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

4 mins read

Pulses

Liuliumei plans H-share offering

just now
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.

Merus, CATL sign BESS deal

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Energy Global
Merus Power and CATL have signed an agreement to deliver about 3 GWh of battery energy storage systems (BESS) in Northern Europe, targeting grid-scale projects in the region.

Luxeed hires Ferrari, BMW talent

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IT Zhijia
Luxeed has recruited a former Ferrari chief designer and a chassis tuning team with experience at BMW and Aston Martin, according to executive vice president Zhao Changjiang. The brand, part of the Harmony Intelligent Mobility Alliance (HIMA), currently offers the S7, R7, and V9 models and plans to expand its lineup.

ZTE, Tencent to launch AI cloud computer

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Jiemian News
ZTE has announced a partnership with Tencent to launch an AI cloud computer featuring the latter's WorkBuddy agent. The device integrates Tencent Cloud computing power and the Hunyuan large model, targeting students, professionals, and small teams.

Sany, XCMG raise crane prices

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Jiemian News
Sany Heavy Industry and XCMG will raise prices for several crane models by 2–5% starting July 1. The companies cited rising raw material and manufacturing costs.

China challenges Japan’s car export lead

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IT Zhijia
Chinese vehicle shipments to Australia surpassed Japanese imports in February, ending Japan’s 28-year lead in the market. In South Korea, BYD sold 2,023 vehicles in April, marking the first time a single Chinese brand outsold the combined registrations of Lexus, Toyota, and Honda. China’s total car exports rose 61.5% YoY to 3.13 million units from January to April.

Fubei seeks Hong Kong IPO

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Banma Xiaofei
Fubei is seeking a Hong Kong IPO after reporting 2025 net profit of RMB 98.24 million, down more than 40% YoY. The company ranks second in China’s third-party pet food manufacturing market, but faces stagnant revenue growth and increased competition as it balances its ODM manufacturing business with its OBM operations.

LongBio Pharma closes IPO offering

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Yiyao
LongBio Pharma closed its Hong Kong IPO on June 2 with a 4,470-fold oversubscription, setting a recent market record. The clinical-stage company, which develops allergy and autoimmune disease treatments, plans to use the proceeds to advance its LP-003 and LP-005 drug pipelines.

Anker files for Hong Kong IPO

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IT Zhijia
Anker Innovations has filed for an IPO on the Hong Kong Stock Exchange, appointing CICC, Goldman Sachs, and JPMorgan as joint sponsors. In Q1 2026, the company reported RMB 7.61 billion in revenue, up 26.93% YoY.

JD.com launches JoyAI-Echo framework

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IT Zhijia
JD.com has launched JoyAI-Echo, an open-source framework for long-form audio and video generation. The tool supports conversational editing and uses a memory-driven architecture to maintain character and voice consistency across videos up to five minutes long.

HongShan bids for Leica stake

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DoNews
HongShan is in advanced talks to acquire a 45% stake in Leica Camera from Blackstone, in a deal that could value the German camera maker at about USD 1.2 billion. If completed, HongShan may also seek to acquire the remaining 55% stake held by Andreas Kaufmann.

PaXini weighs Hong Kong IPO

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Bloomberg
PaXini Tech is working with banks on a potential Hong Kong IPO and could file in the coming months, people familiar with the matter said. The Shenzhen-based robotics firm, backed by BYD and JD.com, raised over RMB 1 billion in March, valuing it at more than RMB 10 billion.

DeepSeek seeks USD 7 billion funding

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36Kr
DeepSeek reportedly plans to raise about USD 7 billion in its first funding round at a valuation of up to USD 59 billion. Tencent and CATL are expected to be the largest external investors, with NetEase and JD.com also expected to participate.

Alibaba CTO joins partnership committee

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The Time Weekly
Alibaba Group CTO Wu Zeming has joined the company’s five-member partnership committee, replacing retiring Shao Xiaofeng. The appointment raises the number of technology-focused executives in the top decision-making body to three. Wu previously led Taobao Shangou, which captured 45.2% of the market in Q4 2025.
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