Machine Intelligence Summit and AI in Healthcare Summit - Day 1 Highlights from Hong Kong

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RE•WORK's fifth global Machine Intelligence Summit kicked off today in Hong Kong, hosted alongside the AI in Healthcare Summit, which saw a mix of researchers, industry experts and startups explore the latest machine learning, AI tools and techniques. With two tracks, a full day of presentations, workshops, networking and a VC session, there was plenty to capture everyone's attention. Leading minds from NASA, eBay, and HSBC lead the way on topics such as deep learning for eCommerce and using GANs in algorithmic trading. The morning began with attendees grabbing breakfast and sitting down to listen to the Deputy Government CIO at The Government of the HKSAR speak on how they are using big data and AI to develop Hong Kong as a smart city. Their main goal is to use AI to make more informed decisions which will improve both the quality of public services and the quality of life of Hong Kong's citizens.


Chinese District Food and Drug Administration to Use Blockchain for Quality Assurance

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The Food and Drug Administration of the Chinese Chongqing Yuzhong District is going to apply blockchain technology to its operations, the official newspaper of the Chinese Communist Party, The People's Daily, reports on Jan. 31. Blockchain will purportedly be applied by the agency to strengthen the supervision of food and drug quality assurance with better traceability of the product life cycle and anti-counterfeiting measures. Deng Ke, the CEO of PrimeNumber Chain Technology Chengdu Co., Ltd -- the company that developed the blockchain which will be used by the system -- said that the system will not only help improve the government's regulatory measures, but will also improve the efficiency of the supervision. The blockchain traceability system will also provide centralized management of traceability information for enterprises and permit queries for information about products. As Cointelegraph recently reported, the Cyberspace Administration of China has introduced new regulations for blockchain firms that are operating in the country.


The rise of Silicon China

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China has a chance to lead in AI because it has managed to adopt new technologies very quickly In the future, if not already, the Silicon Valleys of artificial intelligence (AI) will be in China. Alibaba, China's e-commerce giant, is based in Hangzhou. And Tencent, a multinational conglomerate that is investing heavily in AI, is in Shenzhen. Tencent already has a market capitalisation higher than General Electric, and Baidu is larger than General Motors. China has a chance to lead in AI because it has managed to adopt new technologies very quickly.


The Biggest IPOs To Look Out For In China, Hong Kong This Year

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Jack Ma, chairman of Alibaba Group Holding, rings a bell during the IPO ceremony on the floor of the New York Stock Exchange in February 2014. Investors are preparing for one of the hottest IPOs in years--Snap's $25 billion listing in New York. They should also keep on eye on some big debuts in Hong Kong and mainland China, the world's top two IPO markets last year. Here are the three largest listings expected in 2017. An employee scans a QR code displayed on the Ant Financial Services Group's Alipay app, an affiliate of Alibaba Group Holding Ltd. (Photo credit: Anthony Kwan/Bloomberg) Ant Financial is the payments arm of Alibaba, the Chinese e-commerce giant that currently holds the title of the world's largest IPO.


China's AI Industry Has Given Birth To 14 Unicorns: Is It A Bubble Waiting To Burst?

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A staff member displays a DJI Phantom 3 4K drone during CES (Consumer Electronics Show) in Las Vegas, Nevada. It may come as a surprising fact that there are now 14 Chinese AI companies valued at $1 billion or more. These unicorns are worth a combined $40.5 billion, according to a report China Money Network recently released during the World Economic Forum's Summer Davos gathering in Beijing. Just to put these numbers in perspective. Google bought DeepMind for over $500 million in 2014. Chinese voice recognition giant iFlytek Co. has a market capitalization of 63 billion yuan ($9.2 billion). Chinese AI startups raised $27.7 billion via 369 VC deals in 2017, according to a recent report from Tsinghua University. So naturally, it raises questions on if there is a bubble waiting to pop in the Chinese AI space. How could these companies, with an average age of less than five years, be worth so much money?