Leading Chinese microchip maker SMIC (0981.HK; 688981.SH) said its revenue rose to $1.9 billion in the second quarter from $1.56 billion yuan a year earlier, while its gross profit dropped to $265 million from $317 million over that time. Its gross margin fell to 13.9% in the second quarter from 20.3% in the second quarter of 2023.
Meta cuts Manus free from China, as regional lender gets premium bailout
In a landmark validation for Chinese AI, Facebook parent Meta has agreed to buy general AI agent maker Manus. But why is Meta also quite vehement about cutting all of Manus' China ties, both in terms of investors and business activity? And regional Chinese lender Weihai Bank has just received a major cash infusion from its local government in Shandong province. Is this a worrisome sign for investors?
