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Jewelry house Borland raises funding to tap China’s ancient gold renaissance

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Pulses

China factory slump extends in November

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Nikkei Asia
China’s factory activity contracted for an eighth month in November, with the PMI at 49.2 and services slipping to 49.5 as demand remained weak. Output stalled and the index for new orders stayed below 50, underscoring pressure from soft consumption, trade tensions, and debt constraints. Analysts said major policy support may wait until early 2026 despite the uneven recovery.

US firm seeks loan deal for Nvidia chips

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Bloomberg
PaleBlueDot AI is seeking about USD 300 million in financing to acquire Nvidia chips for a Tokyo data center serving Chinese platform Xiaohongshu, according to people familiar with the matter. The plan illustrates how some firms are navigating US export limits on high-end GPUs, though lenders remain cautious amid political sensitivities and uncertain policy direction.

Cainiao automates Hong Kong hub

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36Kr
Cainiao’s Hong Kong eHub has introduced an automated palletizing system, becoming the city’s first pre-security cargo facility to automate the full process from security screening to pallet assembly. The upgrade aims to improve cargo handling efficiency and support rising cross-border air logistics demand.

Doubao launches OS-level AI assistant

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IT Zhijia
ByteDance’s Doubao team has released a technical preview of its Doubao phone assistant, an OS-level AI tool developed with handset makers to enable automated app operations, multimodal interaction, and memory-based personalization. The preview is available on the Nubia M153, with broader ecosystem integration planned as the product continues to evolve.

Xiaomi launches in-stock car offer

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IT Zhijia
Xiaomi is set to roll out an in-stock car program featuring unregistered new, display, and near-new vehicles. The company said customers can expect quicker handovers and full warranty coverage, with some models discounted. Users with locked orders may switch to in-stock units ahead of the full launch on December 3, and eligible buyers may receive a tax subsidy if delivery occurs in 2026.

Bitcoin mining ticks up in China

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SCMP
China’s bitcoin hash rate edged up 14.06% in Q2 this year, triggering debate over whether mining could help utilize excess wind and solar power. Scholars have urged Beijing to reconsider its ban, but analysts said authorities remain focused on strategic sectors that require large-scale electricity, leaving energy-intensive crypto mining at odds with national goals.

Meituan swings to deep Q3 loss

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Meituan
Meituan posted a Q3 net loss of RMB 18.6 billion as heavy incentives and promotional spending in food delivery drove its core local business to a RMB 14.1 billion operating loss. Revenue rose 2% YoY to RMB 95.5 billion, while new initiatives delivered 16% growth but remained in the red. The company warned losses will persist amid overheated competition.

Tencent Music, MCSC form rights pact

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Tencent Music
The Music Copyright Society of China (MCSC) and Tencent Music have signed a partnership in Beijing to strengthen licensing and protection for lyric and composition works. The agreement aims to improve compliance, bolster creators’ revenue safeguards, and support China’s broader effort to build a healthier digital music ecosystem.

DeepSeek debuts Math-V2 model

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SCMP
DeepSeek has released an open-source reasoning model that achieved "gold medal-level" performance at the International Mathematical Olympiad, matching recent proprietary advances from Google DeepMind and OpenAI. Available on Hugging Face and GitHub, the model uses self-verification to strengthen mathematical reasoning on problems without known solutions.

China EV makers cut prices in Thailand

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Nikkei Asia
Chinese automakers intensified EV price competition at the Thailand International Motor Expo, with Geely offering its EX2 for under THB 400,000 and rivals BYD and GWM promoting compact models. The market is recovering but remains below earlier volumes amid tight lending, while Japanese brands are directing buyers toward hybrid models as charging and upkeep concerns persist.

Inmo hits USD 1 million milestone

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36Kr
Inmo said crowdfunding for its Air3 smart glasses has surpassed USD 1 million. The glasses use an array waveguide design and run the IMOS 3.0 spatial OS, which supports semantic AI interaction, spatial computing, and multi-screen collaboration.

Huawei Cloud reshuffles leadership

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IT Zhijia
Huawei Cloud has overhauled its leadership and structure, elevating Zhang Ping’an to chairman and naming Zhou Yuefeng CEO. The unit’s R&D functions have shifted to the ICT organization, which now oversees five cloud product lines covering infrastructure, data and AI, databases, security, and HCS. Public profiles show Zhang joined Huawei in 1996 and held multiple senior roles, while Zhou previously led the data storage product line.

Chagee reports weaker Q3 results

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Chagee
Chagee reported weaker Q3 performance as net revenue fell to RMB 3.21 billion and net income declined to RMB 397.9 million, driven by lower GMV in Greater China and softer franchise sales amid tighter subsidy competition among food delivery platforms. The outlet count rose 26% YoY to 7,338, though same-store GMV declined in both domestic and overseas markets.

EV makers flag weaker demand

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Nikkei Asia
Li Auto and Nio warned of softer EV demand in China as incentives wind down, with Li Auto projecting a YoY delivery drop of up to 37% in Q4 and anticipating further pressure when a 5% EV sales tax begins in 2026. Nio also lowered its Q4 target as trade-in subsidies fade, marking a shift from policy-driven to market-driven growth in a crowded sector.

Mixue explores breakfast offerings

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Jiemian News
Mixue Bingcheng is piloting a breakfast menu in cities including Dalian, Xi’an, Nanning, and Hangzhou after surveying consumers about morning habits. Early items such as grain-based milk drinks are priced at RMB 5, and no large-scale rollout is planned. The trials come as Mixue expands its portfolio, adding fresh beer through its acquisition of Fulujia.

Nexperia warns of supply disruptions

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Bloomberg
Nexperia warned that customers face imminent production stoppages as its China unit remains unresponsive after Dutch authorities asserted oversight powers. In an open letter, the chipmaker urged the subsidiary to restart communication or work through a third-party mediator. The Netherlands has since suspended its order while discussions with Chinese authorities continue.

Avatr files for Hong Kong IPO

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Jiemian News
Avatr has filed for a Hong Kong IPO. Backed by Changan Automobile, Huawei, and CATL, the EV maker delivered 56,729 vehicles in the first half of 2025 and grew revenue 98.5% to RMB 12.21 billion. The company has accumulated more than RMB 100 billion in losses, while a recent stake sale implied a valuation of about RMB 26 billion.

Zootopia 2 sets China box office record

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36Kr
Disney’s Zootopia 2 generated more than RMB 213 million on its opening day in China, setting a national single-day record for an imported animated film, according to Maoyan Pro. It also became the country’s top presale animated release, with first-day presales exceeding RMB 189 million as of November 26.

Soul App files for Hong Kong IPO

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Soul App
Tencent-backed Soul App has filed for a Hong Kong IPO, reporting RMB 2.21 billion in 2024 revenue and sustained profitability, according to its application proof. The AI-powered social platform reached 11 million daily active users earlier this year, driven by its emotional intelligence model Soul X. Proceeds will be used to fund its AI R&D, global expansion, and user growth.

Zong Fuli steps down at Wahaha

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SCMP
Zong Fuli has stepped down as legal representative, chairwoman, and general manager of Wahaha Group a year after taking over from her late father, filings show. Former legal executive Xu Simin has assumed the roles. Zong retains a 29% stake as she faces ongoing court disputes in mainland China and Hong Kong with three half-siblings over alleged offshore trusts.
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