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Xpeng-backed Aridge raises funding to advance modular flying car production

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Pulses

Alibaba launches Wukong AI platform

just now
Alibaba
Alibaba has launched Wukong, an AI-native enterprise platform that uses multi-agent systems to automate workflows across business applications. The platform integrates with the DingTalk ecosystem and is currently in invitation-only beta.

Ant nears control of Hong Kong broker

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Jiemian News
Ant Group's acquisition of Bright Smart Securities has secured regulatory approvals and is set to close on March 30, giving it control of the Hong Kong broker. The deal provides Ant with local brokerage licenses to support its international expansion.

Nvidia adds BYD, Geely as partners

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CNBC
BYD and Geely are among the automakers Nvidia has added to new partnerships for its Drive Hyperion autonomous driving platform, which supports development of Level 4 self-driving systems as it expands its automotive business.

VinFast posts deeper 2025 loss

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Nikkei Asia
VinFast reported a USD 3.87 billion net loss in 2025, widening 26% YoY, as costs increased despite revenue rising 105% to USD 3.59 billion. The EV maker delivered 196,919 vehicles and is targeting 300,000 sales in 2026 while aiming to break even this year.

Tencent becomes OpenClaw sponsor

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SCMP
Tencent has become a sponsor of OpenClaw on GitHub after its cloud unit was criticized by the project’s creator for copying code without support. The company said it credited the source and contributed code, while the scope of the sponsorship remains undisclosed.

Alibaba creates new AI business group

just now
SCMP
Alibaba has created the Alibaba Token Hub (ATH) business group, placing CEO Eddie Wu in charge and consolidating core AI units including Tongyi Lab and Qwen. The reorganization aims to bring model development and applications under one structure to coordinate its AI strategy.

SmartMore seeks Hong Kong listing

just now
Guandian
SmartMore filed for a Hong Kong IPO on March 16, with Morgan Stanley, CICC, and Deutsche Bank as joint sponsors. The company develops industrial AI systems that combine large models with robotics to integrate perception, decision-making, and execution in manufacturing.

BioMap files for Hong Kong IPO

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Bloomberg
BioMap has confidentially filed for a Hong Kong IPO that could raise a nine-figure USD sum this year, according to people familiar. The Baidu-backed drug discovery firm is working with CICC, Morgan Stanley, and UBS, with deal size and timing still under discussion.

BYD studies Canada plant, eyes M&A

just now
Bloomberg
BYD is evaluating a wholly owned factory in Canada and exploring acquisitions of legacy automakers, executive vice president Stella Li said, with no decisions or deals finalized. It is accelerating overseas expansion, targeting 1.3 million exports in 2026 after sales fell 36% in the first two months of the year.

Jingxin Pharmaceutical seeks HK IPO

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Jiemian News
Shenzhen-listed Jingxin Pharmaceutical has initiated a dual listing process aimed at a Hong Kong IPO. The company said proceeds will fund drug R&D and marketing as sales of its insomnia treatment didacinil expand following its inclusion in China’s national reimbursement list.

JD launches Joybuy in UK, Europe

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Bloomberg
JD.com has launched its Joybuy e-commerce platform in the UK and several European markets, promising same-day delivery for orders placed before 11 a.m. in selected cities. The expansion comes as the company seeks growth beyond China's online retail market.

FWD posts USD 499 million profit

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FWD Group
FWD Group reported operating profit after tax of USD 499 million in 2025, up 5% YoY. New business sales rose 25% to USD 2.446 billion on an annualized premium equivalent basis, while net profit reached a record USD 166 million under IFRS 17.

HelloRide apologizes after CCTV probe

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National Business Daily
HelloRide has issued an apology after a consumer rights program by state broadcaster CCTV exposed problems involving rental electric bicycles on its platform. The company said it operates a marketplace model and does not directly run offline stores, and pledged to strengthen oversight of merchants.

ByteDance halts Seedance 2.0 rollout

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The Information
ByteDance has reportedly put on hold the global launch of its Seedance 2.0 video-generation model after copyright disputes with Hollywood studios and streaming platforms. The delay follows legal threats from US studios, including Disney, over the alleged use of copyrighted characters.

Moonshot AI targets USD 1 billion round

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Bloomberg
Moonshot AI is aiming to raise up to USD 1 billion in a new funding round that could value the startup at about USD 18 billion, according to people familiar with the matter. The Kimi chatbot developer was valued at USD 10 billion earlier this year.

ByteDance denies Wuhan closure rumor

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21st Century Business Herald
ByteDance has denied online claims that its Wuhan R&D center will shut down in June, refuting reports of mass layoffs. The company said about 50 employees will relocate due to business adjustments, adding that more than 2,000 staff remain in Wuhan across several business units.

Li Auto nears completion of Li Mega recall

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Cailian Press
Li Auto said it has completed 97.5% of battery replacements under the Li Mega recall, with 11,128 of 11,411 vehicles fixed. Product line head Tang Jing said 283 vehicles remain pending and urged owners to complete the replacement due to potential safety risks.

Changan launches four models in Mexico

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Changan Automobile
Changan Automobile has launched four upgraded car models in Mexico, including the Alsvin Plus sedan and the CS35 Max, CS55 Plus, and CS75 Plus SUVs. The move follows strong regional growth, with the company reporting its Mexico sales rose 184% in 2025.

Pop Mart sues Bambu Lab over Labubu

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Dao Insights
Pop Mart is suing 3D printer maker Bambu Lab, alleging its MakerWorld platform hosted downloadable models of the Labubu character that users could 3D print at home. The case, filed in Shanghai, tests whether platforms can be held responsible for copyrighted designs shared by users, with a hearing scheduled for April 2.

Neuracle wins China BCI approval

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SCMP
China's National Medical Products Administration has approved Neuracle's implantable brain-computer interface (BCI) system designed to restore hand motor function in spinal cord injury patients. The approval marks the first time globally that an invasive BCI system has been cleared as a commercial medical product.
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