Daily Tech Roundup: Apple Feels the Squeeze From Chinese Rivals, Foxconn’s New China HQ

The Daily Tech Roundup highlights significant technology news from China and broader Asia, featuring updates on smartphone shipments, major IPO filings, AI advancements, corporate expansions, and significant investments. [para. 1]

### China’s Smartphone Market Rebounds

In the second quarter, Chinese smartphone brands dominated the domestic market, surpassing Apple Inc. [para. 2] According to Canalys, the top five brands by shipment volume were all domestic, a scenario that has not occurred in nearly four years, as noted by IDC. This strong local performance was mirrored by a 10% year-on-year growth in China's smartphone market during the quarter, with shipments exceeding 70 million units. The growth was driven by significant discounts and promotions, particularly during the "6.18" shopping event in June. [para. 3][para. 4][para. 5]

### WeRide Files for Major U.S. IPO

Driverless technology startup WeRide Inc. has filed for what could become the largest U.S. IPO by a Chinese firm since Didi Global Inc.’s turbulent listing in 2021. [para. 6] WeRide, incorporated in the Cayman Islands, aims to raise up to $500 million, but the exact number and price range for its American depositary shares remain undisclosed. This IPO occurs amid uncertainties surrounding regulatory risks for Chinese companies listing abroad, especially after the regulatory crackdown that followed Didi’s $4.44 billion IPO. [para. 7][para. 8]

### Zhipu AI Debuts Qingying Video Generator

Zhipu AI, a Beijing-based large language model startup, launched Qingying, an AI-powered video generator aimed at rivaling OpenAI’s Sora. [para. 9] Qingying produces videos up to six seconds long with a resolution of 1440x960 pixels from text or graphic prompts. Users can generate varied video styles, including movies and 3D cartoons, complemented by background music. [para. 10][para. 11]

### Foxconn’s New Headquarters for EV and Battery Manufacturing

Foxconn, known for its iPhone assembly, plans to diversify its business by establishing a new headquarters in Henan province, China, focusing on electric vehicles (EVs) and batteries. [para. 12] The company will invest 1 billion yuan ($138.2 million) in the facility situated in the Zhengdong New District of Zhengzhou. Foxconn hopes to capitalize on its expertise in smart manufacturing and supply chains to expand into new sectors, including EVs, energy storage, digital health, and robotics. [para. 13][para. 14]

### Alibaba Invests in AI Startup Baichuan

Alibaba Group has taken part in a new financing round of 5 billion yuan for the Chinese AI startup Baichuan, marking its third major AI investment of 2024. [para. 15] With this funding, Baichuan is valued at 20 billion yuan, receiving backing from local governments in Beijing, Shanghai, and Shenzhen, alongside major tech firms like Tencent and Xiaomi. Founded in April 2023, Baichuan has released 12 large language models and debuted an AI assistant in May, underscoring its leadership in China’s generative AI space. [para. 16][para. 17]

### Conclusion

These updates underscore the dynamic nature of the Asian technology landscape, characterized by significant market competition, innovative technological advancements, and strategic investments and expansions by leading firms. From the resurgence of domestic smartphone brands to high-stakes IPOs and major corporate shifts towards new sectors, these developments highlight the region’s pivotal role in shaping global tech trends. [para. 1][para. 2][para. 3][para. 4][para. 5][para. 6][para. 7][para. 8][para. 9][para. 10][para. 11][para. 12][para. 13][para. 14][para. 15][para. 16][para. 17]