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Once a luxury indulgence, Haagen-Dazs faces an identity crisis in China

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China Eastern, Starbucks link loyalty programs

just now
Sina
China Eastern Airlines and Starbucks China have launched a loyalty tie-up linking Eastern Miles and Starbucks Rewards. Members can access cross-platform perks including bonus miles, coffee, and in-flight Wi-Fi. As part of the tie-up, special boarding passes and Yunnan-themed flights roll out from July 14 across six airports.

Musk rules out merging Tesla with xAI

just now
CNBC
Elon Musk said he does not support a merger between Tesla and xAI, responding to speculation about closer ties between his companies. The comment follows earlier hints of a shareholder vote on Tesla investing in xAI, developer of the Grok chatbot.

BYD plans new showrooms in Saudi Arabia

just now
Bloomberg
BYD plans to open seven new showrooms in Saudi Arabia by late 2026, expanding its footprint as EV adoption slowly grows. With Tesla’s entry boosting awareness and state-backed investments reshaping the market, BYD expects to sell over 5,000 vehicles this year in a market still dominated by fuel-powered cars.

Synopsys-Ansys deal wins China’s approval

just now
Reuters
China has approved Synopsys’ USD 35 billion acquisition of Ansys, conditional on the merged firm maintaining fair access to EDA software for Chinese customers. The green light follows a recent US move to ease export restrictions on chip design tools.

CATL, BYD partner with BHP on mining tech

just now
SCMP
CATL and BYD’s FinDreams Battery have signed agreements with BHP to co-develop battery systems, electrify mining fleets, and enhance recycling technologies. As EV demand softens and overcapacity mounts, China’s battery makers are pivoting toward mining decarbonization and broader industrial applications.

China’s June exports rise amid tariff pause

just now
Reuters
China’s trade surplus reached USD 114.7 billion in June, as exports rose 5.8% YoY on pre-deadline orders ahead of a potential US tariff snapback. Shipments to ASEAN surged 16.8%, while US-bound exports rose 32.4% MoM. Analysts warn momentum may slow as frontloading wanes and tariff risks return.

Nio rallies on Onvo L90 momentum

just now
Jiemian News
Nio shares jumped in Hong Kong on July 14 after its Onvo L90 SUV beat pricing forecasts. Buoyed by strong demand and analyst optimism, the model is expected to support Nio’s Q4 2025 profit goal. With deliveries starting in August, the L90 targets leadership in the premium three-row electric SUV segment.

Singapore IPO market shows signs of life

just now
Bloomberg
NTT DC REIT rose 3% on its USD 773 million debut, the largest IPO in Singapore since 2016. GIC joined as a rare local cornerstone investor. With the public tranche nearly ten times subscribed and regional peers watching, SGX officials hope the deal signals a turning point for the country's stalled IPO market.

Yarbo raises Series B+ funding

just now
36Kr
Yarbo, a Chinese maker of snow-clearing robots, has raised over RMB 100 million in Series B+ funding from investors including CAS Investment, CICC Capital, and Joyoung’s venture arm. The funds will support R&D, supply chain upgrades, and global expansion, with Yarbo already operating a US base in New York.

Ele.me phases out legacy member tiers

just now
Ebrun
Ele.me will retire its legacy tiered membership system by July 31, shifting users to a new program launched during the 618 shopping festival. Aimed at high-frequency users, the updated scheme introduces stricter eligibility thresholds based on three-month order volume and total spending.

Perplexity AI taps Kimi K2 for model training

just now
36Kr
Perplexity AI CEO Aravind Srinivas said the firm will use Moonshot AI’s Kimi K2 model for post-training, citing its strong benchmark performance. Released on July 11, the open-source model ranks among the top globally and follows Perplexity’s earlier use of DeepSeek’s R1.

Meituan hits 1.5 billion orders as subsidies spike

just now
National Business Daily
Meituan hit 1.5 billion daily orders on July 12 as China’s top delivery platforms escalated subsidy campaigns with “zero yuan” deals and steep discounts. While demand surged, analysts warned of profit pressure, declining share prices, and growing risks to market stability as the price war deepens.

Romoss execs flee to Malaysia amid recall

just now
Sin Chew Daily
Five key executives from Chinese power bank brand Romoss have reportedly fled to Malaysia after the company suspended operations following a large-scale product recall. Insiders claim profits were siphoned off, leaving little cash to manage the fallout. The shutdown affects all but recall-related staff for six months.

Musk channels SpaceX funds into xAI

just now
WSJ
SpaceX is investing USD 2 billion in xAI as part of the latter’s USD 5 billion equity funding round. It marks SpaceX’s first known stake in the Grok chatbot maker and reflects Elon Musk’s broader strategy of using his business empire to support ventures under his control, including Tesla, X, and The Boring Company.

Moonshot AI debuts open-source Kimi K2

just now
SCMP
Moonshot AI has released Kimi K2, a trillion-parameter open-source model built on a MoE framework and designed for math, coding, and agentic tasks. Offered in base and instruct versions, the Alibaba-backed firm joins DeepSeek and Zhipu AI in advancing China’s global open-source AI push.

Shopee sees surge in July 7 orders

just now
Ebrun
Shopee’s July 7 sale set a new record, with GMV reaching twice its 2024 Black Friday total. Strong demand for beauty, fashion, and home goods pushed daily unit sales past 1 million. Live streams drew a reported 30 million views, while short video uploads on the platform surged to 200,000 per day.

Google snags Windsurf after OpenAI deal collapses

just now
Bloomberg
Google is paying about USD 2.4 billion for talent and licensing rights from AI startup Windsurf, after a planned acquisition by OpenAI fell through over conflicts tied to Microsoft’s access to IP. Windsurf’s co-founder and CEO will join DeepMind, as tech giants continue acquiring AI talent.

China’s 2D fandom market doubles in size

just now
Nikkei Asia
China’s 2D fandom market hit RMB 597.7 billion in 2024, doubling since 2019 as demand for both domestic and international IP surges. At Shanghai’s Bilibili World carnival, 300,000 fans gathered in cosplay to celebrate games, anime, and virtual idols, underscoring the sector’s cultural and commercial ascent.

xAI seeks more funding at towering valuation

just now
Financial Times
Elon Musk’s xAI is preparing a new funding round targeting a valuation between USD 170–200 billion, up sharply from USD 18 billion in May. The raise would follow two deals closed in the past two months. Saudi Arabia’s PIF is expected to play a key role in the talks, which remain preliminary.

Court rejects motion to dismiss TikTok suit

just now
CNBC
A New Hampshire judge rejected TikTok’s motion to dismiss a state lawsuit accusing it of using addictive design features to target minors. The court ruled the claims focus on the app’s functionality, not user content. TikTok denied wrongdoing, calling the allegations outdated and cherry-picked. The ruling follows similar suits against Meta, Snapchat, and Discord by other states.
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