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Li Auto’s E2E architect departs as company shifts focus to VLA

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Pulses

Li Auto shifts focus to VLA, key exec steps down

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KrASIA
Xia Zhongpu, who led Li Auto’s end-to-end assisted driving program, has left the company amid its pivot to vision-language-action (VLA) models. His departure marks a broader strategic shift, as Li Auto ramps up investment in VLA, which CEO Li Xiang has described as “a large model that drives like a human.”

China threatens legal action over Huawei chip curbs

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Bloomberg
Beijing has warned that firms or individuals complying with US curbs on Huawei’s AI chips could face legal action under China’s anti-foreign sanctions law. The warning follows US guidance suggesting global use of Huawei semiconductors may violate export controls, threatening a fragile tariff truce between the two countries.

Alibaba rebrands entertainment arm as Hujing

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36Kr
Alibaba’s culture and entertainment group has rebranded as Hujing, which means orca in Chinese, while subsidiary Alibaba Pictures will become Damai Entertainment. The shift reflects a renewed focus on AI-driven experiences and integrated services spanning film, live shows, and ticketing, among others.

Tencent eyes deeper AI push across business lines

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Guancha
At its AI industry summit on May 21, Tencent senior exec Dowson Tong said the company will ramp up AI investment, aiming for broader deployment across its operations with a focus on models, agents, knowledge bases, and infrastructure. He added that generative AI has passed the usability threshold and must now become widely accessible and truly practical.

China, ASEAN complete FTA 3.0 talks

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Ministry of Commerce (China)
China and ASEAN have concluded talks on the 3.0 version of their free trade agreement, launched in 2022. The revised pact will add nine new chapters covering digital trade, green economy, supply chains, and SME cooperation, and is expected to be formally signed by the end of 2025.

Meitu partners with Alibaba in AI, cloud deal

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Meitu
Meitu has partnered with Alibaba in a USD 250 million deal involving convertible bonds, marking a deepening collaboration in AI, e-commerce, and cloud services. Meitu will integrate its AI tools into Alibaba's platforms and commit RMB 560 million to Alibaba Cloud over three years.

China flags mobile apps for privacy breaches

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People's Daily
China’s cybersecurity watchdog has flagged 35 mobile apps on Tencent’s app store for illegally collecting and using personal data, including high-profile AI assistants Zhipu Qingyan and Kimi. Violations include excessive data collection, vague privacy policies, and permissions unrelated to app functions. The action is part of a 2025 national campaign to strengthen personal information protections.

Meizu launches five phones, AR glasses in global push

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Meizu
Meizu launched five smartphones and two smart wearables on May 20, marking its return to the global market. The lineup features the Mblu 22 and Note 22 series, StarV View AR glasses, and the health-focused StarV Ring2. The launch supports Meizu’s AI ecosystem strategy and expansion into more than 30 countries.

Zhejiang launches plan to double AI output

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SCMP
Home to Alibaba and DeepSeek, Zhejiang has unveiled a multi-year plan to become a global AI hub, aiming to double industry output to over RMB 1 trillion by 2027. Taking effect May 31, the policy package includes funding for foundational models, talent incentives, consumer subsidies, and support for startups and hardware adoption. Hangzhou and Ningbo have been designated as core cities in the initiative.

Musk says he’ll stay on as Tesla CEO

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CNBC
Elon Musk pledged to remain Tesla CEO for another five years, citing the need for “reasonable control” amid investor concerns. Speaking at the Qatar Economic Forum, he addressed recent blowback over his political activity. The remarks come amid earnings pressure and growing criticism of his ties to US President Donald Trump and his role in government advisory work.

JD Cloud launches full-stack AI product suite

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Ebrun
On May 20, JD Cloud unveiled new tools to accelerate AI adoption across industries, including JoyAgent 2.0, a multi-agent system tailored for enterprise use; JoyBuild, a platform for large model development and customization; and JoyScale, a GPU-centric infrastructure for model training and inference. The rollout is designed to help businesses deploy digital workers, scale AI applications, and standardize underlying infrastructure.

CATL shares rise again after strong debut

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KrASIA
CATL shares opened at HKD 320 on day two in Hong Kong, extending gains after closing at HKD 306.2 on debut. The price marks a 22% premium over the IPO level of HKD 263, underscoring strong investor interest in the Chinese battery giant.

Kuaishou cuts deposits for top-rated sellers

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Ebrun
Kuaishou will reduce required deposits for enterprise sellers across over 70% of product categories under a new rating-based policy. High-rated merchants with no violations may see deposits lowered to as little as RMB 2,000. New sellers can also open shops with zero upfront cost. The move follows support measures introduced in February to reduce merchant operating costs.

Ringkas closes pre-Series A round

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Ringkas
Mortgage tech platform Ringkas has closed a USD 5.1 million pre-Series A funding round, with backing from Flourish Ventures, Kadan Capital, and other investors. The company partners with developers and banks to offer embedded home financing, and will use the funding to scale infrastructure, deepen its footprint in Indonesia, and expand R&D efforts in Vietnam.

WeRide taps Tencent Cloud for overseas rollout

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Reuters
Chinese autonomous driving startup WeRide has partnered with Tencent Cloud to support the global rollout of its robotaxi services. Tencent will provide localized, compliant cloud infrastructure to help WeRide build a stable, scalable network for autonomous driving operations in overseas markets.

Pony.ai’s Q1 revenue up 12% on robotaxi growth

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Pony.ai
Pony.ai reported Q1 2025 revenue of USD 14 million, up 11.6% YoY, fueled by a 200% rise in robotaxi services and 800% growth in fare-charging revenue. Net loss widened to USD 37.4 million on scaling and IPO costs, with non-GAAP net loss at USD 28.4 million. The company expanded in China, launched fleets with Toyota, BAIC, and GAC, and began pilot ops in Seoul and Luxembourg.

BYD, Car Inc sign deal to expand EV rentals

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IT Zhijia
BYD has signed an agreement with Car Inc to expand EV deployment ahead of summer 2025. Building on an April pilot, the deal includes vehicle procurement, joint marketing, data integration, and after-sales services, with Car Inc planning to scale up models like the Qin Plus DM-i and Bao 8.

Vipshop holds margins despite Q1 revenue dip

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Vipshop
Vipshop reported Q1 2025 revenue of RMB 26.3 billion, down 5% YoY, while net income fell 16% to RMB 1.94 billion. Despite declines in orders and active users, gross margin held steady at 23.2%, and non-GAAP net income reached RMB 2.31 billion. The company maintained profitability through cost discipline and continued buybacks under its USD 1 billion repurchase program.

ATRenew reaffirms outlook after strong Q1

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ATRenew
ATRenew posted Q1 2025 revenue of RMB 4.65 billion, up 27.5% YoY, driven by trade-in subsidies, B2B growth, and improved pricing. The company returned to profitability with net income of RMB 42.8 million, reversing a RMB 92.9 million loss a year earlier. Adjusted net income rose 277% to RMB 78 million, while adjusted operating income grew 39.5% to RMB 111.9 million. ATRenew reaffirmed its Q2 revenue outlook of up to RMB 4.81 billion.

Bilibili Q1 revenue up 24% on gaming, ad growth

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Bilibili
Bilibili posted Q1 2025 revenue of RMB 7 billion, up 24% YoY, driven by 76% growth in mobile games and a 20% rise in advertising. Gross profit rose 58% with margin reaching 36.3%. The company narrowed its net loss by 99% to RMB 10.7 million and reported an adjusted net profit of RMB 361.5 million, while operating cash flow more than doubled to RMB 1.3 billion.
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