Hong Kong man loses HK$2.8 million in investment scam, among 50 cases in past week

A Hong Kong man has lost over HK$2.8 million (US$357,000) in an online investment scam in which fraudsters claiming to be employees of electricity companies duped him into investing in a “recyclable waste project”. Police also said on Wednesday that the force had recorded 50 investment scams in the past week, with loss

TechnologyMove comes amid intensifying race to build frontier models and computing infrastructureAlibaba is doubling down on artificial intelligence at a moment when the race to build frontier models and the infrastructure behind them is intensifying across both China and the West. © ReutersCISSY ZHOUAugust 23, 2026 17