Tech Brief (Oct. 29): China Unveils Five-Year Plan to Foster Emerging, Future Industries

15th Five-Year Plan to foster emerging and future industries

The Central Committee of the Communist Party of China on Oct. 28 released its full recommendations for the 15th Five-Year Plan, which call for cultivating emerging and future industries. The plan aims to build up strategic emerging industry clusters, including new energy, new materials, aerospace and the low-altitude economy. It also lays out plans for future industries, identifying quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence and 6G as new economic growth drivers.

First unprofitable company lists on STAR Market under new rules

XiAn Eswin Material Technology Co. Ltd. (688783.SH) listed on the Shanghai Stock Exchange’s STAR Market on Oct. 28, becoming the first unprofitable company to go public since China implemented new reform measures for the board. The debut marked the year’s second-largest IPO on the A-share market and the largest on the STAR Market. Shares of Xian Eswin closed at 25.75 yuan on their first day of trading, up 198.7% from the issue price, giving the company a market capitalization of 104 billion yuan ($14.6 billion).

ZTE’s third-quarter profit tumbles despite revenue growth

ZTE Corp.’s (000063.SZ) third-quarter revenue grew while its profit plunged, according to its latest financial report released Tuesday. For the three months through September, the company’s revenue rose 5.1% year-on-year to 29.0 billion yuan ($4.0 billion), but its net profit fell 87.8% to 264 million yuan. It recorded a net loss of 225 million yuan after deducting nonrecurring items.

China kicks off campaign to regulate livestreaming tipping

China’s top internet watchdog on Oct. 28 launched a two-month nationwide campaign to clean up misconduct related to tipping in the livestreaming industry. The Cyberspace Administration of China said in a notice that the special action targets issues including group streaming and private livestreams, aiming to strengthen the management of viewer tipping practices.

ZTO Express summoned by State Post Bureau

The State Post Bureau of China announced on Oct. 28 that it had summoned ZTO Express Co. Ltd. over operational irregularities. The regulator said the delivery giant had arbitrarily adjusted its operating rules, provided poor-quality service, and failed to adequately protect the rights of its couriers. ZTO was ordered to improve its service quality, strengthen compliance and protect workers’ rights. The company stated it would comply with the regulatory requirements and rectify the issues.

MIIT names 42 apps for infringing on user rights

The Ministry of Industry and Information Technology has named 42 apps and software development kits, including one from real estate agency Pacific Realtor, for infringing on user rights, according to a notice on Oct. 28. The move is part of a broader joint campaign by four government departments to address the illegal collection and use of personal information.