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After years of “sleep,” Bloomage faces biotech’s hard realities with a bet on science

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Pulses

Carro raises funding to boost Japan car sales

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Carro
Carro, an online automotive marketplace, has raised USD 60 million in a round led by Cool Japan Fund with participation from new investors. The company plans to use the funds to grow demand for Japanese vehicles across seven markets, where it says it handles more than 100,000 car transactions annually. Founded in 2013, Carro also offers financing, insurance, and after-sales services.

Alibaba wins China Unicom deal in chip push

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Bloomberg
Alibaba has secured China Unicom as a customer for its Pingtouge AI accelerators, which will be deployed at a new Qinghai data center, according to CCTV. The deal signals traction for Alibaba’s semiconductor unit as it invests RMB 380 billion over three years in AI infrastructure. Unicom said the chips outperform Huawei’s Ascend 910B in some areas, though Huawei is moving forward with its newer 910C model.

Chery launches Hong Kong share offering

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SCMP
Chery, China’s second largest carmaker by volume, plans to raise up to HKD 9.14 billion through a Hong Kong IPO. The offering covers 297.4 million shares priced at HKD 27.75–30.75, with trading set for September 25. Proceeds will fund R&D, overseas expansion, and facility upgrades, with cornerstone investors including JSC International Investment Fund and Hillhouse Group.

Vietnam’s Dat Bike secures Series B funding

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Dat Bike
Dat Bike, a Vietnamese electric motorbike manufacturer, has raised USD 22 million in a Series B round led by Japan’s FCC and Rebright Partners, with participation from Jungle Ventures, Cathay Venture, and AiViet Venture. The company will use the funds to scale production, advance R&D, and strengthen partnerships with ride-hailing and financing providers.

Weixin Pay adds cross-border payment support

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Tencent
Tencent has launched a cross-border payment gateway to expand Weixin Pay’s support for international travellers in China. Through TenPay Global, wallets including PayPal, Venmo, GrabPay, and ShopeePay are now connected, enabling users to scan Weixin Pay QR codes or present their own wallet QR codes at millions of mainland merchants.

Li Auto to launch “shark-like” i6 SUV

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Li Auto
Li Auto will debut the i6 five-seat SUV on September 26, featuring a "shark-like" design, two-tone body, and compact frame. The model provides over 3.3 meters of interior space and combines low-drag aerodynamics with a low center of gravity to improve efficiency, range, and handling.

Biotech startup Terra Oleo exits stealth

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Terra Oleo
Terra Oleo, a Singapore-based biotech startup, has exited stealth with USD 3.1 million in seed funding and selection to Breakthrough Energy’s Fellows program. Investors include ADB Ventures, The Radical Fund, Elev8.vc, Better Bite Ventures, and an undisclosed palm oil player. The company uses microbial fermentation to produce palm oil and cocoa butter alternatives from agro-industrial waste and is moving to scale lab technologies with testing agreements in place with global consumer goods firms.

Meituan’s Keeta expands to Kuwait

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IT Zhijia
Meituan’s international food delivery brand Keeta launched in Kuwait on September 15, its third Gulf hub after Saudi Arabia and Qatar. The company said it will replicate its ecosystem model by providing services for consumers, merchants, and riders, while continuing to explore new overseas markets.

Atomionics gets funding to expand in Australia, US

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Atomionics
Atomionics, a Singapore-based quantum sensing startup, has raised USD 12.7 million in a pre-Series A round led by Paspalis, with backing from BHP Ventures, IQT, and other investors. The funds will be used to scale its Gravio gravimetry device, which maps subsurface terrain without drilling to aid exploration of copper, lithium, and other critical minerals. Atomionics will also expand in Australia and open a US base for resource and defense applications.

Xiaomi unveils 17 series to rival iPhone

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Bloomberg
Xiaomi will launch its flagship 17 Pro and 17 Pro Max smartphones this month, skipping the 16 series to align with Apple’s iPhone 17. CEO Lei Jun said the firm aims to compete in the premium segment, where Apple commands about 62% of sales. Xiaomi’s premium sales rose 55% in H1 2025, and it is seeking stronger gains in China as Apple’s iPhone Air rollout is delayed.

Bilight raises angel funding for solar tech

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Bilight Innovation
Bilight Innovation, a renewable energy startup, has raised an undisclosed amount of angel funding from Japanese electronics and materials company Somar. The firm develops flexible perovskite photovoltaics, producing thin, lightweight solar devices with improved efficiency and low-light performance. Bilight holds over 300 patents and currently operates in five countries.

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.
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