Cyprus Clears €6 Million AI Initiative To Give Local Businesses Free Advisory Support

Cyprus has cleared a €6 million artificial intelligence initiative aimed at helping businesses, public sector bodies and researchers access advanced AI infrastructure after the project received approval under European Union state aid rules.

State Aid Approval

State Aid Control Commissioner Stella Michaelidou ruled on July 17 that the funding scheme for the Cyprus AI Factory Antenna Pharos-CY complies with EU state aid rules, clearing the way for its implementation.

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The programme will be managed by the Deputy Ministry of Research, Innovation and Digital Policy.

Support For Businesses And Researchers

Small and medium-sized enterprises will be the main beneficiaries of the programme. Large companies, semi-government organisations and government departments may also receive support under EU de minimis rules or through measures that do not constitute state aid.

Pharos-CY aims to support the development and adoption of artificial intelligence applications in areas including healthcare, sustainability, culture and language.

Access To AI Infrastructure

Working with Greece’s AI Factory Pharos and the EuroHPC Joint Undertaking, the initiative will provide start-ups, SMEs, public sector organisations and researchers with access to AI tools, curated datasets and high-performance computing resources, including the Daedalus supercomputer.

The programme will also offer advisory services, secure data environments and specialised AI tools tailored to Cyprus’ priorities.

€6 Million Budget

The project has a budget of €6 million, with €3 million funded by the Deputy Ministry of Research, Innovation and Digital Policy and the remaining €3 million provided through Horizon Europe.

The programme will run until March 31, 2029. It was approved by the Council of Ministers in June 2025 and will take effect once the agreement between the Deputy Ministry and AI Factory Antenna Pharos-CY is signed.

Michaelidou said the scheme is compatible with Regulation (EU) No. 651/2014, specifically Article 28 governing innovation aid for SMEs.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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