Charts: 2023年1—4月份中国全国规模以上工业企业利润下降20.6%

Source : 国家统计局

ByteDance Co-Founder Resurfaces with New Venture in Hong Kong After Two-Year Absence

Kyung Mi wrote . . . . . . . . .

Zhang Yiming, the co-founder of ByteDance, the parent company of the popular social media platform TikTok, has established a new private investment fund in Hong Kong. The fund, known as Cool River Venture, will primarily focus on investing in technology-related industries.

This move comes as Zhang has maintained a low profile since stepping down from his corporate roles two years ago. The fund’s registration documents indicate that Zhang is the sole director, and its sole shareholder is a Cayman Islands entity called Galaxy LLC.

Zhang’s new venture emerges as Hong Kong aims to attract affluent individuals following a period of population decline and isolation caused by the Covid pandemic. The government has implemented measures, such as tax cuts, with the goal of attracting over 200 family offices to establish or expand their operations in the city by the end of 2025.

In Zhang’s resignation letter to ByteDance employees in May 2021, he expressed his intention to shift his focus towards long-term strategy, corporate culture, and social responsibility. He also conveyed a strong interest in emerging technology sectors, including virtual reality, life sciences, and scientific computing.

Earlier this month, Zhang made a donation of 200 million yuan to the Fangmei Education Development Fund, supporting vocational and arts education in his hometown. This is known to be his only public contribution since his resignation.

With a net worth of approximately US$42.3 billion, as reported by the latest Bloomberg Billionaires Index, Zhang stands among the top-ranking tech executives who have stepped down from their corporate positions. His decision comes amidst China’s “common prosperity” campaign, aimed at reducing wealth inequality and targeting affluent individuals.

This movement has prompted several high-profile figures to relinquish their roles. During this time, Zhang has been actively involved in philanthropic endeavors, including his contributions to an education fund in his hometown. Additionally, he has frequently traveled to Singapore in recent years, exploring new opportunities beyond his previous corporate responsibilities.

Despite ByteDance‘s impressive financial performance, generating revenue exceeding US$80 billion in 2022 with a notable increase of over 30%, challenges persist for its flagship product TikTok, particularly in the United States.

TikTok, the popular US short-video app, boasts a user base of over 100 million in the country. However, it has been entangled in political turmoil, attracting scrutiny from lawmakers. In a five-hour Congressional hearing held in March, TikTok’s CEO faced intense questioning as lawmakers expressed concerns about the app’s Chinese ownership and the potential access Beijing might have to the data of millions of American users.

Adding to its troubles, last week, the governor of Montana signed a measure imposing a ban on the app’s download by the general public. ByteDance is actively seeking measures to overturn this ban, as it aims to address the challenges and regulatory obstacles facing TikTok in the US market.

Cool River Venture HK Ltd, the newly incorporated investment company, signals Zhang Yiming’s intention to embark on a new chapter following his departure from leadership positions at ByteDance.

Although further details about Cool River Venture’s investment strategy are yet to be disclosed, the establishment of this fund reflects Zhang’s continued interest in the startup ecosystem and his desire to contribute to the advancement of technology-driven enterprises.

Source : Asia Tech Daily

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Source : Visual Capitalist

Britain Unveils $1.2B Strategy to Boost Computer Chip Industry

Britain’s government unveiled its long-awaited semiconductor strategy Friday, catching up with similar efforts by Western allies seeking to reduce reliance on Asian production of the computer chips that are essential to modern life.

Under U.K. plan, the country’s semiconductor industry will get up to 1 billion pounds ($1.2 billion) in government investment over the next decade. The amount is dwarfed by the U.S. Chips Act, which provides $52 billion in government incentives, and the European Union’s $43 billion euro ($46 billion) chip program.

The money provided by the British government will be focused on research and development, design and intellectual property and on cutting-edge compound semiconductors. The first 200 million pounds will be provided between 2023 and 2025.

“Our new strategy focuses our efforts on where our strengths lie, in areas like research and design, so we can build our competitive edge on the global stage,” Prime Minister Rishi Sunak said.

The strategy is aimed at boosting the domestic chip industry, as well as alleviating supply chain disruption and protecting Britain’s national security.

Semiconductors — tiny computer chips — control everything from cars and smartphones to washing machines and medical devices. Most of the world’s advanced chips are produced in Asia, especially Taiwan and South Korea, a vulnerability that was exposed during the coronavirus pandemic when supply lines were scrambled, leading to extended shortages of manufactured products.

Sunak, who’s in Japan for the summit of the Group of Seven major economies, and Japanese Prime Minister Fumio Kishida signed a semiconductor partnership Thursday to improve the supply chain for the components.

Source : AP

Infographic: 回顾C919大飞机开启首次商业载客飞行重要时刻

Source : Xinhuanet

China’s Cognitive Warfare Ambitions Are Social Engineering At Scale

Stu Sjouwerman wrote . . . . . . . . .

As the world continues to evolve, so does the nature of warfare. China’s People’s Liberation Army (PLA) is increasingly focused on “Cognitive Warfare,” a term referring to artificial intelligence (AI)-enabled military systems and operational concepts. The PLA’s exploration into this new domain of warfare could potentially change the dynamics of global conflict.

The PLA’s interest in “cognitive warfare” is particularly intriguing. Cognitive warfare refers to operations that leverage techniques and technologies such as AI to influence the minds of adversaries, shape their decisions, and create a strategically favorable environment. This approach could potentially allow China to achieve victory without resorting to conventional weapons. We’re talking social engineering at potential massive scale.

The PLA’s exploration into cognitive warfare is part of China’s broader commitment to AI and other cutting-edge technologies, as emphasized by President Xi Jinping. China aims to become the world’s leading AI power by 2030, and it is integrating AI into three common areas: information processing, unmanned weapons, and decision-making.

However, China is taking it a step further by exploring the use of AI in cognitive warfare. This involves influencing the thinking of decision-makers, military commanders, and the general public in rival countries. For instance, Beijing could use social media and other means to spread disinformation, manipulate public opinion, and discredit U.S. efforts to support Taiwan.

To achieve this, China would need to develop the necessary cyber, psychological, and social engineering capabilities. It would also need to amass a great deal of detailed personal information. There are concerns that China has already collected a massive amount of data on government officials and ordinary U.S. citizens, which could be used to influence perceptions.

The PLA is also focusing on using AI to influence the state of mind of its own troops. They are working on wearable technology and a “psychological support system” to better prepare soldiers for real combat situations. This includes smart sensor bracelets that can record facial information and judge psychological states in real time.

Whether or not China’s “AI-driven warfare” succeeds, it is crucial to pay attention to social engineering at massive scale, as it has become increasingly feasible thanks to recent breakneck advances.

Source : KnowBe4

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Read also at U.S. Naval Institute

Cognitive Warfare: Maneuvering in the Human Dimension . . . . .