Here's your morning TNB Tech Minute for Wednesday, June 17th. I'm Imani-Mauese for the Wall Street Journal.

Chinese social media platform Xiaoheng Shu is planning a Hong Kong IPO as early as the end of this year.

People familiar with the matter say major investors want to value the Shanghai-based company above $70 billion, up from its

most recent valuation of $50 billion from private secondary trades. According to one of those people,

the company's net profit could top $3 billion this year after earning more than $2 billion last

year. Antitrust officials in the U.K.

Say Google must make its search rankings fairer and more transparent.

The Competition and Markets Authority issued the requirements after receiving complaints

from businesses claiming that the Tech Giants ranking systems were unfair and harmful.

The new rule stipulate that Google must provide six months' advance notice of any major

changes and bring in a clear process for businesses to raise concerns so they can be addressed.

A Google spokesperson said the company's rankings were fair, transparent, and showed the most

relevant and highest quality results. And the company formerly known as Allbirds said it's changing his name to Smart Bird

and bringing in a new CEO. The name changed as the company's second this year. It changed

its name to Newbird AI in April and said it would pivot its business model from selling shoes

to buying high-end servers and renting them out. SmartBird's new CEO, Nadia Carlson, previously launched an AI

supercomputer in partnership with Nvidia, and will be responsible for overseeing the company's

transformation. And that's your TNB Tech Minute. We'll be back this afternoon with more.