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In Hong Kong, Ant Group finds an anchor for its global fintech ambitions

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Pulses

Agibot, Longcheer test adaptive robots

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Agibot
Agibot said it has deployed its reinforcement learning system on a pilot production line with Longcheer Technology, marking the first industrial use of reinforcement learning in robotics. The system reportedly enables robots to learn new tasks within minutes, enhancing flexibility and bridging advanced AI with large-scale manufacturing.

China eases rare earth curbs in deal

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Bloomberg
China will suspend new export curbs on rare earth metals and drop investigations into US chipmakers under a trade pact with Washington, the White House said. The deal grants general export licenses for key materials and pauses planned US tariffs, easing tensions though only as a short-term truce.

Xiaomi confirms Li Chuangqi exit

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Jiemian News
Xiaomi has reportedly confirmed that Li Chuangqi, head of its wearable innovation unit and key figure behind its AI glasses project, has resigned. Li joined Xiaomi in 2011 and helped launch several of its bestselling devices, including projectors, earphones, and children’s smartwatches.

Nvidia chief hopes to sell to China

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Bloomberg
Nvidia CEO Jensen Huang said he hopes to eventually sell the company’s Blackwell chips in China, though no plans are in place. His remarks came after US President Donald Trump confirmed the topic wasn’t discussed with Chinese leader Xi Jinping, as Washington weighs tighter export controls on advanced semiconductors.

Meituan unveils rider protection feature

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Sina
Meituan has introduced a rider protection feature that allows delivery workers to block up to two customers for a year in cases of verbal abuse or unreasonable demands. The update follows rider feedback highlighting concerns over fairness and respect during company consultation sessions.

CXMT starts mass output of LPDDR5X

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SCMP
ChangXin Memory Technologies has begun mass production of LPDDR5X DRAM chips, an upgraded version of its 2023 lineup. The move highlights China’s progress in advanced chipmaking as the firm prepares for a Shanghai listing that could value it at RMB 300 billion.

Beijing signals openness on TikTok

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Bloomberg
China has pledged to work with the US to resolve the fate of TikTok’s American business, without confirming a deal proposed by President Donald Trump to spin it off under US control. The plan would cut ByteDance’s stake to below 20%, potentially easing a key flashpoint in US-China tensions over technology and data.

Judydoll opens abroad in Singapore

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Dao Insights
Chinese cosmetics brand Judydoll reached a double milestone in October, opening its 100th boutique in Guangzhou and making its international debut at Singapore’s Bugis+ mall. Known for its accessible, color-driven cosmetics, the brand is also accelerating its global expansion with new outlets in Indonesia and partnerships in the UK.

OpenAI prepares for landmark IPO

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Reuters
OpenAI is preparing for an IPO that could value the ChatGPT maker at up to USD 1 trillion, according to people familiar with the plans. Plans are underway following a restructuring that reduces its reliance on Microsoft, and a filing could come as early as late 2026 as the company seeks new capital to fund its expansive AI infrastructure goals.

Ant backs R2 to expand SME lending

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Ant International
Ant International has invested in Latin American fintech firm R2 to expand credit access for SMEs across the LATAM region, where the credit gap is said to exceed USD 1 trillion. The partnership combines Ant’s AI-powered risk management solutions with R2’s embedded lending infrastructure to to deliver affordable financing and and drive inclusive economic growth.

TikTok hits 460 million users in Southeast Asia

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TikTok
TikTok has reportedly surpassed 460 million users in Southeast Asia and signed an MoU with Vietnam’s Ministry of Culture, Sports and Tourism to promote digital innovation and growth. The partnership aims to support local businesses and foster cultural exchange as TikTok deepens its role in the region’s digital economy.

Nvidia hits USD 5 trillion valuation

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WSJ
Nvidia has become the world’s first company to reach a USD 5 trillion valuation, underscoring its dominance in the AI-driven market boom. The chipmaker’s swift rise from USD 2 trillion last year reflects its key role in powering global data centers and next-generation AI systems through partnerships with firms such as OpenAI and Oracle.

China opens car chip testing platform

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SCMP
China has opened a state-level automotive chip testing platform in Shenzhen, backed by China Reform Holdings and the China Automotive Technology and Research Center. The new facility, part of Beijing’s drive for tech self-reliance, comes as the Nexperia dispute threatens car chip supply chains.

Uber eyes stakes in Pony AI, WeRide IPOs

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Bloomberg
Uber plans to invest in the Hong Kong IPOs of Chinese robotaxi developers Pony.ai and WeRide, sources said. The company may put about USD 100 million into Pony.ai's share sale, extending its collaborations with both firms after earlier investments and joint ventures as they pursue commercialization of Level 4 autonomous driving.

Pollon Life files for Hong Kong IPO

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Bloomberg
Pollon Life, a Chinese biotech company backed by Jack Ma’s Yunfeng Capital, has confidentially filed for a Hong Kong IPO that could raise about USD 300 million. The firm, maker of China’s first approved stem cell drug, is working with CCB International, CICC, and UBS on the deal.

BabyBus app hit by ad controversy

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Jiemian News
BabyBus, a Chinese children’s content developer, apologized after users reported that its nursery rhyme app displayed vulgar third-party ads. The company said the ads came from external partners and have since been removed, with stricter review processes and new safeguards introduced to prevent recurrence. BabyBus was previously cited for app compliance issues in 2023.

Taobao expands Singles’ Day sales globally

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36Kr
Chinese e-commerce platform Taobao has launched its first global Singles’ Day sale across 20 countries and regions in five languages. More than one million merchants are participating, rolling out 2.1 million new products, including hundreds of global exclusives, with over 400 million items offering free shipping.

Microsoft, OpenAI revamp partnership

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Reuters
OpenAI and Microsoft have restructured their partnership, turning the ChatGPT maker into a public benefit corporation and clearing a path to an IPO. The deal boosts CEO Sam Altman’s control and fundraising ability for USD 1.4 trillion in data center projects, while Microsoft retains a 27% stake valued at about USD 135 billion.

Wavemaker launches 100×100 Group

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100x100 Group
Wavemaker Impact has spun off from venture builder and investor Wavemaker Partners to form 100x100 Group, a Singapore-based platform that builds climate ventures across the Asia Pacific. The team, which has applied for a venture fund licence, aims to scale startups capable of cutting 100 million tons of carbon emissions and generating USD 100 million in annual revenue.

Miniso Land launches in Bangkok, Thailand

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Miniso
Miniso has opened its first Miniso Land in Thailand at Bangkok’s Siam Square, featuring more than 8,300 products and over 80 beloved characters from Disney, Sanrio, and others. The three-story flagship store also marks the overseas debut of the new Zootopia-themed collection, designed to offer a fun, interactive shopping experience.
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Events

GITEX Global 2025 wraps in Dubai with strong turnout and new editions on the horizon

The 45th edition of GITEX Global and its sister event, Expand North Star, drew tens of thousands of participants to Dubai.

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    Is Yunfeng Financial becoming Jack Ma’s next Ant Group?

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Venture RoundupVenture Roundup

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    Deals in brief: Accel invests in Vite+ maker VoidZero, Rolo Robotics and Videotto raise seed funding, Coolmate completes Series C round, and more

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    Retail and CommerceRetail and Commerce

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    Icon for Casual ChroniclesCasual Chronicles

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