Chinese Internet Firms See Overseas Expansion, AI as Bright Spots Despite Headwinds
• AI, cross-border e-commerce bright spots for Chinese internet firms in 2024 according to UBS • Chinese e-commerce platforms expanding overseas (Shein, Temu gaining traction) as domestic competition intensifies • Selling abroad offers growth potential and could boost valuations of Chinese internet companies • AI remains a theme in 2023 despite challenges in monetization and adoption • Chinese tech stocks extended slump into 2024 on economic uncertainty, regulatory concerns