FB Pixel no scriptKrASIA | Decoding China's tech and business pulse
MENU
KrASIA

News

Xiaomi steps into smart eyewear with voice-enabled glasses built for everyday use

3 mins read

Pulses

Temu, AliExpress told to halt sales in Seoul

just now
AFP
Seoul has asked Temu and AliExpress to suspend sales of 11 children’s products that breached safety limits, including umbrellas and rain gear with toxic chemical levels hundreds of times above legal thresholds. Though non-binding, the request follows growing scrutiny of product safety on global e-commerce platforms.

China’s industrial profits drop 9.1%

just now
CNBC
China’s industrial profits fell 9.1% YoY in May, the steepest monthly drop since October 2023, amid weak demand and lower prices. Cumulative profits for major firms declined 1.1% YoY in January-May, with mining down 29%. Analysts expect limited new stimulus, as GDP growth continues to exceed Beijing’s 5% target.

US and China strike rare earth supply accord

just now
Reuters
The US and China have reached a framework deal to restart rare earth shipments, a White House official confirmed. The move follows export curbs imposed by China during the trade conflict, which disrupted supply chains in key sectors including defense and semiconductors. The accord stems from earlier Geneva talks and aims to ease ongoing tensions.

Pony.ai may sell US arm in Uber-linked talks

just now
Bloomberg
Pony.ai is in early talks to sell its US subsidiary to Travis Kalanick, who may lead the unit while remaining at CloudKitchens if a deal is reached. Uber is reportedly considering funding support. The Delaware-based entity currently has no revenue but holds testing permits and an R&D presence.

Meta eyes PlayAI in voice tech push

just now
Bloomberg
Meta is in advanced talks to acquire PlayAI, a startup specializing in AI-driven voice replication, to enhance its assistant and hardware offerings. The deal would add talent and technology to Meta’s “superintelligence” push, as it races rivals like Google and OpenAI in the AI arms race.

ASML launches China talent drive

just now
SCMP
ASML has launched a lithography-themed science contest in China to identify local engineering talent, offering job interviews to top scorers. The initiative reinforces the Dutch chipmaker’s ties to the market, even as export controls tighten. China was ASML’s largest market in 2024, contributing 36.1% of total sales.

Hong Kong updates digital asset policy

just now
China Daily
Hong Kong has released an updated digital asset policy under the LEAP framework, outlining legal reforms, stablecoin support, and plans to regularly issue tokenized versions of government bonds. The move aims to better integrate digital finance with the real economy and reinforce the city’s innovation role ahead of new legislation taking effect in August.

Alibaba sheds nine partners in latest reshuffle

just now
Securities Times
Alibaba cut nine members from its partnership in fiscal 2025, shrinking the group to 17 amid a broader leadership reshuffle. Founders Peng Lei and Dai Shan were among those who retired. The remaining partners now consist mainly of core business heads and tech leads, signaling a shift toward operational focus.

Xpeng launches the X9 in Indonesia

just now
Sina
Xpeng Motors has launched its X9 MPV in Indonesia at a starting price of IDR 990 million, with local production slated to begin in July. The plant marks Xpeng’s first overseas manufacturing base as it targets Southeast Asia’s largest automotive market.

Anjoy targets expansion in Southeast Asia

just now
SCMP
Anjoy Foods, China’s leading frozen hotpot supplier, plans to raise up to HKD 2.64 billion in a Hong Kong listing on July 4. The proceeds will fund expansion in Southeast Asia and Europe, where demand for Chinese cuisine is growing. The company reportedly holds a 6.2% share of the mainland market and reported RMB 15.1 billion in revenue last year.

Ant Group expands into healthcare with AQ

just now
Ant Group
Ant Group has launched AQ, an AI-powered healthcare app designed to help users manage medical needs with tools for diagnosis, doctor matching, and hospital services. Backed by a proprietary healthcare large model and years of digital health experience, Ant said AQ connects to 5,000 hospitals and one million doctors across China.

Xiaomi launches AI smart glasses in China

just now
KrASIA
Xiaomi has entered the smart eyewear race with its first AI glasses, launched on June 26. The 40-gram device features voice controls, real-time translation, multimedia capture, and app integration. Powered by a Snapdragon AR1 chip, it supports smart home functions, with QR payments to be added. Prices range from RMB 1,999–2,999 across three variants.

Cotti Coffee shifts focus to store quality

just now
KrASIA
Cotti Coffee has expanded to over 15,000 stores, but rising costs and quality concerns are prompting a shift in strategy. With 90% of outlets reportedly profitable in May, the chain plans to deploy 1,100 regional managers to tighten oversight as subsidy-driven growth begins to strain operations.

Neta Auto risks subsidy clawback in Thailand

just now
IT Zhijia
Thailand has warned Neta Auto it may need to repay more than THB 2 billion in subsidies if it fails to meet local EV production targets under a national incentive program. With only 4,000 of the required 19,000 vehicles produced this year, authorities are tightening oversight and proposing stricter reporting requirements.

Luxeed offers up to RMB 60,000 in EV perks

just now
Luxeed
Chinese EV brand Luxeed, backed by Huawei and operated by Chery, is launching a promotion from June 27, offering RMB 20,000 off all models and up to RMB 60,000 in total incentives. The campaign highlights Huawei’s assisted driving system, the Turing chassis for improved ride stability, and enhanced interior comfort as key selling points.

Meta hires OpenAI trio for AI reboot

just now
WSJ
Meta has hired OpenAI researchers Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai from its Zurich lab to join its superintelligence team, part of Mark Zuckerberg’s push to reset the company’s AI strategy. The trio previously worked at Google DeepMind.

Meituan aims to boost online retail shift

just now
36Kr
Wang Puzhong, head of Meituan’s core local commerce unit, said China’s service retail sector reached RMB 7 trillion in 2024, but only 9% is online. He pledged to help merchants digitalize with AI, targeting 25% online penetration and at least 300 brands with 1,000 stores by 2030.

Shopee retains top spot in Southeast Asia e-commerce

just now
Momentum Works
Southeast Asia’s e-commerce market grew 12% to USD 145.2 billion in 2024, including USD 16.8 billion in non-platform sales. Shopee led platform-based GMV with a 52% share, followed by TikTok Shop and Lazada. Together, the three platforms accounted for 84% of the market. Thailand and Malaysia posted the fastest growth.

Unitree says annual revenue tops RMB 1 billion

just now
Securities Times
Unitree Robotics founder Wang Xingxing said the firm’s annual revenue has surpassed RMB 1 billion and that it has remained profitable since 2020. The company employs about 1,000 people and currently leads global shipments of quadruped and humanoid robots.    

US judge backs Meta in “fair use” case

just now
CNBC
A US judge ruled that Meta’s use of books to train its Llama AI model qualifies as “fair use” under copyright law, dismissing a lawsuit from 13 authors including Sarah Silverman. The court found the plaintiffs failed to show market harm but stressed the ruling is limited to this case and does not validate broader AI training practices. A similar decision was recently issued in a case involving Anthropic.
See All

Icon for Editor’s PicksEditor’s Picks

Insights

Ne Zha 2: China makes a USD 2 billion blockbuster all of its own

The home audience is cheering the film’s technical feats and box office success for highlighting self-reliance.

7 mins read
  • News

    As rivals pile on, Meituan braces for a brutal fight in delivery and commerce

    7 mins read

Venture RoundupVenture Roundup

  • News

    Deals in brief: Shiok Burger and 3cat raise funding, Timah Partners gets USD 50 million to tackle SME succession, latest China deals and more

    5 mins read
    • See All

    Automaker InsightsAutomaker Insights

    • See All

    Retail and CommerceRetail and Commerce

    • See All

    Icon for Casual ChroniclesCasual Chronicles

    Our EventsOur Events

    • See All