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Chagee looks to regain momentum as post-IPO cooldown deepens in Q3

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Huawei-led carmaking alliance deepens ties

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Xinhua
Huawei’s Harmony Intelligent Mobility Alliance (HIMA) has announced a comprehensive cooperation upgrade with partners Seres, Chery, BAIC, JAC, and SAIC in Shanghai. The alliance will standardize smart systems, services, and charging networks while jointly developing next-generation automotive technologies.

China car sales surpass South Korea in Europe

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Nikkei Asia
Chinese automakers overtook South Korean rivals in Western Europe for the first time in September, claiming 8% of the market versus South Korea’s 7.8%, according to Schmidt Automotive Research. Sales rose 77.5% YoY despite EU tariffs on Chinese EVs. Analysts expect momentum to continue as BYD, Chery, and Changan Automobile expand production and model offerings across Europe.

US allows Nvidia H200 sales to China

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Nikkei Asia
The US government will allow Nvidia to sell its H200 AI chips to approved Chinese buyers in exchange for 25% of sales revenue, said President Donald Trump on December 8. The deal excludes Nvidia’s Blackwell and Rubin models. Nvidia welcomed the move as a “thoughtful balance” between competition and national security, after months of export restrictions.

Qatar launches AI investment firm Qai

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Bloomberg
Qatar has launched Qai, a new subsidiary of its USD 524 billion sovereign wealth fund, to invest in and develop AI. The firm will fund AI infrastructure and tools in Qatar and abroad while focusing on building “trusted” AI systems. Chairman Abdulla Al-Misnad said Qai will not create LLMs but will evaluate and commercialize frontier technologies.

Paramount challenges Netflix for WBD

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CNBC
Paramount Skydance has launched a hostile USD 30-per-share bid for Warner Bros Discovery (WBD), valued at USD 108.4 billion, after losing out to Netflix’s offer. The all-cash proposal, backed by the Ellison family, RedBird Capital, and Middle Eastern funds, bypasses WBD’s board to appeal directly to shareholders. CEO David Ellison said the deal promises higher cash value and quicker approval than Netflix’s bid.

Z.ai open-sources AutoGLM model

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Securities Times
Z.ai has open-sourced its AutoGLM model on December 9, calling it the world’s first with “phone use” capabilities. The model can visually interpret smartphone screens and perform humanlike actions across more than 50 Chinese apps, including WeChat and Taobao. The release aims to lower technical barriers for AI-powered phones and promote an open, developer-driven ecosystem.

Xiaomi reshuffles China unit leaders

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Ebrun
Xiaomi has reorganized its China management team, naming president Wang Xiaoyan to oversee one division of its sales operations and promoting Guo Jinbao to lead the other while retaining his role as Jiangsu branch head. Zhang Jian now heads the new retail business, Xia Zhiguo will manage the car sales and service unit, and He Junling will lead the Gansu-Qinghai-Ningxia region.

Agibot hits mass production milestone

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Ebrun
Agibot said it has produced its 5,000th humanoid robot across three product lines. Co-founder Peng Zhihui said the company has achieved end-to-end scaling in hardware, software, and supply chain operations.

China’s trade surplus tops USD 1 trillion

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Nikkei Asia
China’s trade surplus exceeded USD 1 trillion for the first time in the first 11 months of 2025, supported by rising exports to Europe, Africa, and Southeast Asia. November shipments grew 5.9% YoY, offsetting a sharp fall in US trade. Economists said the record surplus underscores China’s export resilience amid growing trade tensions.

Xiaohongshu pauses membership program

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Sina
Xiaohongshu will suspend its membership program trial on January 1 to refocus on local lifestyle content and product tools. Introduced in September across Shanghai, Hangzhou, and Guangzhou, the program offered curated discounts at selected dining and leisure venues. The company said the pause will not affect its other local services.

JD.com spinoff targets HKD 2.98 billion

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Bloomberg
Jingdong Industrials, JD.com’s supply chain technology unit, plans to raise HKD 2.98 billion in its Hong Kong IPO after pricing shares at HKD 14.1 each, the midpoint of its range. The company said proceeds will be used to enhance AI and supply chain capabilities and to fund expansion, investments, and acquisitions. Trading begins December 11.

Govy’s Guangzhou plant nears trial run

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Govy
Govy, GAC’s eVTOL aircraft unit, said its Guangzhou plant has begun installing and testing production equipment and is expected to begin trial production early next year. The facility will assemble the Govy AirCab (GAC-A6) multi-rotor flying car, which has reportedly received nearly 2,000 orders and aims for airworthiness certification and deliveries by the end of 2026.

Baidu’s Kunlunxin plans Hong Kong IPO

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Baidu
Kunlunxin, Baidu’s AI chip unit, plans to file for a Hong Kong IPO as early as the first quarter of 2026 after a fundraising round valued it at RMB 21 billion. The listing is expected to complete by 2027, with the company projecting annual revenue of RMB 3.5 billion and planning new chip launches for data centers.

Tesla’s Shanghai plant tops four million

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Tesla
Tesla said its Shanghai Gigafactory has produced its four millionth vehicle, less than 14 months after reaching the three million mark. The facility now accounts for nearly half of Tesla’s global deliveries, with localization of Model 3 and Model Y components exceeding 95%.

ByteDance disables Doubao’s WeChat control

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36Kr
ByteDance has disabled the Doubao phone assistant’s ability to operate WeChat on the Nubia M153 after users reported login failures and app crashes. The company said affected accounts are being restored and added that Doubao’s use of high-level Android permissions requires explicit user consent and is clearly disclosed.

Meta buys wearable maker Limitless

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TechCrunch
Meta has acquired Limitless, the AI startup formerly known as Rewind and developer of a pendant that records conversations. The company will stop selling hardware but continue supporting existing users for a year as its team joins Meta’s wearables division to advance AI-enabled devices. Limitless previously raised USD 33 million from investors including a16z and NEA.

Netflix agrees to buy Warner Bros

just now
Bloomberg
Netflix has agreed to acquire Warner Bros Discovery in a deal valued at USD 82.7 billion, including debt, giving it control of HBO and one of Hollywood’s largest content libraries. The acquisition marks Netflix’s biggest deal to date and signals a major strategic shift as it faces regulatory scrutiny in the US and Europe.

Meituan to adopt new delivery standard

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Meituan
Meituan said it will voluntarily adopt China’s new national standards for managing food delivery platforms, which it helped draft. The company said it will integrate the rules into its operations to promote fair competition, strengthen food safety, and improve service quality, supporting the industry’s sustainable development.

RoboSense LiDAR shipments hit 150,000

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RoboSense
RoboSense’s LiDAR shipments reportedly surpassed 150,000 units in November after winning 56 model designations from 13 automakers, including SAIC Audi, IM Motors, and major European and North American brands. Its technology also powers Didi’s next-generation robotaxi and delivery and service robots, highlighting its expanding role in smart mobility.

Farasis wins GAC Aion battery deal

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Farasis Energy
Farasis Energy will supply its SPS LFP battery systems for GAC Aion’s second-generation Aion V and Aion UT models headed for Europe, with total orders exceeding ten gigawatt-hours. The deal marks a milestone in the partners’ long-term collaboration and strengthens Farasis’s presence in the global EV battery market.
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