Latest news with #China-based
Engadget
4 hours ago
- Automotive
- Engadget
Uber and Baidu are teaming up to deploy thousands of autonomous vehicles globally
Uber and China-based Baidu are teaming up to deploy more autonomous vehicles throughout the world. The companies plan on bringing thousands of Baidu's Apollo Go vehicles to various regions that will be accessible via the Uber platform, including mainland China and other "global markets outside of the US." The first joint deployments are expected in Asia and the Middle East later this year. Once launched, Uber riders could be presented with the option to have the trip fulfilled by an Apollo Go vehicle. The companies say this collaboration should increase the supply of affordable rideshare options in new areas by "bringing Baidu's advanced autonomous vehicles onto Uber's extensive network." This follows reporting from May in which Baidu announced it was bringing its autonomous vehicles to Europe. Baidu already operates a fleet of over 1,000 fully driverless vehicles in 15 cities, including Dubai and Abu Dhabi. The company first launched the platform in several Chinese cities back in 2022, including Beijing, Guangzhou and Shanghai. Don't hold your breath waiting for a US rollout. A recent report by The Wall Street Journal suggests America isn't currently in the cards, as Chinese companies tend to face increased scrutiny over on this side of the pond. However, there are plenty of budding autonomous vehicle companies chasing the US market. The Alphabet-owned Waymo has been steadily launching in new cities and most of these efforts include a partnership with Uber. The company Avride, which used to be the self-driving unit for the Russian conglomerate Yandex, has been increasing its presence in cities like Dallas and Jersey City. Amazon's Zoox is also still out there, despite a serious software issue that impacted the braking system. If you buy something through a link in this article, we may earn commission.
Yahoo
7 hours ago
- Business
- Yahoo
Sino Biopharma spends $951m to acquire China-based LaNova Medicines
Hong Kong-listed Sino Biopharmaceutical will acquire China-based oncology specialist LaNova Medicines in a deal that will not exceed $951m, representing one of the largest transactions within the Asia-Pacific pharmaceutical arena this year. Sino already owns a 4.91% stake courtesy of an investment in November 2024, with the company now seeking to purchase the remaining 95.09% it does not own. At the time, Sino spent 142 million yuan ($19.80m) to initiate its ownership involvement with the biotech. The net payment made by Sino to acquire LaNova will be approximately $500.9m, a figure that excludes the estimated cash and bank deposits, according to a company document outlining the terms of the transaction. Following the completion of the nearly billion-dollar deal, LaNova Medicines will become an indirect wholly owned subsidiary of Sino. A timeline of 30 business days has been set by the companies to finalise the deal. Sino revealed the acquisition agreement after trading hours on 15 July. The share price in the company had climbed 3.6% by market close. LaNova's drug development focuses on tumour immunity and the tumour microenvironment. The company has particular emphasis on antibody-drug conjugates (ADCs) and has built several platforms within this modality. Sino stated the acquisition would strengthen its research and development capabilities, subsequently enhancing competitiveness and innovation in the oncology market. LaNova's pipeline has already been raided twice by US big pharma companies. In 2023, AstraZeneca licensed LM-305, a G-protein targeting-ADC, for $600m. A year later, MSD outlaid more than $3bn to secure global rights to LM-299, an anti-PD-1/VEGF bispecific antibody. According to Sino, LaNova Medicines has two projects in the registration clinical stage, six projects in the Phase I/II clinical trial stage, and more than ten projects in the preclinical research stage. In a statement, Sino said: 'Through the in-depth synergy and integration of the advantageous resources of both parties, not only will the potential value of LaNova Medicines be fully released, but also [Sino's] innovation capability will be comprehensively enhanced." The company added that the transaction will help towards its 'strategic goal of advancing towards a world-class innovative pharmaceutical enterprise'. China's economy grew 5.2% year-on-year in Q2, defying the lingering effects of US President Trump's trade war and reinforcing its position as the world's top exporter. This economic resilience is mirrored in China's growing role in the global oncology market. Despite economic pressures, licensing promising drug candidates from Chinese biotechs is becoming a well-trodden path for many US big pharma companies. Licensing deals between US and Chinese biopharma companies hit record highs last year, a 280% increase from 2020, according to analysis by GlobalData. Across big pharma, transactions rose 66% from $16.6bn in 2023 to $41.5bn in 2024, demonstrating that China is still the go-to place to discover pipeline candidates. For deals specific to US companies, the analysis found that total deal value rose from $15.7bn in 2023 to $21.3bn in 2024. GlobalData is the parent company of Pharmaceutical Technology. "Sino Biopharma spends $951m to acquire China-based LaNova Medicines" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
8 hours ago
- Business
- Yahoo
ETFs in Focus as China Exceeds Growth Expectations in Q2
China's economy expanded at a slightly faster-than-expected pace in the second quarter of 2025, surpassing Beijing's full-year target of 5%. This stronger performance has eased immediate pressure on policymakers to introduce further economic stimulus, as quoted on CNBC. According to the National Bureau of Statistics (NBS), gross domestic product (GDP) grew by 5.2% in Q2, outpacing the 5.1% forecast by Reuters-polled economists. However, this figure still marked a slowdown from the 5.4% growth recorded in the first quarter. Despite some weak spots, analysts believe China may hold off on introducing additional stimulus measures in the near term, as quoted on CNBC. Some analysts believe that more significant stimulus could be delayed until September, should economic momentum weaken further. Beijing's earlier stimulus efforts have had a partial effect. Manufacturing activity improved. Exports held up well. Shipments to Southeast Asia rose by 13%, and exports to the European Union increased 6.6%. In April, U.S. President Donald Trump escalated tariffs on Chinese imports to a steep 145%, prompting Beijing to deploy a round of supportive measures. The two countries reached a truce in May, agreeing to roll back most tariffs. A follow-up meeting in London in June resulted in a framework agreement, with China committing to faster approval of rare-earth mineral exports, while the United States pledged to ease technology restrictions and relax visa rules for Chinese students. A deadline of August 12 has been set for finalizing a permanent trade agreement. Despite outward signs of resilience, economists warn of underlying vulnerabilities in the Chinese economy. In a recent report, People's Bank of China (PBOC) advisor Huang Yiping and co-authors urged the government to introduce up to 1.5 trillion yuan in fiscal stimulus to bolster household spending and counter the effects of U.S. tariffs. China's economy appears to be on track to meet its 5% growth target for 2025, supported by exports and selective stimulus. However, weaker domestic demand, a struggling real estate sector, and global uncertainties are negatives. Against this backdrop, investors can keep a track of China-based exchange-traded funds (ETFs) like iShares MSCI China ETF MCHI, KraneShares CSI China Internet ETF KWEB, iShares China Large-Cap ETF FXI, Xtrackers Harvest CSI 300 China A-Shares ETF ASHR and Invesco China Technology ETF CQQQ. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report iShares China Large-Cap ETF (FXI): ETF Research Reports Invesco China Technology ETF (CQQQ): ETF Research Reports iShares MSCI China ETF (MCHI): ETF Research Reports KraneShares CSI China Internet ETF (KWEB): ETF Research Reports Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Times
20 hours ago
- Business
- Business Times
China's quant funds boost US recruiting after Trump's visa curbs
[BEIJING] Chinese quantitative hedge funds are stepping up efforts to hire science and engineering students in the US affected by US President Donald Trump's university funding cuts and tighter visa policies. Shanghai-based Mingshi Investment Management launched a special program last month to offer full-time jobs to students unable to finish their PhDs due to the recent US policy changes. The initiative also provides internships to graduates from Chinese universities whose overseas study plans may be scuppered, the company said. Shanghai-based Mingshi Investment Management launched a special programme last month to offer full-time jobs to students unable to finish their PhDs due to the recent US policy changes. The initiative also provides internships to graduates from Chinese universities whose overseas study plans may be scuppered, the company said. Chinese quant funds are taking advantage of moves by the Trump administration to restrict foreign students' access to US universities. Secretary of State Marco Rubio said in May that some Chinese student visas would be 'aggressively' revoked and applicants from China and Hong Kong will face heightened scrutiny. Chinese quant firms, which have historically struggled to compete with more prestigious global giants with deep pockets, are seizing this opportunity to attract students in the US. 'The talent wars are intense among top-tier global quant funds, and now Chinese quant funds are also part of the game,' said Carrie Cheung, a Hong Kong-based partner at recruitment firm Principle Partners. 'With the recent visa constraint, it is a natural move to focus on US graduate students.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up At Mingshi, which oversees 15 billion yuan, some of the affected students were already in their target pool. That prompted the firm to launch a special summer recruitment session, adding headcount for roles including quant developers and researchers. The recruitment push has led to more applications from science, technology, engineering and math majors, including students in China and the US, the company said, without providing details. 'Considering their genuine challenges, this is a good opportunity to obtain the talent and it's our social responsibility to offer these students a special recruitment channel,' Mingshi wrote in a reply to Bloomberg News. Mingshi posted on LinkedIn recently that founder Yu Yuan hosted 30 'exceptional' students from Yale University at their Shanghai office for an 'engaging discussion' on quantitative investing and strategy design. Traditionally, more than 80 per cent of Mingshi's recruits have been returnees from international universities or companies. The head of human resources at the eastern China-based fund, who requested not to be identified discussing personnel matters, said the shifts are clear: More Chinese students in the US are returning, while fewer are choosing to go in the first place. These trends have accelerated this year. While the US remains the top choice for most quant talent, its lead over China is shrinking, according to some China funds. These firms are offering more competitive pay, and the industry's appeal is growing after AI startup DeepSeek stunned the world with its large language model this year. About 40 per cent of the eastern China fund's research team were overseas returnees, mostly from the US. Some of the researchers earn more than 10 million yuan a year, the head of human resources said. Shanghai QuantPi Investment has had 'mixed results' in the past, competing for staff against international peers. There's no doubt now that more Chinese students studying in the US will be interested in Chinese quants, according to chief executive officer Sun Lin. China's quant industry offers greater growth potential, and the living environment is more familiar for these students, with a stronger sense of cultural identity, he said. 'The more ambitious and self-confident candidates tend to opt for domestic firms such as QuantPi,' he added. QuantPi will not significantly adjust its recruitment strategy because it's always targeted people with US and UK study experience, he said. The company will allocate more resources to hiring, said Sun, former head of US market-making at Two Sigma Investments. 'A lot of top-tiered Chinese quant funds are expanding into global markets, not just trading China,' said Cheung at Principle Partners. 'They also intend to raise money overseas, hence a natural demand for talent with more global exposure.' Some of the Chinese quant firms have already set up offices elsewhere, including in Hong Kong, allowing them to post some of the new recruits outside mainland China. Goku, for example, received a license in Singapore this year to accept capital from offshore investors. One key advantage for China is that it has the world's largest pool of talent, Sun said. Chinese universities are forecast to churn out more than 77,000 Stem PhD graduates per year by 2025, compared with about 40,000 in the US, according to a research paper by Georgetown University in 2021. China would outnumber the US by more than three-to-one if international students were excluded from the US count, the report found. That expertise is helping drive the push to incorporate artificial intelligence (AI) into investment decisions. More than 95 per cent of Goku's trading signals are now AI-driven, significantly surpassing most global peers, which are typically up to 25 per cent, according to Ken Chung, CEO of Goku's Singapore unit. 'The best source of AI talent is in the US and China,' Chung said. 'If the US doesn't want that talent, we would welcome them with open arms.' BLOOMBERG
Malaysian Reserve
21 hours ago
- Business
- Malaysian Reserve
TikTok urgently pitches Canada security solution to avoid shutdown
TikTok is trying to talk with Canada about security solutions that would spare the popular video app from a looming order to shut operations in the country. So far, its pleas have fallen on deaf ears, said Steve de Eyre, director of TikTok's government affairs for Canada, in an interview. 'We are still looking to get to the table,' he said. TikTok, owned by China-based ByteDance Ltd., started this month to freeze spending on cultural programs and sponsorships, following a November directive to close its Canadian unit, which cited national security concerns. TikTok would still be available on app stores for Canadians to use after the shutdown. 'Time is running out,' de Eyre said, though the company declined to share its deadline. TikTok has challenged the order in court. TikTok Chief Executive Officer Shou Zi Chew wrote to Industry Minister Melanie Joly on July 2 requesting an urgent in-person meeting within the next two weeks. According to a copy of the letter seen by Bloomberg, he wrote: 'The windup process is rapidly approaching a critical juncture where, unless you intervene, TikTok will be forced to fire all of its Canadian employees' as well as halting investment and support for creators. De Eyre confirmed the contents of the letter, and said the company hasn't yet received an official response. The Industry Ministry didn't immediately respond to a request for comment. In other countries where it's faced concerns, TikTok has set up systems to fence off user data to prevent it from being sent to China. These were dubbed Project Texas in the US and Project Clover in the EU. Asked if TikTok has pitched Canada an equivalent like 'Project Maple,' de Eyre said: 'Maybe it would be Project Maple. But we need to sit down, understand the concerns that Canada has, and we want to build a solution that would provide greater data security, greater oversight and accountability where there are these concerns.' In the UK, TikTok hired a British firm to audit its data controls and protections to allay concerns. Right now, TikTok says it stores Canadian user data in the US, Ireland, Singapore and Malaysia. The company said it paid C$340 million ($248 million) in Canadian tax from 2019 to 2024, employs about 350 people across Toronto and Vancouver, and has 14 million Canadian users. 'We've had people who have unfortunately left for other opportunities because of this order being out there, and we haven't been able to rehire for those roles because of the order,' de Eyre said. He argued the ban was enacted by a different government, under former Prime Minister Justin Trudeau, 'in a different time,' and that things have changed in the US, where Donald Trump has delayed a more comprehensive order for ByteDance to sell or shut down the app. Last month Trump said he's found a buyer for the US operations. The irony of Canada's order if it goes through, de Eyre argues, is that the country loses 'the accountability of having a TikTok entity within Canada's legal jurisdiction, having employees who are directly accountable to parliament and regulators and law enforcement,' even though the app will remain available. –BLOOMBERG
