Alibaba falls 6.8% and Z.ai 9% in Hong Kong on report the US will curb remote access to AI chips
The Information reported Commerce is finalising rules to stop Chinese AI firms renting advanced chips in overseas data centres; MiniMax fell 7.8% and Tencent 2.64%, and China's foreign ministry told the US to stop using a 'Chinese spy narrative' as a pretext for tech curbs.
Why it matters
Renting Nvidia capacity abroad has let Chinese developers train and run models without shipping restricted chips into China, so a remote-access rule would close a route that current export controls leave open. The report says the controls could be announced this month and extended to seven more countries, including Malaysia, Singapore and Thailand. The sell-off adds market pressure to the Jensen Huang affair, which has revived bills on chip exports. Watch for the rule text and whether it comes before next week's Trump–Xi meeting in Shenzhen.
Key facts
- Alibaba: −6.76% to HK$93.80
- Z.ai: −9.05%; MiniMax: −7.8%
- Tencent: −2.64% to HK$398.80
- Rules could be announced this month, per The Information
- Controls would extend to seven more countries incl. Malaysia, Singapore, Thailand
- Trump–Xi meeting in Shenzhen next week