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

6 mins read

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Moore Threads, MetaX file China IPOs

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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

just now
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.

Nio’s Q2 deliveries up 71.2% from Q1

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Nio
Nio delivered 24,925 vehicles in June 2025, up 17.5% YoY, contributing to 72,056 units in Q2, a 71.2% increase from Q1. H1 2025 deliveries rose 30.6% YoY to 114,150. Cumulative sales reached 785,714, including 725,248 from Nio, 52,623 from Onvo, and 7,843 from Firefly.

Huawei open-sources Pangu AI models

just now
CNBC
Huawei has open-sourced two Pangu AI models and related inference tools to expand its Ascend chip ecosystem and global reach. Analysts say the move reflects a hardware-first strategy similar to Google’s and could drive adoption in cost-sensitive markets despite ongoing US chip restrictions.

Li Auto marks ten years with Q2 growth

just now
Li Auto
Li Auto delivered 36,279 vehicles in June 2025, with Q2 deliveries reaching 111,074 and total cumulative deliveries topping 1.3 million. Celebrating its tenth anniversary, the company retained its lead in China’s high-end EV market and will expand its lineup with two new battery-powered electric SUVs launching by September.

Luckin Coffee opens first US stores

just now
CBS News
Luckin Coffee opened its first US stores in New York on June 30, unveiling app-based, cashier-free locations in Greenwich Village and Chelsea. The Chinese coffee chain, which overtook Starbucks in China in 2023, is testing its tech-driven model in the US, though launch prices largely match its rival’s.
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