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China’s coffee market splits in two as Luckin moves upmarket and Mixue digs deeper

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Pulses

TikTok responds to Australia probe

just now
Bloomberg
TikTok said it is cooperating with Australia’s eSafety regulator as it reviews compliance with the country’s under-16 social media law, which took effect on December 10, 2025. The company added that it is focused on strengthening age assurance technology and enforcement, and will continue engaging with authorities as the assessment proceeds.

Chinese ships exit Hormuz strait

just now
Nikkei Asia
Two COSCO-operated Chinese container ships sailed through the Strait of Hormuz on March 30 on their second attempt, becoming the first non-Iranian container vessels to leave the Persian Gulf since the US-Israeli conflict with Iran began on February 28. The ships moved in close formation toward the Gulf of Oman.

Moonshot’s ARR tops USD 100 million

just now
Jiemian News
Moonshot AI’s ARR surpassed USD 100 million in early March, roughly a month after the launch of its Kimi K2.5 model, according to a person familiar with the matter. API token-per-minute quotas have tightened, with some clients offering higher spending commitments and prepayments for priority access.

Alibaba Health partners AstraZeneca

just now
Guandian
Alibaba Health has signed a partnership agreement with AstraZeneca to co-develop digital healthcare services focused on disease management. The collaboration will target areas including respiratory, cardiovascular and metabolic conditions, combining medical expertise with digital tools for patient support.

BYD raises 2026 export outlook

just now
Bloomberg
BYD told analysts it now expects exports to reach 1.5 million vehicles in 2026, about 15% above its previous 1.3 million target disclosed in January, according to people familiar with the matter. The higher goal follows weaker domestic sales and the company’s first annual profit decline in four years, increasing reliance on overseas markets.

Japan slashes BYD EV subsidies

just now
Nikkei Asia
Japan will cut subsidies for BYD cars to JPY 150,000 from about JPY 350,000–400,000 under revised rules that favor automakers using domestically produced batteries. The change, announced by the Ministry of Economy, Trade and Industry, take effect in April.

Manycore clears HKEX IPO hearing

just now
21st Century Business Herald
Manycore Tech passed HKEX’s listing hearing on March 29 after updating its post-hearing materials, entering the final phase of its Hong Kong IPO with JPMorgan and CCB International as joint sponsors. The spatial intelligence company reported RMB 829 million in 2025 revenue, 82.2% gross margin, and RMB 57.1 million in non-IFRS adjusted net profit, turning profitable.

Shanghai to host Unitree store

just now
Securities Times
Unitree Robotics will open its first Asia experience center in late May at Jiuguang Department Store in Shanghai’s West Nanjing Road commercial district. The more than 100-square-meter outlet will showcase the company’s full lineup of latest products.

DeepSeek chatbot suffers outage

just now
Bloomberg
DeepSeek's chatbot suffered an outage lasting more than seven hours in China, with issues reported on March 29 evening. The company rolled out multiple updates and said a fix had been implemented, though service stability remained unclear.

ByteDance adds Seedance safeguards

just now
SCMP
ByteDance has added watermarking and IP protection features to Seedance 2.0 ahead of its global rollout on CapCut. The update includes C2PA tagging, IP monitoring, and limits on generating real faces or copyrighted characters following scrutiny from Hollywood studios.

Huawei poaches German photonics expert

just now
Nikkei Asia
Huawei has hired Martin Schell, former director of Fraunhofer HHI, as R&D head at its Bragg Research Center in the UK. The move highlights concerns in Germany over talent outflows as Chinese tech firms recruit from leading research institutions.

T-Head hits 500,000 SSD chip shipments

just now
36Kr
T-Head Semiconductor said its Zhenyue 510 SSD controller chip has surpassed 500,000 shipments and is deployed across Alibaba Cloud's core services. Multiple storage vendors have reportedly launched products based on the chip.

Xpeng to rename as Xpeng Group

just now
Xpeng
Xpeng will adopt “Xpeng Group” as its Chinese company name effective April 1, while retaining its English name, Xpeng. The change may reflect the company’s expansion beyond EVs into areas including robotics and chipmaking.

Wahaha halts 70% of production

just now
Jiemian News
Wahaha has halted about 70% of its production lines across multiple factories, pausing most shipments and issuing leave notices at some plants, according to people familiar. The shutdown is linked to production scheduling, with operations expected to resume around April 2.

Cainiao ties with CP Axtra on logistics

just now
36Kr
Cainiao has signed a deal with CP Axtra to build an integrated online-offline retail logistics network in Thailand and Southeast Asia. It will provide digital supply chain and warehouse automation capabilities, leveraging CP Axtra's network of over 2,700 stores.

Ninebot partners Pop Mart IP

just now
Guandian
Ninebot has partnered with Pop Mart’s “Sweet Bean” IP on a co-branded EV set for April, leveraging the IP to expand its appeal among younger consumers.

Chagee targets Seoul expansion

just now
The Korea Times
Chagee will open three stores in Seoul in the second quarter, marking its South Korea debut and first East Asia expansion beyond China. The push aligns with broader overseas expansion by Chinese tea chains, while Chagee’s international GMV rose 75.3% YoY to RMB 300.3 million.

Tencent Cloud launches agent stack

just now
Sina
Tencent Cloud has introduced its AI agent stack, including the ADP development platform, "Agent Runtime" sandbox, and TokenHub model-as-a-service upgrade. It said system engineering tools such as workflow design and memory management drive deployment outcomes, with its sandbox supporting rapid container scaling for training and execution.

Moonshot AI in early IPO talks

just now
Bloomberg
Moonshot AI, the maker of Kimi, is considering a Hong Kong IPO and has held talks with CICC and Goldman Sachs, according to people familiar with the matter. The plan is at an early stage, with timing uncertain and no guarantee of a listing.

Pony.ai and co to launch Zagreb robotaxis

just now
Pony.ai
Pony.ai, Uber, and Verne will launch a commercial robotaxi service in Zagreb, with road testing already underway. Pony.ai provides the autonomous system, Verne operates the fleet, and Uber integrates the service into its platform, with plans to expand across Europe.
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