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MiniMax finds its “aha moment,” and a way to challenge the AI status quo

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Pulses

Wuchang: Fallen Feathers drops July 24

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505 Games
Wuchang: Fallen Feathers, developed by Chengdu-based Leenzee and published by 505 Games, launches July 24 with preorders already open on Steam. Set in a war-torn, decaying world, the roleplaying game features nonlinear exploration, deadly enemies, and a blend of brutal weapons and magic.

Tesla risks tipping point amid setbacks

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CNN
Tesla is under growing financial pressure as falling sales, expiring EV tax credits, and the loss of emissions credit revenue threaten its profitability. CEO Elon Musk’s escalating political activity has further unsettled investors, while Tesla’s robotaxi rollout reportedly trails rivals like Waymo. Analysts warn the company may be nearing a tipping point.

Agibot to take control of Shangwei

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Jiemian News
Agibot plans to acquire a 63.62% stake in Shangwei New Materials for RMB 2.1 billion via share transfer and tender offer. If completed, CEO Deng Taihua will become the controlling shareholder, making Shangwei the first embodied AI company listed on China’s A-share market. The deal would combine Agibot’s robotics tech with Shangwei’s manufacturing base to accelerate commercialization.

Romoss spirals as recall triggers shutdowns

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The Paper
Romoss is facing a deepening crisis after recalling about 491,700 power banks. The company has suspended production, shut down online stores, and undergone multiple leadership changes. Employees have reported wage issues and absent management, while Shenzhen regulators have launched round-the-clock oversight to ensure refunds and trace defective products.

China touts growth amid global headwinds

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Xinhua
China averaged 5.5% economic growth over the first four years of its 14th five-year plan, said NDRC chief Zheng Shanjie, citing resilience despite the pandemic and trade friction. He projected a five-year GDP increase of over RMB 35 trillion, topping the 2024 output of China’s top three provinces and contributing about 30% to annual global growth.

China plans vast AI buildout in Xinjiang

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Bloomberg
Chinese firms are building dozens of AI data centers in Xinjiang and neighboring Qinghai, aiming to deploy more than 115,000 Nvidia chips restricted by US export controls. Documents reviewed show no clear sourcing plans, but the scale signals China’s intent to expand AI capacity despite sanctions.

GAC FCA declares bankruptcy in China

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Jiemian News
GAC Fiat Chrysler Automobiles (GAC FCA), the Jeep joint venture between GAC and Stellantis, has filed for bankruptcy after failing to restructure. Once a breakout SUV brand in China, the venture saw steep sales declines and shareholder disputes before a Changsha court approved its liquidation request on July 8, formally ending the venture.

ASEAN inflation slows amid tariff fallout

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Nikkei Asia
Inflation is slowing across Southeast Asia, with Thailand, Malaysia, and Singapore posting multiyear lows, raising concerns about weakening demand. Economists warn of mounting deflationary pressure driven by political instability, weak tourism, trade tariffs, and an influx of low-cost Chinese goods. Thailand is viewed as especially at risk.

Rakuten buys B2BTrade for USD 500 million

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Ebrun
Japan’s Rakuten has acquired B2BTrade, an Asian B2B e-commerce platform, for USD 500 million to expand its presence in the region’s growing B2B market. The deal aims to combine Rakuten’s B2C expertise with B2BTrade’s enterprise network to boost cross-border trade and support SME digitalization across Asia.

Meta takes minority stake in EssilorLuxottica

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Bloomberg
Meta has acquired just under 3% of EssilorLuxottica in a deal valued at approximately EUR 3 billion, deepening its commitment to smart glasses. The move strengthens Meta’s partnership with the Ray-Ban maker and signals broader ambitions to control hardware and distribution as wearable tech becomes central to its AI strategy.

Manus trims staff amid business refocus

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The Paper
Chinese agentic AI startup Manus, developed by Butterfly Effect, confirmed on July 8 it is adjusting business teams to improve operational efficiency, following reports of layoffs and staff relocation to its Singapore headquarters. The move follows its May funding round and HQ shift as the company refocuses on core operations.

Apple COO Jeff Williams to retire in 2025

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Apple
Jeff Williams will step down as Apple’s COO later this year, handing the role to longtime colleague Sabih Khan in a planned transition. Khan, a nearly 30-year Apple veteran, leads the company’s global supply chain. Williams will continue overseeing Apple’s watch, health, and design initiatives until retiring at year’s end.

Southeast Asia responds to new US tariffs

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Reuters
Southeast Asia’s major economies are scrambling to renegotiate with the US after tariffs of up to 36% were confirmed on exports from Indonesia, Thailand, Malaysia, and Vietnam starting August 1. Despite late concessions, Indonesia and Thailand remain the hardest hit, with officials seeking to reopen talks to avoid market share losses in palm oil, rice, and electronics.

Cainiao, STO partner on driverless delivery

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36Kr
Alibaba’s Cainiao and STO Express have partnered to accelerate autonomous vehicle deployment in last-mile delivery, with STO targeting the rollout of 2,000 driverless vehicles by year's end. Announced July 8, the collaboration includes co-developing new vehicle types and delivery models to support scalable smart logistics solutions.

Apple loses foundation model chief to Meta

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Bloomberg
Ruoming Pang, who leads foundation model development at Apple, is leaving to join Meta’s "superintelligence" division after receiving a multimillion-dollar annual compensation offer. His exit follows internal shakeups and reduced responsibilities for his team, with morale reportedly weakening and more departures expected.

Tencent launches Hunyuan3D-PolyGen

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Tencent
Tencent has introduced Hunyuan3D-PolyGen, a generative AI model that produces art-grade mesh topology and supports both tri- and quad-mesh outputs. Using proprietary BPT compression, it enables intelligent retopology and generates models with over 10,000 faces, ready for game development and professional art pipelines.

ByteDance denies TikTok US sale report

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Sina
ByteDance has denied reports that it agreed to sell TikTok’s US operations to an Oracle-led American consortium, calling the claims inaccurate. Any such deal would require approval from both the US and Chinese governments, with a US-imposed deadline set for September 17.

Trump imposes new wave of global tariffs

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AP News
US President Donald Trump has announced 25% tariffs on goods from Japan and South Korea, and up to 40% on imports from a dozen other nations, effective August 1. The move, framed as an economic emergency, drew criticism from trade allies and rattled markets amid recession fears.

Guizhou emerges as China’s backup base

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SCMP
Amid trade frictions with the US, China is turning to inland regions like Guizhou as industrial backup zones. The mountainous province is attracting investment in aviation, data infrastructure, and relocated manufacturing, backed by central support under a new “strategic hinterland” initiative tied to China's next five-year plan.

China to curb price war in solar panel industry

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Nikkei Asia
The Chinese government has pledged to curb disorderly price competition in its solar panel industry and guide weaker producers toward exit or restructuring. The move comes amid falling prices and rising losses from overcapacity, threatening the viability of a industry where China holds over 80% of global capacity.
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