CBN丨Shenzhenunveils10billionyuansubs

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

• China's tech hub Shenzhen will launch 10 billion yuan fund to accelerate AI industry growth;
• More than 9 billion passenger trips estimated during China's 2025 Spring Festival travel rush.

Here’s what you need to know about China in the past 24 hours

The south China tech hub of Shenzhen will launch a 10 billion yuan industry fund to support the development of artificial intelligence and robotics, focusing on AI software, hardware and embodied intelligence, local authorities said Sunday.

The fund is part of the city's broader push to strengthen its position as a global hub for AI innovation.

City officials revealed the plan at a press conference, announcing an additional 4.5 billion yuan in funding to be raised this year. This funding will cover up to 60 percent of computing power costs for businesses, with a maximum of 10 million yuan per enterprise, provided through vouchers and subsidies.

According to Lin Yi, head of the city's AI industry department, Shenzhen plans to launch a special policy for humanoid robots, designed to promote breakthroughs in key technologies, database and large-scale manufacturing.

The government will support companies through measures such as ranking, which aim to drive collaboration and accelerate technological advancements. A total of 4.5 billion yuan will be allocated to the initiative this year, with company applications set to open in March.

Shenzhen's AI ambitions go beyond financial support. The city plans to expand its AI application base with an additional 100 scenarios set to roll out in 2025, focusing on sectors like municipal sanitation, emergency response and health care. This follows the introduction of nearly 200 AI-powered application scenarios already in place across the city.

Shenzhen aims to create a highly systematic, complete and collaborative innovation ecosystem, accelerate the development of a globally influential industrial and technological innovation center, and build itself into a city of innovation, said Zhang Lin, director of the Shenzhen municipal bureau of science and technology innovation.

Shenzhen, once a small fishing village in Guangdong Province, has transformed into one of China's most dynamic and innovative cities. It is home to more than 2,200 AI companies and boasts a comprehensive AI industry chain that spans from smart chips and algorithm frameworks to large models and software-hardware applications, according to data from the Shenzhen AI industry office.

Greater Bay Area, Greater future

• Chinese animated blockbusterNe Zha 2grossed more than HKD6.57 million upon its debut in Hong Kong and Macao on Saturday, achieving the highest first-day box office revenue for an animated film in the SARs. Over 92,000 people in the two cities showed up on Saturday to watch the movie, which has raked in over 13.7 billion yuan around the world and ranked eighth in terms of global box office revenue. This prompted distributors in the SARs to increase the number of screenings on day one from 500 to more than 800 in 2D and IMAX formats, also a record in the history of Hong Kong's and Macao's film industries.

Next on industry and company news

• Record 9.02 billion inter-regional passenger trips were completed in China during the 40-day Chinese New Year travel rush ended Feb. 22, up 7.1 percent from a year earlier, according to official data released yesterday. The number of rail passenger trips rose 6.1 percent to record 513 million, and over 902 million people traveled by air in the period.
• A delegation of Chinese enterprises led by the China Council for the Promotion of International Trade began a three-day visit to Germany's Baden-Württemberg and Bavaria to promote ties between the two countries' businesses today. The delegation includes nearly 30 firms and industry associations, such as CRRC Group, Citic Group, and China General Technology.
• Alibaba announced on Monday that it will invest more than 380 billion yuan in building cloud and AI hardware infrastructure in the next three years. The announcement came after the company reported that its revenue from its cloud business rose 13 percent year-on-year during the October-December period, with AI-related product revenue achieving triple-digit growth for the sixth consecutive quarter.
• Xiaomi will launch its new flagship smartphone series, the Xiaomi 15 Ultra, and its latest EV model, the SU7 Ultra, on Feb. 27, the Chinese tech giant announced today. According to an earlier report, the car will be priced at 814,900 yuan. Xiaomi CEO Lei Jun referred them as “the two most high-end products of Xiaomi in the fifteen years since its founding,” signifying the beginning of Xiaomi’s move towards ultra-high-end.
• Unitree Robotics showcased its humanoid robot G1 and robot dog Go2 at the 2025 Global Developer Conference in Shanghai, leaving the audience astonished when the humanoid robot actually walked the robotic dog around the venue.
• Mixue Group, operator of the Chinese mainland’s largest bubble-tea chain, plans to raise HKD3.45 billion in a Hong Kong initial public offering. The company is selling 17.06 million shares at HKD202.50 apiece, with an option to increase the number of shares depending on demand. Trading is scheduled to begin March 3.
• China approved 110 domestic online games in February, including titles from NetEase, G-bits, and Kingnet Network, with the total for the year reaching 233. Three imported games were also greenlit this month.

Wrapping up with a quick look at the stock market

• Chinese stocks fell on Monday. The benchmark Shanghai Composite dipped 0.2 percent and the Shenzhen Component slid 0.1 percent. Hong Kong’s Hang Seng index also closed 0.6 percent lower, and the TECH index dropped 1.2 percent.

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC