Saturday, May 18, 2024

Daily Tech Roundup: Getting China’s Low-Altitude Economy Off the Ground, U.S. Blacklists More Chinese Firms

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Welcome to the Daily Tech Roundup, highlighting significant technology developments in China and Asia. Chinese policymakers are exploring the potential of the “low-altitude economy,” involving drones and eVTOL aircraft for various industries. Despite enthusiasm from Premier Li Qiang, progress in airworthiness certifications and drone delivery trials has been slow, compounded by safety concerns linked to autonomous technologies [para. 2].

In international relations, the U.S. Commerce Department recently added 37 Chinese entities to its trade restriction list. This includes eight companies related to a high-altitude balloon incident over the U.S., which raised national security issues. Additionally, 22 firms were listed for attempting to acquire American technology to enhance China’s quantum technology capabilities, potentially for military use [para. 3].

During President Xi Jinping’s visit to Hungary, the country agreed to deepen its partnership with Huawei Technologies Co. Ltd., despite potential friction with Western allies. This collaboration involves developing a cloud services platform with Hungarian telecom company 4iG Nyrt., aimed at serving both Chinese operations in Hungary and local businesses [para. 4].

In corporate news, Baidu Inc.’s head of communications resigned following backlash over her promotion of a harsh management style on social media. This incident has reignited debates about extreme working conditions prevalent within some Chinese tech companies [para. 5].

Southeast Asia is rapidly becoming a focal point for global tech investments, shedding its image as a tech backwater. Industry leaders like Apple, Microsoft, and Nvidia have committed substantial investments in the region, recognizing its growing importance driven by a young demographic increasingly engaging with digital services [para. 6].

Lastly, Zeekr Intelligent Technology Holding Ltd., an upscale electric vehicle brand under Zhejiang Geely Holding Group Co., successfully expanded its U.S. IPO to raise $441 million. This marks the largest U.S. listing by a China-based company since 2021 and reflects growing investor interest in innovative automotive technologies [para. 7].

AI generated, for reference only

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