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Chakrabarti said he looks forward to his bank working with the Chinese government, the Chinese private sector and others to ensure the initiative "works well."

Changsheng Bio-Tech said in a statement released at noon that China's securities regulator is investigating it over disclosure violations. It is to face a warning, suspension and even delisting if the investigation discovers law-breaking violations.

Charlene Li, general manager of iFlytek America, said in an interview that expansion in the US market might be an uphill journey in the short term, but prove to be an uphill task later without the necessary spadework.

Chao's company has enjoyed accelerating revenue growth in the past 12 months, thanks largely to the rapid take-up of Weibo in rural areas. But that's been tied to rising smartphone sales, which are beginning to slow.

Check out Ardine Williams’ blog post on the event.