ByteDance Rival Kuaishou Creates Kling AI Video Generator

China’s Kuaishou Technology has a video generator called Kling AI in public beta that is getting great word-of-mouth, with comments from “incredibly realistic” to “Sora killer,” a reference to OpenAI’s still in closed beta video generator. Kuaishou claims that using only text prompts, Kling can generate “AI videos that closely mimic the real world’s complex motion patterns and physical characteristics,” in sequences as long as two minutes at 30 fps and 1080p, while supporting various aspect ratios. Kuaishou is China’s second most popular short-form video app, after ByteDance’s Douyin, the Chinese version of TikTok. Continue reading ByteDance Rival Kuaishou Creates Kling AI Video Generator

Alibaba to Split into Six New Companies with Potential IPOs

SoftBank-owned Alibaba Group — with headquarters in Hangzhou, China — plans to split into six independent companies that may seek separate IPOs, the company announced as Chinese authorities appear to be winding down a regulatory clampdown on the country’s powerful technology sector. The business empire assembled around e-commerce by industrialist Jack Ma these past 20 years was at its peak valued at more than $800 billion but is now assessed at about one-fourth that amount. The company’s stock soared on the news adding about $32 billion in global value, a rising tide that also lifted competitors’ boats. Continue reading Alibaba to Split into Six New Companies with Potential IPOs

Tencent Revenue Drops 3 Percent in First Decline Since 2004

Tencent’s nearly two-decade growth trajectory came to a halt Wednesday with a 3 percent revenue drop over the same period in 2021. The contraction marked the Chinese video game and social media giant’s first quarterly revenue decline since going public in 2004. Tencent’s April-June revenue fell by about $20 billion, the result of China’s slowing economy and sagging digital advertising revenue, as well as tighter government video game regulations and diminished consumer user spending. Prior to Q4 2021, Tencent had consistently posted double-digit — and sometimes triple-digit — growth since its IPO. Continue reading Tencent Revenue Drops 3 Percent in First Decline Since 2004

Chinese Technology Companies Are Experiencing Slowdowns

China’s tech sector is taking a hit. Revenue for e-commerce giant Alibaba posted what appears to be its most sluggish quarterly increase ever, at 9 percent, with competitor JD.com also paced among its worst performances, with revenue up 18 percent for Q1. The nation’s search engine leader, Baidu, reported 1 percent revenue growth, while Tencent remained flat. Supply chain problems due to the COVID-19 resurgence in conjunction with Beijing’s recent measures to battle back monopolies are cited as causes for the negative market turn. Since late 2020, China has been investigating alleged monopolistic practices among many top corporations. Continue reading Chinese Technology Companies Are Experiencing Slowdowns