Industry News & Trends Recap: Feb Week 4

Industry News & Trends Recap: Feb Week 4

Weekly Industry News & Trends Recap

This week, our finance recruitment consultants observed more private credit and green finance-related activities as well as continued interest in AI.

Table of contents

  1. Finance Industry News
  2. Investment, PE & VC News
  3. Legal Industry News
  4. Healthcare & Life Sciences News
  5. Luxury & Retail News
  6. Tech & AI News


Finance Sector News

banking and finance news

Hong Kong Strengthens Position as Asia’s Green Financial Hub

Hong Kong’s issuance of green and sustainable debt has surged from US$4 billion in 2020 to over US$80 billion in 2022, accounting for over a third of the region’s green finance in bonds and loans. Hong Kong’s initiatives, including a green and sustainable finance grant scheme and an international voluntary carbon market, aim to bolster its position as Asia’s sustainable finance hub. The nation’s forthcoming green taxonomy is also expected to help guide companies in their classification of green activities.

Read the full article about Hong Kong’s green financing initiatives.


Ant Group Outbids Citadel Securities for Credit Suisse’s China Venture

Ant Group unexpectedly outbids Citadel Securities for Credit Suisse’s China investment bank venture. The bid from the fintech giant, backed by Jack Ma, prompted regulatory scrutiny due to China’s preference for foreign buyers. UBS, which now owns Credit Suisse, faces a dilemma between Ant’s higher bid and Citadel’s lower offer, which is more likely to gain government approval. The negotiations are ongoing, with UBS aiming to balance the interests of all parties involved. The Swiss bank was initially granted the investment banking and brokerage license to facilitate the opening of the financial sector to global competition.

Read the full article about the bidding for Credit Suisse’s China JV.


StashAway Enhances Services for Hong Kong’s HNW

StashAway introduces wealth management services, StashAway Reserve, targeting high-net-worth individuals (HNWs) in Hong Kong, offering private credit investment opportunities with lower minimums and fees than traditional options. The platform provides personalised financial advice from licensed Wealth Advisors, including financial planning sessions and portfolio reviews. StashAway’s shift towards HNW clients reflects a growing trend, with 65% of its assets under management in Hong Kong now coming from this demographic.

Read the full article about StashAway’s services.


Credit Agricole CIB Partners Demica to Enhance Receivables & Supply Chain Finance in Asia

Crédit Agricole CIB launched the Optim Receivables and Supply Chain Finance platform in partnership with Demica to meet growing demand in APAC. The platform aims to enhance automation and reduce operational risks. It also enables clients to optimise working capital by accessing financing for invoices in multiple currencies and large volumes, with the first client already onboarded. This collaboration extends Demica’s supply chain finance platform in the region, providing businesses with tools to support growth and improve working capital efficiency.

Read the full article about the Optim RSF platform.


Personnel Moves: OCBC, Citi, Norinchukin, Mizuho and RBA

OCBC: OCBC announced plans to establish a new Group Strategy, Innovation, and Sustainability division. The current chief executive of retail business and deputy group CEO of Singapore’s FairPrice Group, Elaine Heng, was appointed as its head, effective April 22. Heng has over 20 years of experience in banking, with her longest tenure at Standard Chartered Bank. Her entry is expected to drive the group’s sustainability initiatives.

Citi: Citigroup poaches rival JPMorgan’s Viswas Raghavan as head of banking and executive vice-chair, a move aimed at bolstering its position under CEO Jane Fraser’s restructuring efforts. Raghavan, who will report directly to Fraser, is expected to take over one of the bank’s core businesses in investment, corporate and commercial banking. Following Raghavan’s new appointment, JPMorgan promoted Doug Petno and Filippo Gori to spearhead global banking. This marks the first leadership change since Jenn Piepszak and Troy Rohrbaugh assumed roles as commercial and investment banking co-heads.

Norinchukin Bank: The Norinchukin Bank announced changes in senior leadership, with Masato Imai appointed as the new director and managing executive officer effective April 1. He will succeed Hiroshi Yuda, who will retire on March 31. Additionally, three new managing executive officers, Tomoko Tsuchida, Kazutaka Takii, and Yukihiro Yamada, will assume their roles on April 1. Other retiring officers include Yasuhira Umeda and Shin Kawamoto.

Mizuho: Hidekatsu Take has been appointed as deputy president and representative executive officer of Mizuho Financial Group (MFG) starting April 1, 2024. He will succeed Makoto Umeyama, who resigned from the role. Take currently serves as a senior executive officer at MFG. Take has held various leadership roles within MFG since joining in 1998, with a background in economics from Nagoya University and a master’s degree from the University of California San Diego. He will join Masahiro Kihara, the president and group CEO, as a representative executive officer.

RBA: Susan Woods will serve as the first Chief Operating Officer (COO) of the Reserve Bank of Australia (RBA), effective March 4. Woods, currently serving as assistant governor of corporate services, will collaborate with deputy governor Andrew Hauser to streamline policy, operational, and organisational decisions. This move aims to enhance efficiency and free up time for senior leadership to focus on policy matters, as recommended by a government-commissioned review.

Read the full article about OCBC’s appointment.

Read the full article about Citigroup’s strategy and appointment.

Read the full article about RBA’s appointment.


Investment, PE & VC News

private credit and M&A news

Deals: Singapore Fintech Enabler Secures $5.2M, Stripe’s Valuation Hits $65B

Fluid: Singapore-based startup Fluid, which facilitates B2B purchase financing, secured US$5.2 million in Series A funding led by Insignia Ventures Partners. Founded in early 2023, Fluid focuses on simplifying B2B payments, allowing suppliers to offer credit terms to buyers while providing buyers access to purchase financing, addressing a common challenge in B2B payments. Following the round, Fluid aims to enhance product capabilities and onboard larger suppliers across industries.

Stripe: Stripe’s valuation reached $65 billion as employees were offered the chance to cash out their stock, with funds coming from Stripe and investors. The move alleviates pressure for an immediate IPO, allowing time for further growth and potentially higher valuation, as Stripe reportedly turned profitable in 2023. Stock-based payouts are a significant part of startup employee compensation, and such deals can enhance morale without reducing ownership. Sequoia Capital and Goldman Sachs’s growth equity fund are reportedly involved in the latest funding round.

Read the full article about Fluid.

Read the full article about Stripe’s valuation.


Private Credit Partnerships: Tikehau x UOB-Kay Hian, Goldman Sachs x Mubadala

Tikehau and UOB: French asset manager Tikehau Capital SCA partners with UOB-Kay Hian Holdings Ltd. to launch its first private credit fund in Asia. Both companies will invest $50 million each to finance mid-sized corporates, leveraging on Tikehau’s €43.2 billion in assets and UOB-Kay Hian’s local networks.

Abu Dhabi’s Mubadala Investment Company partners with Goldman Sachs in a US$1 billion deal to pursue private credit opportunities in Asia, particularly in India. The partnership, managed by Goldman Sach’s Private Credit division, signifies Mubadala’s strategy to expand its exposure to private credit markets and leverage opportunities in distressed debt. The move also aligns with Mubadala’s increasing investment focus on Asia.

Read the full article about Tikehau and UOB’s partnership.

Read the full article about Goldman Sach’s partnership with Mubadala.


China’s CDH in Negotiations for Minority Share in Vietnam’s $1.7B Grocery Chain

China’s CDH Investments is in advanced negotiations to acquire a minority stake in Vietnam’s grocery chain, Bach Hoa Xanh (BHX), from Mobile World. The deal could potentially value BHX at up to US$1.7 billion. CDH, one of the biggest players in China’s alternative investment scene and a former Mobile World investor, aims for a five to 10% stake, with a deal anticipated to be finalised next month if negotiations proceed smoothly. The move reflects global investor interest in Vietnam’s burgeoning business sectors, including the consumer sector.

Read the full article about CDH’s potential investment.


Private Credit Firms Anticipate Growth in Asia

Private credit firms anticipate further growth in lending across the APAC region in 2024, with a focus on solid companies with healthy cash flow rather than distressed cases as traditional bank financing recedes. Sectors like education, healthcare, and consumption are deemed promising for deals. An increase in mergers and acquisitions activity is expected to boost demand for private credit, while demographic shifts are expected to drive capital flows.

Read the full article about Asia’s growth potential.


Personnel Moves: CIC and Eastspring

CIC: China Investment Corp (CIC) appoints Liu Haoling as its new chief investment officer, replacing Ju Weimin, who was vice-chairman and president. Liu, formerly CIC’s chief risk officer and executive vice president, will also assume Ju’s position as deputy secretary of the Communist party authority at CIC. Liu previously served as chairman of New China Life Insurance from September 2019 to January 2021.

Eastspring: Eastspring Investments appoints Vis Nayar as Chief Investment Officer, effective June 3. Nayar transitions from his role as global CIO for equities at HSBC Asset Management and brings 25 years of experience at HSBC AM. He will report to Eastspring CEO Bill Maldonado and join the executive management committee as Maldonado relinquishes his interim CIO role.

Read the full article about CIC’s appointments.

Read the full article about Eastspring’s appointment.


Legal News

law firm and in-house news

Singapore Takes the Lead in Asia’s Aviation Mediation with MOU Signing with The Hague

The Hague Court of Arbitration for Aviation (CAA) and the Singapore International Mediation Centre (SIMC) have signed an agreement to establish the first specialised mediation framework for the aviation industry in Asia. The move offers an alternative aviation-specific mediation option for aviation businesses in the region, which previously needed to seek mediation services in Europe.

Read the full article about Singapore’s MOU signing.


White & Case Advises TotalEnergies on $903M Acquisition of SapuraOMV Stake’s

White & Case advised TotalEnergies on its $903 million acquisition of a 50% stake in SapuraOMV from OMV, a joint venture between Sapura Energy and OMV. SapuraOMV holds significant operating interests in offshore blocks in Malaysia and exploration assets in Mexico, Australia, and New Zealand. A team of partners and local experts from White & Case oversaw the transaction.

Read the full article about White & Case’s M&A case.


Four Firms Advise on AstraZeneca’s $1.2B Acquisition of Gracell

AstraZeneca completes the $1.2 billion acquisition of Gracell Biotechnologies, making it a wholly-owned subsidiary. The deal, signed in December 2023, closed in February 2024. AstraZeneca’s legal advisory teams include Freshfields and RuiMin, while Cooley and AllBright Law Offices represented Gracell. Meanwhile, Maples Group and Harney Westwood & Riegels served as offshore legal advisors for the transaction’s buyer and the seller.

Read the full article about AstraZeneca’s deal.


Hylands and Woo Kwan Lee & Lo Set Up Joint Firm in Guangdong Qianhai FTZ

Hylands Law Firm partnered with Woo Kwan Lee & Lo to establish a joint firm in the Guangdong Qianhai Free Trade Zone. The partnership leverages their combined expertise and geographical advantages in the Greater Bay Area (GBA) and the region’s talent strengths and legal and economic potential to offer clients comprehensive cross-border legal services. The move comes after Woo Kwan Lee & Lo’s key practitioners recently obtained licenses to practice in the Guangdong, Hong Kong, and Macao GBA.

Read the full article about Hylands’ partnership.


Personnel Moves: Pinsent, DaHui, Gibson Dunn and More

Pinsent: Shearman & Sterling’s experienced energy and infrastructure expert, David Clinch becomes a partner of Pinsent Masons MPillay, the Singapore office of the UK-based firm. With over 30 years of experience, Clinch specialises in advising clients across APAC, Africa, and the Middle East on energy-related M&A, joint ventures, and projects. He was also a former partner of Herbert Smith Freehills. His recruitment brings the total number of partners at Pinsent Masons Singapore to 12, reinforcing the firm’s expertise in the energy sector.

Dahui: DaHui Lawyers boosted its Shanghai office with the addition of capital markets expert Kevin Liu as a partner. The appointment enhances its services in capital markets, mergers and acquisitions, private equity investments, and general corporate practice. Liu, with previous experience at Fangda Partners, also strengthens Dahui’s ability to provide comprehensive services to domestic and international capital market clients. This appointment marks the firm’s first partner-level hire of the year.

Haiwen: Haiwen & Partners enhanced its Beijing M&A practice with the recruitment of Benran Huang as a partner. Huang brings over a decade of expertise in M&As, private equity, and foreign direct investment. Huang, formerly a partner at Shanghai Zhao Sheng Law Firm, bolsters Haiwen’s capabilities in cross-border M&A and private equity. The appointment marks the firm’s first partner-level hire this year.

Gibson Dunn: Jocelyn Williams has joined Gibson, Dunn & Crutcher LLP’s Litigation, Global Financial Regulatory, and White Collar Defense and Investigations Practice Groups in Hong Kong as an of counsel. Her extensive experience, including her tenure at Deutsche Bank, is expected to strengthen the firm’s capabilities in managing disputes and regulatory matters in Asia. Her appointment follows the recent promotions of Emily Rumble and Ning Ning.

Shin & Kim: One of South Korea’s big 6, Shin & Kim, bolstered its team with former judges Dong-kyu Kim and Hun-tae Doh. Both join as partners in Seoul, with Kim specialising in bankruptcy and insolvency and Doh specialising in tax law. Kim, who has over 20 years of judicial experience, will lead the firm’s new corporate restructuring centre. Shin & Kim’s recent hires reflect its strategic expansion efforts, including establishing an AI-related practice group and recruiting legal talent in key practice areas such as international dispute resolution and project finance.

Yoon & Yang: Yoon & Yang, a major Korean law firm, strengthened its team with the addition of construction and labour law experts Jae Woo Jeon and Sam Park. Both individuals join as partners and bring extensive experience from senior in-house roles at prominent companies like Daewoo Engineering & Construction and Samsung Electronics. The appointments aim to move the firm from traditional legal advisory services to become a strategic business partner that provides comprehensive and specialised legal support. With these new hires, Yoon & Yang’s partner count reaches 209.

DLA: DLA Piper hired energy and project finance expert Brian Youn from Milbank. Joining as a partner in Seoul, Youn will advise on various projects, including electric vehicles, oil and gas, mining, and infrastructure. The addition strengthens the firm’s capabilities in the finance, projects, and restructuring practice and brings the total number of partners in Seoul to three.

Trilegal: Pallavi Banerjee, Goldman Sachs’ former executive director and senior in-house counsel, returns to legal practice and joins Indian law firm Trilegal’s Mumbai as a banking and finance partner. This marks the firm’s first partner hire of the year after it added 16 partners in 2023. With experience at top-tier law firms and in-house, Banerjee brings valuable expertise in banking and finance transactions, particularly in private debt, stressed assets, and structured debt products.

Read the full article about Pinsent’s appointment.

Read the full article about DaHui’s appointment.

Read the full article about Haiwen’s appointment.

Read the full article about Gibson Dunn’s appointment.

Read the full article about Shin & Kim’s appointments.

Read the full article about Yoon & Yang’s appointments.

Read the full article about DLA’s appointments.

Read the full article about Trilegal’s appointment.


Healthcare & Life Sciences News

biotech and pharma news

Teva, Jiangsu Nhwa Partner to Enhance Access to AUSTEDO® in China

Teva collaborates with Nhwa Pharmaceutical Co., Ltd to expand access to Austedo in China to address neurodegenerative and movement disorders like Huntington’s disease and tardive dyskinesia. Austedo, the first deuterated drug approved in China, offers improved patient compliance with its less frequent dosing schedule. The move supports Teva’s global brand expansion strategy after the company generated over $1.2 billion in revenue last year.

Read the full article about Teva and Jiangsu Nhwa’s partnership.


ORI Capital Raises $260m for Supporting Early-Stage Biotech

ORI Capital raised $260 million for its second life sciences fund to support global early-stage biotech companies targeting areas of diagnostics, therapeutics and drug delivery for medical conditions with high mortality rates. The venture capital firm plans to invest in companies leveraging AI-driven research platforms and innovative approaches such as next-gen small molecules, programmable nuclear acid therapies, immuno-oncology cell therapy, and synthetic biology to address unmet medical needs.

Read the full article about ORI’s fundraising.


Even J.P. Morgan Considers Psychedelic Deals Ahead of Historic MDMA Decision

J.P. Morgan notes the rising interest in psychedelic-based therapies, tracking significant fundraising and the potential of market-ready medicines like Johnson & Johnson’s Spravato. With data showing robust investment in the sector and Spravato’s success, investors are considering adding psychedelics to their portfolios.

Read the full article about investors’ interest in psychedelic therapies.


Krystal Sets High Goals for Topical Gene Therapy and Plans Global Expansion

Krystal Biotech’s Vyjuvek, a topical gene therapy for treating dystrophic epidermolysis bullosa (DEB), has seen significant success since its launch six months ago, generating $50.7 million in product revenues. The therapy, delivered via a genetically modified herpes simplex virus, is the first FDA-approved medication for dystrophic epidermolysis bullosa (DEB). It also marks a breakthrough as the first topical gene therapy authorised by the FDA in May 2023. With the therapy’s success, the company sets its sights on developing an eye-drop version of Vyjuvek and tapping into a potential $1 billion market opportunity. Krystal Biotech also plans to expand into European and Japanese markets by 2025 and anticipates the eye-drop form and ocular label expansion to generate additional sales of $250 million to $350 million.

Read the full article about Krystal’s Vyjuvek and expansion plans.


Personnel Moves: Bexion Pharmaceuticals, ReNAgade, Adaptimmune and More

Bexion Pharmaceuticals: Bexion Pharmaceuticals, Inc. appoints Dr. Tariq Arshad as Chief Medical Officer. He brings over 25 years of oncology expertise to lead clinical programmes targeting solid tumour cancers and chemotherapy-induced peripheral neuropathy (CIPN). With experience in strategic planning, clinical development and commercialisation, Dr. Arshad will advance Bexion’s metastatic colorectal cancer (mCRC) and CIPN clinical programmes. Dr. Arshad has previously held leadership positions in biopharmaceutical companies, including Qualigen Therapeutics and Sanofi.

ReNAgade Therapeutics: ReNAgade Therapeutics, which ranks 6th in BioSpace’s 2024 NextGen class, recruited former R&D head at Moderna Therapeutics, Joe Bolen, as chief science innovation officer. The company aims to develop a comprehensive therapeutic platform capable of facilitating the production of RNA therapeutics by integrating all necessary components.

Adaptimmune: Adaptimmune rehires Cintia Piccina as chief commercial officer, effective March 18. Piccina will drive the commercialisation of afami-cel, an engineered TCR T cell therapy for advanced synovial sarcoma. Piccina previously held this role from January 2022 to March 2023.

Vittoria Biotherapeutics: Vittoria Biotherapeutics welcomes Rosemary Mazanet as chief medical officer to oversee clinical development for its CAR T therapies following its recent FDA clearance for a Phase I trial of the company’s lead candidate targeting relapsed or refractory T cell lymphoma.

Domain Therapeutics: Domain Therapeutics promoted the vice president of research, Stephan Schann, to chief scientific officer. Schann will be responsible for the R&D and pipeline development for Domain, which is focusing on the advancement of targeted cancer immunotherapies.

PhRMA: The Pharmaceutical Research and Manufacturers of America (PhRMA) appointed Gilead Sciences CEO Daniel O’Day as its new board chair. O’Day succeeds Novartis CEO, Vas Narasimhan. Albert Bourla of Pfizer and Paul Hudson of Sanofi will join O’Day as chair-elect and treasurer, respectively.

Ocular Therapeutix: Ocular Therapeutix has made significant executive-level appointments, including Jeffrey Heier’s promotion to Chief Scientific Officer. The move comes alongside $325 million in private placement funding Ocular secured that will be used to advance the development of Axpaxli, a treatment for wet age-related macular degeneration.

Read the full article about Bexion’s appointment.

Read the full article about the leadership appointments.


Luxury & Retail News

beauty and cosmetics news

Moncler CEO Ruffini to Hold 16% of Shares as Rivetti Family Become Direct Shareholders

Moncler’s CEO and main shareholder will retain about 16% of the luxury group as the Rivetti family exits the holding company. The changes make Moncler more accessible for potential buyers, analysts say. The Rivetti family will become direct shareholders in Moncler after terminating an investment agreement with CEO Remo Ruffini’s holding company. Singapore’s Temasek Holdings will also exit Double R to hold a direct stake in Moncler.

Read the full article about the changes in Moncler’s shareholding structure.


Samsonite Considers Options After Takeover Interest, Including Going Private

Samsonite International is exploring potential takeover options, including going private, after receiving interest from suitors, according to sources familiar with the matter. Shares surged 14% while the company’s market value rose about S$5.4 billion in response to the news. Some private equity firms are considering acquiring and relisting the company at a higher valuation in markets like the US. However, deliberations are ongoing, and there’s no guarantee that a transaction will proceed.

Read the full article about Samsonite’s potential deal.


Uniqlo’s Sister Brand GU to Expand Into US and EU Markets

Fast Retailing, owner of Uniqlo, aims to expand the presence of its fashion brand GU in the US and Europe, eyeing annual sales of 10 trillion yen. Despite GU’s strong presence in Japan, it’s less known internationally. However, the company is optimistic about its overseas push, with plans to accelerate store openings and invest in market growth over the coming years.

Read the full article about GU’s potential expansion abroad.


Supergoop Hires JLo Beauty’s Veteran as Next CEO

Supergoop appointed Lisa Sequino, former co-founder and CEO of JLo Beauty, as its new CEO. Sequino succeeds Amanda Baldwin, who left to head Olaplex. Sequino, a veteran in the health and wellness space, has held positions at JLo Beauty, Estée Lauder and Procter & Gamble. She will focus on further expanding Supergoop’s global presence and innovating its product line. The move comes as Supergoop continues its growth trajectory with recent investments and additions to its leadership team, including:

  • Britany LeBlanc as chief marketing officer.
  • Ryan Crowley as chief operating officer and chief finance offer.

Read the full article about Supergoop’s appointment.


Waldencast Enlists Huda Beauty Co-Founder for New Creative Council

Waldencast, the parent company of Milk Makeup and Obagi, has established a new creative council to stay abreast of industry trends and meet customer needs. The council will be led by co-founder and chief brand officer at Milk Makeup, Mazdack Rassi, who has also been named global brand director at Waldencast. Other industry experts in the council include:

  • Founder of Kayali Fragrances and co-founder and global president of Huda Beauty, Mona Kattan;
  • Partner at Base Design, Geoff Cook;
  • Senior adviser at Boston Consulting Group, Jyothi Rao;
  • Of The North’s creative director, Piers North;
  • Founder and chairperson of The Wall Group, Brooke Wall and
  • Fragrance expert executive Roger Schmid.

Read the full article about Waldencast’s new creative council.


Tech & AI News

jc consulting tech and AI industry news summary

Alibaba Spearheads Record Deal to Establish US$2.5B China AI Firm

Alibaba leads a US$1 billion funding round for Chinese AI startup Moonshot AI alongside existing backer Monolith Management. The move increases the firm’s valuation eightfold to around US$2.5 billion and signals Alibaba’s efforts to revitalise its cloud business and integrate AI across its business. Moonshot AI, founded in March 2023, focuses on generative AI and aims to compete with leading AI developers like OpenAI and Google.

Read the full article about Moonshot AI’s funding round.


Alipay Diversifies Services to Boost Monetization Efforts and Competitiveness

Alipay is diversifying its services beyond payments, hiring many advertising experts in 2023 to develop content features like short videos and live streaming. The move aims to create new revenue streams and engage users through social interactions. Alipay is reportedly beta-testing a “Community of Interest” feature for users with shared interests to form communities and spearhead offline activities. It comes amid competition from platforms like WeChat.

Read the full article about Alipay’s service diversification.


Samsung Secures 2nm AI Chip Contract

Significant buzz was generated during Samsung’s Q4 2023 financial report, as Samsung’s foundry division revealed a valuable contract for 2nm AI chips with Japanese AI startup PFN. Samsung’s entry into the 2nm chip market marks a pivotal moment in its rivalry with TSMC that can potentially alter the competitive dynamics in the industry. Samsung has also set its sights on Qualcomm’s flagship chip manufacturing and intends to attract customers from TSMC with competitive pricing.

Read the full article about Samsung and TSMC’s progress in semiconductors.


Lenovo Ramps Up AI Efforts After Reporting Quarterly Revenue Growth

Lenovo reports a 3% revenue increase in the December quarter, reaching US$15.7 billion, driven by AI initiatives. The company’s focus on AI devices and infrastructure aligns with the industry’s move towards integrating AI into products. Lenovo anticipates doubling its market share in AI servers this year and is ramping up resources for AI deployment following a US$1 billion investment announced last August and the expansion of its R&D team by over 25% compared to the previous year.

Read the full article on Lenovo’s AI initiatives.


China Offers Lucrative Salaries to Attract AI Talent Amidst High Demand and Low Supply

Chinese employers are seeking talent proficient in generative artificial intelligence (GenAI) for advanced chatbot technology like ChatGPT. Computer vision engineers equipped with GenAI expertise are seeing lucrative offers, with an average annual salary surpassing US$66,700, significantly higher than their counterparts without such skills. This trend extends to other tech positions, including software architects, algorithm engineers, and programmers. The demand for GenAI skills extends beyond technical roles to areas like sales, content creation, and design, with a substantial increase in job listings requiring GenAI proficiency.

Read the full article about China’s demand for AI talent.


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