Dozens of Chinese companies, from leading tech giants to new entrants, have jumped on the LLM bandwagon in the wake of ChatGPT’s public release a year ago. Meanwhile, local financial institutions and fintech companies have been encouraged to share how they weave AI or Gen-AI technologies in their internal workflow, products, and services. How has the new revolutionary technology affected data space in China in the past year? This intelligence report summarises our on-the-ground findings.