Industry News & Trends Recap: Apr Week 3
Industry News & Trends Recap Apr Week 3
In this week’s summary, we’re seeing significant developments across multiple sectors. Following MAS’s announcement to allocate funds for developing sustainable finance talent, 4,000 to 5,000 new jobs are anticipated in the financial sector.
In the life sciences field, venture capital (VC) firm Canaan is increasing its biotech investments, and Regeneron has introduced a new $500 million biotech-focused VC arm.
On the retail front, LukFook Group is expanding its presence in Southeast Asia, while tech industry giants like Apple and Oracle are capitalising on the artificial intelligence (AI) boom with strategic investments and new initiatives in Singapore. Explore these key developments shaping our business landscape below:
Table of contents
- Finance Industry News
- Investment, PE & VC News
- Legal Industry News
- Healthcare & Life Sciences News
- Luxury & Retail News
- Tech & AI News
Finance Sector News
1.
New Jobs to be Created as MAS Allocates S$35m for Sustainable Finance Talent
The Singapore government is investing S$35 million to enhance the skills of over 50,000 individuals in the financial sector. The initiative aims to meet the rising demand for sustainable financing in the region, particularly in industries like energy and real estate, and position Singapore as a leading hub for sustainable finance in Asia. The focus will be on upskilling professionals in various roles, including sales, risk management, and compliance. The initiative will also create about 4,000 to 5,000 new job opportunities in sustainable finance-related fields.
Read the full article about MAS’s S$35 million investment.
2.
Banks Dominate LinkedIn’s List of ‘Best Workplaces’ in Singapore
In 2024, LinkedIn’s list of the best workplaces in Singapore was dominated by banks, reflecting Singapore’s status as a leading financial hub. This year, commercial banking firms, including those in insurance and digital payments, made up more than half of the top 15 companies, a significant increase from the previous year. This dominance is attributed to Singapore’s stable regulatory environment and the growing adoption of digital banking. LinkedIn’s assessment considered eight factors: career advancement, skills growth, company stability, and gender diversity. The top five companies were all from the banking sector. Besides banking, the healthcare sector is also emerging as a significant player.
Read the full article about LinkedIn’s list of best workplaces.
3.
iCapital Launches Alternatives Marketplace in Hong Kong and Singapore
iCapital launched the iCapital Marketplace in Hong Kong and Singapore to facilitate access to alternative investments for wealth managers and financial advisors. This platform aims to connect these professionals and their clients with various alternative investment opportunities such as private equity, private debt, infrastructure, real assets, and hedge funds offered by leading asset managers. The initiative is driven by the growing interest in private markets among investors worldwide and the desire of asset managers to diversify their fundraising through wealth management channels.
4.
Endowus Expands Asia Footprint with Hong Kong Wealth Platform Launch
Singapore-based digital wealth firm Endowus expanded its services to Hong Kong by introducing its fee-only, non-commission-based wealth management platform. In Hong Kong, Endowus will offer discretionary portfolio management through its “Flagship Portfolios” to provide diversified and optimised risk-adjusted returns. Professional investors can access semi-liquid and liquid private equity or private credit funds, and hedge funds managed by reputable firms like Millennium, Point72, Carlyle, and KKR, with lower minimum investments.
5.
Moves: Citi, Morgan Stanley, HSBC, Hang Seng, JP Morgan, ING
Citi: Citi’s veteran Seamus Yin, a key player in its Chinese market management, has left the company. Yin oversaw private client coverage in southern and western mainland China, including important provinces like Guangdong and Fujian. Yin’s departure follows a broader reorganisation at Citi last year, which saw the splitting of the Asia Pacific (APAC) region into three clusters. This restructuring coincided with the retirement of Citi’s Asia wealth chief, Angel Ng. Marc Luet has since taken over her role, with Vicky Kong and Shyam Sambamurthy assuming leadership positions in different regions.
Morgan Stanley and HSBC: Morgan Stanley and HSBC are reducing their investment banking workforce in the APAC due to decreased deal activities and slow markets in China and Hong Kong. Morgan Stanley is cutting around 50 jobs, affecting about 13% of its Asia investment banking team, while HSBC is expected to let go of approximately 30 dealmakers. These layoffs are among the largest in the banks’ China-focused investment banking divisions. They reflect a broader trend of downsizing in response to declining deal-making activities in China amid an economic slowdown.
Hang Seng: Hang Seng, a subsidiary of HSBC in Hong Kong, appointed Rachel Wei as the new head of private banking and trust services. Wei, previously a managing director (MD) and market head at HSBC, brings extensive experience in private and commercial banking. Hang Seng’s former head, Alison Law, transitioned to a global role within HSBC Life. Law is a veteran of 25 years at HSBC and returned to the parent company after a two-year tenure at Hang Seng.
JP Morgan: JP Morgan Private Bank appointed former Goldman Sachs executive Florence Kui as the new head of its China operations starting at the end of May as its current head, Grace Lin, retires. Kui will be based in Hong Kong and lead the team catering to the offshore wealth management needs of ultra-high-net-worth individuals in China. Kui’s background includes working at EY and PwC, serving as the COO of Goldman Sachs’ Asset Management division in APAC and being the Deputy Head of Private Wealth Management for North Asia.
ING: Amsterdam-based bank ING appointed Gautam Saxena as its new head of corporate finance for the APAC region. Saxena brings 25 years of experience to the role and has previously served at institutions such as Bank of America Merrill Lynch, HSBC, ABN AMRO, and Lazard. In his new position, he will oversee corporate finance strategy across 11 markets in the APAC region.
Read the full article about Morgan Stanley and HSBC’s retrenchments.
Read the full article about JP Morgan’s China Head.
Investment, PE & VC News
1.
Hong Kong’s Stock Market to Get a Boost From Tech & Healthcare IPO
Tech companies seeking to go public are anticipated to boost investor trust in Hong Kong as a prominent financial centre. In the first quarter, there was a notable surge in IPO filings, with 64 applications submitted, reflecting a 23% rise compared to the previous year, as reported by CBI.
Read the full paid article about Hong Kong’s IPO landscape.
2.
Apollo’s Asia Expansion Draws in US$35b from the Region
APOLLO Global Management has seen success in its Asia business revamp, raising US$35 billion since 2022 to expand its presence in the region. Under the leadership of Matthew Michelini, the company tapped into clients’ demand for reliable yields from private market investments, particularly in credit and hybrid financing. The firm now sets sights on capital from insurers and retirement institutions in Japan and Australia, and is tapping into partnerships and expanding investment teams while restructuring its real estate equity fund business.
Read the full article about Apollo’s Asia expansion.
3.
Moves: IG-EQ, Julius Baer and Morgan Stanley IM
IG-EQ: Sridhar Nagarajan has been appointed as the MD for Singapore and CEO for Asia, the Middle East, and Africa at IQ-EQ, a Luxembourg-based investor services group. With over 30 years of industry experience, Nagarajan has been part of IQ-EQ’s senior leadership team since 2019 and has played a significant role in the company’s success in Africa, India, and the Middle East. Before joining IQ-EQ, he led a merger of two state-owned banks.
Julius Baer: Julius Baer appointed Benjamin Sim as the new head of its Greater China operations in Singapore, effective June 1. Sim has been with the company since 2016 and has held various roles, including deputy branch manager and chief operating officer (COO) in Singapore and Hong Kong. Before joining Julius Baer, he also served at Credit Suisse and HSBC. In his new position, Sim is expected to drive market expansion, client base growth, and innovation initiatives to solidify the company’s position in the region.
Morgan Stanley: Morgan Stanley Investment Management (MSIM) appointed Min Huang as head of Greater China. Huang previously held roles at Credit Suisse Asset Management and UBS Asset Management. In her new Hong Kong-based role, she will oversee MSIM’s business platforms and distribution activities in Greater China. Huang will also collaborate with the local management team to strengthen the firm’s onshore fund management company and expand Qualified Domestic Limited Partnership offerings.
Read the full article about IG-EQ’s Asia Chief Executive.
Read the full article about Julius Baer’s Greater China Head.
Read the full article about Morgan Stanley’s new China Head.
Legal News
1.
Moves in Singapore: Fenchurch, Rimon, FLA and Kennedys
Fenchurch: UK-based law firm Fenchurch, which specialises in insurance, is expanding its operations to Singapore, marking its first venture outside the UK. The Singapore office will function as Fenchurch’s hub for Asia and will engage with regional policyholders and brokers on high-value commercial insurance disputes. This expansion coincides with Fenchurch’s recent transition to an employee-owned business model, with 60% of its shares now owned by its employees. This move aligns with the broader trend of insurance-focused law firms, such as Wotton + Kearney, looking to establish a presence in Singapore.
Rimon Law: Rimon Law welcomed Partner Troy Doyle to its team based in Singapore. Doyle has over 20 years of practice across Asia, the US, and the UK, and his accolades include consistent top rankings in leading legal publications for his work in Restructuring & Insolvency. He previously held senior positions at prestigious firms like DLA Piper, Reed Smith, and Gibson Dunn & Crutcher, where he co-chaired the business, restructuring, and reorganisation practice group. Throughout his career, he has managed restructuring efforts totalling over US$62.9 billion in debt and equity.
FLA: Singapore boutique firm Focus Law Asia (FLA) strengthened its matrimonial law division by appointing June Lim as a director. Lim brings over 10 years of experience from her own matrimonial firm, Eden Law Corporation. Her expertise lies in advising high-net-worth individuals on various matrimonial matters such as pre-nuptial and post-nuptial agreements, divorces, custody battles, spousal & child maintenance matters, and domestic violence cases. She has also worked on shareholder disputes, cross-border divorces like international child abduction and relocation, and tracing assets in commercial litigation and matrimonial cases.
Kennedys: UK-based law firm Kennedys hired RPC’s insurance industry veteran Mark Errington as a partner in Singapore. Errington has 25 years of experience in Singapore and specialises in insurance and reinsurance dispute resolution, particularly in areas like terrorism, political violence, associated business interruption/DSU claims, property, construction, engineering, power, and energy. He also has extensive experience in arbitration and global subrogated recovery actions. This move follows the recent announcement of Australian law firm Wotton + Kearney’s launch in Singapore, which involved recruiting two insurance partners from Kennedys.
Read the full article about Fenchurch’s Singapore office.
Read the full article about Rimon Law’s new partner.
Read the full article about FLA’s matrimonial expert.
Read the full article about Kennedys’s insurance expert.
2.
AllBright Opens a New Office in Hong Kong
AllBright Law Offices, headquartered in Shanghai, expanded its global presence by opening a new office in Hong Kong. This move adds to their existing branches in London, Seattle, Singapore, and Tokyo. The Hong Kong office, led by director Hank Lo, boasts a team of 32 lawyers, including seven partners. It will focus on several legal fields, including banking & finance, real estate, employment & immigration, private equity, competition law, intellectual property, dispute resolution, high-end private clients, family offices, capital markets and corporate compliance.
Read the full article about AllBright’s Hong Kong office.
3.
Moves in China: Lawson, JunHe, Shihui, Clifford Chance, and Wintell & Co
Lawson: Lawsons Law Offices, headquartered in Guangzhou, welcomed Deng Dahai as a senior partner to lead its new office in Zhongshan, the firm’s third branch in China. Deng, who served at Guangdong Yingjin Law Firm, focuses on corporate governance, equity incentives, criminal defence, and health insurance compliance. The Zhongshan office will focus on various legal areas, including legal and business integration, civil and criminal law, health insurance compliance, and government legal services, among others. Lawsons sees this expansion as a significant move toward extending its presence in the Greater Bay Area (GBA).
JunHe: JunHe bolstered its Xi’an office by bringing TianTong Law Firm’s litigation expert Du Xiaocheng on board as a partner. Du has extensive experience in civil and commercial litigation and has handled numerous complex cases spanning various sectors such as energy, banking, finance, corporate governance, engineering and construction.
Shihui: Shihui Partners has bolstered its real estate and infrastructure capabilities by adding Zhang Xian as a new partner in its Beijing office. Zhang brings extensive experience from her previous roles at Zhong Lun Law Firm and Longfor Group, where she served as a senior associate and general counsel, respectively. With over a decade of experience in the real estate sector, Zhang has advised clients on various property-related matters, including investment, financing, rental arrangements, and projects involving residential and commercial buildings and hotels. She has guided real estate and property management companies on overseas listings and has expertise in construction and infrastructure.
Clifford Chance: Tim Wang, who served as co-managing partner at Clifford Chance’s China office for seven years, will transition to chair of the China practice as of April 30. Concurrently, Terence Foo will return to the role of a partner. Shi Lei, a seasoned partner specialising in litigation and dispute resolution, will become the managing partner for the Beijing and Shanghai offices starting May 1. Shi Lei has extensive experience in handling cases involving Chinese companies across various jurisdictions and regulatory matters. Meanwhile, Wang specialises in cross-border M&A and capital markets and has been recognised by the China Business Law Journal as one of the Visionaries in their A-List for 2023-24.
Wintell & Co: Wintell & Co’s new office in Beijing welcomed senior partners Ray Li and Wei Yi, while its Shenzhen and Shanghai branches welcomed senior advisor Eding Yi. Li previously held roles at Global Law Office, Zhong Lun Law Firm, and Minsheng Financial Leasing Co, where he specialised in financial leasing transactions for ships, aircraft, vehicles, and equipment. He eventually became a partner at Tisize & Partners. Previously a partner at Tahota Law Firm, Wei Yi focuses on M&A, private equity, and investment funds, serving state-owned enterprises and listed companies. Meanwhile, Eding Yi specialises in private equity, investments, M&A, IPOs, restructuring, insolvency, aviation, financial leasing, compliance and dispute resolution and has facilitated cross-border transactions.
Read the full article about Lawson’s senior partner.
Read the full article about JunHe’s litigation partner.
Read the full article about Shihui’s real estate expert.
Read the full article about Clifford Chance’s leadership reshuffle.
Read the full article about Wintell & Co’s new hires.
4.
Zhong Wen Launches New Office in Kunming
Zhong Wen Law Firm, headquartered in Beijing, expanded its reach with a new office in Kunming, Yunnan Province. This marks their 21st branch globally. Led by director Nie Zhixing, the Kunming office has around 50 lawyers and partners. Its focus areas include capital markets, dispute resolution, banking, finance, mergers and acquisitions, and government affairs, among others. Zhong Wen views this expansion as a strategic move to strengthen its presence in the southwest region of China.
Read the full article about Zhong Wen’s Kunming office.
Healthcare & Life Sciences News
1.
Singapore and Shenzhen Strengthen Partnership in Digital Trade
Deputy Prime Minister Heng Swee Keat of Singapore visited Shenzhen and Hong Kong to enhance cooperation and explore opportunities for economic collaboration. In Shenzhen, he emphasised the importance of strengthening the Singapore-China (Shenzhen) Smart City Initiative (SCI) to promote cross-border digital trade and data flows. In Hong Kong, DPM Heng met Chief Executive John Lee to discuss mutual interests such as trade, investment, innovation, and research.
The delegation also visited several leading tech companies, including:
- AI pharmaceutical company XtalPi;
- Tencent-owned digital bank WeBank;
- Intelligent manufacturing solutions SmartMore;
- Laser equipment manufacturer Han’s Laser.
Highlights included XtalPi’s AI-powered drug discovery, WeBank’s fintech innovations, SmartMore’s intelligent manufacturing solutions, and Han’s Laser’s cutting-edge equipment.
Read the full article about DPM Heng’s visit.
Read the full Chinese article about DPM Heng’s visit to Shenzhen.
2.
Regeneron Launches New VC and Commits $500m
Regeneron Pharmaceuticals has launched Regeneron Ventures, a VC arm, and committed up to $500 million over five years. Led by Jay Markowitz and Michael Aberman, both former Regeneron executives, the venture will invest across therapeutic areas and technologies, including devices and tools. A former partner at Arch Venture Partners, Markowitz has experience in launching companies. Meanwhile, Aberman’s experience includes his leadership roles in biotechs like Quentis Therapeutics and XenImmune Therapeutics. The move aligns with the broader trend in the industry, where big pharma players have also invested in ventures.
Read the full article about Regeneron’s new venture capital.
3.
VC Canaan Raises $100m on Biotech Investments and Hires Pfizer Exec
Venture firm Canaan Partners raised an additional $100 million to its previously closed $850 million fund. This extra capital will specifically target biotech investments alongside their main fund, allowing them to focus more on early-stage biopharma companies. With this extension, Canaan’s total raised amount exceeds $1 billion since early 2023, with almost half allocated to their healthcare team. The firm aims to invest in 15 to 16 companies over the next three years. They’ve already participated in funding rounds for biotech companies like Nocion Therapeutics and Alterome Therapeutics. CanaanPartners also hired former Pfizer executive, Uwe Schoenbeck, as a venture partner. While Canaan hasn’t ventured into metabolic diseases yet, Schoenbeck hints at potential future investments in the cardiometabolic space.
Read the full article about Canaan’s new partner and investment.
4.
Dr Nageatte Ibrahim Joins Innovent Biologics as CMO
Innovent Biologics, Inc. appointed Dr Nageatte Ibrahim, highly regarded in the field of oncology clinical development, as their Oncology Chief Medical Officer (CMO). Dr. Ibrahim brings over a decade of experience from roles at Merck and GSK, where she led various successful global clinical development programs, notably for Keytruda. In her new role, Dr. Ibrahim will oversee Innovent’s Oncology Global Clinical Development programme and bolster the company’s efforts in advancing innovative cancer treatments.
Read the full article about Innovent’s oncology medical chief.
Read the full chinese article about Innovent’s oncologymedical chief.
5.
Medincell Partners with AbbVie for Long-Acting Injectable Therapies
Medincell entered into a collaboration with AbbVie to jointly develop and commercialise up to six long-acting injectable (LAI) therapeutic products across various medical fields. This partnership involves Medincell utilising its commercial-stage LAI technology platform to formulate these innovative therapies. AbbVie will finance and oversee clinical development, regulatory approval, manufacturing, and commercialisation. The agreement entails an upfront payment of $35 million to Medincell, with potential milestone payments and royalties totalling up to $1.9 billion. The first programme candidate has been selected, and formulation activities are already in progress.
Read the full article about Medincell’s agreement with AbbVie.
Luxury & Retail News
1.
EU and Japan Approves Tapestry’s Acquisition of Capri Holdings
The US$8.5 billion deal to acquire Michael Kors owner Capri Holdings by Coach’s parent company Tapestry has gained regulatory approval from the European Union and Japan. However, clearance from US regulators, specifically the Federal Trade Commission (FTC), is still pending as further information is requested. Tapestry CEO Joanne Crevoiserat assured that the deal remains on schedule to close in 2024. The merger aims to bring together luxury brands like Kate Spade, Stuart Weitzman, Jimmy Choo, and Versace under one umbrella, enhancing Tapestry’s competitiveness against brands like LVMH in Europe.
Read the full article about Tapestry’s merger with Capri.
2.
Jeweller LukFook Group Grows Retail Presences in Southeast Asia
Luk Fook Holdings (International) Limited recently opened its “Lukfook Joaillerie” shop at Tun Razak Exchange (TRX) in Malaysia, a significant event graced by various dignitaries. Wong Wai Sheung, Chairman and Chief Executive Officer of Lukfook Group, highlighted the company’s commitment to exploring markets with growth potential, particularly in Southeast Asia. The new store aims to expand the group’s sales footprint and enhance brand awareness in the region’s booming tourism market. With over 3,320 shops worldwide, the group seeks to solidify its reputation internationally. The newly opened store, strategically located in Kuala Lumpur’s international financial district, contributes to the group’s goal of enhancing its brand influence.
Read the full article about Lukfook Group’s expansion.
3.
Jeweller Chow Tai Fook Plans Brand and Store Revamp in China and Hong Kong
Jewellery retailer Chow Tai Fook Jewellery Group is embarking on a rejuvenation plan to modernise its brand and enhance its retail presence, particularly in mainland China and Hong Kong. Its strategy includes renovating around 8,000 stores, introducing a fresh logo and website, and focusing on improving the online shopping experience. However, analysts have expressed concerns about the impact of weaker retail sales and rising gold prices on Chow Tai Fook’s performance. This is attributed to the economic uncertainties, particularly in Hong Kong and mainland China, where the company generates the majority of its sales.
Read the full paid article about Chow Tai Fook’s rejuvenation plans.
4.
Chinese Writer Guo Jingming Enters Beauty Space with Brand SHISPACE
The brand SHISPACE Store has soared in popularity in China due to its association with writer and director Guo Jingming, who holds a 10% stake in the store. Other major stakeholders include celebrity makeup artist Shi Hui and MQ STUDIO founder Liu Xueliang. The store’s success, evident in its substantial sales amounting to over 1 million yuan, is tied to its emphasis on color testing, a service gaining popularity in China influenced by the Korean beauty trend.
5.
Moves: Sephora China, P&G, Balmain and Harvey Nichols
Sephora: Xia Ding has been appointed the MD of Sephora’s operations in China. She will oversee 350 stores and e-commerce platforms in mainland China and Hong Kong. Ding brings extensive experience in business management, digital transformation, and strategic development from her previous roles at HanesBrands, Nielsen, JD.com, and Nike. Her appointment follows the departure of Maggie Chan, the former CEO of Sephora Greater China. It also comes after the company announced its plans to revamp its strategy in response to competitive challenges and economic shifts in the Chinese market post-Covid-19.
P&G: P&G appointed Neal Reed as the new Senior Vice President (VP) and MD of the Australia and New Zealand (ANZ) markets. Reed succeeds Kumar Venkatasubramanian, who will now lead P&G India. Reed has over 28 years of experience at P&G and has worked in various markets, including Japan, the UK, Europe, the Middle East, and Africa. His most recent leadership appointment is as Greater China’s Senior Vice President of Oral Care. His new role is seen as a move to further strengthen P&G’s presence in the ANZ region and drive continued growth.
Balmain: Luxury fashion house Balmain, owned by the Qatar royal family’s investment company Mayhoola, appointed Givenchy’s Matteo Sgarbossa as its new CEO. Apart from his tenure as the international director at Givenchy, Sgarbossa also has extensive experience with various fashion brands, including Gucci and Mango. In his new role, he will focus on expanding Balmain’s international presence and collaborating closely with Creative Director Olivier Rousteing. His appointment follows the departure of the former CEO Jean-Jacques Guével and marketing director Txampi Diz in March.
Harvey Nichols: Luxury retailer Harvey Nichols appointed Alexander McQueen’s veteran Julia Goddard as its new CEO. With her extensive experience in the luxury fashion industry, particularly in growing markets and developing customer strategies, she is expected to lead the company towards sustainable growth. Goddard’s previous role involved expanding McQueen’s presence across Europe, the Middle East, and Asia.
Read the full article about Sephora China’s managing director.
Read the full Chinese article about Sephora China’s new managing director.
Read the full article about P&G ANZ’s new VP and MD.
Read the full article about Balmain’s new CEO.
Read the full article about Harvey Nichol’s new CEO.
Tech Industry News
1.
Apple Announced Plans to Invest US$250m in Singapore
Apple CEO Tim Cook announced plans to invest US$250 million to expand its Ang Mo Kio campus in Singapore, focusing on roles in artificial intelligence and other areas. This comes ahead of meetings with Deputy Prime Minister Lawrence Wong and Prime Minister Lee Hsien Loong. Cook has emphasised the region’s significance for both market expansion and manufacturing diversification, particularly as demand for iPhones in China wanes. Cook’s tour has also included discussions in Indonesia and Vietnam, where Apple expressed interest in sourcing components and potentially manufacturing devices.
Read the full article about Apple’s investment in Singapore.
2.
Oracle to Open a New Data Centre in Singapore and Offer 10,000 AI Training Slots
Oracle is expanding its presence in Singapore by opening a new data centre and offering up to 10,000 training slots for professionals and students to capitalise on the growing demand for AI expertise. This move aligns with Singapore’s efforts to become a regional hub for technology and innovation. Oracle’s investment reflects the increasing significance of AI in various sectors and the need for skilled professionals to drive its implementation and development.
Read the full article about Oracle’s new initiatives in Singapore.
3.
Chinese Carmakers Dongfeng and Chery Consider European Factories
Chinese carmakers are looking to set up European production facilities for the next generation of electric vehicles (EVs) to counter the EU’s tariffs and expand into new markets. Dongfeng Motor is considering a plant in Italy, while Chery Automobile has sealed a deal for a factory in Spain. BYD, the world’s largest EV maker, already announced plans to build a plant in Hungary in December. This move reflects Chinese EV assemblers’ growing global influence, with UBS predicting they will control 33% of the market by 2030.
Read the full paid article about Chinese EV makers’ interest in Europe.
4.
China’s Semiconductor Production Grew 40% in Q1 as Dominance in Mature Chips Soars
China’s semiconductor production grew by 40% in the first quarter, reaching 98.1 billion units, driven by solid demand from sectors like new energy vehicles and smartphones. This growth comes amidst US export controls on advanced chip-making equipment, leading China to focus on older-generation chips. The US embargo could inadvertently result in Chinese dominance of global legacy chip production as state-backed investments pour into mature semiconductors. The figures by Taiwan-based IC research company TrendForce suggest that China’s global share of mature-process capacity will potentially reach 39% by 2027. Despite efforts towards self-reliance, China remains heavily reliant on chip imports, with semiconductor imports surpassing even crude oil imports last year.
Read the full paid article about China’s dominance in legacy chips.
5.
Baidu’s ChatGPT-Like Ernie Bot Exceeds 200 Million Users in Eight Months
Since receiving government approval eight months ago, Baidu’s Ernie Bot, China’s equivalent of Google, has gained significant traction with over 200 million active users. This is nearly double its user base from December 2023. Among these users, more than 85,000 are business enterprise clients, a substantial increase from 26,000 business users last year. Ernie Bot, powered by Baidu’s large language model Ernie, was among the first AI tools approved for public use in China. The Chinese government has approved over 117 AI models for public use, signalling the country’s growing acceptance and adoption of AI technologies.
Read the full article about Ernie bot’s user statistics.
Stay Ahead of Market Trends with JC
For more detailed insights into current market trends and job opportunities, speak to our consultants at JC Consulting today. Our executive search teams in Singapore and China specialise in various industries, such as financial services recruitment, life sciences recruitment and luxury & retail recruitment. This, along with our strategic presence in key APAC business hubs, positions us to provide targeted analysis and career advice that meets the specific needs of your market and job function.