A rundown of the news making headlines in and around China: Tech war: Washington has finalized rules restricting investments and other transactions that people in the United States make with Chinese parties in the semiconductor, quantum technology and artificial intelligence (AI) sectors. More than a year in the making, the final rules aims to prevent U.S.
investments abroad from being used to further the development of technologies that pose a national security threat to the U.S. Even before they were finalized, the restrictions led several prominent investment outfits such as Sequoia Capital and Matrix Partners to spin off or rename their businesses in China to avoid running afoul with U.
S. regulators. Xiaomi EV: A luxury version of Xiaomi Corp.
’s flagship electric vehicle (EV) racked up more than 3,600 pre-orders in its first 10 minutes of being on sale. The Chinese electronics-maker, which only recently got into EVs, launched the SU7 Ultra on Tuesday . Xiaomi released the sports car at the same price as the suped-up version of Tesla Inc.
’s Model S. The Chinese company has hyped up the SU7 Ultra by pointing out that it broke the record for the shortest lap time at the renowned Nürburgring Nordschleife race track in Germany. However, the record was only for the fastest lap by a four-door car.
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