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Hong Kong’s stablecoin regime takes shape as China eyes alternatives to dollar-based payments

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Pulses

JD Logistics unveils autonomous delivery van

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JD Logistics
JD Logistics has unveiled an autonomous electric van it says is designed to support Level 4 self-driving and offers 24 cubic meters of cargo space. Introduced at a transport expo on July 2, the new vehicle, along with expanded robot and drone fleets, marks JD’s latest push to scale smart logistics across China.

Labubu resale hype prompts probe, crackdown

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Jiemian News
Pop Mart’s Labubu IP has sparked resale hype in China, with reports of prices reaching RMB 7,800. A media probe found actual secondhand prices to be far lower. As demand surges, regulators in Hebei and Yiwu are cracking down on counterfeits, underscoring the risks of IP-driven retail.

UAE ship begins car export route from China

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CNR
A UAE-operated RORO vessel departed Ningbo Zhoushan Port on July 3 with nearly 4,000 vehicles, marking the maiden voyage of the first dedicated China-Egypt car export route via the Middle East and Africa. The ship will call at several regional ports before arriving at Egypt’s Damietta Port.

China car dealers push back on price war

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Reuters
Car dealers in China’s Yangtze River Delta are urging automakers to ease pricing and inventory pressures, citing risks from high stock levels, cash flow strain, and below-cost sales. The appeal underscores the ongoing fallout from China’s prolonged automotive price war, despite regulatory efforts to rein in the market.

Moore Threads, MetaX file China IPOs

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Reuters
Chinese GPU makers Moore Threads and MetaX have filed for IPOs on Shanghai’s STAR Market, seeking to raise RMB 8 billion and RMB 3.9 billion, respectively. The firms aim to tap growing demand for domestic chips as US export curbs push Chinese buyers toward local suppliers, despite continued losses from R&D spending and stiff competition from Nvidia and others.

US lifts EDA software curbs on China

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Bloomberg
The Trump administration has lifted export license requirements for EDA software sales to China, allowing firms like Synopsys, Cadence, and Siemens to resume business. The move is part of a broader trade deal tied to rare earths access and signals a shift in how export controls factor into US-China talks.

Miniso hits RMB 100 million at Shanghai flagship

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Sina
Miniso’s flagship "Miniso Land" store in Shanghai surpassed RMB 100 million in sales just nine months after opening, with IP-themed products accounting for nearly 80% of revenue. The immersive retail model is now deployed in ten stores across China, reflecting Miniso’s focus on interest-driven shopping.

AliExpress hits nine million users in South Korea

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The Korea Times
AliExpress reached a record high of more than nine million monthly users in South Korea in June, according to WiseApp Retail. The company credited seasonal promotions, expanded travel offerings, round-the-clock customer support, and localized features for driving continued growth.

Alibaba Cloud expands Southeast Asia presence

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Alibaba Cloud
Marking ten years in Southeast Asia, Alibaba Cloud is launching new data centers in Malaysia and the Philippines and a global AI center in Singapore. The expansion aims to meet rising regional demand for advanced cloud infrastructure and AI capabilities.

BYD rolls out first car at Brazil site

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Sina
BYD has produced its first passenger car at a new factory in Camacari, Brazil, 15 months after breaking ground. The plant will build electric and hybrid vehicles, with annual capacity planned at 150,000 units. BYD said the project will support 20,000 jobs and reinforce its LATAM supply chain.

Robots face off in Beijing soccer match

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AP News
In a first for China, AI-powered humanoid robots played fully autonomous three-on-three football in Beijing, navigating the field, coordinating plays, and recovering from falls without human input. Four university teams their own algorithms on shared Booster Robotics hardware.

Temu adds fines for data reporting errors

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Ebrun
Temu has updated its quality inspection rules to fine sellers who misreport product weight or volume by more than 50 grams or 10%. A base fine of RMB 10 per order applies, increasing by RMB 10 for every additional 50 grams. Return orders are also subject to penalties. Sellers are advised to review data to avoid fines or reduced platform visibility.

Pangdonglai lifts 2025 profit forecast

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Ebrun
Pangdonglai reported RMB 11.7 billion in revenue for H1 2025, with supermarket sales accounting for over half. The group’s net profit estimate has risen to RMB 1.5 billion as of mid-June, well above the RMB 1 billion target set earlier this year.

Grammarly closes deal to buy Superhuman

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Reuters
Grammarly is acquiring startup Superhuman to expand its AI-powered workplace tools. Superhuman, last valued at USD 825 million with USD 35 million in revenue, will retain its brand and CEO Rahul Vohra. Grammarly plans to integrate AI agents into email workflows and expand into calendars, tasks, and collaboration.

Anta to open first US store in Beverly Hills

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Jing Daily
Chinese sportswear brand Anta will open its first US store in Beverly Hills, expanding beyond third-party retailers and e-commerce. The announcement came in a teaser featuring chief creative officer Kyrie Irving, who joined the brand in 2023 and launched the Kai 1 signature shoe in March.

DeepSeek adoption grows amid Western concerns

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WSJ
Chinese AI firm DeepSeek is expanding globally, with HSBC, Standard Chartered, and Saudi Aramco among those reportedly testing or deploying its models. The trend has drawn warnings from OpenAI and US officials, who say China’s growing AI presence could erode Western influence and global standards.

Binance keeps Singapore staff despite curbs

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Bloomberg
Binance plans to keep its Singapore-based remote workforce despite new rules requiring offshore crypto firms to be licensed by June 30. The exchange, which lacks a local license, says most staff are in non-client roles such as compliance and tech, insulating them from regulatory impact.

Figma files for IPO after scrapped Adobe deal

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CNBC
Figma has filed to go public on the NYSE, following the collapse of its USD 20 billion sale to Adobe and a USD 1 billion breakup fee. The company reported USD 228 million in Q1 2025 revenue, USD 44.9 million in net income, and roughly 450,000 customers as of March 31.

Surge AI seeks USD 1 billion in first funding

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Reuters
Surge AI is seeking up to USD 1 billion in its first funding round, targeting a valuation above USD 15 billion, according to sources. The profitable, bootstrapped firm generated over USD 1 billion in revenue in 2024 and is adding clients amid Scale AI’s customer losses following its partnership with Meta.

China rolls out virtual IDs for internet use

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The Economist
China will launch virtual IDs for internet use on July 15, shifting user verification from tech firms to state-run systems. Citizens can voluntarily submit facial scans and personal data to access online services. Analysts say the move could reshape China’s AI development and digital economy.
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