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With Huawei and SAIC behind it, the Shangjie H5 goes big on tech and scale

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Pulses

Nvidia denies “backdoor” chip claims

just now
CNBC
Nvidia has denied that its H20 chips contain any “backdoors,” after Chinese regulators summoned the company to address national security concerns. The scrutiny follows reports of potential tracking features and comes as Nvidia prepares to resume shipments of the AI chips to China.

Starbucks shortlists bidders for China stake

just now
Bloomberg
Starbucks has shortlisted about a dozen firms, including KKR, Boyu, JD.com, and Tencent, to explore investing in its China business, sources said. CEO Brian Niccol said the goal is to expand stores and strengthen local operations, while retaining a meaningful stake. No deal has been finalized.

China’s food delivery war shifts backend

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SCMP
Meituan and JD.com are expanding China’s food delivery war into restaurant infrastructure, with Meituan planning 1,200 “Raccoon Canteen” outlets and JD.com investing RMB 1 billion to build 10,000 kitchens under its 7Fresh brand. The strategy aims to accelerate delivery and tighten platform control over the food supply chain.

Chinese firms form domestic chip alliance

just now
SCMP
Chinese AI and chipmaking firms, including Huawei and Tencent-backed StepFun, have formed an alliance to promote domestic processors, as regulators investigate Nvidia’s H20 chips over security risks. The move aligns with Beijing’s broader push for tech self-reliance amid ongoing US export controls.

Manus rolls out multi-agent tool

just now
Bloomberg
Manus is rolling out “Wide Research,” a premium feature that les users assign tasks to multiple AI agents in parallel, according to sources. Priced at USD 199 per month, it reportedly handles large-scale queries such as stock screening and academic rankings, marking the startup’s most significant update since its March platform launch.

OpenAI hits USD 12 billion in annualized revenue

just now
The Information
OpenAI has reportedly reached an annualized revenue run rate of USD 12 billion, fueled by widespread adoption of its ChatGPT products across consumer and enterprise markets. The platform now serves about 700 million weekly users as the company expands operations and seeks additional funding.

ByteDance tests diffusion code model

just now
ByteDance
ByteDance’s Seed team has introduced Seed Diffusion Preview, a discrete diffusion language model built for structured code tasks. Processing at 2,146 tokens per second, it is said to deliver 5.4 times faster inference than comparable autoregressive models while maintaining similar benchmark accuracy. The model combines edit-based training, constrained decoding, and on-policy learning to advance diffusion toward scalable real-world applications.

Autohome Q2 profit hits RMB 476 million

just now
Securities Times
Autohome reported Q2 2025 revenue of RMB 1.76 billion and adjusted net profit of RMB 476 million. It expanded its online-to-offline and AI-driven offerings, launched a global site featuring Chinese vehicle models, and increased EV-related and live stream content output. Its retail network reportedly exceeded 200 locations as it scaled ecosystem coverage and international presence.

Amap expands ride-hailing to 24 countries

just now
36Kr
Alibaba's Amap app has launched ride-hailing services in 24 countries across Europe and Asia, including major cities like Paris and London. Partnering with Bolt, the service lets users in mainland China, Hong Kong, and Macau hail rides overseas without changing apps or SIM cards.

WeRide Q2 revenue jumps 60.8%

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WeRide
WeRide reported Q2 2025 revenue of USD 17.8 million, a 60.8% YoY rise, with robotaxi earnings surging 836.7% to USD 6.4 million. Robotaxis accounted for 36.1% of total revenue. In Abu Dhabi, its fleet size has reportedly tripled since December 2024, reinforcing its lead outside the US and China.

Grab lifts EBITDA for 14th straight quarter

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Grab
Grab reported Q2 2025 net profit of USD 20 million, up USD 89 million YoY, as revenue rose 23% to USD 819 million. Adjusted EBITDA increased to USD 109 million, marking the 14th consecutive quarterly gain. On-demand GMV grew 21% to USD 5.4 billion, with all core segments posting double-digit revenue growth.

Sunwoda pursues Hong Kong IPO

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Sunwoda
Sunwoda Electronic is preparing to launch an IPO in Hong Kong to support its international expansion. The company said the listing will enhance its global brand presence and strengthen operational and management capabilities.

Trump signals progress on China talks

just now
Reuters
US President Donald Trump said trade talks with China are progressing and that he expects both sides to reach a fair deal. Officials from both countries met in Stockholm on July 28 to discuss extending a trade war truce ahead of an August 12 deadline. The US has recently secured trade agreements with the EU, UK, and Japan.

US suspends de minimis exemption

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CBS News
President Donald Trump has suspended the de minimis exemption, which allowed imports under USD 800 to enter the US duty-free. Effective August 29, the order targets a surge in low-value shipments and seeks to close a loophole used to bypass tariffs. Imports from China and Hong Kong were already excluded under a prior order.

Foxconn to take 10% stake in TECO

just now
CNBC
Foxconn is acquiring a 10% stake in TECO Electric & Machinery through a share swap, forming a partnership to co-develop integrated AI data center solutions. The move underscores Foxconn’s diversification beyond consumer electronics into AI, EVs, and semiconductors, amid growing global data center investment.

Luckin lifts Q2 earnings on store gains

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Luckin Coffee
Luckin Coffee reported Q2 2025 net income of RMB 1.25 billion, up 43.6% YoY, as revenue rose 47.1% to RMB 12.36 billion. Non-GAAP operating income climbed 61% to RMB 1.85 billion. Same-store sales at self-operated stores grew 13.4%, with its total store count reaching 26,206 and monthly transacting customers hitting 91.7 million.

Prosus trims Meituan stake amid clash

just now
Bloomberg
Prosus has begun offloading its stake in Meituan, selling USD 250 million in shares as the Chinese firm’s global expansion puts it in direct competition with Prosus-backed businesses in markets like Brazil. The stake, once valued at USD 4.2 billion, is now below 5%. Proceeds will support Prosus’ other e-commerce investments.

CATL posts 33% profit growth in H1

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CATL
CATL reported a 33.02% YoY rise in net profit to RMB 30.51 billion for H1 2025, as revenue grew 7.27% to RMB 178.89 billion. Power battery sales rose 16.8%, while gross margin improved to 25.02%. Overseas revenue surged 21.14%. CATL also raised HKD 41 billion via its H-share listing in May

JD.com bids to acquire Ceconomy

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JD.com
JD.com has launched a voluntary takeover bid for Ceconomy, the parent company of MediaMarkt and Saturn, offering EUR 4.6 per share. Backed by anchor shareholder Convergenta, the deal would give JD access to 57.1% of shares. If approved, Ceconomy will operate as a standalone business while drawing on JD’s logistics and technology to support its European expansion.

Zhuanzhuan, DAFZ to build reuse hub

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DAFZ
Zhuanzhuan Group has signed an MoU with Dubai Airport Freezone (DAFZ) to develop an integrated cross-border hub for secondhand goods. As part of the partnership, Zhuanzhuan will establish its regional headquarters in the zone, supporting Dubai’s D33 agenda and its goal of becoming a global hub for sustainable trade across Asia, Africa, and Europe.
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Meituan scrambles on “Super Saturday” as Taobao Shangou tops 80 million daily orders

A single Saturday saw Taobao Shangou, Meituan, and JD.com log a combined 200 million orders, testing subsidy strength, logistics, and supply chains in real time.

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