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Articles by ZHA Qinjun
Investors flock to WAIC as China's next AI start-ups take shape
by ZHA Qinjun, ZHOU Mo "Yesterday, I attended the main forum, toured the exhibition, went to Zhangjiang to meet start-ups and then joined a small gathering in the evening," ZHENG Tianyi, an investment vice-president at Inno Angel Fund, told Jiemian News. "I was meeting people almost from morning until night." That was a common experience for investors at this year's World Artificial Intelligence Conference in Shanghai.
XREAL's Xu Chi on the AR arms race: The real battle is underwater
A decade in, the augmented reality (AR) glasses industry remains a high-stakes gamble where few have made money—except perhaps Qualcomm. Despite early bets by nearly every major Silicon Valley giant, commercial success has proven elusive. Still, believers like Xu Chi, founder and CEO of XREAL, say the real fight is only just beginning—and it's largely invisible. "If even the top tech giants have failed at something for ten years straight, there are only two explanations," Xu told Jiemian News.
When school is a hobby - bored professionals seek nocturnal fun
By ZHA Qinjun After leaving the office, Xiaomeng hopped on the subway for an hour-long ride to her guqin lesson. When she arrived, the room was already filled with people, almost all young professionals, who would spend the evening learning the traditional musical instrument. Xiaomeng is four lessons into a 10-session beginners’ course and has been enjoying every moment of it. “I had wanted to pick up a hobby. Then I saw a night school and thought wow it looked fun!” Xiaomeng said.
New Oriental reports over US$100 mln profit
By ZHA Qinjun Education group New Oriental has unveiled its financial results for the latest quarter showing US$1.1 billion (8 billion yuan) in revenue, a 47.7 percent year-on-year increase, and US$165 million in net income, 150 percent year-on-year growth. Operating costs and expenses increased 34.2 percent to US$895 million, primarily due to investments in live streaming.
China Mobile increases investment in education informatization
China Mobile Capital, a subsidiary of China Mobile, is to acquire 22 percent of the educational resource platform zxxk.com, becoming the third-largest stakeholder. Earlier this year, China Mobile Investment, another subsidiary, obtained a 10 percent stake in Phoenix Media, the parent company of zxxk.com. China Mobile aims to collaborate with Phoenix Media in 5G technology and big data. Established in 2004, zxxk.com provides resources to primary and middle schools, encompassing all the subjects.
Gaotu’s Q1 profits hit US$100 million
Wall Street listed ed-tech firm Gaotu, saw Q1 revenue decline 2.4 percent year on year, but the good news is that the company managed to turn a small profit of 707 million yuan (US$100 million), up 12.3 percent on the previous quarter, and a second consecutive profitable quarter. Net profit margin rose to 16.1 percent, the highest since its forced transformation in 2022. CEO CHEN Xiangdong said the company expects further growth and positive cash flow throughout 2023.
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