Chinese AI Startup MiniMax Files for Hong Kong IPO, Sources Say
Shanghai-based MiniMax, which was valued at around $4 billion after a recent financing round, is targeting a stock market debut as soon as this year, one of the people said. The company has also filed its Hong Kong listing plan with China's securities regulator for review, another person said.
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Yahoo
an hour ago
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Nvidia Restarts China AI Chip Sales--but Supply Crisis Looms
July 21 - Nvidia (NASDAQ:NVDA) faces a rocky China comeback as it revives H20 AI chip sales, but warns of constrained supply and shifting geopolitics. The company informed Chinese customers that H20 stock is limited and it won't resume production immediately. The H20 is the most powerful AI chip Nvidia is legally permitted to export to China. Warning! GuruFocus has detected 4 Warning Signs with NVDA. U.S. authorities recently lifted export restrictions amid rare-earths talks, but Nvidia cautioned that restocking H20 supply could take up to nine months if it restarts production, citing TSMC shifting its capacity. The chip's return sparked a scramble among Chinese AI firms, including Alibaba, Tencent, Baidu, and ByteDance, eager for access, though H20 is technically inferior to Nvidia's high-end H100 and H200 variants. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
an hour ago
- CNN
China bans Wells Fargo banker from leaving the country
An Atlanta-based banker working for Wells Fargo has been prevented from leaving China, the latest incident that threatens to amplify concerns among Western executives about the potential consequences of visiting the world's second-biggest economy. Chinese authorities said Monday the exit ban placed on Wells Fargo executive Chenyue Mao is part of a criminal investigation. 'Ms. Mao Chenyue is involved in a criminal case being handled by Chinese authorities, who have lawfully imposed exit restrictions on her,' Guo Jiakun, a spokesperson for the Chinese Ministry of Foreign Affairs, said Monday following a regular press conference. It's not clear the target of the criminal case, nor how Mao is believed to be linked to it. 'According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country and is obligated to cooperate with the investigation,' the spokesperson for China's Ministry of Foreign Affairs said. 'During the investigation, the authorities will ensure that her legal rights are protected.' Mao has been employed by Wells Fargo since 2012, according to her LinkedIn profile. Born in Shanghai and based in Atlanta, Mao leads Wells Fargo's international factoring business and advises multinational companies on cross-border capital strategies, according to FCI, a global network of companies formerly known as the Factors Chain International. Mao was recently elected to be the chairwoman of FCI. 'We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible,' Wells Fargo told CNN in a statement. Wells Fargo has since suspended all travel to China, according to The Wall Street Journal, which first reported news of Mao being blocked from leaving the country. The bank declined to comment further on the incident. An automated response on Monday from Mao's email indicates she is overseas. 'Traveling international on business with time difference, may delay in responses, will respond as soon as I'm able to,' the automated response said. News of the exit ban placed on the Wells Fargo banker comes as a Chinese American man working for the Commerce Department has been prevented from leaving the country, according to the Washington Post. The Commerce Department employee, working in the agency's Patent and Trademark Office, was visiting family in China several months ago and failed to disclose on his visa application that he worked for the US government, the Post reported. The Commerce Department referred CNN's inquiries to the US State Department. The State Department did not respond to a request for comment on the Commerce employee or the Wells Fargo banker. The State Department currently has a 'level 2' travel advisory for China, indicating Americans should 'exercise increased caution' when traveling to Mainland China due to 'arbitrary enforcement of local laws, including in relation to exit bans.' The incidents are likely to raise concern in C-Suites and among boards of directors about the risks of visiting China. 'This has everyone jittery again, nervous about traveling,' Sam Stein, president of the US-China Business Council, told CNN in a phone interview on Monday. Stein, who previously worked as a US diplomat in China and advised companies on China matters at the law firm Covington and Burling, said Western companies are often in the dark about the reasons behind exit bans imposed by China. 'This could have a chilling effect on executive travel to China – unless China can be more transparent,' Stein said. 'China has a small window. Now is the time to come out and explain the circumstances where someone can be placed on an exit ban. China really needs to step up.' Jiakun, the Chinese Ministry of Finance spokesperson, stressed that both Chinese citizens and foreigners 'must abide by' Chinese law while inside the country. 'This is an individual judicial case, and China will continue to welcome people from all countries to visit and do business, while upholding their rights in accordance with the law,' the spokesperson said.
Forbes
an hour ago
- Forbes
The Five Fintech Jobs Gen AI Will Replace First
Roles, often characterized by repetitive data processing and structured communication, are the first ... More to be profoundly reshaped or replaced by Generative AI. The drumbeat of automation has long been a feature of the fintech landscape. Yet, the crescendo has reached a fever pitch with the arrival of Generative AI. Far beyond the robotic process automation of the past, Gen AI platforms can now reason, create and analyze with a sophistication that rivals human capability. This isn't just another tech upgrade; it's a fundamental workforce reckoning. As a July 2025 report from the Brookings Institution aptly states, AI is actively "rewriting work in finance," creating a new paradigm of hybrid roles where human and machine collaborate. While no corner of the industry will remain untouched, certain positions are squarely in the path of this disruption. These roles, often characterized by repetitive data processing and structured communication, are the first to be profoundly reshaped or replaced by Generative AI. 1. The Entry-Level Financial Analyst For decades, the path to a Wall Street or fintech career began in the analyst bullpen, a rite of passage that involved countless hours building models and summarizing reports. Gen AI is automating this entire process. An AI model can now ingest terabytes of data, generate a discounted cash flow (DCF) model, and draft an initial investment memo before a human even logs on. This evolution reflects what the Brookings Institution calls a shift toward "hybrid jobs," where human expertise is used to direct and verify AI-driven analysis rather than perform it manually. The future analyst's role will be to query the AI, validate its outputs and add a layer of strategic insight: a shift from data-gatherer to AI-interrogator. 2. The Customer Service Representative The call center has long been a target for automation, but today's AI-powered agents are a world away from the clumsy chatbots of the past. They can understand conversational nuance, provide personalized responses and operate 24/7 at a fraction of the cost. This trend is already in motion. As noted in the Brookings report, the Swedish fintech Klarna now has the vast majority of its workforce using Gen AI daily, fundamentally changing roles like customer support. The remaining human agents will become escalation specialists, handling only the most sensitive cases that require genuine empathy, a skill AI has yet to master. 3. The Compliance Analyst The financial industry is bound by a labyrinth of regulations like Anti-Money Laundering (AML) and Know Your Customer (KYC). Generative AI excels at the large-scale pattern detection required for compliance, monitoring millions of transactions in real time to flag suspicious activity with far greater accuracy. This moves the human from a data-sifter to an AI auditor, a transition underscored by the Brookings analysis, which emphasizes the growing importance of human oversight in AI-augmented risk management systems. The human professional's job will evolve into designing, training and auditing these AI systems. 4. The Data Entry Clerk Perhaps the most immediately vulnerable role is the data entry clerk. In fintech, this job involves manually inputting information from invoices, loan applications, and customer onboarding forms into digital systems. Advanced AI, equipped with sophisticated optical character recognition (OCR), can now extract and input this data with near-perfect accuracy in real time. A process that once took a team of clerks hours can be completed in minutes. There is little evolution for this role; it is a clear case of technological replacement, freeing up human capital for tasks that require critical thinking. 5. The Content Marketer Fintechs rely on a steady stream of content to engage clients. Generative AI can now produce high-quality, SEO-optimized articles, social media copy and market updates on demand. While it may lack a truly unique voice, it can handle the bulk of routine content creation. This pushes human marketers up the value chain, forcing them to become strategists who manage AI as a tool, a prime example of the workforce transformation detailed by Brookings. Their future lies not in writing every word, but in crafting the creative campaigns and brand voice that the AI will then amplify. The message for the fintech workforce is clear, and it's a conclusion echoed in the July 2025 Brookings Institution report: The age of the "hybrid worker" is here. The roles being reshaped are not just a sign of jobs lost, but a signal of a massive shift in the skills required. The survivors, and indeed the future leaders, will be those who learn to collaborate with their new AI colleagues, leveraging technology to amplify their own uniquely human capacity for strategy, creativity and judgment. For more like this on Forbes, check out Selling Financial Services Online? Forget SEO, Introducing GEO or What Is Agentic AI And What Will It Mean For Financial Services?.
