【Shanghai Ruyi to Acquire 51% Stake in Beijing Wanda Investment】 BEIJING, December 6 (TMTPOST) -- Wanda Film, a major player in China's film industry, on Wednesday announced a significant change in its shareholding structure.
The company's indirect controlling shareholder, Beijing Wanda Cultural Industry Group Co., Ltd., and its wholly-owned subsidiary, Beijing Hengrun Enterprise Management Development Co., Ltd., along with billionaire Wang Jianlin, the actual controller of the company, have initiated the transfer of their combined 51% stake in Beijing Wanda Investment Co., Ltd., Wanda Film's controlling shareholder, to Shanghai Ruyi Investment Management Co., Ltd.
This move is set to change the control of Wanda Film. Upon the completion of the transaction, Shanghai Ruyi will directly own a 49% stake in Wanda Investment but will not appoint directors or manage the company's day-to-day operations, and will not consolidate Wanda Investment into China Ruyi's financial statements.
【NIO Obtains Independent Car Manufacturing Qualification】 BEIJING, December 4（TMTPOST）-- NIO have obtained independent production qualification, giving the carmaker an option to end its dependence on JAC Motors.
According to the Vehicle Manufacturing Enterprise Credit Information Management System, NIO Automobile Technology (Anhui) Co., Ltd. is listed, with its production address at No. 299 Baita Road, Economic and Technological Development Zone, Hefei, Anhui Province. Previously, NIO used JAC Motors for its manufacturing qualification, and the vehicles bore the "JAC Automobile" label.
An official announcement about the qualification is expected later Monday. Several NIO executives, including Senior Vice President Shen Fei and Vice President Huang Xin said that the event was a milestone for the company.
【A Shared Value Needed for Tech Revolution: Yun】 BEIJING, December 3 (TMTPOST) -- Wonsok Yun, the Chairman of the Korea Merger and Acquisition Association, noted that a shared value is needed with the advent of revolutionary technologies.
He made the comments during the annual three-day T-EDGE Conference that started on Friday in Beijing.
Yun, former deputy head of Korea Trade Investment Promotion Agency (KOTRA), a government agency that promotes trade and investment, said that many risks come with revolutionary technologies, such as geopolitical risks.
"Only by managing these risks, social progress can be achieved. A single enterprise or a single technology can bring about changes, but the changes are limited. We need a shared value to build a community with a shared future. Then we can have a win-win solution," he told an audience of innovators, entrepreneurs and investors from various countries.
【Legal Expert Tao Jingzhou Sees WTO Principle of Transparency Vital for China】 BEIJING, December 2 (TMTPOST) – Tao Jingzhou, an independent arbitrator of the Arbitration Chambers, noted on Saturday that following the WTO principle of transparency is essential for China as a WTO member.
His comments were made at the three-day annual T-EDGE Conference that kicked off on Friday, which features luminaries in tech, innovation and business from all over the world.
“If there are laws and regulations but they are not enforceable or there are uncertainties about the applicability of a law, their willingness to invest would be affected negatively,” said Tao, who is also a member of the International Commercial Expert Committee of the Supreme People’s Court of China.
If information is transparent to foreign investors, suggestions from foreign investors are taken and ensure a transparent and open environment for investments, then a favorable environment will be fostered.
【AI to Transform Many Industries: Father of Self-driving Car】 San Francisco, California, December 1 (TMTPOST) -- Sebastian Thrun, a pioneer in artificial intelligence, on Friday painted a picture where artificial general intelligence (AGI) will revolutionize industries like pharmaceuticals and legal profession.
“Once we have AI companions, we become 100 times as effective doing what we do today,” he told an audience of hundreds of innovators, entrepreneurs, investors and officials. He started his research on artificial intelligence in 1989.
“AI will transform human health,” Thrun said in a keynote speech at the three-day 2023 T-Edge Conference that kicked off on Friday.
AI systems have outperformed 21 doctors in diagnosing accuracy. This breakthrough in early disease identification, especially for skin cancer, is crucial. AGI advancement is projected to improve disease management, ushering in a new era of medical intervention and life preservation.
The pharmaceutical industry is likewise changing. “Imagine a world where medicine is tailored towards your DNA, maximizing impact with minimal damage,” he pointed out, adding that AI is speeding up the time-consuming drug discovery process and reduces costs.
“Drug designing used to take weeks and months, now takes a millisecond,” he explained. This acceleration increases drug research and promises to substantially lower costs, making essential prescriptions more affordable for more people.
In law, AGI will redefine the profession. Thrun remarks, that AI is proficient in discovery, research, and document authoring, which are common in law. Using AI in these operations could lower legal service costs. Thrun pointed out the financial implications, citing his own experience: “I pay roughly $1,000 per hour for the best of my lawyers. AI could dramatically reduce these costs.” AGI may also resolve conflicts as digital attorneys or judges, expediting legal processes.
He is a professor at Stanford University and the founder of Google X Lab.