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Ximalaya’s swan song plays out in a USD 2.9 billion Tencent buyout

4 mins read

Pulses

China’s grocers slash stores to stem losses

just now
Ebrun
Nearly half of China’s listed supermarket chains posted losses in 2024, with over 900 store closures as firms scrambled to adapt. While Walmart and Sam’s Club bucked the trend, others launched aggressive overhauls, adopting leaner models and benchmarking top performers to stay competitive.

Peel-apart film returns as retro trend in China

just now
CNA
Once discontinued, peel-apart film is making a comeback in China as Gen Z consumers embrace its rarity and vintage aesthetic. Promoted by celebrities and photo studios, the unpredictable medium now commands steep prices, with some paying over RMB 900 for just three shots, despite expired stock and no option for reshoots.

Meta takes 49% stake in Scale AI

just now
Bloomberg
Meta has reportedly taken a 49% non-voting stake in Scale AI for USD 14.3 billion and brought CEO Alexandr Wang onto its AI team. The move bolsters Meta's "superintelligence" ambitions as it works to close gaps with OpenAI and Google after underwhelming model releases.

Douyin revises deposit policy for merchants

just now
Ebrun
Douyin E-commerce has updated its deposit policy to lower onboarding costs, offering zero-deposit entry for new sellers and cutting existing deposit tiers by up to 75%. Deposits apply only after 200 orders or RMB 10,000 in sales, and merchants may now withdraw excess balances on a weekly basis.

Nvidia CEO: Big decade ahead for autonomous tech

just now
CNBC
Nvidia CEO Jensen Huang said autonomous vehicles, robotics, and machines are set to surge this decade, calling it a defining era for autonomous tech. Speaking at the Viva Technology conference in Paris, Huang noted Nvidia’s role in the space, supplying both hardware and software to players in the sector.

Trump eyes tariff pressure on automakers

just now
Reuters
US President Donald Trump said on June 12 that he may raise tariffs on imported cars, arguing that higher rates would encourage automakers to expand US production. He cited recent commitments from GM and Hyundai as evidence the strategy works. Industry players have pushed back, with Ford and Subaru warning of rising costs, while GM has estimated USD 4–5 billion in tariff exposure.

SenseTime, ByteDance launch model upgrades

just now
SCMP
ByteDance and SenseTime have unveiled a new round of AI upgrades. ByteDance launched the Doubao 1.6 series with multimodal reasoning and cut token prices by over 60%, while SenseTime enhanced its chatbot Sensechat with real-time video, audio, and visual reasoning capabilities. The rollout follows recent updates from DeepSeek, Baidu, and Alibaba.

Leapmotor defends pricing amid EV shakeout

just now
National Business Daily
Leapmotor CEO Zhu Jiangming said the company will steer clear of EV price wars, calling recent discounts more promotional than structural. Backed by strong cost control and stable pricing, Leapmotor is targeting 50,000–80,000 overseas sales this year and plans to ramp up local production in Europe. The EV maker is expanding globally, having recently opened its first store in Hong Kong.

Arm CEO joins Nvidia’s call to rethink chip curbs

just now
Bloomberg
Arm CEO Rene Haas warned that US semiconductor export restrictions could stifle global innovation and hurt consumers, while accelerating China’s drive for self-reliance. Speaking in Oxford, Haas echoed Nvidia CEO Jensen Huang’s stance, saying forced decoupling “makes the pie smaller” and poses long-term risks to US industry.

Nvidia CEO says Huawei “has got China covered”

just now
CNBC
Nvidia CEO Jensen Huang said Huawei is ready to more aggressively support China’s AI ambitions if US chip restrictions persist, warning the company could also serve global markets in the absence of the US. While noting Nvidia’s technology remains “a generation ahead,” Huang repeated his call for policymakers to consider the long-term impact of current policies.

Xpeng’s Turing chip set for Volkswagen debut

just now
Wallstreet CN
Xpeng Motors is in talks to supply its Turing chip to other automakers, with a debut in Volkswagen’s China models expected in 2026. The chip, already used in Xpeng’s G7 SUV, reportedly delivers 2,200 TOPS and supports advanced assisted driving features.

Altman sees 2026 as tipping point for AI

just now
Bloomberg
OpenAI CEO Sam Altman said Stargate, a project that could invest up to USD 500 billion in AI infrastructure, could unlock major breakthroughs in AI and science. He predicts 2026 could be an inflection point, with ChatGPT’s widespread adoption giving OpenAI an edge in an increasingly competitive field.

CATL rolls out high-density cell in Jining

just now
36Kr
CATL has begun mass production and delivery of its 587 Ah energy storage cell at its Jining plant. With a reported energy density of 434 Wh/L and an initial efficiency of 96.5%, the cell reduces system components and costs while meeting national transport and grid standards.

China trio partners on patrol robotics

just now
Uniview
Robotics firms Deep Robotics, Uniview, and Xiaoyuan Robot have formed an alliance to co-develop smart patrol and inspection solutions. The partnership brings together Deep Robotics’ quadruped mobility, Uniview’s visual sensing and camera systems, and Xiaoyuan’s integration expertise to accelerate the deployment of AI-powered patrol systems for urban safety and emergency response.

Beijing auction sees Labubu mania peak

just now
CGTN
A life-sized mint green Labubu figure has sold for over USD 150,000 at a Beijing auction, highlighting surging demand for Pop Mart collectibles. Created by artist Kasing Lung, the character has become a global icon amid Pop Mart’s expansion and Asia’s booming collectible toy craze.

TikTok Shop posts GMV surge in Mexico

just now
Ebrun
TikTok Shop’s full-service launch in Mexico saw GMV surge 208% during its "hot sale" event from May 19 to June 3, with paid orders reportedly rising 63%, marking a strong debut in Latin America. Apparel, electronics, and home goods led category growth.

BYD launches budget EVs in Europe

just now
Semafor
BYD has launched the Dolphin Surf, ostensibly its most affordable EV to date, in Europe at around USD 25,000, triple the price in China due to tariffs. The debut expands China’s EV price war into global markets, prompting competition from Citroen, Renault, and Dacia. Analysts said falling battery costs could drive prices lower and bring EVs closer to parity with gasoline cars.

Xpeng unveils upgraded G6, G9 in Europe

just now
Xpeng
Chinese EV maker Xpeng Motors has unveiled upgraded G6 and G9 electric SUVs for Europe, featuring 5C LFP batteries and 800V SiC platforms that enable 10–80% charging in just 12 minutes. Both models offer interior upgrades and advanced assisted driving features, with orders opening in mid-July across seven European countries.

Trump claims China trade deal is “done”

just now
Fortune
On June 11, US President Donald Trump declared a trade deal with China “done,” pending approval from Chinese counterpart Xi Jinping. The agreement would reinstate steep tariffs, with 55% from the US and 10% from China, while restoring rare earth exports and student visa access. Questions remain about enforcement and timing.

Tencent explores deal for Nexon stake

just now
Bloomberg
Tencent is exploring a deal for Nexon and has approached the family of late founder Kim Jung-ju about a potential stake acquisition via NXC Corporation. The move would bolster Tencent’s gaming portfolio, though no agreement has been reached. Nexon's shares surged in Tokyo trading following the report, but the company has yet to comment.
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