Tracy Qu

SINGAPORE—China's internet giants are betting billions on incubating the country's OpenAI challengers, with Alibaba Group and Tencent leading the charge.

Chinese search-engine giant Baidu reported better-than-expected profit as its AI-related business continued to grow, offsetting headwinds from a slowing economy.

Chinese property stocks powered higher in mainland and Hong Kong stock markets, thanks to a barrage of measures from Beijing to stabilize the country’s struggling property market.

Major Chinese banks have cut their deposit rates, a move that could help ease pressure on lenders’ profits.

Major Chinese banks have cut their deposit rates, a move that could help ease pressure on lenders' profits.

The Chinese e-commerce giant reported higher profit and revenue in the third quarter despite fierce competition from Alibaba Group and PDD Holdings.

Chinese search-engine giant Baidu reported a rise in quarterly profit but lower revenue as advertising demand continued to be weak.

Chinese food-delivery giant Meituan said profit more than tripled in the third quarter as revenue jumped, continuing to exceed expectations even as it faces fierce competition and a cooling Chinese economy. Meituan, a dominant player in the Chinese food-delivery market, has enjoyed solid earnings momentum since it returned to an annual profit last year. The Beijing-based shopping-and-delivery platform on Friday reported quarterly net profit of 12.86 billion yuan, equivalent to $1.78 billion, up sharply from 3.59 billion yuan a year earlier.

The Ministry of Industry and Trade asked Temu to cease sales in the country until a licensing process is completed, state media reported Thursday.

The Chinese fintech company, co-founded by billionaire Jack Ma, said it has no plans to go public, striking back at social-media posts contending the company was exploring a potential backdoor listing.