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The Tencent Global Digital Ecosystem Conference was held in Shenzhen. Tang Daosheng, Senior Executive Vice President of Tencent Group and CEO of the Cloud and Smart Industries Group, stated in his keynote speech that, according to data from relevant national departments, the daily Token call volume in China has increased from 100 billion at the beginning of 2024 to over 500 trillion in July of this year, a growth of over 5,000 times in two years.Tang Daosheng believes that behind this data is the rapid development of AI applications, with AI becoming a new productive force. Represented by Tencent's AI intelligent entity Workbuddy, related applications are not only used for daily document collaboration but are also being implemented in professional fields such as business analysis, business operations, market research, and marketing planning and execution. He stated that using AI intelligent entities to improve efficiency has become a necessary option for employees, and companies also need to make more accurate decisions and execute faster with AI to strengthen market competitiveness; otherwise, they will fall behind.

Bloomberg Intelligence released a report on October 28, stating that by 2030, China will be globally leading in 8 out of 17 key industries, including large language models (LLM), which are core to artificial intelligence. The report, led by Francis Chan, assesses that the U.S. and China are moving towards "AI joint leadership," with neither side likely to achieve a comprehensive advantage.The report lists the 8 areas where China is expected to lead: LLM, optical communication transceiver modules, humanoid robots, general commercial vessels, autonomous and connected vehicles, energy storage, green hydrogen, and biopharmaceutical CDMO. On the hardware side, China currently lags in chip design, foundry, memory, and device materials, but the report predicts that by 2030, it will be globally competitive, although complete self-sufficiency remains challenging. The report also notes that the U.S. may maintain a slight edge in model development, while China holds a favorable position in software optimization and low-cost AI implementation.The report also highlights risks: Chinese AI companies face intense price competition, and profitability will need to wait until pricing strategies become more rational. Additionally, trade barriers and export restrictions are more likely to alter the geographical landscape of China's industrial expansion rather than halt it.

According to official news, Sequoia China and the robotics company Yushu Technology announced the establishment of the "ShanYu·Innovation Plan," focusing on discovering and investing in embodied intelligence, robotic applications, and their upstream and downstream key technologies, as well as early-stage entrepreneurial projects in other cutting-edge hard technology fields.It is reported that the core strategy of this plan is "understanding technology and industry, discovering early, making quick decisions, valuing people, and not adding chaos," which will provide industrial and financial resources for promising early-stage entrepreneurs in the fields of embodied intelligence, robotics, and other cutting-edge hard technologies.

According to Crunchbase data, global venture capital investment in robotics startups reached $9.9 billion in the third quarter of 2026, more than doubling from $4.3 billion in the third quarter of 2025, with a year-on-year growth of approximately 185%. In the first three quarters of 2026, financing in the robotics sector grew by about 185% year-on-year, with several consecutive quarters approaching or exceeding $10 billion.This year's robotics financing is largely concentrated in China and the United States, with China receiving $13.2 billion and the United States $12.1 billion, while Germany ranks third with $1.7 billion. The largest financing in China includes $900 million for Guangzhou Xiaopeng Robotics and $736 million in Series C funding for Shenzhen AI² Robotics. In the United States, Travis Kalanick's Atoms and Pittsburgh's Skild AI both completed billion-dollar financing, with Skild AI raising $1.4 billion for its robotics foundation model Skild Brain. Germany's Neura Robotics raised $1.4 billion for cognitive robotics.

According to Tencent news, on October 27, Tencent's cross-border payment platform TenPay Global reached a cooperation with South Korea's Samsung Wallet and Woori Bank to jointly promote the interconnectivity of cross-border QR code payments.After South Korean users come to China, they can use the Samsung Wallet Money e-wallet within Samsung Wallet to scan the WeChat Pay collection code or show the payment code to merchants, allowing them to spend at tens of millions of WeChat Pay merchants within China.

The Hurun Research Institute released the "2026 Hurun Rich List." This year, a total of 1,529 entrepreneurs with personal wealth exceeding 5 billion yuan made the list, an increase of 95 from last year, setting a new historical high. The total wealth of the listed entrepreneurs is 32 trillion yuan, a year-on-year increase of 7% (2.1 trillion yuan).Zhang Yiming, the founder of ByteDance, became China's richest person for the second time with 670 billion yuan, breaking the record for the wealth of China's richest person. Zhong Shanshan, the founder of Nongfu Spring, saw his wealth shrink by 120 billion yuan, falling to second place with 410 billion yuan. Liang Wenfeng, the founder of DeepSeek, made the list for the first time, entering the top ten with 280 billion yuan.

Reuters reported on October 26 that amid fluctuations in global tech stocks, Chinese artificial intelligence and semiconductor-related stocks have already declined. The STAR50 index, dominated by mainland artificial intelligence and semiconductor leaders, has dropped 40% in less than four months, with a market value evaporating by about $480 billion. The CSI 300 index has fallen about 20% from its June peak, interrupting nearly two years of gains. Beijing fund manager Dong Baozhen said: The stock market has evolved into a speculative frenzy bull market, and now the bubble is bursting. Traders noted that the decline does not have a clear single trigger factor; high prices, tax bills, and the possibility of the U.S. or other countries banning Chinese equipment from entering data centers have all had an impact. During the same period, the Nasdaq has retreated 6% from its record high three weeks ago.Goldman Sachs stated that AI stocks account for 42% of China's market value and 57% of the trading volume of mainland A-shares and Hong Kong H-shares. When the robotics company Yushu went public, retail investors oversubscribed by about 8,000 times, and since trading began in August, its stock price has fallen by about half; chip company Changxin Storage has dropped more than a quarter in the past month. Mu Xi Integrated Circuit and Moore Threads saw their stock prices rise by about 700% and 400% respectively on their first day of trading last year, but have also fallen by about half since July. Optical module companies Zhongji Xuchuang and Guangxun Technology have dropped about 60% from their June and July peaks, partly due to the U.S. moving towards banning these companies from supplying to U.S. data centers. Hainan investor Chen Wensheng said: He bought Yushu because he felt official support and that there were state-owned background funds investing, but he is currently suffering losses with friends.The STAR50 is currently still about 100 times its past earnings, having fallen from a high of nearly 250 times, with investors comparing it to the Nasdaq 100's price-to-earnings ratio of about 30 times. Hong Hao, Managing Director and Chief Investment Officer of Lotus Asset Management in Hong Kong, said: The current situation will cause many companies trying to go public to pause. Leo Wang, a partner at Beijing Qianchuang Capital, said: Overemphasizing the market capitalization weight of tech companies in major indices will create serious bubbles in certain industries and siphon off funds from other sectors. Wang Zhuo, a partner at Shanghai Zhuozhu Investment Management, said: Chip manufacturers and AI suppliers will ultimately fall into price wars like other Chinese manufacturers. HSBC Research stated that Asian funds have generally been selling over the past three months but are still overweight in China; Goldman Sachs' updated recommendation list this month includes Zhongji Xuchuang and Changxin Storage. The China Securities Regulatory Commission did not immediately respond to Reuters' inquiries; Chairman Wu Qing met with market participants earlier this month to hear suggestions for improving the capital market.

The People's Bank of China Open Market Operations Office announced the establishment of a non-bank large redemption swap facility in the bond market, referred to as BNSF. The announcement stated that this move aims to implement a scientifically sound and robust monetary policy system and a comprehensive macro-prudential management system to maintain stability in the bond market. The relevant document is the People's Bank of China Open Market Operations Announcement [2026] No. 12.According to the announcement, in specific scenarios where asset management institutions face systemic liquidity risks and the bond market experiences systemic pressure, support will be provided to bank wealth management subsidiaries, public fund managers, or corresponding parent banks, securities parent companies, etc., to borrow central bank bills from the People's Bank of China for market repurchase financing, in order to purchase eligible bonds or product shares of public products that are being redeemed by their own company or asset management subsidiaries, and to pledge to the People's Bank of China. Participating institutions must continuously meet the requirements of prudent management in the financial market and maintain market discipline.

The U.S. Department of the Treasury has released proposed rules for the implementation of the COINS Act, planning to further expand restrictions on foreign investments in sensitive technology sectors concerning certain "countries of concern." The current system primarily covers entities related to China, and the proposed rules aim to tighten restrictions in areas such as AI and semiconductors, extending the regulatory framework to more sensitive technologies and countries.In the field of AI, some investments that can still be made under the current rules after declaration are proposed to be further prohibited; in the semiconductor sector, high-bandwidth memory, photonic chips, and radiation-resistant chips are also included in the scope of stricter restrictions. Meanwhile, biotechnology has been added as a key regulatory area, involving directions such as brain-computer interfaces and automated laboratory software.

The China Securities Regulatory Commission approved the establishment of Citigroup Securities (China) Co., Ltd. The company is registered in Shanghai, with a registered capital of 1.2 billion RMB. Its business scope includes securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities proprietary trading. The shareholder Citigroup Global Markets Holdings Inc. holds a 100% investment ratio.

The hedge fund Bridgewater's China business department informed investors that the institution's bullish stance on gold has decreased and that it holds a cautiously optimistic view on the domestic Chinese stock market. The Shanghai-based hedge fund stated in a letter to investors in September that it has gradually reduced its previously overweight position in gold.Bridgewater China noted that rising interest rates have increased the opportunity cost of holding gold, while rising oil prices have suppressed demand from energy-importing countries like India. The institution also expressed optimism about Chinese assets, believing that the current stock market valuation is not high, the policy direction is favorable for long-term capital formation, and that there may be more funds flowing into the stock market in the future against a backdrop of lower bond yields.

Financial Associated Press, October 22 - China Telecom (601728.SH) announced that its operating revenue for the third quarter was 121.089 billion yuan, a year-on-year decrease of 3.01%; the net profit attributable to shareholders of the listed company was 6.620 billion yuan, a year-on-year decrease of 14.65%.The announcement showed that the operating revenue for the first three quarters was 380.099 billion yuan, a year-on-year decrease of 3.59%; the net profit attributable to shareholders of the listed company was 26.207 billion yuan, a year-on-year decrease of 14.84%. In the first three quarters of 2026, the company fully implemented the strategy of transforming cloud into data and then into intelligent benefits, maintaining stable operational performance.The company stated that it adheres to the main line of Token management, accelerates the creation of a leading AI service provider, moderately advances the construction of a new generation of communication networks and computing power networks, continuously upgrades the Star TokenHub platform, and experiences rapid growth in daily Token usage, promoting the accelerated implementation of "Smart Cloud Cities," and launched the Star Super Intelligent Agent TeleAgent.

Recently, the Qingshanqiao Police Station of the Xiangtan County Public Security Bureau in Xiangtan City, Hunan Province, with the support of the county bureau, went to Loudi and successfully dismantled a fraud den that used malicious links to steal virtual currency, arresting 3 criminal suspects.Upon investigation, on September 4, a local resident reported that after clicking on a strange link in a virtual currency QQ group, 6814 yuan worth of USDT was stolen from their account. Since August, three individuals, Zhou, Chen, and Liang, have been seeking illegal profits by obtaining malicious virus links through the Telegram app, specifically searching for virtual currency exchange groups in QQ and WeChat, sending malicious links in the groups, and waiting to steal the virtual currency from the accounts of those who clicked. Currently, all three suspects have been criminally detained in accordance with the law on suspicion of theft, and the case is under further investigation.

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued opinions to comprehensively implement the "Artificial Intelligence +" action, promoting the all-round empowerment of various industries by artificial intelligence. The opinions emphasize the deep integration of technological innovation and industrial innovation, promote the intelligent and green development of the manufacturing industry, and accelerate the promotion and application of agricultural scientific and technological achievements.

According to the Ant Group's WeChat official account, the company Today AI has announced the completion of over 200 million dollars in financing. The investors in this round include Ant Group, IDG Capital, Tencent, Wuyuan Capital, Sequoia China, Transsion Holdings, Tongge Venture Capital, and Shanghai Jiao Tong University Hanyuan Asset.Today AI is developing a personalized proactive AI system that provides each user with an AI assistant. Its functions include schedule management, life services, work assistance, travel planning, note-taking, data research, health management, information push, and learning practice. The product has completed internal testing and has been launched for the first time in the domestic market.

According to Bloomberg citing sources, Japan's Daiwa Securities Group and Mizuho Financial Group have been notified that they can conduct wholly-owned securities business in mainland China. The relevant approvals were advanced after Vice Premier He Lifeng of the State Council received a senior Japanese trade delegation in March this year and discussed expanding bilateral trade and cross-border investment.A spokesperson for Mizuho Securities confirmed the news, stating that preparations for opening are ongoing, while a spokesperson for Daiwa Securities declined to comment. Daiwa Securities was approved by the China Securities Regulatory Commission in 2021 to establish a joint venture securities company with a 51% stake. In April this year, it spent about $100 million to acquire the remaining equity from its Chinese partner and received approval last week to complete the equity change, achieving full ownership.Mizuho Securities was approved to establish a wholly-owned securities company in October 2025, and after completing on-site inspections and operational reviews by regulatory authorities, it was issued a securities business license last week.

On October 19, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the opening ceremony of the 2026 Financial Street Forum Annual Conference that they will adhere to a steady approach, fully maintain the safety and stability of the capital market, closely monitor domestic and international market dynamics, and strengthen risk assessment and policy tool reserves.Wu Qing also stated that they will consolidate and improve the mechanisms for stabilizing the market, focus on strengthening the prevention of risks in new types of businesses, remain highly vigilant against new risk points such as leveraged products linked to A-shares from abroad, and continuously build a solid risk defense wall for the capital market.

Semiconductor analyst Jukan shares a commentary translated into English by him, authored by a salesperson from a local Chinese sell-side institution. The individual states: In mid to late September, hardware quickly transitioned into a downward wave, with China and South Korea adjusting first, experiencing deeper declines and longer durations, followed by Japan, Taiwan, and the semiconductor ETF SOXX weakening subsequently; there is significant divergence in the market regarding whether AI is entering a mid-cycle collapse, but there is less controversy about the industry still advancing.The individual summarizes the views of interviewed investors: High long-term interest rates in the U.S., capital expenditures beginning to rely on external financing and competing for funds in the market, multi-layered leverage accumulation, and tight funding are the main reasons for this round of decline, with companies like CoreWeave experiencing a noticeable deterioration in financing structure and cost burden. Model invocation prices are decreasing, but capital expenditures and supply chain costs are difficult to reduce quickly, making short-term investment returns hard to realize. ASML and TSMC's guidance this season is strong, but near-term pressures cannot be ruled out; the bullwhip effect and differences in value chain levels may cause volatility to be greater than expected.The individual also mentions that use cases beyond coding are emerging in scenarios such as SaaS and AI drug development, which may gradually alleviate investment return concerns and expand demand. His personal judgment: Before more evidence emerges, the current situation resembles a high-volatility phase rather than a collapse that has already begun; the decline may not yet be over, and hardware leadership may give way to applications. Even if control of both houses changes in the midterm elections, the impact may mainly be limited to constraints on certain data center projects, and the U.S. earnings season needs to verify the performance of large technology companies.

Lily Liu, the chair of the Solana Foundation, posted on platform X, stating, "We held the first Capital Markets Summit in Shanghai, China, on Thursday. There, we gathered hundreds of asset allocators and builders from China and around the world to discuss capital formation around innovation."Lily Liu also stated that the market capitalization of domestic listed companies in China is only 1/6 of that of comparable profitable companies in New York, and there are over 50,000 small and medium-sized enterprises waiting for IPO opportunities.

According to the information displayed on the Qichacha page, Shanghai Solana Enterprise Management Co., Ltd. was registered in June this year, with a registered capital of 5 million yuan. Claire Du is the legal representative and co-head of Solana China.Additionally, in August this year, Shanghai Yaokun Qiusuo Digital Technology Co., Ltd. was established with a registered capital of 10 million yuan, and Shanghai Solana Enterprise Management Co., Ltd. holds 45% of the shares in Yaokun Qiusuo Digital Technology Co., Ltd. Even Jiang, the co-head of the Solana Foundation in China, serves as the chairman of Yaokun Qiusuo, while Claire Du serves as a director.Public information shows that Yaokun Qiusuo primarily engages in technical services, technical development, technical consulting, technical exchanges, technology transfer, and technology promotion; computer system services; information system integration services; information technology consulting services; data processing services; internet data services; Internet of Things technology services; wholesale of computer software and hardware and auxiliary equipment; information consulting services (excluding licensed information consulting services); business management consulting; financial consulting; and conference and exhibition services (exhibitions abroad must be approved by relevant departments).It should be noted that "Solana" is a name chosen by a sole proprietorship, and there is currently no equity evidence proving that these two companies belong to the Solana Foundation.This week, members of the Solana team shared photos announcing the establishment of an office in Shanghai, China.