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Hong Kong biotech enters its second act with a licensing supercycle

14 mins read

Pulses

Trump clashes with Fed chair over rates

just now
Reuters
US President Donald Trump visited the Federal Reserve on July 24, pressing chair Jerome Powell to deliver steep rate cuts and criticizing the USD 2.5 billion renovation of its headquarters. Powell stood by the project amid disputes over cost estimates. Trump said he won’t fire Powell, despite ongoing clashes over policy.

China smartphone export prices to US plunge

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Nikkei Asia
Prices of Chinese smartphones exported to the US fell 45% YoY in June, with shipments down 71%, as firms absorbed 20% tariffs to maintain market share. Game consoles saw a 23% drop, with prices falling across most categories. Analysts warn that prolonged losses could lead to layoffs and broader economic fallout.

OpenAI confirms GPT-5 release soon

just now
The Verge
OpenAI is preparing to launch GPT-5 as early as August, CEO Sam Altman confirmed. The model will come in full, mini, and nano versions, integrating o-series reasoning, and will be available via API and ChatGPT. A separate open-weight model is expected first, OpenAI’s first such release since GPT-2 in 2019.

Geely’s Aerofugia bets on luxury eVTOL aircraft

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Jiemian News
Geely-backed Aerofugia has unveiled a smart luxury cabin for its AE200 eVTOL aircraft, aiming to bring car-like comfort to low-altitude flight. The cabin features adaptive seating and automotive-grade interfaces, built to aviation safety standards. The AE200 is entering final test phases, with certification and ride-hailing rollout targeted for 2026.

Nvidia disavows support for smuggled chips

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CNBC
Nvidia said on July 24 that data centers built with smuggled chips are a "losing proposition,” following reports that USD 1 billion worth of its chips entered China despite US export restrictions. The company added it does not support unauthorized hardware and reaffirmed that proper licensing is required.

Leapmotor unveils low-cost Model 3 rival

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SCMP
Stellantis-backed Leapmotor has launched the B01 electric sedan, priced from RMB 89,800, to challenge Tesla’s Model 3. The EV features LiDAR, fast charging, and up to 650 kilometers of range, targeting global markets as the company pursues growth abroad amid intensifying price pressures at home. Deliveries in China begin this month, with overseas plans yet to be announced.

US warns TikTok will go dark without sale

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CNBC
US commerce secretary Howard Lutnick said on July 24 that TikTok will be banned in the US unless China allows American ownership and control of the app. ByteDance has until September 17 to divest TikTok’s US operations. Deal talks remain unresolved as political pressure mounts.

Former Ele.me exec faces bribery charges

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Securities Times
Shanghai police have arrested seven suspects, including former Ele.me CEO and logistics head Han Liu, in a commercial bribery case involving more than RMB 40 million. Han allegedly accepted bribes from suppliers in exchange for favorable delivery zone access. Authorities suspect Han and three others took bribes 30 times over two years, storing cash and gifts in multiple rented homes.

DJI teases debut robot vacuum Romo

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TechRadar
DJI has released a teaser for its first robot vacuum, the Romo, with a launch set for August 6. The model reportedly features a transparent dock, automatic emptying, and advanced navigation. While mopping capabilities remain unclear, the device is expected to highlight DJI’s strength in object detection.

JD.com in takeover talks for Ceconomy

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Bloomberg
JD.com is in advanced talks to acquire German electronics retailer Ceconomy for EUR 4.6 per share, valuing the company at about EUR 2.2 billion. The offer represents a 23% premium, but no binding deal has been signed. While the deal could give JD an entry point into Europe, reluctance from major shareholders poses a potential hurdle.

Tencent pushes CodeBuddy into beta

just now
SCMP
Tencent has begun beta testing CodeBuddy, an AI-driven IDE that reportedly lets users build applications using natural language, without writing code. More than 50,000 developers joined the 24-hour trial. CodeBuddy is expected to support both global and domestic AI models, with deployment via Tencent’s CloudStudio.

Cutthroat price war hits investment banks

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Financial Times
Chinese investment banks are charging as little as USD 100 to underwrite bond deals, as state-owned issuers dominate a tepid credit market. One RMB 35 billion issue saw six banks split a 0.0002% fee. Regulators are probing lowball tactics, but enforcement remains limited as firms race to secure mandates and boost league table rankings.

Qihoo 360 backs Huawei chips over Nvidia

just now
SCMP
Qihoo 360 is purchasing Huawei chips for AI development, said chairman Zhou Hongyi, as more Chinese firms look to prioritize domestic hardware over Nvidia’s H20 GPU. Zhou cited cost-efficiency and long-term improvement as key factors. While demand for Nvidia chips remains strong, companies like iFlytek report significant gains using Huawei’s Ascend chips, reflecting a gradual shift under US tech restrictions.

Chocolate Finance raises Series A+ funding

just now
Chocolate Finance
Chocolate Finance has raised USD 15 million in a Series A+ funding round led by Nikko Asset Management, with backing from returning investors Peak XV Partners, Prosus, and Saison Capital, as well as founder Walter de Oude. The fundraise coincides with regulatory approval to operate in Hong Kong, as the firm targets regional expansion.

Damai draws flak for rigid refund policy

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Jiemian News
A consumer who missed a concert due to a family bereavement was denied a refund for the RMB 580 ticket by Damai for nine months before finally receiving it on July 17. The case, initially rejected despite death certificates, sparked public backlash over rigid refund rules and lack of human consideration, with nearly half of all ticketing complaints tied to return disputes.

McKinsey halts generative AI work in China

just now
Financial Times
McKinsey has barred its China operations from taking on generative AI consulting projects, citing heightened US scrutiny of sensitive tech sectors. The restriction extends to multinational clients’ China offices but excludes traditional AI work. The firm has also cut its regional headcount from 1,500 to about 1,000.

Xreal expands lineup with OnePro, Eye

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Ebrun
Xreal has launched its OnePro AR glasses, offering a 57-degree field of view, about 38% larger than its predecessor. The glasses support major devices including iPhone and Steam Deck. It also unveiled the Xreal Eye, a detachable camera for gesture tracking and live streaming. Domestic preorders began on July 22, with shipping set for month's end.

Dongchedi defends assisted driving tests

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Jiemian News
Dongchedi defended its crash simulation program on July 24 after backlash over assisted driving test results involving 40 vehicles. The company said videos were misused to spread false claims and emphasized that no vehicle passed all scenarios. Regulators reiterated that current systems are assistive, not autonomous, with drivers fully responsible behind the wheel.

Canned air sales spark buzz in China

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Sixth Tone
Cans of air from Wanlu Lake, priced at RMB 59.9, sold out online on July 16. Marketed as rich in negative oxygen ions from the scenic lake in Guangdong, the product was later revealed to be a marketing gimmick and discontinued. With no clear regulation on selling air, the trend has reignited debate over novelty marketing and environmental claims.

Neta and Zeekr accused of inflating EV sales

just now
Reuters
Chinese EV makers Neta and Zeekr reportedly inflated sales by insuring unsold cars to book them early. Neta used the method for over 64,000 vehicles from January 2023 to March 2024, while Zeekr applied it in Xiamen. Regulators and state media are moving to curb the practice. Zeekr has denied the allegation.
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