In the PM session, market fluctuated at low level. Till market end, National Defense led the gain. Agriculture and Construction Materials led the fall. In total, both markets traded 601.11 billion RMB, up 4.93%.
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*Chinese Short Video App Kuaishou Sues Rival Douyin for ‘Unfair Competition’
Chinese video-sharing platform Kuaishou is suing its domestic archrival Douyin, also known as TikTok overseas, for “interfering” with search results on a third-party app store. The move is the latest sign of the fierce competition between the two players in the booming short video market.
*Baidu Beefs Up Development of Livestreaming and Short-Video Services
Chinese internet search giant Baidu Inc. has pledged to plow massive resources into its short-video and livestreaming businesses, in a bid to gain a larger share of a sector dominated by ByteDance and Kuaishou.
*High-tech infrastructure projects on the horizon
In Guangzhou, 16 new digital infrastructure constructions have signed contracts on Monday involving AI, Big Data and digital industry, with total investments reaching 56.5 billion yuan. Moreover, the city will bridge AI with industrial internet to establish 8 industrial clusters on intelligent connected vehicles and robots to realize an AI industry scale surpassing 120 billion yuan.
*China’s FDI inflow rises 11.8% in April
Foreign direct investment (FDI) into the Chinese mainland expanded 11.8 percent year-on-year to 70.36 billion yuan in April, the Ministry of Commerce announced Thursday.
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