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Industry

China forms semiconductor alliance as Alibaba, CXMT join launch of huge fund

Major Chinese technology companies and state-backed investment institutions have launched a 3.91 billion yuan long-term investment fund in response to tighter U.S. technology export controls. The Changzhi Hanhai Private Investment Fund, registered in Shanghai’s Pudong New Area, aims to supply “patient capital” to support research, development and commercialisation in deep-tech fields such as semiconductors. Investors include CXMT-related entities, Alibaba affiliates and AMEC, alongside state-backed funds.

Industry

BYD probes distrust of Tesla FSD with promise of full compensation for self-driving accidents

Tesla has delayed plans to unveil its next-generation Roadster again, pushing the schedule to after August as development linked to SpaceX thruster technology takes longer than expected. The company is also pursuing sensor reliability, including a patent for a camera system that cleans its own lens. Debate continues over the safety of unsupervised driving and compensation for self-driving accidents, as rivals such as BYD, XPeng and Rivian accelerate development and responsibility frameworks.

Crypto

China court rules bitcoin is property; man gets 11 years for stealing 107 BTC

A Chinese court has sentenced a man to prison for stealing more than 100 bitcoin using a wallet seed phrase, recognising bitcoin as property protected under criminal law. The Qingdao Licang District People’s Court sentenced the man to 10 years and 9 months in prison and fined him 100,000 yuan after finding he accessed a victim’s wallet and transferred 107 BTC. The court also accepted that he cashed out part of the bitcoin for more than $97,000.