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Alibaba earnings come under pressure despite AI and cloud gains

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Alibaba, Tencent ramp up AI spending

just now
Nikkei Asia
Alibaba, Tencent, ByteDance, and Baidu are projected to invest a combined USD 84 billion in AI infrastructure in 2027, up 60% from 2025, according to Goldman Sachs. Data centers and AI agents account for much of the planned outlays, as the companies expand capacity despite mounting pressure on margins from higher upfront costs.

Tencent adds OpenClaw to WeChat

just now
SCMP
Tencent has introduced a ClawBot plug-in on WeChat, enabling its users to control OpenClaw AI agents within the app. The rollout expands Tencent's agentic ecosystem after similar integrations on QQ and WeCom, and comes as Chinese cybersecurity bodies issue guidance on security assessments and usage risks.

Sinopec 2025 profit drops 37%

just now
Sinopec
Sinopec reported a 36.8% YoY decline in 2025 net profit to RMB 31.8 billion, citing rising new energy substitution and weak petrochemical margins. Refinery throughput slipped 0.8% to 250.33 million tons, while gasoline and diesel output fell 2.4% and 9.1%, respectively. The company plans 2026 capital expenditure of RMB 131.6–148.6 billion.

DJI files patent suit against Insta360

just now
SCMP
DJI has filed a patent infringement lawsuit against Insta360 in Shenzhen, involving six patents related to drone flight control, structure, and image processing. The legal action comes three days before DJI's launch of its first 360-degree drone. Insta360's CEO said the disputed innovations were developed internally and rejected the allegations.

Jiuzi lands Vietnam truck order

just now
Jiuzi Holdings
Jiuzi Holdings expects to deliver an initial batch of more than 100 electric heavy-duty trucks to Vietnam after reaching cooperation intentions with several local customers. The company sees Vietnam as a hub for its Southeast Asia expansion and plans to establish local sales and after-sales service networks, while exploring further growth in Indonesia, Thailand, and Malaysia.

Berkshire to buy 2.5% of Tokio Marine

just now
WSJ
Berkshire Hathaway plans to acquire a 2.5% stake in Tokio Marine Holdings for USD 1.8 billion via its reinsurance arm National Indemnity, the Japanese insurer said. The partnership includes reinsurance collaboration and potential acquisitions, with National Indemnity joining Tokio Marine’s reinsurance panel. The stake cannot exceed 9.9% without board approval.

Sony nears USD 1 billion TCL deal

just now
Bloomberg
Sony Group is nearing a binding agreement to sell a majority stake in its home entertainment business to TCL Electronics in a deal valued at about USD 1 billion, according to people familiar with the matter. The companies previously outlined a joint venture with TCL holding 51% and Sony 49%, set to begin operations in April 2027. No final decision has been made.

Indonesia weighs fuel curbs, savings

just now
AFP
Indonesia is targeting savings of IDR 80 trillion to offset the impact of surging oil prices tied to the Middle East conflict, the presidency confirmed on March 23. The government is weighing measures to curb fuel consumption, including a weekly remote work day for some public workers, while maintaining fuel subsidies and its USD 19.7 billion free meals program.

Malaysia seeks oil supply backup

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CNA
Malaysia is seeking alternative energy suppliers after Iran closed the Strait of Hormuz, a route through which about 50% of its oil supply passes, Prime Minister Anwar Ibrahim said. Petronas is said to be preparing contingency plans and assessing options including Australia and other Asia Pacific countries, as fuel subsidies rise to MYR 3.2 billion a month.

Meinian teams up with Ant Health

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Shanghai Observer
Ant Health and Meinian Onehealth have agreed to a partnership to advance AI-driven healthcare and medical services. Meinian will contribute its nationwide screening centers and health data, while Ant Health will leverage its platform to connect online consultations with offline testing and follow-up care.

Xpeng sets up robotaxi unit

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Cailian Press
Xpeng has formed a robotaxi business unit to lead product definition, project integration, R&D testing, and operations. CEO He Xiaopeng said during the company’s latest earnings call that it plans to begin passenger-carrying demonstration operations in the second half of 2026 to validate its technology, customer demand, and business model.

ByteDance to sell Moonton for USD 6 billion

just now
Nikkei Asia
ByteDance has signed an agreement to sell mobile game studio Moonton to Saudi Arabia's Savvy Games for more than USD 6 billion, subject to regulatory approvals, according to people close to the deal. The divestment continues ByteDance’s gaming overhaul as it sharpens its focus on AI, while Moonton’s management and Shanghai base will remain in place.

Xiaomi raises SU7 prices

just now
Beijing Business Today
Xiaomi launched the new SU7 at RMB 219,900 for the standard model, RMB 249,900 for Pro, and RMB 303,900 for Max, marking a RMB 4,000 increase across trims. Chairman Lei Jun cited higher memory and material costs, with per-unit material costs up nearly RMB 20,000 excluding R&D. The car logged 15,000 orders within 34 minutes of launch.

Li-Ning profit falls in 2025

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Li-Ning
Li-Ning's 2025 revenue rose 3.2% to RMB 29.6 billion, while net profit attributable to equity holders fell 2.6% to RMB 2.9 billion. Gross margin slipped to 49%, and operating profit increased 6% to RMB 3.9 billion. The board proposed a final dividend of RMB 23.36 cents per share.

Circles, Huawei ink partnership deal

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Huawei Cloud
Circles has entered an agreement with Huawei to combine its digital BSS platform with Huawei’s network and cloud capabilities. The companies will explore integration across charging, policy control, and cloud infrastructure, and consider joint go-to-market initiatives for telecommunication operators.

WeRide launches Slovakia program

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WeRide
WeRide has signed a national-level partnership with Elevate Slovakia to deploy robotaxis and other autonomous vehicle models under the country’s first state-backed autonomous driving program. Initial vehicles are set to arrive in spring 2026, with testing in Bratislava under transport ministry supervision before broader expansion.

Tencent Cloud expands 3D AI tie-up

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Tencent Cloud
Tencent Cloud said at MWC 2026 that it is expanding its partnership with 3D AI Studio, which has integrated Tencent’s HY 3D Global generative model to power scalable 3D content creation. The API-based system reportedly enables stable, high-quality model generation and supports variable demand, as the companies co-develop AI tools for global creators.

Huawei logs revenue growth in China

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Securities Times
Huawei said its China government and enterprise business revenue surpassed RMB 100 billion in 2025 for the first time, with partner revenue exceeding RMB 80 billion and more than 59,000 partners now transacting with the company.

Pony.ai delivers 100 Gen-7 robotaxis

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Pony.ai
Pony.ai has delivered more than 100 Gen-7 robotaxis to Chenqi Mobility in Guangzhou, with the vehicles set to enter commercial service on the OnTime Mobility platform. The companies also signed an upgraded agreement to expand fleets and coverage, as Pony.ai licenses its autonomous driving system to partners under a recurring revenue model.

HSBC weighs AI-driven job cuts

just now
Bloomberg
HSBC is weighing plans to cut up to 20,000 roles, or about 10% of its workforce, as it deploys AI to shrink middle and back office functions, according to people familiar with the matter. The review is at an early stage, spans three to five years, and no final decision has been made.
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