AsianFin—Nanjing Renxin Technology Co., Ltd., a Chinese enterprise engaged in making smart driving communication chip, announced on Friday at the Beijing Auto Show that it has recently secured nearly 100 million yuan in Pre-A++ round financing. The company disclosed that the fund will primarily be used for the mass production of its first-generation 16Gbps high-performance automotive SerDes product, as well as for promoting its application in various scenarios and building a comprehensive customer service team. Dang Weiguang, the founder and CEO of Renxin Technology, said that the company will uphold the simple business philosophy of "creating value for customers," continue to increase independent research and development efforts, enhance product capabilities, deepen cooperation with

AsianFin-- Many cloud computing companies are actively engaged in developing their in-house trained foundational large models. This approach is understandable from a business perspective, but it may not be fully accepted by customers as the choice of large models may be restricted. On one hand, the innovation of large models is yet to reach its peak, and the capabilities of different model providers vary. On the other hand, it's also related to that customer demand scenarios as no single model can meet all scenarios. Therefore, for different use cases, customers need more than one or two models to satisfy all kinds of scenario requirements. In the past, more than 90% of Amazon Web Services (AWS) products were derived from customer needs. AWS's generative artificial

TMTPOST—The United States has preliminarily discussed sanctions on some Chinese banks but does not yet have a plan to implement such measures, Reuters reported on Tuesday, citing an U.S. official, as Washington seeks ways to curb Beijing's support for Russia. The official, speaking on condition of anonymity, said there was no plan to roll out sanctions on China’s banks in the near-term, and said officials hope that diplomacy will avert the need for such action, according to Reuters. U.S. Secretary of State Antony Blinken arrived in China on Wednesday for a three-day visit. The Wall Street Journal reported on Monday, citing people familiar with the matter, that the U.S. was drafting sanctions against some Chinese banks in the hopes of stopping Beijing's commercial support of Russia's m

AsianFin—The U.S. legislature on Tuesday night finalized the legislation that could lead to a nationwide ban on TikTok, a popular China-owned short video sharing platform, unless it is sold to a U.S. government-approved buyer. The U.S. Senate passed the bill by a vote of 79 to 18 as part of a comprehensive foreign aid package providing assistance to Israel, Ukraine and other U.S allies. The proposal now heads to U.S. President Joe Biden's desk. It had been approved by the House last Saturday. Biden has expressed support for the foreign aid package and indicated his intention to sign the TikTok bill, suggesting it will likely be enacted into law in the near future. When Biden signs the bill into law, it would start the 270-day countdown for TikTok to find

AsianFin--The European Union opened proceedings against ByteDance's TikTok on Monday and issued a warning to potentially suspend its recently introduced TikTok Lite rewards program, which allows users to accumulate points for liking content or inviting friends to the app. The European Commission announced that TikTok had 24 hours to provide a risk assessment report for TikTok Lite or face penalties. Additionally, the social media platform was granted until May 3 to supply further requested details. The commission expressed concerns that TikTok Lite's "Task and Reward Program" had been launched "without prior diligent assessment of the risks it entails, in particular those related to the addictive effect of the platforms." The EU highlighted the potential risk to children due to the suspect

AsianFin--On the eve of the Chinese New Year, Zhang Lan (pseudonym) boarded a bus headed to Dezhou city in eastern China’s Shandong province. As a paid bridesmaid, she was set to participate in a wedding the next day. Typically, a paid bridesmaid would receive reimbursement for transportation expenses and a service fee of around 500 yuan (US$ 69) per case. However, the fee this time was 900 yuan, prompting her to accept the job even as the Year of the Dragon approached. It's uncommon to hold weddings near the Lunar New Year, but the year of the Dragon that started on February 9, 2024 was an exception. In December 2023 and January 2023 alone, Zhang served as a paid bridesmaid at six wedd

AsianFin--The China Council for the Promotion of International Trade (CCPIT) on Sunday blasted the U.S. Section 301 investigation into China's maritime, logistics and shipbuilding industries, calling it “groundless.”  The industry association said it will organize industry companies to mount a legal defense to safeguard the legitimate rights and interests of Chinese companies. China's maritime, logistics and shipbuilding sectors have actively conducted technological innovation and participated in free market competition based on market development needs, which significantly contributed to the development of global trade as well as the smooth and stable operation of global supply chains, a CCPIT spokesperson said in a statement posted on its official WeChat account. According to r

TMTPOST—The U.S. House of Representatives passed legislation Saturday that would ban TikTok in the country if the social media platform's China-based owner ByteDance doesn't sell its stake within nine months. The decision by House Republicans to include TikTok as part of a larger foreign aid package, a priority for U.S. President Joe Biden with broad congressional support for Ukraine and Israel, fast-tracked the ban after an earlier version had stalled in the Senate. A standalone bill with a six-month selling deadline was passed in the House in March by an overwhelming bipartisan vote as both Democrats and Republicans voiced national security concerns about the application's owner, the Chinese technology firm ByteDance. The approved version of the bill on Saturday would extend th