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YMTC moves toward A-share listing amid memory chip supercycle

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Manus founders seek Meta buyback

just now
TMTPost
Manus co-founders are discussing raising about USD 1 billion to buy back the AI startup from Meta. The deal, which values Manus at USD 2–3 billion, aims to establish a Chinese joint venture ahead of a planned Hong Kong IPO.

Tongcheng Travel Q1 revenue rises 14%

just now
The Paper
Tongcheng Travel posted a 14.4% YoY increase in Q1 2026 revenue to RMB 5.01 billion, while net profit grew 16.5% to RMB 779 million. The company attributed the growth to stronger domestic travel demand and the consolidation of Wanda Hotels and Resorts.

BYD accelerates talks to enter F1

just now
36Kr
BYD is accelerating talks to enter Formula 1 following a meeting between executive vice president Stella Li and former Red Bull team principal Christian Horner. BYD is planning further meetings with Formula 1 and FIA officials, though talks remain at an early stage and entry is not guaranteed.

Nio reports strong revenue growth in Q1

just now
21st Century Business Herald
Nio reported Q1 2026 revenue of RMB 25.53 billion, up 112.2% YoY, marking its second consecutive quarter of operating profit. The company recorded an operating profit of RMB 66.8 million, supported by a record 19% gross margin and reduced R&D spending. Nio delivered 83,465 vehicles during the period and projects Q2 deliveries of 110,000–115,000 units.

CapCut to integrate tools into Gemini

just now
IT Zhijia
CapCut announced a partnership with Google to integrate its creative and editing features directly into the Gemini app. Users will soon be able to edit images and videos within the AI platform. The companies have not disclosed further details on the integration timeline or additional functionality.

NetEase reports Q1 2026 revenue

just now
DoNews
NetEase reported Q1 2026 net revenue of RMB 30.6 billion and R&D investment of RMB 4.5 billion. The company posted non-GAAP net profit of RMB 11.3 billion. Its gaming division contributed RMB 25.7 billion in net revenue, while Youdao reported RMB 1.3 billion in revenue.

YMTC announces IPO plans

just now
TMTPost
Yangtze Memory Technologies (YMTC) has announced plans for an IPO. The Wuhan-based chipmaker holds about 14% of the global NAND flash market and is expanding production, with a third factory expected to begin operations by the end of 2026.

Luckin expands into alcohol in China

just now
TMTPost
Luckin Coffee has launched a line of alcoholic beverages in China, following Starbucks in a push to use off-peak store hours. Luckin is relying on its 33,500-store network to drive frequent, lower-cost sales.

Duan Yongping sells Alibaba stake

just now
Jiemian News
Investor Duan Yongping liquidated his Alibaba stake and initiated a position in Tesla during the first quarter of 2026, according to an SEC filing. His firm, H&H International Investment, increased its Nvidia holdings by 91.3% and its Pinduoduo stake by 71%. The portfolio was valued at USD 20.04 billion as of March 31, up 14.4% from the end of 2025.

Tencent launches Marvis AI assistant

just now
IT Zhijia
Tencent launched Marvis, an OS-level AI assistant, on May 21. The tool, available on Windows, Mac, and Android, integrates with system architecture to manage files, control desktop applications, and process images. Mavis uses a routing mechanism to distribute tasks between local and cloud models, enabling some offline functions.

Bilibili to shut down mobile live app

just now
IT Zhijia
Bilibili will shut down its mobile live streaming app on June 17. The company said all core services on the app will cease that day. Users are encouraged to switch to the main Bilibili app, which now includes integrated live streaming features and upgraded beauty filters.

IDG Capital targets USD 2 billion fund

just now
Bloomberg
IDG Capital is seeking to raise USD 2 billion for a new growth fund focused on consumer technology and other consumer-oriented companies in China. The Hong Kong-based firm, which has backed Tencent and Coinbase, began fundraising two months ago and is targeting a first close by the end of 2026.

Stellantis, Dongfeng form EV venture

just now
Semafor
Stellantis and Chinese automaker Dongfeng Motor have unveiled a joint venture to explore manufacturing Dongfeng EVs in France. The partnership is intended to help Dongfeng meet European production regulations as global demand for electric and plug-in hybrid vehicles continues to rise.

T-Head unveils Zhenwu M890 chip

just now
36Kr
T-Head unveiled its new Zhenwu M890 AI chip on May 20. The chip features 144 GB of memory and 800 GB per second of interconnect bandwidth, and the company said it delivers three times the performance of the previous 810E model. It supports data precision from FP32 to FP4 and integrates with the company’s ICN Switch 1.0 interconnect chip to support large-scale computing clusters.

T-Head ships 540,000 chips

just now
Jiemian News
Alibaba's T-Head Semiconductor unit had shipped more than 540,000 Zhenwu AI chips as of April. The company announced the milestone at its May 20 summit, saying the chips now serve more than 400 customers across 20 industries.

Fangchengbao hits 400,000 sales

just now
IT Zhijia
BYD’s Fangchengbao brand announced on May 20 that it has reached 400,000 total vehicle sales, with the Bao 7 model accounting for 150,000 units.

Hesai Q1 revenue rises 29.6%

just now
TMTPost
Hesai reported first-quarter 2026 revenue of RMB 680 million, up 29.6% YoY, as total shipments reached 477,000 units. Despite the volume growth, the company’s gross margin fell to 39.1%, which it attributed to aggressive pricing and increased market competition.

DJI ships 125,000 Avata 360 drones

just now
DoNews
DJI has shipped more than 125,000 units of its Avata 360 panoramic drone globally since its March 26 launch. The product has reportedly generated more than RMB 500 million in sales and captured a 98% share of the panoramic drone category within two months.

Uisee completes Hong Kong IPO

just now
DoNews
Uisee Technology listed on the Hong Kong Stock Exchange on May 20, reaching a market capitalization of HKD 9 billion. The autonomous driving company issued 14.46 million H-shares, raising more than HKD 870 million. Its public offering was oversubscribed by 6,777 times.

Dreame expands to 955 companies

just now
TMTPost
Dreame has expanded to 955 member companies, using a four-tier structure to manage business lines including automotives, robotics, and chips. Company founder Yu Hao is said to maintain control through a system of government-backed industrial funds to support expansion and supply chain development.
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