Latest news with #Temasek-backed
CNBC
a day ago
- Business
- CNBC
CNBC's The China Connection newsletter: Chinese AI companies are already making money
From startups to tech giants, Chinese companies are finding business demand for their artificial intelligence services, even as AI models elsewhere keep burning cash. AI can now resolve more than 80% of online customer questions at Toyota's joint venture with Chinese state-owned carmaker FAW, more than twice as many as it could address half a year ago, Wu Yongjian, vice president at Tencent Cloud, told me on Friday. Tencent provides some AI tools to the automakers. And now it only takes around two weeks to get Tencent's AI customer-service platform up and running, down from up to three months, Wu told me, as we sat inside the company's shiny new office in an up-and-coming Shanghai waterfront district. Over the weekend, Tencent announced an upgrade to its Hunyuan AI model alongside releases by other companies as the "World AI Conference" got underway in the city. While not every company is seeing a similar demand for their products and services, the focus on business opportunities reflects a shift underway in China in capturing the AI opportunity. And that's also reflected in job applications. Zhou Yuxiang, CEO of Temasek-backed startup Black Lake Technologies, told me on Saturday that in the last few months he's been getting resumes from AI model engineers who want to shift into developing AI for specific industry applications. "Before it was hard to get AI engineers," he said in Mandarin, translated by CNBC. Black Lake primarily sells AI tools to small factories in China to help them speed up production and better utilize capacity. Many of the business owners are experiencing "FOMO" right now because they missed out on the direct-to-consumer e-commerce boom of the past few years, Zhou said, adding that the cost to use AI has also dropped significantly. formerly Zhipu, on Monday became the latest Chinese startup to slash operating costs with an open-source AI model release. Its pricing undercut Alibaba-backed startup Moonshot's Kimi K2 model released earlier this month, and DeepSeek's R1 in January, which offered lower rates compared with what industry leader OpenAI was charging people to use ChatGPT. Open source AI models can be used for free, and even altered and distributed, without special permission from the creator. Users who opt not to download the model can access them via the cloud and pay per use. Many businesses are realizing they need to have better data in order to apply AI effectively. It's a foundational layer that's seeing huge demand, just like chips, even if monetization of the AI application takes time. Chinese startup DeepExi, backed by venture capital firms Hillhouse and BAI, says its AI system combines business-specific data analysis with AI models to "deliver zero hallucination outputs." That means the system does not make up results, as generative AI models are quite prone to do. CNBC was unable to independently verify the claim. DeepExi lists clients such as Han's Laser Technology and an unnamed public healthcare operator "that oversees 40 public hospitals and 100 clinics." The startup's revenue surged by 88.3% to 242.9 million yuan last year, DeepExi said in an April filing with the Hong Kong Stock Exchange for a planned listing. Data labeling, or annotating bits of information for better AI use, is also seeing surging demand. Beijing-based Haitian Ruisheng last week estimated its revenue in the first half of 2025 grew by at least 61% from a year ago to 148.9 million yuan. Its revenue in 2024 was nearly 240 million yuan. After excluding items, profit is expected to have more than doubled to between 4.5 million yuan and 4.9 million yuan in the first half of the year, according to the company's filing with the Shanghai stock exchange. Haitian Ruisheng counts ByteDance, Alibaba, Tencent, Baidu and several U.S. "Magnificent 7" companies such as Microsoft and Amazon as clients, Zhang Zhe, the company's secretary to the board, said in Mandarin, translated by CNBC. In China, the company sees the greatest monetization opportunities in education, healthcare and tourism, Zhang said, adding that there was also potential in smartphones and "embodied intelligence" — a category that includes robots. Haitian Ruisheng combines automated data annotation with evaluation by human experts, Zhang said, adding that AI requires global cooperation and his company was eying overseas markets, with a subsidiary in Singapore. Just days after the U.S. unveiled its AI action plan, the Shanghai-based "World AI Conference" opened Saturday with Chinese Premier Li Qiang announcing plans for a global AI cooperation organization. China called for supporting AI integration across industries, including manufacturing, healthcare, education and agriculture. Tencent has already taken steps in that direction. It has local partnership in Japan for a "virtual human service" that domestic businesses can purchase, Wu said. That's a digital avatar of a human, often used for livestreaming and other digital content. Other popular AI business lines in regions such as Southeast Asia include "know your customer" identification verification for finance, translation services as well as a platform for developers to develop AI agents, Wu said. With these business projects — and broader state-backed ambitions — China has clearly gone beyond the labs in the global AI race. Treasury Secretary Scott Bessent: Trump has 'final say' on all trade deals Treasury Secretary Scott Bessent joins 'Power Lunch' to discuss how trade talks happen, what's pending the President's approval and much more. EUCham in China: Beijing needs to address market barriers to foreign companies Jens Eskelund, the president of the EU Chamber of Commerce in China, says that European businesses in China believe in the economy's long-term potential – but have concerns around imbalances in trade, transparency, and market access. Watch CNBC's full interview with U.S. Trade Representative Jamieson Greer U.S. Trade Representative Jamieson Greer joins 'Squawk Box' to discuss the latest developments on U.S. trade negotiations, details of U.S.-EU trade deal, state of U.S.-China trade talks, and more. No U.S.-China trade truce extension yet. A possible extension of a tariff pause between Washington and Beijing will not be agreed to until President Donald Trump gives his nod, U.S. negotiators said Tuesday. At least 30 people die in torrential rain. State media reported the deaths at the outskirts of Beijing after the capital city issued a red alert for heavy rain on Monday. President Xi Jinping called for more work on flood prevention and disaster relief in the broader northern region. China ramps up support for births. The country on Monday announced the equivalent of about $500 a year per child under the age of three, following plans to roll out free preschool education. Mainland China and Hong Kong stocks were mixed Wednesday as U.S. trade talks with China hang in the balance. Mainland China's CSI 300 rose 0.51%, while Hong Kong's Hang Seng Index — which includes major Chinese companies — was 0.45% lower as of 10:07 a.m. local time (10:07 p.m. ET on Tuesday). The mainland benchmark has gained more than 5% so far this year, data from LSEG showed. July 31: Politburo meeting expected Official PMI for manufacturing, services Nio to officially launch Onvo L90 electric car Aug. 1 - 4: China Joy gaming conference in Shanghai Aug. 1: S&P Global China General Manufacturing PMI Aug. 5: S&P Global China General Services PMI
Time of India
2 days ago
- Business
- Time of India
Agritech DeHaat's FY25 revenue up 11% to Rs 3,000 crore
Synopsis Temasek-backed DeHaat clocked revenue of Rs 3,000 crore in FY25, an 11% increase from the prior year, and is currently operating at an annual revenue run rate of Rs 4,000 crore, said Shashank Kumar, who is also its chief executive. He did not provide the profit and revenue figures for the first quarter, or the bottom line for the last fiscal year. The company has yet to file the financial statements for FY25 with the Registrar of Companies.
Hindustan Times
6 days ago
- Business
- Hindustan Times
Sahyadri Hospital Trust denies land, building ownership transfer in reply to PMC
The Sahyadri Hospital at Deccan Gymkhana on Thursday submitted a detailed response to the Pune Municipal Corporation (PMC), clarifying that there has been no transfer of ownership of the land or building to any private entity, including Manipal Hospitals or Ontario Teachers' Pension Plan. According to the reply, the 1,976 square metre plot on which the hospital stands was leased by PMC to the Konkan Mitra Mandal Medical Trust in 1998. (HT) The hospital's reply to PMC assistant health officer comes after a show-cause notice issued on July 16, following a complaint filed by advocate Sushrut Kamble. The notice had raised concerns about land ownership, hospital operations, and compliance with civic agreements. According to the reply, the 1,976 square metre plot on which the hospital stands was leased by PMC to the Konkan Mitra Mandal Medical Trust in 1998. The trust continues to own the hospital building, while the land remains civic property. 'At no point was the ownership of either the land or the hospital building transferred to Everstone Capital, Ontario Teachers' Pension Plan, or Manipal Hospitals,' the reply stated. In its submission, the trust reiterated that Sahyadri Hospital operates under a valid nursing home licence issued in its name since 2004, with approvals for all infrastructure and management changes granted by PMC. The current licence is valid till March 31, 2027, and the hospital has submitted the latest 2025–26 property tax receipt. The hospital denied allegations of transfer of ownership or management rights to Manipal Hospitals or any other private party. 'The Konkan Mitra Mandal Trust continues to manage the hospital,' it said. PMC's concerns were triggered after Ontario Teachers' Pension Plan (OTPP), which had acquired a controlling stake in Sahyadri Hospitals from Everstone Capital in 2022, sold the chain to Temasek-backed Manipal Hospitals in a deal valued at around ₹6,400 crore. Responding to questions about compliance with the PMC lease agreement, the hospital stated that it remains committed to providing free treatment under the mandated scheme. 'The trust is required to provide 50 free bed-days per year but has provided an average of 166 free bed-days annually over the past three years for PMC-referred patients,' said Mahesh Kulkarni, general secretary and treasurer, Konkan Mitra Mandal Medical Trust. Dr Suryakant Devkar, assistant health chief, PMC, said, 'The health department's scope is limited to nursing home registration, the free bed scheme, and related matters. The hospital has submitted all relevant documents—including the lease agreement, tax receipts, licence copy, past notices, and treatment records—to support its claims. The trust has assured full cooperation.' Timeline 2019: Everstone Capital acquires Sahyadri Hospitals from founder Dr Charudutt Apte for approximately ₹1,000 crore. 2022: Ontario Teachers' Pension Plan (OTPP) buys Sahyadri from Everstone for around ₹2,500 crore. 2025: OTPP sells Sahyadri Hospitals to Manipal Hospitals in a deal estimated at ₹6,400 crore.
Business Times
21-07-2025
- Business
- Business Times
MAS appoints first 3 asset managers to inject initial S$1.1 billion into Singapore equities
[SINGAPORE] Temasek-backed Fullerton Fund Management will be among the first of three asset managers to tap a S$5 billion investment fund initiative announced by authorities earlier this year. The other two are JPMorgan Asset Management and Avanda Investment Management. A combined initial sum of S$1.1 billion will be set aside for the three asset managers under the Equity Market Development Programme, which was first announced by the equities market review group in February. The Monetary Authority of Singapore (MAS), which leads the review group, said on Monday (Jul 21) that the three managers were selected based on a range of factors. These include the alignment of their proposed fund strategies with the programme's objectives, the strength of the proposals to attract third-party capital such as foreign funds, as well as their commitment to contribute to the growth of asset management and research capabilities in Singapore. The fund strategies also have a clear focus on improving liquidity and broadening participation in Singapore equities, with significant allocation to small and mid-cap stocks, said MAS. More than 100 global, regional and local asset managers had indicated their interest in the programme, which is open to local and international managers as well as new and existing funds. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The regulator said it is currently reviewing the remaining submissions from asset managers and will announce the names of those who are selected in the fourth quarter of 2025. More funding for research Separately, MAS will also set aside S$50 million until 2028 for the Grant for Equity Market Singapore (Gems) Scheme to strengthen research on equities. Based on the Research Development Grant under Gems, each research report will receive an additional S$1,000. A further S$1,000 will be provided if the report is an initiation of research coverage or covers pre-initial public offering stage and newly listed companies. The listing grant under Gems, which defrays listing costs for issuers, will be expanded to cover Singapore Depository Receipts and foreign Depository Receipts with underlying Singapore stocks. Under the new funding sleeve, each Depository Receipt issuance will receive S$40,000. The overall funding per primarily listed exchange-traded fund (ETF) will go up from S$100,000 to S$250,000. A new funding sleeve will also support cross-listed and feeder ETFs at S$180,000 for each listing.
Time of India
15-07-2025
- Business
- Time of India
Manipal Hospitals borrows Rs 5,300 crore from global banks to fund Sahyadri acquisition
Mumbai: Manipal Hospitals , part of Mangalore-based Manipal Education and Medical Group (MEMG), is borrowing nearly ₹5,300 crore from five foreign banks to fund its acquisition of Sahyadri Hospitals , four people familiar with the plans said. The banks comprising European lenders Deutsche Bank and Barclays , Japan's Mitsubishi UFG Financial Group (MUFG) and Sumitomo Mitsui Banking Corp (SMBC), and Singapore's DBS Bank have agreed to provide the debt funding for the acquisition, the people said. "The total deal size is around ₹5,900 crore, 90% of which is funded by debt raised from these foreign banks. The rest 10% has to be paid next fiscal year," one of the persons said. "The debt is being funded by bonds issued by Manipal, maturing in two years at a yield of around 9.5%." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로운 재테크 찾는다면 '코인재테크' 시작하세요 나우투자그룹 더 알아보기 Undo Last week, Temasek-backed Manipal Hospitals signed an agreement to acquire Pune-based Sahyadri Hospitals from Ontario Teachers' Pension Plan (OTPP). The acquisition will make Manipal the largest private sector hospital chain in India, giving it 11 new hospitals across Pune, Nashik, Ahilya Nagar and Karad. Its total network will increase to 49 hospitals with bed capacity of 12,000. "The banks will invest in these bonds through the foreign portfolio investment (FPI) route since the funds are raised to fund a foreign-owned company, and Reserve Bank of India (RBI) rules do not permit banks to lend onshore for mergers and acquisitions," said a second person aware of the details. Live Events Barclays and MUFG declined to comment, while spokespersons for Deutsche and SMBC did not reply to emails seeking comment. "As a matter of principle, DBS Bank does not comment on specific transactions," said a spokesperson for DBS. FPI entities floated by these banks, most likely based out of Singapore, will subscribe to these bonds. Manipal will redeem these bonds in the next two years from the proceeds of its planned initial public offering (IPO). Singapore's $339 billion Temasek , one of the world's largest sovereign funds, owns 59% of Manipal Hospitals with promoter Ranjan Pai & family owning 30% and private equity investor TPG holding a 11% stake. An IPO is planned for 2026. A Manipal spokesperson did not reply to ET's email seeking comment. Foreign banks usually fund M&A deals in India through their overseas arms to tide over regulations in the country. The banks usually hold these bond investments to maturity showing them in the investment book in India. All five banks mentioned above have agreed to fund this deal with covenants signed on Monday, the people cited above said.
