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Can JD Property’s overseas push reshape its IPO valuation story?

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CATL, BMW expand decarbonization pact

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CATL
CATL and BMW have signed an MoU to advance battery passport pilots, cross-border data transfer, and carbon footprint accounting across the power battery supply chain. The collaboration will use the Catena-X data ecosystem to align technical standards and support decarbonization, expanding a partnership that began in 2012.

CIMB, Ant ink blockchain MoU

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Ant International
CIMB Group and Ant International have signed an MoU to develop blockchain-based cross-border payments and treasury solutions for businesses in Malaysia. The partnership will integrate Ant’s Alipay+, Antom, and Bettr platforms to enhance capital efficiency, transparency, and liquidity management, subject to regulatory approvals.

Huawei steps up Europe device push

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Nikkei Asia
Huawei has unveiled the Mate 80 Pro, FreeBuds Pro 5, and GT Runner 2 smartwatch in Madrid ahead of MWC, expanding its Europe push. The smartphone runs on its Kirin 9030 Pro chip. Huawei held 4% of global smartphone shipments in 2025, while smartwatch share reached about 17%, with over 30% YoY growth.

Nio’s chip unit raises RMB 2.2 billion

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The Paper
Nio's chip subsidiary Shenji has raised over RMB 2.2 billion in its inaugural funding round, reaching a post-money valuation near RMB 10 billion. The unit's automotive-grade NX9031 chip has reportedly shipped more than 150,000 units and is installed across Nio vehicles, with next-generation chips in development.

Doubao leads Lunar New Year surge

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Nikkei Asia
ByteDance’s Doubao recorded the strongest user growth over Lunar New Year, ahead of Tencent’s Yuanbao, as tech firms spent over RMB 8 billion on "red envelope" incentives. China's top four chatbots now account for more than 70% of the country's market, while platforms reported record interactions and user milestones during the holiday.

Meituan files “Pinhaofang” trademark

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IT Zhijia
Meituan has applied to register three "Pinhaofang" trademarks across categories including financial property management and lodging, with filings dated February 2 and pending review. The move follows Meituan’s 2024 expansion into rental services and its rider apartment program offering subsidized housing.

Trip.com co-founders exit board

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Trip.com
Trip.com Group co-founder Min Fan has resigned as director and president, while co-founder Qi Ji has stepped down as director. The company has appointed May Yihong Wu and Iris Yang Xiao as independent directors, refreshing its board as it oversees strategy and future risks.

StepFun weighs Hong Kong IPO

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Bloomberg
StepFun is considering a Hong Kong IPO that could raise about USD 500 million, according to people familiar with the matter. The Shanghai-based LLM developer has held talks with prospective advisers and could list as soon as this year. The company recently raised over RMB 5 billion. Listing details remain under deliberation and are subject to change.

MiniMax rolls out Expert 2.0, MaxClaw

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MiniMax
MiniMax has upgraded its Expert feature to version 2.0, enabling users to create specialized AI agents through natural language while automating SOP design and tool configuration. The company also launched MaxClaw, a cloud-based OpenClaw assistant with built-in tools, IM integrations, and plans for creator pricing and revenue sharing.

Baidu faces pressure over AI returns

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Bloomberg
Baidu’s shares have slid nearly 20% over the past month, erasing about USD 11 billion in market value, as investors await earnings and seek clearer returns from its AI investments. Analysts expect December-quarter revenue and profit to fall YoY amid advertising weakness, while options traders are pricing in a post-results swing of about 5.7%.

Thai EV prices rise as subsidies end

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Nikkei Asia
Chinese EV makers including BYD and SAIC’s MG have raised prices in Thailand after subsidies of up to THB 150,000 per vehicle were phased out. BYD’s Dolphin now starts at THB 599,900, up 33% from its 2025 low, as automakers adjust pricing in Southeast Asia’s largest EV market following incentive-driven growth.

General Atlantic sells ByteDance stake

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SCMP
General Atlantic is selling part of its stake in ByteDance in a deal valuing the TikTok owner at USD 550 billion, according to two unnamed sources. The transaction, expected to close in March, follows private market valuations of USD 500 billion in December and USD 400 billion in the second quarter of 2025.

MiniMax, Moonshot lead AI usage

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SCMP
MiniMax’s M2.5 and Moonshot AI's Kimi K2.5 ranked first and second by token usage on OpenRouter this February, ending a year of US-led dominance on the platform. Developers used 4.55 trillion tokens on M2.5 and 4.02 trillion on Kimi K2.5, with Chinese models accounting for nearly two-thirds of the top five, according to OpenRouter data.

Meizu to exit smartphone market

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Jiemian News
Meizu’s smartphone business is said to have shut down and will formally exit the market by March. The Flyme Auto car system will continue within Geely’s structure, while several executives have departed, handset projects including Meizu 23 have stalled, and some supplier payments remain unsettled, according to sources familiar with the matter.

Alibaba Cloud debuts AI coding tool

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Bloomberg
Alibaba Cloud has unveiled an AI coding tool built on its open-source Qwen 3.5 and models from Z.ai (Zhipu AI), Moonshot AI, and MiniMax, with users able to switch between them. Promotional pricing starts at RMB 7.9 for the first month for the lite version and RMB 39.9 for deeper access, before rising to RMB 40 and RMB 200, respectively.

Pico teases new VR headset

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IT Zhijia
ByteDance’s Pico has released a teaser for an upcoming product, describing it as efficient, intuitive, and open, with the Pico OS product lead hinting it could be a new VR headset. The company will also showcase its flagship "Project Swan" XR headset, powered by Pico OS 6, at next month’s Game Developers Conference.

Agibot expands to Europe with Minth deal

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Agibot
Agibot launched its robotics portfolio in Munich on February 24 and named automotive supplier Minth Group as its European partner and sales agent. The rollout includes A2 and X2 humanoid robots, G2 dual-arm robots, and D1 quadruped robots, with localized deployment, training, and service supported by Minth’s manufacturing footprint across Europe.

DJI sues FCC over US drone ban

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Reuters
DJI has filed a petition with a US federal court of appeals challenging the Federal Communications Commission (FCC)’s December decision to bar imports and approvals of its new drone models and critical components. The order, which also applies to Autel, allows sales of existing products but blocks new offerings from entering the US market.

Vivo promotes Hu Baishan to president

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The Paper
Vivo has appointed executive vice president and COO Hu Baishan as president, with CEO Shen Wei stepping down from the role, according to an internal notice. Hu will continue serving as COO and report to Shen. He has overseen product development, R&D, supply chain, and overseas expansion, and recently led the launch of Vivo’s robotics lab.

Z.ai apologizes for GLM rollout

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36Kr
Z.ai, also known as Zhipu AI, apologized over changes to its GLM Coding Plan, citing limited transparency, a slow GLM-5 rollout, and flawed upgrade design after traffic exceeded expectations. It has opened access in stages, with Max users receiving full access first, Pro users facing possible peak limits, and Lite users rolling out gradually. Affected Pro and Lite users can apply for refunds.
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