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E-bike exports hit a wall. Can Chinese brands adapt before it’s too late?

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TikTok Shop cuts jobs in Indonesia

just now
Bloomberg
ByteDance is laying off several hundred staff across TikTok Shop and Tokopedia in Indonesia, cutting its local e-commerce workforce to about 2,500. The move follows its USD 1.5 billion merger with Tokopedia, as the company navigates fierce competition and antitrust scrutiny over its growing market share.

Huawei backs Thailand as ASEAN AI hub

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Huawei
Huawei and Thailand’s Ministry of Digital Economy and Society co-hosted a summit in Bangkok on May 30 to promote AI adoption and digital growth. With over 2,000 attendees, the event unveiled partnerships with Chulalongkorn University and plans to train 20,000 AI developers by 2025, reinforcing Thailand’s bid to become ASEAN’s digital and AI hub.

Pop Mart suspends UK Labubu sales

just now
Securities Times
Pop Mart has suspended UK sales of its Labubu figurines after a brawl broke out at a London store. The collectible has become a global fashion item, backed by celebrities like Rihanna and Dua Lipa, with resale prices surging. Amid soaring demand, the company now faces rising pressure to balance hype with supply.

Huadian New Energy gets IPO green light

just now
36Kr
Huadian New Energy, the renewable energy arm of China Huadian, has secured regulatory approval for an IPO in Shanghai, targeting RMB 18 billion in proceeds to fund wind and solar projects. Despite high debt and curtailment rates, the company is buoyed by revenue growth and national climate targets.

Insta360’s IPO sets RMB 17 billion valuation

just now
36Kr
Insta360 launched its IPO today at RMB 47.27 per share, valuing the firm at RMB 17 billion, 20 times its price-to-earnings ratio. From 2022–2024, its revenue rose at a 65.25% CAGR to RMB 5.57 billion, while net profit more than doubled to RMB 995 million.

US tariff block paused as legal fight deepens

just now
Reuters
On May 30, a US appeals court reinstated President Donald Trump’s sweeping tariffs by pausing a trade court ruling that found he had exceeded his authority. The move preserves duties of up to 15% on most imports, including from Canada, Mexico and China, as legal and economic uncertainty continues to weigh on trade partners and markets.

NetEase rallies amid Gen Z gaming demand

just now
Bloomberg
NetEase shares are nearing a four-year high, climbing about 45% this year in Hong Kong on strong demand for both legacy and new titles. Analysts cite youth-driven consumption, easing rivalry with Tencent, supportive regulation, and low valuations as key drivers of China’s gaming stock rally.

OpenAI eyes devices beyond the screen

just now
WSJ
OpenAI COO Brad Lightcap said the company aims to build an “ambient computer layer” that moves AI beyond screens. Speaking on May 30, he said he’s unawre of details around Sam Altman and Jony Ive’s secretive hardware project, but confirmed OpenAI now serves three million enterprise clients, up 50% since February.

Hozon Auto’s debt deal falls through

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21st Century Business Herald
Hozon Auto, which manufactures EVs under the Neta brand, has seen its bid to swap RMB 3 billion in supplier debt for equity falter after converting only two-thirds of the target, sources said. The company still owes around RMB 6 billion and now faces investor calls to remove CEO Fang Yunzhu, whose shares were frozen by a May 13 court order.

China may have hit carbon emissions peak

just now
The Economist
China’s carbon emissions fell 1% in the year to March, according to Finnish think tank CREA, as surging solar and wind output offset coal use. With factories still running, the decline points to structural shifts in energy consumption, though weather risks, grid limits, and policy changes could challenge the durability of the trend.

China launches Intewell OS for robots

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Shanghai Securities News
China launched Intewell OS on May 29 as a foundational platform for embodied AI and robotics. Backed by Kyland, Ti5 Robot and Hygon, it supports domestic and global chipsets while cutting costs and power use by integrating motion control and AI on a single chip. A unified interface improves portability, positioning it as an anchor of China’s robotics ecosystem.

DeepSeek says R1 upgrade cuts hallucinations

just now
Bloomberg
DeepSeek said its updated R1-0528 model cuts hallucinations and boosts performance in logic, math and coding. Released on May 29, the upgrade builds on the original R1, which jolted the AI sector in January with its capabilities and cost efficiency. DeepSeek claims the model now rivals OpenAI’s o3 and Google’s Gemini 2.5 Pro.

ASEAN, GCC, and China meet amid US tariffs

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CNA
Leaders from ASEAN, the GCC, and China met in Kuala Lumpur for a first-of-its-kind summit aimed at strengthening economic cooperation to hedge against US trade policies. While no major deals were signed, the trilateral talks signaled plans to deepen collaboration in trade, digital infrastructure and green tech, despite competing interests and pressure to maintain US ties.  

China, Micronesia pledge deeper ties

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CGTN
During talks in Xiamen, China and the Federated States of Micronesia reaffirmed plans to deepen bilateral ties under the Belt and Road Initiative. The two sides pledged to expand cooperation in infrastructure, climate change, marine science, and exchanges in education, youth, and governance.

Wanglaoji begins local production in Malaysia

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Jiemian News
Herbal tea brand Wanglaoji, known internationally as Walovi, has signed a production agreement with Malaysia’s Baosteel Can Making and PCI. The move marks its first offshore manufacturing project, enabling local output in Malaysia and expanding its reach across RCEP markets such as Indonesia and Thailand.

China, ASEAN wrap up 3.0 FTA talks

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Ministry of Commerce (China)
China and ASEAN have completed talks on their upgraded FTA 3.0 agreement, which adds digital and green economy chapters and aims to deepen production and supply chain ties. At a May 29 press briefing, China also launched a smart supply chain initiative, citing global trade uncertainty and expanding ties with blocs like the GCC.

DJI to launch Osmo 360 camera in July

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KrASIA
DJI plans to launch the Osmo 360, its first 360-degree camera for consumers, in July. Featuring a flat form and dual-lens design, it targets creators seeking portability and ease of use. The product follows DJI’s gradual expansion into handheld imaging after earlier Osmo Action and Pocket releases.

Douyin consolidates short drama operations

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KrASIA
Douyin Group has formed a centralized unit to oversee short drama copyrights and content delivery, merging teams from Douyin and Hongguo under Zhang Chao’s leadership. The move consolidates creator partnerships and rights management, aiming to enhance IP oversight and raise production quality across both platforms.

DeepSeek quietly updates R1 model

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SCMP
DeepSeek has quietly released R1-0528, a revised version of its R1 reasoning model. While update details were not disclosed, benchmarks show the model now leads all Chinese peers in AI coding performance, trailing only OpenAI on LiveCodeBench. The upgrade comes as domestic competition intensifies and anticipation builds for DeepSeek’s next-gen R2 model.

Futu’s revenue surges 81.1% in Q1

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Futu
Futu reported Q1 2025 revenue of HKD 4.69 billion, up 81.1% YoY, with net income doubling to HKD 2.14 billion. Trading volume reached HKD 3.22 trillion, while client assets rose 60% to HKD 830 billion. The firm added 262,000 funded accounts, driven by regional growth and strong IPO activity.
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