areas including technological innovation, trade and housing. In addition, he met representatives from the province's top tech startups, known as the 'Hangzhou six little dragons', and toured two of their facilities. The 'six dragons' refer to AI firm DeepSeek, video game developer Game Science, which made the hit Chinese game Black Myth: Wukong, robotics firms Unitree and Deep Robotics, brain-machine interface innovator BrainCo, and spatial design software maker Manycore. Few details have been released about Mr Lee's discussions with these tech startups, or exactly what any cooperation would involve. Hong Kong Chief Executive John Lee checking out a robotic hand at Chinese brain-machine interface innovator BrainCo's exhibition booth at the Hangzhou Future Sci-Tech City Urban Exhibition Centre in Zhejiang on April 23. PHOTO: COURTESY OF HONG KONG GOVERNMENT It is understood that the engagement was for the Hong Kong team to learn what they would need to expand internationally and mitigate the disruptions brought about by the Trump administration. Signalling the importance of his visit, Mr Lee brought with him seven top Hong Kong officials, including commerce minister Algernon Yau and technology and innovation minister Sun Dong. Professor Sonny Lo, who is with the University of Hong Kong's politics department, said that despite the lack of specific details, the visit was of 'important technological, economic and political significance' for Hong Kong. 'John Lee's trip to Zhejiang is just the beginning of a more comprehensive plan to strengthen the logistical supply chain between Hong Kong, the GBA and the rest of mainland China,' Prof Lo told The Straits Times. The GBA, or Greater Bay Area, refers to Hong Kong, Macau, and nine cities in Guangdong province. Technologically, Hong Kong – which is building up its tech and artificial intelligence (AI) industry – can learn from Zhejiang, whose provincial capital, Hangzhou, is already home to many of China's biggest AI startups, he said. 'Meanwhile, Chinese AI firms relocating to or setting up branches in Hong Kong will be able to leverage the city's free flow of information and its universities' advanced research databases to further develop their AI models,' he added. Economically and politically, the partnership with Zhejiang would see Hong Kong accelerate and deepen its integration with the mainland. This not only aligns with the Chinese central government's goals for Hong Kong, but also goes beyond the target that Beijing had set for the city to penetrate just the GBA, Prof Lo said. 'One big area that Hong Kong can help Zhejiang enterprises with is in the financing supply chain,' said Mr David Yin, a partner at Silicon Valley venture capital firm Informed Ventures. It was a good move for Hong Kong to 'start the relationship early on' with Zhejiang's tech startups, Mr Yin told ST, so that these firms can pick the city over the more restrictive mainland Chinese and US stock exchanges or other locations when they decide to list. Mainland exchanges have stricter financial performance requirements for listing, while US exchanges require greater financial transparency. Hong Kong, meanwhile, provides more flexibility for companies such as those in emerging sectors. Another area where Hong Kong can help Zhejiang's tech startups is in accessing AI chips, particularly those from US tech company Nvidia, which have become increasingly difficult for mainland firms to get, according to a venture capitalist familiar with investing in the Chinese tech industry. Read More Green Shoots For Early-Stage Startups In Hyderabad - Sakshi Post The US has since 2022 banned exports of Nvidia's most-cutting-edge chips to China. The ban covers Hong Kong as well, although the city has a small black market for these chips. Hong Kong Chief Executive John Lee at the Black Myth: Wukong Art Exhibition in Zhejiang on April 23. Black Myth is the hit Chinese video game developed by Hangzhou tech startup Game Science. PHOTO: COURTESY OF HONG KONG GOVERNMENT In April, the US further tightened restrictions on exporting Nvidia's lower-end H20 chip to China, months after Zhejiang's two-year-old tech upstart Deepseek revealed in January that it had built a ChatGPT-like AI model powered by that chip. 'AI chips are the biggest thing now in Hangzhou, China's AI hub,' the venture capitalist, who asked not to be named due to the sensitivity of the matter, told ST. 'Hangzhou's AI firms' biggest needs are chips and their ancillary equipment in the whole chip supply chain. That will be the main thing that Hong Kong can help with, especially since the US has been plugging its export control gaps on its Nvidia chips to make it even harder for Chinese firms to access them,' the investor said. While Hong Kong is subjected to the same US export controls as the rest of China, 'it is still much easier for exporters in the city to get around red tape and capital controls to buy and sell those chips', he added. Unlike in mainland China, Hong Kong does not impose foreign exchange restrictions nor limit the flow of money in and out of its territory. This, combined with fewer rules on trade documentation and other trade procedures, reduce the kind of bureaucracy often encountered on the mainland and make for easier trade transactions overall. Magdalene Fung is The Straits Times' Hong Kong correspondent. She is a Singaporean who has spent about a decade living and working in Hong Kong. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
01-05-2025
- Business
- Straits Times
From Deepseek to Game Science, China's tech startups hope Hong Kong can help to circumvent US tariffs
News analysis 'Breaking through the US blockade': HK backs Zhejiang tech firms but details are scant HONG KONG – Hong Kong leader John Lee's recent visit to mainland China's tech powerhouse Zhejiang province signalled his commitment to more closely collaborate with Chinese cities amid the global trade turbulence. Mr Lee , who was accompanied by senior officials and business leaders, was there for four days in late April to find ways to work with industry to circumvent disruptions from the ongoing tariff war between the United States and China. But while the Hong Kong chief executive's trip was big on its symbolism, it has, for now, comparatively little to show by way of specifics on how it will help businesses diversify their supply chains. Analysts say it is a first step, however, towards building a broader strategy for Hong Kong and mainland cities to work together to overcome the trade and business obstacles posed by the US, including the latest tariffs imposed by President Donald Trump. During the trip, Hong Kong and Zhejiang agreed to set up a new mechanism by which Hong Kong will provide tailored supply chain services enabling mainland companies to bypass the US blockades. Hong Kong is 'well positioned to offer mainland enterprises new supply chain services and lead these businesses in exploring emerging markets, breaking through the US blockade', Mr Lee told a forum of some 600 government and business leaders in the Zhejiang port city of Ningbo on April 25. 'Utilising Hong Kong's advantages as an international trade centre and multinational supply chain hub, along with Zhejiang's strengths in the digital economy' would help Chinese businesses diversify away from the US where investment risks have risen, he added. Following the visit, the state-run China Daily published an opinion piece describing Mr Lee's move as a smart , 'prudent and proactive response' to the US tariffs. The US has imposed as much as 145 per cent tariffs on goods from China, including Hong Kong. An editorial in Hong Kong's South China Morning Post described it as 'another feather in (the city's) integration cap'. Hong Kong and Zhejiang 'can only benefit from the new cooperation mechanism, wide range of deals signed and hi-tech push', it added. Mr Lee also signed agreements with Zhejiang covering more than 50 projects in over a dozen areas including technological innovation, trade and housing. In addition, he met representatives from the province's top tech startups, known as the 'Hangzhou six little dragons', and toured two of their facilities. The 'six dragons' refer to AI firm DeepSeek, video game developer Game Science, which made the hit Chinese game Black Myth: Wukong, robotics firms Unitree and Deep Robotics, brain-machine interface innovator BrainCo, and spatial design software maker Manycore. Few details have been released about Mr Lee's discussions with these tech startups, or exactly what any cooperation would involve. Hong Kong Chief Executive John Lee checking out a robotic hand at Chinese brain-machine interface innovator BrainCo's exhibition booth at the Hangzhou Future Sci-Tech City Urban Exhibition Centre in Zhejiang on April 23. PHOTO: COURTESY OF HONG KONG GOVERNMENT It is understood that the engagement was for the Hong Kong team to learn what they would need to expand internationally and mitigate the disruptions brought about by the Trump administration. Signalling the importance of his visit, Mr Lee brought with him seven top Hong Kong officials, including commerce minister Algernon Yau and technology and innovation minister Sun Dong. Professor Sonny Lo, who is with the University of Hong Kong's politics department, said that despite the lack of specific details , the visit was of 'important technological, economic and political significance' for Hong Kong. 'John Lee's trip to Zhejiang is just the beginning of a more comprehensive plan to strengthen the logistical supply chain between Hong Kong, the GBA and the rest of mainland China,' Prof Lo told The Straits Times. The GBA, or Greater Bay Area , refers to Hong Kong, Macau, and nine cities in Guangdong province. Technologically, Hong Kong – which is building up its tech and artificial intelligence (AI) industry – can learn from Zhejiang, whose provincial capital, Hangzhou, is already home to many of China's biggest AI startups , he said. 'Meanwhile, Chinese AI firms relocating to or setting up branches in Hong Kong will be able to leverage the city's free flow of information and its universities' advanced research databases to further develop their AI models,' he added. Economically and politically, the partnership with Zhejiang would see Hong Kong accelerate and deepen its integration with the mainland. This not only aligns with the Chinese central government's goals for Hong Kong, but also goes beyond the target that Beijing had set for the city to penetrate just the GBA, Prof Lo said. 'One big area that Hong Kong can help Zhejiang enterprises with is in the financing supply chain,' said Mr David Yin, a partner at Silicon Valley venture capital firm Informed Ventures. It was a good move for Hong Kong to 'start the relationship early on' with Zhejiang's tech startups, Mr Yin told ST, so that these firms can pick the city over the more restrictive mainland Chinese and US stock exchanges or other locations when they decide to list. Mainland exchanges have stricter financial performance requirements for listing, while US exchanges require greater financial transparency. Hong Kong, meanwhile, provides more flexibility for companies such as those in emerging sectors. Another area where Hong Kong can help Zhejiang's tech startups is in accessing AI chips, particularly those from US tech company Nvidia, which have become increasingly difficult for mainland firms to get, according to a venture capitalist familiar with investing in the Chinese tech industry. The US has since 2022 banned exports of Nvidia's most-cutting-edge chips to China. The ban covers Hong Kong as well, although the city has a small black market for these chips. Hong Kong Chief Executive John Lee at the Black Myth: Wukong Art Exhibition in Zhejiang on April 23. Black Myth is the hit Chinese video game developed by Hangzhou tech startup Game Science. PHOTO: COURTESY OF HONG KONG GOVERNMENT In April, the US further tightened restrictions on exporting Nvidia's lower-end H20 chip to China, months after Zhejiang's two -year-old tech upstart Deepseek revealed in January that it had built a ChatGPT-like AI model powered by that chip. 'AI chips are the biggest thing now in Hangzhou, China's AI hub,' the venture capitalist, who asked not to be named due to the sensitivity of the matter, told ST. 'Hangzhou's AI firms' biggest needs are chips and their ancillary equipment in the whole chip supply chain. That will be the main thing that Hong Kong can help with, especially since the US has been plugging its export control gaps on its Nvidia chips to make it even harder for Chinese firms to access them,' the investor said. While Hong Kong is subjected to the same US export controls as the rest of China, 'it is still much easier for exporters in the city to get around red tape and capital controls to buy and sell those chips', he added. Unlike in mainland China, Hong Kong does not impose foreign exchange restrictions nor limit the flow of money in and out of its territory. This, combined with fewer rules on trade documentation and other trade procedures, reduce the kind of bureaucracy often encountered on the mainland and make for easier trade transactions overall. Magdalene Fung is The Straits Times' Hong Kong correspondent. She is a Singaporean who has spent about a decade living and working in Hong Kong. Join ST's Telegram channel and get the latest breaking news delivered to you.
