CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC aiBank, a new online bank that will be powered by Baidu’s artificial intelligence,  has received regulatory approvals to start operations in China.  The new bank is a joint venture between China CITIC Bank (70%) and Baidu (30%).

” CITIC Bank and Baidu starts New Online Bank “

Without any physical branches, the new bank will focused on individuals and small & micro businesses, cards, bancassurance and interbank business. In 2014, China’s tech giant Tencent had entered in to banking with the setup of Webank while in 2015, Alibaba commenced operations of MYbank (Zhejiang E-Commerce Bank).

Source: South China Morning Post, China Daily

 

About Baidu

Baidu was co-founded in 2000 by Internet pioneer Robin Li, creator of visionary search technology Rankdex, a method of hyperlink analysis. We provide our users with many channels to connect to information and services. In addition to our core web search product, we power several popular community-based products. These include Baidu PostBar, the world’s first and largest Chinese-language query-based searchable online community platform; Baidu Knows, the world’s largest Chinese-language interactive knowledge-sharing platform; and Baidu Encyclopedia, the world’s largest user-generated Chinese-language encyclopedia.

Visit: www.baidu.com

 

About China CITIC Bank

CITIC Bank is the largest subsidiary of CITIC Group. Founded in 1987, CITIC Group is one of the earliest emerging commercial banks established in China’s reform and opening up. It is one of the earliest commercial banks to participate in financial market financing both at home and abroad. In the history of China’s modern finance Many first and renowned at home and abroad, for China’s economic construction has made a positive contribution.

CITIC Bank and its subsidiaries offer banking services to customers in China and overseas and is listed in Hong Kong (SEHK: 998) and Shanghai (SSE: 601998).  CITIC Limited (SEHK: 00267) is China’s largest conglomerate and a constituent of the Hang Seng Index.

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Hangzhou Company Surged to $5 Trillion Market Value for 8 Minutes, Overtakes Apple

Hangzhou Company Surged to $5 Trillion Market Value for 8 Minutes, Overtakes Apple

A Hangzhou company, Hailiang Education Group Inc, listed on Nasdaq, surged from just above $10 to $200,000, before trading was halted for 8 minutes.

” $5.14 trillion, 6 times the Market Value of Apple Inc “

The surge, a 20,000-fold increase, gave the company a market capitalisation of $5.14 trillion, almost 6 times the market value of Apple Inc, the world’s most valuable company.  The transaction was later annulled due to fat-finger error (typo error).

Hailiang is the third largest provider of private K-12 educational services in China and the largest provider of private K-12 educational services in the Yangtze River Delta region (comprising of Zhejiang province, Jiangsu province and Shanghai), as measured by the total number of students enrolled in 2012, according to the CCID Report.

Source: South China Morning Post

 


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Snapchat Plummet to New Lows as Losses Increase

Snapchat Plummet to New Lows as Losses Increase

Snap stock price dropped by more than 12.5% to $12.02, hitting new lows as Snap Inc reported losses amounting to $443 million, in the latest earnings release.  Revenue rose to $182 million from $71 million in 2016.

” Stock price drops by 12.5% after earnings’ release “

The average number of users rose to 173 million, representing a 21% increase compared to the previous year.  In 2017, Snap Inc was the largest IPO of 2017, and with market value rising to almost $34 billion (today: $15.94 billion).

Source: South China Morning Post, Wall Street Journal, Snapchat

 

Video: IPO Live at the NYSE

 

Video: What is Snapchat

 


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China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China’s Fintech Alipay & Tenpay Overpower Goldman Sachs, JP Morgan & Visa

China Fintech on the rise as ” Tencent in five days processed 25,000 payments per second, 800 million payments per hour over Chinese New Year,” Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase said at the Rise Conference in Hong Kong last month.  While “JPMorgan every year processes QuickPay 94 million payments.  Visa has a maximum capacity of processing (25,000), but Alipay can process 50,000 payments, twice as much, per second.”

” JP Morgan processes 94 million payments annually.  Tencent do 8.5 times more in 1 hour over Chinese New Year “

A Goldman Sachs’ report revealed an estimated 3.4 billion third-party payment accounts in China in 2016.  Tenpay (Tencent) managed around 600 million payment accounts (Dec 2016) while Alipay (Alibaba) had reached 520 million payment accounts (March 2016). Both numbers dwarf the 197 million users Paypal has globally.

Source: South China Morning Post

 

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Tesla Model 3 Starting at $35,000 to be Released Soon

Tesla Model 3 Starting at $35,000 to be Released Soon

Tesla Model 3 currently in production and will be delivered to employee reservation holders beginning 28th July 2017 at the Tesla Factory in Fremont, CA.  Reservations was for Model 3 first opened on March 31, 2016 and has a starting price of $35,000 before incentives.

” Tesla Model 3 starting price of $35,000 “

Model 3 is a smaller, simpler and a more affordable electric car. Designed and built as the world’s first mass-market electric vehicle, it is a critical step in Tesla’s mission to accelerate the world’s transition to sustainable energy.  Like every Tesla vehicle, Model 3 combines range, performance, safety and technology. Intelligent design maximizes interior space to comfortably fit five adults and all of their gear. The high-efficiency powertrain provides zero to 60 mph acceleration in as little as 5.1 seconds.  Model 3 is designed to achieve the highest safety ratings in every category.

Source: Official Press Release

Watch:

 

About Tesla

Tesla was founded in 2003 by a group of engineers in Silicon Valley who wanted to prove that electric cars could be better than gasoline-powered cars. With instant torque, incredible power, and zero emissions, Tesla’s products would be cars without compromise. Each new generation would be increasingly affordable, helping the company work towards its mission: to accelerate the world’s transition to sustainable energy.

Visit: Tesla


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Apple Becomes First U.S. Company to be Worth More than US$800 Billion

Apple Becomes First U.S. Company to be Worth More than US$800 Billion

Apple Inc has become the first U.S company with a market value of more than US$800 billion as investors bet the next iPhone will cause sales to surge. Apple became the first publicly traded company to ever achieve that milestone.

“Apple’s rise to the top of the equity market has shown resurgence of mobile technology.”

~ Bloomberg

Apple’s rise to the top of the equity market has shown resurgence of mobile technology and the decline of the oil industry in recent years. It broke its own record from February 2015 when its market capitalisation was US$774.7 billion.

Related Reports: Bloomberg, Barrons

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About Apple Inc

Apple Inc., incorporated on January 3, 1977, designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions and third-party digital content and applications. The Company’s segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Visit: Apple Inc

 


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Tech Executive’s Pay in Tencent Surpass Apple & IBM

Tech Executive’s Pay in Tencent Surpass Apple & IBM

Tencent paid an unidentified individual HK$311 million (US$40 million) in pay and bonus last year, a 13% increase from its highest 2015 renumeration of HK$274 million. That exceeds the HK$201 million that CK Hutchison Holdings paid last year to its co-managing director Canning Fok Kin-ning.

“During its 18th birthday last November, the company gave 300 shares to each employee, valued at a combined HK$1.7 billion.”

~ South China Morning Post

The renumeration has also exceeded other US technology companies, including Amazon, IBM, Apple, Twitter and Intel. Founded in 1998, Tencent is known to be generous. During its 18th birthday last November, the company gave 300 shares to each employee, valued at a combined HK$1.7 billion.

Related Report: South China Morning Post

About Tencent

Founded in November, 1998, Tencent is a leading provider of Internet value added services in China. Since its establishment, Tencent has maintained steady growth under its user-oriented operating strategies. On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Visit: Tencent

 


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Tencent Surpass Wells Fargo to Become 10th Largest Company

Tencent Surpass Wells Fargo to Become 10th Largest Company

Tencent, the Chinese tech company has passed Wells Fargo to become the world’s tenth most valuable public company. The stock has rose 43% in the past year and more than 20% in 2017 alone to reach $279 billion. This has allowed it to pass Wells Fargo’s $275 billion market capitalization.

“Six of the top 10 companies by market value are now technology including the top four.”

~ Bloomberg

Tencent has joined the likes of Apple Inc and Alphabet Inc in the ranks of the world’s largest publicly traded companies. Six of the top 10 companies by market value are now technology including the top four.

Related Reports: Fortune, Bloomberg

 

About Tencent

Founded in November, 1998, Tencent is a leading provider of Internet value added services in China. Since its establishment, Tencent has maintained steady growth under its user-oriented operating strategies. On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Visit: Tencent

 


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Mercedes Showcases World’s Most Expensive SUV

Mercedes Showcases World’s Most Expensive SUV

At the Geneva Motor Show, Mercedes has unveiled the new Mercedes Benz Maybach SUV. It is set to be more luxurious and expensive than ever before. It has a retractable roof, V12 engine together with high tech amenities such as thermal cup holders and folding tables stashed in the middle.

“It has been called the “world most expensive SUV” with a price tag of $500,000 and only 99 will be built. “

~ Daily Mail

It has been called the “world most expensive SUV” with a price tag of $500,000 and only 99 will be built. The SUV is Dailmer AG’s latest of its luxurious line, Maybach Marque which was first released to meet demands of higher end models.

Related Reports: Daily Mail, Fortune

 

 

About Mercedes

AMG – around the world, these three distinctive letters embody automotive high performance, exclusivity and dynamic driving pleasure. Mercedes‑AMG GmbH specializes in unique, high-performance vehicles; its sporty saloons, SUVs, coupés, cabriolets, roadsters and specially built one-off models constitute a product portfolio which meets its customers’ every wish.

Visit: Mercedes AMG


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China is Home to Six of the World’s Financial Technology “Unicorns”

China is Home to Six of the World’s Financial Technology “Unicorns”

The funding raised by venture capital backed financial technology start ups in Asia hit a record US$5.4 billion. This was an increase from US$4.8 billion in 2015 and is now almost the same as the US$ 5.5 billion funding raised by United States venture capital backed fintech start ups.

“According to venture capital research firm CBInsights, Asia has now attributed to almost 20% of such deals world wide and 43% of global funding in 2016.”

~ South China Morning Post

According to venture capital research firm CBInsights, Asia has now attributed to almost 20% of such deals world wide and 43% of global funding in 2016. In 2016, China is home to six of the 22 venture capital backed fintech “unicorns” otherwise known as start-ups valued at US$1 billion or more.

Related Report: South China Morning Post

 

About CBInsights

Our team comes to work every day to build technology that helps corporations guess less and win more. We aggregate and analyze massive amounts of data and use machine learning, algorithms and data visualization to help corporations replace the three Gs (Google searches, gut instinct and guys with MBAs*) so they can answer massive strategic questions using probability not punditry.

Visit: CBInsights

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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