TNB Tech Minute: ‘China’s Instagram’ Targets $70 Billion Valuation in Hong Kong IPO

Speaker 10:00

Many companies are struggling to scale their AI deployments or even move them past the pilot stage. Often the problem isn't technology, but organizational misalignment around goals, processes, and incentives. At the break, join Caroline Roach, a senior partner at IBM Consulting, to learn why.

Imani Moise· Host0:14

[upbeat music] Here's your morning TNB Tech Minute for Wednesday, June 17th. I'm Imani Moise for the Wall Street Journal. Chinese social media platform Xiaohongshu is planning a Hong Kong IPO as early as the end of this year. People familiar with the matter say major investors want to value the Shanghai-based company above $70 billion, up from its most recent valuation of $50 billion from private secondary trades. According to one of those people, the company's net profit could top three billion dollars this year after earning more than two billion last year. Antitrust officials in the UK say Google must make its search rankings fairer and more transparent. The Competition and Markets Authority issued the requirements after receiving complaints from businesses claiming that the tech giant's ranking systems were unfair and harmful. The new rules stipulate that Google must provide six months advance notice of any major changes and bring in a clear process for businesses to raise concerns so they can be addressed. A Google spokesperson said the company's rankings were fair, transparent, and showed the most relevant and highest quality results. And the company formerly known as Allbirds said it's changing its name to Smartbird and bringing in a new CEO. The