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ByteDance raises Volcano Engine’s MaaS revenue target on Seedance 2.0 growth

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Heytea opens first overseas tea bar

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36Kr
Heytea has opened its first overseas tea bar in Manhattan’s Upper East Side, New York. The brand previously established the concept in Beijing, Guangzhou, Shenzhen, and Foshan.

Transsion profit drops 53% in 2025

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Transsion
Transsion Holdings reported a 53.49% decline in 2025 net profit to RMB 2.58 billion, as revenue fell 4.5% to RMB 65.59 billion. Facing increased competition in African smartphone markets, the company is expanding into energy storage through new brand launches and its existing distribution network.

Seesaw Coffee operator faces bankruptcy

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Jiemian News
The operator of Seesaw Coffee is facing bankruptcy liquidation petitions filed by creditors. The boutique coffee chain, once valued at RMB 1 billion, now operates only 34 stores in China. The company has faced multiple legal disputes, including unpaid debts and restricted consumption orders against founder Wu Xiaomei.

Doubao plans professional version

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TMTPost
ByteDance's Doubao plans to launch a professional version covering software development, data analysis, design, process automation, financial analysis, and scientific research. The move aims to shift the AI assistant from a casual tool to a workplace productivity platform, mirroring OpenAI’s Codex strategy of monetizing professional-grade agent capabilities.

GLB files for Hong Kong IPO

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DoNews
GLB Intelligent Power Technologies has filed for an IPO on the Hong Kong Stock Exchange. The company reported 2025 revenue of RMB 3.63 billion, with 87.2% of its income coming from its largest shareholder, Geely. GLB provides electric powertrain and high-voltage power supply solutions for the EV sector.

Origin Quantum raises RMB 3 billion

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DoNews
Origin Quantum has completed a pre-IPO funding round of nearly RMB 3 billion, valuing the company at RMB 21 billion. The round was led by China North Industries Group Corporation. Origin Quantum plans to use the capital to develop 1,000- and 10,000-qubit quantum chip pilot lines and advance production of its next-generation superconducting quantum computers.

Gree shareholder sells RMB 1.66 billion stake

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TMTPost
Gree Electric’s largest shareholder, Zhuhai Mingjun, sold 42.79 million shares on June 4, 2026, generating about RMB 1.66 billion. The company said the divestment is intended to repay bank loans. Following the transaction, Zhuhai Mingjun and its concerted party, Dong Mingzhu, hold a combined 17.35% stake in the appliance manufacturer.

ByteDance denies plans to build cars

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DoNews
ByteDance issued a statement on June 6 denying plans to manufacture vehicles or launch an automotive brand. The company clarified that Saidou is not affiliated with it and that its automotive partnerships are limited to providing technical services, including the Doubao model, related solutions, and smart cockpit technology.

Dreame leads robot vacuum market

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DoNews
Dreame founder Yu Hao said the company ranked first globally in robot vacuum sales volume and revenue in Q1 2026. In an internal memo, Yu said Dreame will maintain its focus on manufacturing, technical innovation, and R&D investment to address user needs globally.

Zeekr’s May deliveries rise 82%

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DoNews
Zeekr delivered 34,377 vehicles in May, an 81.8% YoY increase, while its average transaction price rose 52.4% to more than RMB 360,000. The company attributed the growth to demand for flagship models including the 9X and 8X, as it expands across more than 50 countries and regions.

Tencent partners with phone makers

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36Kr
Tencent is collaborating with Huawei, Xiaomi, Honor, Oppo, and Vivo to integrate WeChat features into system-level AI assistants. The A2A protocol allows phone agents to trigger WeChat functions such as video calls and messaging through a secure, dual-authorization mechanism, replacing previous unauthorized GUI-based automation attempts.

Bmai completes IPO counseling

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DoNews
Chinese sports brand Bmai has completed its IPO counseling process and plans to file a prospectus for an A-share listing. Founded in 2012 by former Li-Ning CEO Zhang Zhiyong, the company specializes in running footwear and apparel. Hillhouse Capital remains its largest institutional investor, holding more than 5% of the company’s shares.

Nayuki ordered to pay Pop Mart

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DoNews
Nayuki Holdings, the company behind Chinese tea chain Naixue, has been ordered by a Beijing court to pay Pop Mart RMB 320,000 for unfair competition. The ruling follows a 2025 marketing campaign in which Nayuki used Pop Mart’s Labubu IP without a formal partnership. The court rejected Nayuki’s defense that a small disclaimer on promotional materials exempted it from liability.

Liuliumei plans H-share offering

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36Kr
Liuliumei plans to offer about 11.46 million H-shares at HKD 43.58 each, with trading expected to begin June 15, according to a Hong Kong filing.

Leapmotor sets June 16 model launch

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IT Zhijia
Leapmotor will launch updated C10, C11, and C16 models on June 16, with the C10 featuring new exterior styling, revised lighting and added interior features including second-row tables.

Homeplus taps Alibaba, Temu in sale

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The Korea Herald
Homeplus has approached Alibaba and Temu as potential buyers for its hypermarket and online units, as PwC Korea markets the assets to over ten investors ahead of a July 3 court restructuring deadline.

Xiaomi sets June 8 for 17T Pro

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IT Zhijia
Xiaomi will launch the 17T Pro on June 8, featuring a MediaTek Dimensity 9500 chip built on a 3-nm process, with a 33% GPU performance gain and 42% lower power use, plus a Leica triple camera.

Maextro S800 offers RMB 20,000 trade-in

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IT Zhijia
The Huawei-led Harmony Intelligent Mobility Alliance (HIMA) has introduced a RMB 20,000 trade-in discount for the Maextro S800 sedan, targeting owners of select luxury car brands. The offer excludes existing HIMA trade-in incentives.

Doubao loses over six million users

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Lianhe Zaobao
ByteDance's AI assistant Doubao lost 6.07 million monthly active users in May, a 1.81% decline, after introducing paid subscription tiers. It remains China’s largest consumer AI app with 330 million users, while Alibaba’s Qwen gained 13 million to reach 234 million.

DeepSeek raises USD 7 billion

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TMTPost
DeepSeek raised about USD 7 billion in its first external funding round at a USD 59 billion valuation, with Tencent, CATL, and founder Liang Wenfeng participating.
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