Latest news with #Gong
Yahoo
5 days ago
- Business
- Yahoo
Citi Maintained a Buy Rating on Trip.com (TCOM), Kept the PT Unchanged
Group Limited (NASDAQ:TCOM) is one of the . On June 17, Citi analyst Brian Gong maintained a Buy rating on Group Limited (NASDAQ:TCOM) with a price target of $78. The analyst noted the company's deal with MakeMyTrip as one of the key factors behind his bullish sentiment. As a result of this deal, the company will sell part of its stake in MakeMyTrip. This will allow the company to get a one-time gain from the sale, while keeping the largest minority shareholding in MakeMyTrip. Gong noted that this deal comes at a good time as the current value of MakeMyTrip is seen as favourable. Moreover, after the sale, Group Limited (NASDAQ:TCOM) will have more offshore cash, which could lead to higher returns for shareholders. A customer in a travel agents office, highlighting the convenience of the companies corporate travel solutions. Group Limited (NASDAQ:TCOM) is a leading Chinese company that offers a one-stop online travel platform. It provides a range of travel products, services, and travel content for both leisure and business travelers. While we acknowledge the potential of TCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
New Indian Express
6 days ago
- Business
- New Indian Express
Spy in Silicon Valley: Chinese-American admits to stealing classified US military tech
A Chinese-American dual national has pleaded guilty to stealing classified US defence technology used to detect nuclear launches and track ballistic missiles, among other capabilities. According to the US Department of Justice (DOJ), 59-year-old Chenguang Gong, from San Jose, California, admitted guilt to one count of theft of trade secrets and remains free on a $1.75 million bond. The DoJ says Gong's actions caused an intended economic loss of more than $3.5 million. He faces a maximum sentence of 10 years in prison, with sentencing set for 29 September. DOJ prosecuters say Gong had transferred over 3,600 files from a Los Angeles-area research and development firm, where he was briefly employed last year, to personal storage devices. The files included blueprints for advanced infrared sensors intended for use in space-based systems to detect nuclear missile launches, as well as to track ballistic and hypersonic missiles. Other documents stolen by Gong pertained to sensors designed to equip US military aircraft with the ability to detect incoming heat-seeking missiles and deploy countermeasures such as jamming the missiles' infrared tracking systems. Gong had been hired in January 2023 as a design manager overseeing application-specific integrated circuits (ASICs) for infrared sensors. Between 30 March and 26 April 2023, the DOJ said he copied over 3,600 files from his work laptop to personal devices, including more than 1,800 after he had accepted the rival job. Many documents were labelled 'Proprietary Information' and 'Export Controlled.' The files contained proprietary information related to advanced readout integrated circuits used in missile launch detection systems and low-visibility threat tracking in military aircraft. Some files outlined blueprints for 'next-generation' sensors capable of identifying low-observable targets with enhanced survivability in space, along with engineering schematics for cryogenic sensor housing. Officials described the stolen data as some of the company's most valuable trade secrets, worth hundreds of millions of dollars. Separately, between 2014 and 2022, the accused had submitted several applications to Chinese state-run 'Talent Programmes' designed to recruit experts in sensitive fields. The DOJ said Gong sought to develop military-grade analogue-to-digital converters and low-light image sensors for night-vision systems. In one 2020 application, Gong submitted a video referencing proprietary sensor models from a defence firm he had previously worked at. Prosecutors also cited a 2019 email in which Gong said he had 'taken a risk' by participating in the programmes due to his ties to the US defence industry but believed he could contribute to China's military chip design capabilities.
The Print
7 days ago
- The Print
US says Chinese-origin engineer confessed to espionage, ‘stole' missile detection tech blueprints
According to the US Department Of Justice, Gong admitted to unlawfully transferring over 3,600 proprietary files from a California-based research and development firm specialising in advanced infrared missile detection systems. According to the statement, Chenguang Gong, aged 59, confessed to 'stealing trade secret technologies developed for use by the US government to detect nuclear missile launches, track ballistic and hypersonic missiles, and to allow US fighter planes to detect and evade heat-seeking missiles'. Gong, whom the Office of Public Affairs of the US Department Of Justice described as ' a dual citizen of the United States and China ,' is scheduled to be sentenced on 29 September. He faces a maximum penalty of 10 years. New Delhi: An engineer of Chinese origin living in the US has pleaded guilty to stealing highly sensitive military technology related to US missile detection systems, the US Department of Justice said in a press statement released on 21 July. The statement said the stolen material included classified blueprints and schematics used in space-based systems capable of detecting nuclear and hypersonic missile launches, as well as infrared sensors for military aircraft designed to evade heat-seeking missiles. Gong, a former engineer at an unnamed Southern California company, was employed for less than a month in early 2023 before being terminated. During his tenure, he allegedly downloaded thousands of files marked 'Proprietary Information', 'For Official Use Only', and 'Export Controlled' on his personal storage devices. The stolen files were later recovered from Gong's residence in California, the Department of Justice said. Among the compromised materials were detailed designs for mechanical assemblies used to cryogenically cool sensitive equipment, as well as blueprints for next-generation sensors with the ability to detect low-observable threats in space. The stolen intellectual property was estimated to be worth hundreds of millions of dollars, and the US Justice Department estimated the total intended economic loss exceeds $3.5 million, the statement added. Also Read: Trump says 'deal is done', China to remove curbs on exports of critical minerals to US Role of China's 'talent programmes' Further investigation also revealed that Gong had longstanding ties to the Chinese government's controversial 'talent programmes'. These are initiatives that recruit global experts to contribute to China's technological and military development. The Thousand Talents Plan (TTP), launched by the Chinese Communist Party (CCP) in 2008, was originally designed to address China's brain drain which saw an exodus of top Chinese researchers and scholars to countries like the US, Canada, and the UK. Initiated by Li Yuanchao, a former member of the CCP Politburo, the programme aimed to foster an 'innovative society' rather than facilitate the theft of US technology. However, over time, the TTP has raised serious concerns within the US government over its potential role in intellectual property theft and the unauthorised transfer of sensitive technologies. A 2019 US Senate report revealed that some participants were required to prioritise Chinese interests and share research developed abroad. Authorities in the US and Australia have tied these programmes to corporate espionage, with cases of unauthorized tech transfers and IP theft reported by partner firms, especially in sectors like Artificial Intelligence, biotech, and aerospace. Between 2014 and 2022, Gong submitted multiple applications to these programmes while working at major US tech firms. In one 2014 proposal, Gong offered to develop high-performance analog-to-digital converters similar to those produced by his US employer and emphasised their military utility for radar and missile systems. He later proposed developing low-light image sensors for military-grade night vision goggles and included information about equipment developed by a major defence contractor he had previously worked for, the Department of Justice statement said. In a 2019 email, he acknowledged the risks of participating in the talent programme, writing that he 'took a risk' by traveling to China while employed by an American defence contractor, but believed he could 'contribute to China's high-end military integrated circuits'. (Edited by Ajeet Tiwari) Also Read: China's Brahmaputra dam is also a military asset. It raises alarm for India
Newsweek
23-07-2025
- Business
- Newsweek
China Spy Stole Secret US Missile Tech: DOJ
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. An engineer pleaded guilty on Monday to stealing military trade secrets from a Southern California defense contractor. Newsweek contacted the Chinese Embassy in Washington, D.C., for comment by email outside office hours. Why It Matters The plea comes amid heightened mistrust of China among U.S. officials, fueled by the East Asian rival's state-linked hacking operations, theft of high-tech intellectual property and high-profile cases of espionage. China's policy of military-civil fusion—which ensures that technological advances and research in the civilian sector are shared with the People's Liberation Army—has also rattled Washington and driven counterefforts such as the current curbs on exports of advanced chips to the country. What To Know Chenguang Gong, 59, a dual citizen of the United States and China, admitted to transferring more than 3,600 files to personal devices during his brief tenure at the company, according to a statement from the U.S. Attorney's Office for the Central District of California. Gong was hired by the defense contractor in January 2023 as an application-specific integrated circuit design manager and was tasked with designing, developing and verifying infrared sensors. The unauthorized transfers occurred between March 30 and April 26, 2023, and included blueprints for advanced sensors intended for space-based systems to detect and monitor hypersonic, ballistic and nuclear missiles. Other files contained designs for sensors used to warn U.S. warplanes of incoming heat-seeking missiles and to jam their infrared tracking. The Chinese flag flutters in the wind against a clear blue sky in front of the Chongqing People's Auditorium in Chongqing, China, on June 16. The Chinese flag flutters in the wind against a clear blue sky in front of the Chongqing People's Auditorium in Chongqing, China, on June stolen trade secrets, worth millions of dollars, included files clearly marked "proprietary" and "for official use only." More than 1,800 files were transferred after Gong had already accepted a position with one of the company's competitors. While Gong pleaded guilty to one count of theft, prosecutors said that between 2014 and 2022, he worked at several major U.S. technology companies and repeatedly applied to Chinese government "Talent Programs." These initiatives recruit overseas scientists and engineers to help transfer expertise and technology back to China, including for military purposes. For instance, while employed at a U.S. technology firm in Dallas in 2015, Gong sent a business proposal to a high-tech Chinese organization focused on dual-use goods, detailing plans to develop sensors and analog-to-digital converters of the type being produced by his U.S. employer. He also traveled to China several times in an effort to secure Talent Program funding for the converters, emphasizing their military potential. In a 2019 email cited by the U.S. Attorney's Office, Gong said he "took a risk" with these China trips and stressed that he could "do something" to contribute to China's "high-end military integrated circuits." What People Are Saying The U.S. District Court for the Central District of California said in its February 2024 complaint: "These files describe the methods, designs, techniques, processes, specifications, testing, and manufacture of these technologies and would be extremely damaging economically if obtained by the victim company's competitors, and would be dangerous to U.S. national security if obtained by international actors." What Happens Next China has not commented publicly on the case. Gong is free on a $1.75 million bond, and his sentencing hearing is scheduled for September 29. He faces a maximum 10-year prison sentence.
India.com
22-07-2025
- India.com
Shocking: Chinese Engineer Stole U.S. Missile Technology While On The Job, Transferred 3,600 Sensitive Files
New Delhi: Chenguang Gong, a Chinese engineer, was hired in January 2023 by an American research and development company as a circuit design manager. His role focused on infrared sensors – its design, development and testing. He had full access to highly classified material. He worked in Los Angeles. From late March to late April, he began moving thousands of files. He used his work laptop for the same. He copied the data to three separate storage devices – all personal. He did this quietly. No one noticed at first. But as it was revealed, he was fired. The files he took were not ordinary documents. They contained blueprints of missile tracking technology, nuclear launch detection systems and details about next-generation infrared sensors. These sensors locate ballistic and hypersonic threats from space. The technology helps fighter jets survive incoming missiles. Some of the stolen files turned up in a rented residence. Thousand Oaks, California. U.S. federal agents found them. They seized the devices, but the damage had already been done. The Justice Department confirmed the breach. They issued a statement, declared the accused, who lived in Santa Clara County, a felon. He confessed. He admitted taking trade secrets. These secrets had military value. Priceless knowledge. He now awaits sentencing. The engineer held dual citizenship of China and the United States. He worked in the defense sector for years. Between 2014 and 2022, he reached out to Chinese state-linked programmes. These were talent recruitment initiatives. Their goal was to bring cutting-edge knowledge to China and build power and capability. In 2014, Gong worked in Dallas. He contacted a high-tech institute in China and sent it a business proposal. It involved high-speed analog-to-digital converters. In 2020, he submitted another plan. It focused on night vision technology. He sent a video. That clip showed equipment his former U.S. employer had developed. Among the stolen files were designs for mechanical assemblies. These kept the sensors cold in space. The documents carried special markings – 'Proprietary', 'Official Use Only' and 'Export Controlled'. Their value ran into hundreds of millions of dollars. Now, a federal judge, John F. Walter, holds his future. The sentencing is scheduled for September 29. Gong faces up to 10 years in prison. His bond is $1.75 million. The case continues. The fallout remains. The breach highlights an ongoing struggle, which is silent and unrelenting. Technology is the new battlefield. And trust remains fragile.
