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Mixue trims abroad, doubles down at home, and brews up Lucky Cup’s rise

5 mins read

Pulses

LiDAR maker Hesai doubles down after HK listing

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SCMP
Hesai Group has raised USD 531 million in a Hong Kong listing to expand LiDAR sensor production amid growing global demand for autonomous driving technology. The Shanghai-based firm, the world’s largest automotive LiDAR maker, plans to scale manufacturing in China and Southeast Asia.

TikTok US unit to be spun off under new ownership

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Bloomberg
TikTok’s US operations may be spun off into a new venture backed by Oracle, Andreessen Horowitz, and Silver Lake, under a tentative deal that would cut ByteDance’s stake to below 20%. US-China talks are underway to finalize terms ahead of a December 16 divestiture deadline extended by the White House.

KKR buys Japanese insurance distributor

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KKR
KKR has acquired Hoken Minaoshi Hompo Group, a major insurance distributor in Japan with 350 locations and omnichannel services. Backed by KKR’s Asian Fund IV and K-Series, the investment will support growth through sales enablement, digital upgrades, and bolt-on acquisitions.

China targets online attacks on automakers

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Nikkei Asia
China is cracking down on online disinformation in the automotive sector, with national authorities launching a three-month campaign targeting false advertising and slander. Amid rising social media attacks, automakers including BYD and MG have offered rewards of up to RMB 5 million for tips on malicious accounts.

Mixue pares overseas footprint, eyes Brazil

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KrASIA
Mixue Bingcheng trimmed its overseas store count to 4,733 in H1 2025, down from 4,895 at the end of 2024, closing underperforming locations in Indonesia and Vietnam as part of an operational shift to improve efficiency. Despite the near-term pullback, the chain is expanding into Brazil and Central Asia.

Starbucks shortlists four firms for China deal

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KrASIA
Carlyle, Boyu Capital, EQT, and HongShan have been shortlisted to acquire a majority stake in Starbucks’ China business, which bidders are valuing at around USD 5 billion based on earnings projections. Goldman Sachs, which is running the process, is expected to select a buyer by the end of October.

UltraGreen.ai raises USD 188 million

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UltraGreen.ai
UltraGreen.ai, a specialist in fluorescence-guided surgical technologies and precision healthcare, has raised USD 188 million in a funding round co-led by 65 Equity Partners and Vitruvian Partners, with participation from August Global Partners. Valued at USD 1.3 billion, the company will use the capital to scale its AI-powered imaging platform and expand across Asia and global surgical markets.

Seon raises USD 80 million to fight online fraud

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Seon
Seon has raised USD 80 million in a Series C round led by Sixth Street Growth, with participation from existing investors IVP, Creandum, and Firebolt, and new investor Hearst. The funding brings Seon’s total raised to USD 187 million and will support its expansion into LATAM, scaling of its fraud and AML platform, and deeper engagement with financial institutions amid rising cybercrime.

Court backs Tesla critic in data dispute

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National Business Daily
A Beijing court has ordered Tesla to release 30 minutes of driving data preceding a 2021 crash involving a Model 3, siding with Zhang Yazhou after a four-year legal battle. Zhang, who drew national attention by protesting atop a Tesla at the Auto Shanghai expo, aims to verify possible brake failure and may pursue further legal action.

Trump’s hard line advances TikTok deal

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CNBC
US President Donald Trump’s willingness to let TikTok shut down was a key turning point in deal talks with China, treasury secretary Scott Bessent said. The stance helped shift Beijing’s position, leading the White House to extend ByteDance’s divestiture deadline to December 16 as negotiations with potential buyers continue.

Saison debuts Asia-focused crypto fund

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Saison Capital
Saison Capital has launched Onigiri Capital, a USD 50 million blockchain fund focused on startups advancing real-world asset innovation across Asia. Co-led by Qin En Looi and Hans de Back, the fund has secured USD 35 million to date and targets segments including stablecoins, DeFi, and tokenized assets.

BlockOffice expands with Activ8 buyout

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Activ8
BlockOffice has acquired Web3-focused marketing agency Lydian Labs, now rebranded as Activ8. Best known for organizing Malaysia Blockchain Week, Activ8 joins BlockOffice’s five-pronged operation spanning finance, marketing, tech, advisory, and investment. Financial terms of the deal were not disclosed.

China firms hold off on Nvidia’s RTX 6000D

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Reuters
Nvidia’s RTX 6000D, a China-tailored AI chip built under US export rules, has reportedly seen tepid demand amid concerns over cost and performance, according to sources. Priced at RMB 50,000, it lags older models available through gray channels. Chinese tech firms are said to be holding out for the H20 or upcoming B30A.

Neolix secures go-ahead in Abu Dhabi

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36Kr
Neolix and partner AutoGo received the Middle East’s first license for autonomous delivery vehicles on September 16 from Abu Dhabi’s transport authority. The approval marks a key step in Neolix’s commercial rollout and signals the start of its broader expansion in the region.

Henlius weighs HLX43 licensing deal

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SCMP
Henlius Biotech is in talks with Johnson & Johnson and Roche to license rights to HLX43, a mid-stage cancer drug, according to people familiar with the matter. A deal could involve substantial upfront and milestone payments. Henlius has denied the report, though its shares rose after it emerged.

PixVerse tops 100 million users globally

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KrASIA
PixVerse, AIsphere’s flagship video generation tool, has surpassed 100 million global users and ranks first in image-to-video and third in text-to-video generation as of September 11, according to Artificial Analysis. Viral templates have helped drive engagement, and subscription revenues reportedly already cover operating costs.

OpenAI taps xAI’s former CFO for role

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Bloomberg
OpenAI has hired Mike Liberatore as its business finance officer, just months after his abrupt exit from Elon Musk’s xAI, where he served as CFO. He’ll report to CFO Sarah Friar and oversee major infrastructure spending. The move adds a new wrinkle to the ongoing feud between OpenAI and Musk.

Mexico tariffs derail Chinese investment

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Bloomberg
Mexico’s proposed tariffs on Chinese goods are already disrupting planned investments, according to the Mexico-China Chamber of Commerce. Firms in automotive parts and electronics have paused projects amid rising uncertainty. The chamber warned the levies could fuel inflation, drive black market activity, and hinder Mexico’s EV transition. Congressional approval is expected.

US, China reach TikTok framework deal

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WSJ
US and Chinese officials have reportedly reached a framework deal to restructure TikTok’s ownership ahead of a looming ban, pending approval by both national leaders. The agreement emerged during trade talks in Madrid, as Beijing softened its stance amid efforts to secure a visit by US President Donald Trump. Whether ByteDance will part with TikTok’s algorithm remains unresolved.

HIMA to launch up to 19 models in 2026

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KrASIA
Huawei-backed HIMA plans to launch up to 19 new vehicles in 2026 across its five brands, including a luxury SUV from Maextro equipped with Huawei’s full smart tech suite. The alliance aims to deliver one million vehicles annually, expand its retail network, and restructure Luxeed into an independent unit as it pushes into China’s premium and mass car markets.
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