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China races ahead in robovans even as autonomous delivery challenges remain

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Pulses

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.

China nears parity in science leadership

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Bloomberg
Chinese scientists led 45% of joint studies with US researchers in 2023, up from 30% in 2010, according to a PNAS study. Using AI to analyze authorship data, the study projects that China could match US scientific leadership by 2027, fueled by investment in advanced technologies and deeper ties with Belt and Road nations.

RoboTechnik files for Hong Kong IPO

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RoboTechnik
RoboTechnik Intelligent Technology has filed a draft prospectus for a Hong Kong listing. The company makes intelligent manufacturing systems for silicon photonics and solar cells, positioning itself where AI infrastructure meets renewable energy technology.

Nvidia CEO to unveil South Korea chip deals

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Bloomberg
Nvidia CEO Jensen Huang plans to announce new AI chip supply deals with South Korean companies including Samsung, Hyundai Motor, and SK Group during his upcoming visit. The partnerships aim to bolster Nvidia’s foothold in a key market amid China restrictions and support South Korea’s drive to expand its AI infrastructure.

Nvidia invests USD 1 billion in Nokia

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Nokia
Nvidia and Nokia announced a partnership to develop AI-native RAN solutions for next-generation networks, with Nvidia investing USD 1 billion in Nokia at USD 6.01 per share. The collaboration will integrate Nvidia’s ARC-Pro platform into Nokia’s RAN systems to boost efficiency, scalability, and network readiness.

Boyu leads bid for Starbucks China stake

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Sina
Boyu Capital has reportedly emerged as the frontrunner to acquire a controlling stake in Starbucks’ China business, which could be valued at more than USD 4 billion, according to people familiar with the matter. Talks to finalize the deal may take months, with other investors likely to join as limited partners.

Wondershare posts steady Q3 growth

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36Kr
Wondershare Technology reported revenue of RMB 1.142 billion for the first three quarters, up 8.5% YoY, with Q3 revenue increasing 9.99% to RMB 382 million. The company said AI server calls surpassed 800 million, reflecting growing adoption of its AI-driven platforms.

Amazon confirms 14,000 job cuts

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CNBC
Amazon has confirmed it will cut about 14,000 corporate positions, the largest in its history, as it streamlines operations and ramps up investment in AI. The layoffs will span multiple divisions, including its cloud and devices units.

Douyin drops couriers over fake tracking

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Jiemian News
Douyin E-commerce announced that it will remove four logistics firms on October 29 after uncovering fake tracking schemes used to falsify delivery records. The platform said the violations misled consumers and disrupted operations, and it urged merchants to switch to compliant logistics providers.
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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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