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Meituan scrambles on “Super Saturday” as Taobao Shangou tops 80 million daily orders

11 mins read

Pulses

CMBI gets Hong Kong crypto licence

just now
SCMP
CMB International Securities has received a virtual asset licence from Hong Kong’s Securities and Futures Commission, becoming the first mainland Chinese broker approved to offer crypto trading, custody, and advisory services in the city. The move aligns with Beijing’s support for Hong Kong’s crypto ambitions but maintains restrictions on mainland investor access.

Zeekr to go private in Geely buyout

just now
Reuters
Geely will take Zeekr private in a USD 2.4 billion buyout that values the premium EV unit at USD 6.83 billion. The deal, expected to close in Q4 2025, comes just over a year after Zeekr’s US IPO and signals Geely’s shift toward operational streamlining amid intensifying EV price competition in China.

Latin America builds its own GPT

just now
Rest of World
Latam-GPT, Latin America’s first open-source LLM, is set to launch in September with 50 billion parameters. Led by Chile’s CENIA and supported by over 30 partners, the project centers on local dialects, Indigenous languages, and cultural context. It aims to narrow the AI gap, though challenges in infrastructure, inclusion, and privacy remain.

China’s top airlines extend H1 losses

just now
Nikkei Asia
Air China, China Southern Airlines, and China Eastern Airlines reported estimated H1 2025 losses totaling up to RMB 5.55 billion, citing fare competition, weak demand, and macro headwinds. Regulators have urged carriers to rein in price wars, even as smaller players like China Express Airlines turn profitable amid rising domestic travel.

Shenzhen rolls out robot fleet in subways

just now
SCMP
Shenzhen has launched a global-first project deploying 41 autonomous delivery robots to restock over 100 7-Eleven stores across its subway system. Operated by a Vanke logistics unit, the robots board trains, ride lifts, and deliver goods during off-peak hours as part of the city’s broader plan to scale urban robot use by 2027.

China restricts EV battery tech exports

just now
NYTimes
China has imposed new export controls on eight key EV battery technologies, including LFP processes, requiring firms to obtain licenses for any overseas transfers. The move could hinder the global expansion of Chinese battery makers and complicate plans for overseas factories in Europe and the US.

Apple could tap Samsung for foldable display

just now
Ming-Chi Kuo
Apple is expected to adopt Samsung’s crease-free display tech for its foldable iPhone debut in H2 2026, using a custom metal plate from Fine M-Tec to reduce stress at fold points. Analyst Ming-Chi Kuo said Fine M-Tec will begin shipments in Q1 2026, targeting 13–15 million units and an 80% supply share.

Apollo Go joins Uber in global push

just now
Baidu
Baidu and Uber have formed a multiyear partnership to deploy Apollo Go autonomous vehicles across select markets outside the US and mainland China. The first rollouts are expected in Asia and the Middle East later this year, giving Uber riders the option of fully driverless rides via Baidu’s fleet.

Pop Mart expects profit to soar 350%

just now
Pop Mart
Pop Mart expects at least 200% YoY revenue growth and over 350% profit gain for H1 2025, citing stronger global brand visibility, a rising share of overseas income, and enhanced cost management. The figures are based on unaudited results and may differ upon final review.

Chagee returns to Vietnam after boycott

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Chagee
Chinese tea chain Chagee has reopened in Ho Chi Minh City after a boycott in March tied to its mobile app. The company has launched a new store and is offering discounts to regain customers.

Nvidia cleared to sell H20 chip in China

just now
WSJ
Nvidia said it has US approval to resume H20 chip sales to China under license, reversing an April restriction days after CEO Jensen Huang met with President Donald Trump. A downgraded chip based on the Blackwell architecture is also being prepared to meet US export rules. Sales of top-tier chips remain restricted.

Tesla, Waymo to lead US robotaxi growth

just now
TrendForce
The US robotaxi market is projected to reach USD 36.5 billion by 2035, co-led by Tesla and Waymo, according to TrendForce. Tesla’s growth will depend on regulatory approval and mass production of its Cybercab by 2026. In China, the market is expected to hit USD 44.5 billion, driven by robust supply chains and active local players.

ByteDance working on MR headset

just now
Sina
ByteDance is reportedly developing a lightweight mixed reality headset resembling goggles, according to sources familiar with the matter. The move comes as Meta also works on a similar device, slated for release in 2027. ByteDance has yet to respond to requests for comment.

JD.com joins short drama hiring race

just now
China Star Market
JD.com is offering up to RMB 1.4 million in annual salary to hire short drama content strategists, ramping up efforts to merge entertainment with e-commerce. Following earlier moves by Alibaba and Pinduoduo, JD.com plans to build an IP-driven production system and use data to boost user retention and platform traffic.

Chinese firms lead convertible bond boom

just now
Bloomberg
Asia’s convertible and exchangeable bond sales have surged past USD 30 billion in 2025, led by Chinese firms tapping strong equity markets and low-cost funding. Major issuers like Baidu, Alibaba, and Ping An Insurance offered zero-interest deals. Analysts say demand remains strong, barring disruption from geopolitical risks.

Africa embraces stablecoins for trade

just now
Semafor
Stablecoins are gaining ground in Africa as businesses adopt them for cross-border payments. With global banks deprioritizing the continent, on-chain dollars could offer faster, cheaper, and more accessible alternatives, positioning stablecoins as emerging infrastructure for trade and financial autonomy.

BMW, Momenta to co-develop China ADAS

just now
Sina
BMW is partnering with Chinese tech firm Momenta to co-develop an AI-powered driver assistance system tailored for China. The system will offer point-to-point assist across urban and highway routes, combining BMW’s safety architecture with Momenta’s AI. It will launch on next-gen China-made BMW vehicles.

TikTok seeks talks to avoid Canada shutdown

just now
Bloomberg
TikTok is pushing for urgent talks with Canadian officials to avoid a shutdown of its local operations, warning it may need to lay off staff and halt investment. The company has proposed a Canada-specific data security plan but says it has yet to receive a government response. TikTok employs 350 people in Canada and serves around 14 million users.

Cognition acquires remainder of Windsurf

just now
Bloomberg
Cognition AI has acquired what remains of AI coding startup Windsurf, including IP, staff, and assets. The deal follows Google’s hire of Windsurf’s co-founder and CEO, after a prior USD 3 billion acquisition by OpenAI collapsed amid tensions with Microsoft. Windsurf reported USD 82 million in ARR, and all remaining employees will share in the deal.

Nvidia CEO promotes AI growth in Beijing

just now
Nvidia
Nvidia CEO Jensen Huang met with government and industry leaders in Beijing to promote AI’s role in boosting productivity and innovation. He said Nvidia is reapplying to sell its H20 GPU in China and introduced a new RTX Pro chip for smart factories. Huang also emphasized global collaboration and open-source AI development.
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