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Alibaba earnings come under pressure despite AI and cloud gains

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Xpeng sets up robotaxi unit

just now
Cailian Press
Xpeng has formed a robotaxi business unit to lead product definition, project integration, R&D testing, and operations. CEO He Xiaopeng said during the company’s latest earnings call that it plans to begin passenger-carrying demonstration operations in the second half of 2026 to validate its technology, customer demand, and business model.

ByteDance to sell Moonton for USD 6 billion

just now
Nikkei Asia
ByteDance has signed an agreement to sell mobile game studio Moonton to Saudi Arabia's Savvy Games for more than USD 6 billion, subject to regulatory approvals, according to people close to the deal. The divestment continues ByteDance’s gaming overhaul as it sharpens its focus on AI, while Moonton’s management and Shanghai base will remain in place.

Xiaomi raises SU7 prices

just now
Beijing Business Today
Xiaomi launched the new SU7 at RMB 219,900 for the standard model, RMB 249,900 for Pro, and RMB 303,900 for Max, marking a RMB 4,000 increase across trims. Chairman Lei Jun cited higher memory and material costs, with per-unit material costs up nearly RMB 20,000 excluding R&D. The car logged 15,000 orders within 34 minutes of launch.

Li-Ning profit falls in 2025

just now
Li-Ning
Li-Ning's 2025 revenue rose 3.2% to RMB 29.6 billion, while net profit attributable to equity holders fell 2.6% to RMB 2.9 billion. Gross margin slipped to 49%, and operating profit increased 6% to RMB 3.9 billion. The board proposed a final dividend of RMB 23.36 cents per share.

Circles, Huawei ink partnership deal

just now
Huawei Cloud
Circles has entered an agreement with Huawei to combine its digital BSS platform with Huawei’s network and cloud capabilities. The companies will explore integration across charging, policy control, and cloud infrastructure, and consider joint go-to-market initiatives for telecommunication operators.

WeRide launches Slovakia program

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WeRide
WeRide has signed a national-level partnership with Elevate Slovakia to deploy robotaxis and other autonomous vehicle models under the country’s first state-backed autonomous driving program. Initial vehicles are set to arrive in spring 2026, with testing in Bratislava under transport ministry supervision before broader expansion.

Tencent Cloud expands 3D AI tie-up

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Tencent Cloud
Tencent Cloud said at MWC 2026 that it is expanding its partnership with 3D AI Studio, which has integrated Tencent’s HY 3D Global generative model to power scalable 3D content creation. The API-based system reportedly enables stable, high-quality model generation and supports variable demand, as the companies co-develop AI tools for global creators.

Huawei logs revenue growth in China

just now
Securities Times
Huawei said its China government and enterprise business revenue surpassed RMB 100 billion in 2025 for the first time, with partner revenue exceeding RMB 80 billion and more than 59,000 partners now transacting with the company.

Pony.ai delivers 100 Gen-7 robotaxis

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Pony.ai
Pony.ai has delivered more than 100 Gen-7 robotaxis to Chenqi Mobility in Guangzhou, with the vehicles set to enter commercial service on the OnTime Mobility platform. The companies also signed an upgraded agreement to expand fleets and coverage, as Pony.ai licenses its autonomous driving system to partners under a recurring revenue model.

HSBC weighs AI-driven job cuts

just now
Bloomberg
HSBC is weighing plans to cut up to 20,000 roles, or about 10% of its workforce, as it deploys AI to shrink middle and back office functions, according to people familiar with the matter. The review is at an early stage, spans three to five years, and no final decision has been made.

Beingmate control may shift to state

just now
Jiemian News
Beingmate said its controlling shareholder has signed a restructuring agreement with a Jinhua state-backed investor, which could shift control from founder Xie Hong to Jinhua's state-owned assets regulator if approved. The deal includes RMB 856 million for equity and additional funding to address debt issues.

Pop Mart, Sony plan Labubu film

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Reuters
Pop Mart and Sony Pictures will develop a feature film based on Labubu, expanding the popular IP into entertainment. The live action and CGI hybrid is in early development, with Paul King attached to direct and co-write.

BYD to invest in Brazil R&D hub

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Nikkei Asia
BYD will invest BRL 300 million to build an EV R&D facility in Rio de Janeiro, with construction starting this year and opening planned for 2028. The site will include vehicle testing tracks and supports its expansion into South America.

GWM in talks on South Africa factory

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Reuters
Great Wall Motor (GWM) is weighing options to produce vehicles in South Africa, including contract assembly or acquiring an existing plant, and has held talks with Mercedes-Benz and Nissan, executives said. It is also assessing which models to localize for production and export.

Yuanbao posts 2025 revenue growth

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IPO Zaozhidao
Yuanbao, an online insurance provider, reported 2025 revenue rose 33.1% to RMB 4.37 billion with net profit of RMB 1.31 billion, as AI deployment scaled across its operations. Annual policy volume increased 36.7% to 30.66 million, supported by expanded use of AI models and agents.

COSCO flags impact on UAE port

just now
Nikkei Asia
COSCO Shipping Ports said its Abu Dhabi facility has been affected by the Iran conflict, with traffic disrupted since late February, though staff and assets remain safe. The disruption follows broader shipping impacts across the Middle East, including the Strait of Hormuz.

Tencent says US risk lower than TikTok

just now
Bloomberg
Tencent said it faces lower regulatory risk in the US than ByteDance's TikTok, with president Martin Lau calling the risks “controllable” amid a government probe into its data practices and overseas gaming investments.

Tencent plans AI agent for WeChat

just now
Nikkei Asia
Tencent is developing an AI agent for WeChat that can perform tasks such as shopping and ride-hailing, president Martin Lau said, with no rollout timeline disclosed. The move comes as the company steps up its AI push amid intensifying competition in China.

Kanzhun posts sharp profit rise

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Kanzhun
Kanzhun, a tech-driven recruitment platform operator, reported 2025 net income rose 71.7% to RMB 2.69 billion as revenue grew 12.4% to RMB 8.27 billion. Paid enterprise customers reached 6.8 million, and it plans to return at least 50% of adjusted net income to shareholders.

Alibaba, Baidu raise AI cloud prices

just now
SCMP
Alibaba Cloud and Baidu Cloud will raise prices for AI-related services by 5–34% starting April 18, alongside 30% increases for storage. The hikes follow similar moves by US peers and come as demand for computing power and infrastructure costs rise.
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