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Xiaomi’s YU7 preorder frenzy signals a new phase in China’s EV race

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Pulses

OpenAI says no plans to use Google TPUs

just now
Reuters
OpenAI said it has no plans to use Google’s AI chips at scale, two days after reports suggested it was turning to its rival’s TPUs to meet rising demand. A spokesperson said only early testing is underway. OpenAI continues to rely on Nvidia and AMD chips and is developing its own, expected to reach tapeout this year. It also uses Google Cloud and CoreWeave to meet compute needs.

TikTok US bid revived by same backers

just now
Bloomberg
TikTok’s prospective buyer, as alluded to by US President Donald Trump, is reportedly the same group co-led by Oracle, Blackstone, and Andreessen Horowitz that backed a previous bid, which stalled earlier this year amid US-China tensions. The revived deal, which would lower ByteDance’s stake below 20%, now hinges on Chinese government approval ahead of a September deadline.

Meta forms Superintelligence Labs

just now
WSJ
Meta has announced Meta Superintelligence Labs, a new division uniting its AI research and product teams under former Scale CEO Alexandr Wang. CEO Mark Zuckerberg said the effort marks the company’s push toward “superintelligence,” supported by hires from OpenAI, DeepMind, and Anthropic, as Meta works to regain ground in the AI race.

Baidu open-sources Ernie 4.5 models

just now
SCMP
Baidu has open-sourced ten variants of its Ernie 4.5 AI models on Hugging Face, marking a shift from its earlier proprietary stance. Ranging up to 424 billion parameters, the models were released under an Apache 2.0 license. Baidu said its 300-billion-parameter model outperformed rivals like DeepSeek’s V3, joining a broader trend among Chinese tech firms embracing open AI.

HK’s New World secures refinancing lifeline

just now
Reuters
New World Development has secured HKD 88.2 billion in loan refinancing, easing pressure on one of Hong Kong’s most indebted developers. The package follows months of negotiations and the departure of former CEO Adrian Cheng. CEO Echo Huang said the deal enhances operational flexibility as the firm focuses on debt reduction and cash flow.

Sophgo chip passes DeepSeek AI test

just now
SCMP
Chinese chipmaker Sophgo has adapted its FP300 compute card to run DeepSeek’s R1 model, passing verification by state lab CTTL. The milestone underscores growing collaboration between Chinese chip and AI firms as they work to replace foreign tech amid tightening export controls.

Noetix gains momentum after robot race

just now
Bloomberg
Noetix Robotics, once struggling to find buyers, is scaling fast after its N2 robot completed a televised half-marathon. Founder Jiang Zheyuan plans to deliver 2,000 units by year’s end and raise USD 35 million. With orders flooding in, the Beijing-based startup is expanding production, eyeing a Hong Kong IPO by 2026, and prepping for a larger robot sports event.

Baidu names new CFO in exec reshuffle

just now
Caijing
Baidu has named He Haijian as CFO, effective July 1, per an internal memo from CEO Robin Li. He joins from Kingsoft Cloud, where he led dual listings in the US and Hong Kong. Acting CFO He Junjie will now head HR and administration. Cui Shanshan steps back from HR duties but stays on as secretary of Baidu’s culture committee.

Meituan to open food safety kitchens

just now
Meituan
Meituan is rolling out a network of centralized, transparent kitchens to improve food safety in delivery. Supported by traceable sourcing, live streamed preparation, and tools like Kuailv, the program plans to open 1,200 sites over three years. Participating merchants are rated through Meituan’s in-house food safety index, with over 100 already onboard.

Nio debuts NX9031 chip in five models

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Nio
Nio has started rolling out its “world model” (NWM) to five vehicle models, said CEO William Li on Weibo, marking the commercial debut of its in-house Shenji NX9031 chip. Built for long-term performance, safety, and imaging, the chip reportedly matches four Orin X processors. Despite early setbacks, NX9031 entered production ahead of schedule and is boosting vehicle features and margins.

DJI launches FlyCart 100 for heavy-duty deliveries

just now
KrASIA
DJI has launched the FlyCart 100, a new delivery drone with payloads up to 80 kilograms, faster charging, and enhanced safety systems including LiDAR and parachute deployment. The FC100 also features modular winch options, improved terrain sensing, and app-based delivery tools to support advanced low-altitude operations.

Trump hints at TikTok sale, details pending

just now
Bloomberg
US President Donald Trump said a buyer has been identified for TikTok’s US operations but did not share details, citing a two-week wait and possible need for Chinese approval. The sale, mandated under a US law citing national security concerns, has faced delays amid broader trade tensions. A previous deal involving Oracle and Blackstone reportedly stalled earlier this year.

Nvidia hires top Chinese AI researchers

just now
SCMP
Nvidia has hired Chinese AI researchers Zhu Banghua and Jiao Jiantao, co-founders of Nexusflow AI, to work on post-training, evaluation, and agentic systems. The move highlights rising demand for Chinese talent in US AI labs, as firms like Google and Meta also step up recruitment of Chinese researchers in advanced AI fields.

Shein seeks HK listing after US, UK setbacks

just now
Reuters
Shein plans to submit a draft prospectus confidentially for a Hong Kong IPO, according to sources, marking a rare waiver of the city’s disclosure rules. If approved, it would be the fast fashion firm’s third attempt to go public after stalled bids in the US and UK due to regulatory setbacks.

DeepSeek faces EU scrutiny over data flows

just now
CNBC
Germany’s data protection office has alleged that DeepSeek illegally transfers user data to China and has asked Apple and Google to review the app’s status in their stores. The move could lead to a broader EU ban if other regulators follow suit. DeepSeek, which launched a low-cost AI model earlier this year, is facing growing scrutiny over its data handling in Europe.

Anker partners with ATL after power bank recall

just now
SCMP
Anker Innovations has signed a deal with ATL to source 45 million lithium-ion batteries after recalling over one million power banks linked to overheating risks. The move marks a supply chain shift aimed at restoring product safety and consumer trust. ATL, a major supplier to Apple and Samsung, replaces a former vendor that Anker has since cut ties with following the recall.

China targets lithography, EDA in new chip fund

just now
Bloomberg
China’s Big Fund III is shifting its focus to key semiconductor chokepoints, including lithography and chip design software, in response to tightening US export controls. Backed by the Ministry of Finance and state-owned banks, the RMB 344 billion fund will prioritize longer-term investments after earlier rounds delivered limited breakthroughs. Initial deals are expected in the coming months.

China Medical System plans SGX listing

just now
China Medical System
China Medical System (CMS) has filed for a secondary listing on the SGX via introduction, with no new share issuance planned. Pending exchange approval, the move aims to attract Southeast Asian capital and support the group’s regional expansion. CMS has secured regulatory clearance from the CSRC and runs its Southeast Asia and Middle East operations from Singapore.        

Singapore to deploy AVs in housing estates

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WeRide
Singapore will begin deploying autonomous vehicles in public housing estates by the end of 2025, starting with Punggol and expanding to Tengah. Acting transport minister Jeffrey Siow announced the move during a visit to WeRide’s Guangzhou headquarters, part of a partnership to integrate driverless vehicles into the national transport network and address labor shortages with self-driving solutions.

Indonesia breaks ground on CATL project

just now
SCMP
Indonesia has broken ground on a USD 5.9 billion EV battery project backed by CATL, Huayou Cobalt, and state-owned Antam. Spanning Halmahera and West Java, the project focuses on nickel processing and battery cell production. NGOs including Greenpeace and CRI have warned of environmental risks near the Weda Bay industrial site.
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