China Economy

China's GPU leaders Cambricon and MetaX reported strong first-quarter results driven by demand for local AI chips. Cambricon's revenue jumped 160 per cent year-on-year to 2.89 billion yuan (US$423 million), with profit soaring 185 per cent to 1 billion yuan. The Beijing-based firm attributed the growth to a 'sustained surge in the AI industry’s computing power demand'.

27 Mwezi wa nne, 2026 Imeripotiwa na AI

Shanghai-listed Yuanjie Semiconductor Technology reported a 1,153% year-on-year jump in net profit for the three months ended March 31, reaching 179 million yuan (US$26.2 million), fueled by demand for laser chips in AI data centres. Revenue grew 321% to 355 million yuan. The company’s share price has risen elevenfold over the past year.

Standard Chartered Bank (China) announced on Thursday that it will provide custody services for a Hong Kong stock-initiated fund launched by Guotai Haitong Securities, becoming the first foreign bank in China to act as custodian for both a public Qualified Domestic Institutional Investor (QDII) fund and an initiated public fund. China's middle-income group, the world's largest and continuously expanding, is driving growing demand for wealth management services.

2 Mwezi wa tatu, 2026 Imeripotiwa na AI

Li Yanqing, executive vice-president and secretary-general of the China Association of the National Shipbuilding Industry, stated in an interview that the US attempt to revive its shipbuilding sector overnight through investment alone is unrealistic, calling US port fees 'absurd' and politically motivated. China's market lead in shipbuilding remains solid despite global fluctuations.