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Nvidia’s H20 pause sparks rally in China’s GPU stocks

4 mins read

Pulses

Lucky Cup opens first overseas store

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36Kr
Lucky Cup, a Chinese coffee chain under the same parent firm as Mixue Bingcheng, opened its first overseas store on August 21 in Selangor, Malaysia, marking the start of its global expansion. The outlet reportedly sold nearly 2,000 drinks on opening day and features localized flavors and a food area tailored to Southeast Asian tastes.

Pop Mart to launch mini Labubu series

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36Kr
Pop Mart will launch a blind box series featuring mini Labubu figures on August 28 online and August 29 in stores. Each box is priced at RMB 79, with full sets at RMB 1,106. The release follows strong H1 2025 results and rising investor confidence, as shares climbed and market cap topped HKD 400 billion for the first time.

Tokenize Xchange collapse hits users

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CNA
Tokenize Xchange, a Singapore-based crypto platform, has reportedly shut down after failing to secure a licence, triggering a police probe into its operator for alleged fraud. Thousands of users are now unable to access their funds. The High Court has placed the firm under interim judicial management, but affected investors face long delays and uncertainty over recoveries.

Musk says Grok 3 will be open-source

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Reuters
xAI has open-sourced its Grok 2.5 model and plans to do the same for Grok 3 in about six months, said Elon Musk in a post on X. The move reflects Musk’s push for open AI development as he positions Grok as a transparent alternative to closed-source models like ChatGPT.

Dongfeng plans Voyah IPO, buyout

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SCMP
Dongfeng Motor plans to privatize its Hong Kong-listed unit and separately list its EV brand Voyah, offering shareholders HKD 6.68 per share in a deal that values the unit at HKD 55.1 billion. The restructuring aims to streamline operations and strengthen Dongfeng’s position in China’s automotive market, mirroring moves by other state-owned carmakers.

BYD picks Perak for first Malaysia plant

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The Star
BYD will build its first EV assembly plant in Malaysia at KLK TechPark in Perak, secured through the Muallim Speed-Lane scheme. The project is expected to generate jobs, support technology transfer, and deepen local supply chain integration, positioning Perak as a growing hub in Southeast Asia’s EV manufacturing sector.

China drafts rules on platform pricing

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Bloomberg
China’s top regulators have drafted new rules to govern pricing practices on internet platforms, banning the use of big data to set discriminatory prices based on user behavior without their knowledge. The proposal also addresses platform fees and coordination between agencies, aiming to boost transparency and oversight in the digital economy.

Tesla adds DeepSeek, Doubao to EVs

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SCMP
Tesla is upgrading the voice assistant in its China EVs, integrating DeepSeek for conversational interaction and ByteDance’s Doubao LLM for navigation and in-car controls. The voice-activated feature comes months after local rivals launched similar tools, underscoring Tesla’s efforts to stay competitive in the Chinese automotive market.

Runway’s Gen-4 sparks robotics interest

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Semafor
Runway’s Gen-4 video generation model is drawing interest from robotics firms for its ability to mimic real-world physics, despite not being trained to do so. Originally built for creative use, the model is now being tested as a simulator. Co-founder Anastasis Germanidis said the tech has yet to hit a plateau and could help redefine both simulation and digital performance.

Tahoe execs face legal fallout

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Jiemian News
Tahoe Group said chairman Huang Qisen has been detained by authorities in Xinmin, Liaoning, over suspected legal violations. Separately, the company was fined RMB 6 million, and eight former executives were fined a combined RMB 11.4 million for failing to disclose major lawsuits in its 2020 and 2022 reports. Tahoe was delisted from the A-share market in 2023.

Musk sought Zuckerburg in OpenAI bid

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WSJ
Elon Musk sought to involve Meta CEO Mark Zuckerberg in a USD 97.4 billion bid to acquire OpenAI, according to court filings. Zuckerberg declined to participate, and no formal agreement was made. The filing adds a new twist to Musk’s legal fight with OpenAI, as he challenges its structure and ties to Microsoft.

DeepSeek sparks chip buzz in China

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SCMP
DeepSeek’s hint that its upcoming AI model supports soon-to-launch China-made chips has spotlighted several contenders. Analysts pointed to Huawei, Cambricon, Moore Threads, MetaX, and Hygon, all of which are developing FP8-compatible chips. The speculation lifted market sentiment and underscored rising hopes for a Chinese alternative to Nvidia.

HSBC backs e-commerce lender Dowsure

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Bloomberg
HSBC has invested in Shenzhen-based Dowsure, leading its Series C funding round. The fintech firm provides cross-border financing tools for sellers on Amazon and eBay. The deal expands a partnership started in 2023 and supports HSBC’s strategy to serve global merchants in an increasingly digital economy.

Heytea joins Taobao Shangou

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Yilan Shangye
Heytea has launched on Taobao Shangou via Ele.me, ending years of Meituan-only delivery. More than 4,000 stores are now live, with vouchers and discounts rolled out over the weekend. The move signals a wider shift as tea brands adopt multi-platform strategies to counter industry slowdown and capture growth driven by platform subsidies.

Revenue up, costs stable at Dingdong

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Dingdong Maicai
Dingdong Maicai reported Q2 2025 net income of RMB 107.2 million, up 59.7% YoY, marking its sixth consecutive GAAP-profitable quarter. Revenue rose 6.7% to RMB 5.98 billion, while non-GAAP net income reached RMB 127.8 million with a 2.1% margin. Gains were driven by higher user engagement, repeat orders, and robust cost control.

Baidu launches MuseSteamer 2.0

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Baidu
Baidu has launched MuseSteamer 2.0, an upgraded image-to-video AI model that adds natural human voices and ambient audio, removing the need for dubbing. Speech, lip, and body movements are reportedly synced across characters with millisecond precision.

Nvidia pauses H20 chip supply chain

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The Information
Nvidia has reportedly told suppliers including Amkor and Samsung to suspend production of its H20 AI chip for China. The pause follows scrutiny from Chinese authorities, who summoned domestic tech firms over data security and information risks linked to the chip’s use.

OpenAI’s chief people officer to depart

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Reuters
OpenAI’s chief people officer Julia Villagra will exit the company on August 23, just months after her promotion. She joined in February 2024 and is leaving to pursue art and storytelling projects related to artificial general intelligence. Her departure comes as OpenAI navigates fierce talent competition. A replacement is being sought.

Anthropic nears another massive round

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Bloomberg
Anthropic is close to securing up to USD 10 billion in a new funding round led by Iconiq Capital, with participation from TPG, GIC, and other investors, sources said. The round could push the AI firm’s valuation to USD 170 billion, well above the USD 61.5 billion it reached earlier this year.

Nio unveils all-new ES8, opens preorders

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Nio
Nio unveiled its all-new ES8 electric SUV on August 21, with preorders now open and deliveries set to begin in late September. Priced from RMB 416,800 or RMB 308,800 with a battery subscription plan, the six- and seven-seater flagship model features a 102 kWh battery, AI-assisted driving, and luxury comfort upgrades.
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