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Can Yup become Southeast Asia’s answer to Nubank?

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TikTok Shop announces 2025 summer campaign

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Ebrun
TikTok Shop has announced its 2025 summer campaign will span six markets: the US, UK, France, Germany, Italy, and Spain. Platform-wide promotions will debut in France, Germany, Italy, and Spain. The campaign will run in two waves: Europe from June 23 to July 1, and the US from July 7 to 19, focused on clearing inventory and testing seasonal products.

Asia reached 646 unicorns in 2024

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Asia Unicorn Forum
Asia had 646 unicorns by end-2024, with a combined valuation of USD 2.4 trillion, according to a recent report. China led with 454 firms, followed by India. Most unicorns are in software, transport, and deep tech, and 96% are valued under USD 10 billion. The average time to reach unicorn status is five years. ByteDance topped the list with a USD 300 billion valuation.

Ant’s profit drops 31% as AI spending grows

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Bloomberg
Ant Group’s quarterly profit fell about 31% to an estimated RMB 5.3 billion as the firm ramped up investment in AI and overseas expansion. It contributed RMB 1.76 billion to Alibaba’s earnings. Ant is applying AI across services, using domestic chips to cut training costs, and continues to prepare its tech units for potential spinoffs while exploring a Hong Kong IPO.

Alibaba posts 93% jump in quarterly profit

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Alibaba
Alibaba reported a 93% YoY increase in operating income for the March 2025 quarter, driven by strong cloud revenue and sustained triple-digit growth in AI products. Total revenue rose 7% to RMB 236.5 billion, while net income reached RMB 11.97 billion. The company declared USD 4.6 billion in dividends for the fiscal year.

CATL expands with new unit in Hubei

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Guandian
CATL has established a new subsidiary in Suizhou, Hubei, focused on energy tech R&D, battery swapping, and EV sales. The firm, registered with RMB 5 million in capital, is wholly owned by CATL’s regional green energy unit.

JD Logistics opens warehouse in Mexico

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Guandian
JD Logistics has begun operating its first overseas warehouse in Mexico City, targeting one-day delivery for a global fashion e-commerce firm. The 40,000-square-meter warehouse also supports local businesses and partners, offering large-item delivery and installation services across Mexico.

Beijing warns JD, Meituan, Ele.me over food delivery war

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Dazhong News
Chinese regulators have summoned JD.com, Meituan, and Ele.me over concerns of unfair competition and labor practices in the food delivery industry, citing aggressive subsidy tactics and alleged restrictions on riders. The move follows JD's recent entry into the market with fee waivers and social insurance pledges.

Trust in Chinese cars grows after purchase

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Carma
Trust in Chinese automakers rises 30% after purchase, compared to just 6% for European brands, a new report shows. Buyers frequently cite high satisfaction with technology, design, and value—especially in emerging markets. While pre-purchase doubts around safety and reliability remain, the findings suggest unfamiliarity, not product flaws, is the main driver of skepticism.

Starbucks explores China stake sale

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Bloomberg
Starbucks has contacted investors to explore options for its China operations, which generate around USD 740 million in quarterly revenue, compared to Luckin Coffee’s USD 1.2 billion. Amid rising local competition, the US chain is weighing a potential stake sale but maintains that it remains committed to long-term growth in China, its second largest market.

Geely’s net profit jumps 264% in Q1

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Geely
Geely’s Q1 2025 net profit surged 264% YoY to RMB 5.67 billion, driven by cost controls, stable margins, and subsidiary contributions including Zeekr and Lynk & Co. Revenue rose 24.5% to RMB 72.5 billion, while pre-tax profit increased 323%, highlighting gains from consolidated operations and improved gross profit at Zeekr.

Alterno secures backing for clean heat tech

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Alterno
Vietnam’s Alterno has raised an undisclosed sum of funding from UntroD Capital Asia’s second global fund, with participation from ADB Ventures. The company will use the capital to scale its clean heat platform, support international pilot deployments, and expand across Asian markets.

Granite Asia leads investment in VFlowTech

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VFlowTech
Singapore-based VFlowTech has raised USD 20.5 million in a funding round led by Granite Asia. The round includes participation from EDBI, MOL Plus, PSA Ventures, and existing backers such as Antares Ventures, Inci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, Seeds Capital, and Entrepreneurs First.

Shein cuts US prices after tariff relief

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Bloomberg
Shein reversed course and cut US prices by 13% this week after the Trump administration temporarily reduced tariffs on various Chinese imports to 30%. The company issued alerts assuring shoppers of no added fees, following traffic and sales drops of over 15% since late April. Rival Temu also saw declines, while Amazon and Walmart posted gains in the same period.

Anext Bank sees 83% revenue jump in 2024

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Anext Bank
Singapore’s Anext Bank, a digital wholesale lender backed by Ant International, reported SGD 44.9 million in revenue for 2024, up 83.5% YoY, as total assets more than doubled to SGD 1.6 billion. Loans rose over 280% to SGD 847 million and deposits jumped 207% to SGD 906 million, driven by demand from small businesses. Despite a wider net loss of SGD 37.2 million, the cost-to-income ratio improved to 116.1%.

BeiGene narrows Q1 loss, revenue jumps 50.2%

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StockStar
Biotech firm BeiGene reported RMB 8.05 billion in revenue for Q1 2025, a 50.2% YoY increase, while narrowing its net loss to RMB 94.5 million. Gross margin improved by 2.74 percentage points to 85.86%, and operating expenses declined as a share of revenue. Analysts forecast full-year profit of RMB 298 million.

Li Jiaqi boosts 618 sales with GMV jump

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Shanghai Observer
Tmall’s 618 sales event kicked off on May 13 with Chinese influencer Li Jiaqi’s live stream, which featured nearly 500 products across multiple categories and recorded a 10% YoY GMV boost in the first hour. Chinese brands, including beauty labels like Kefumei and Proya, collectively accounted for over 40% of total sales, with more than 600,000 units sold.

Chinese companies rethink US risk

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CGCC
Chinese firms in the US cite US-China tensions as their top business risk, with 90% reporting material impact, a recent survey shows. Amid rising regulatory barriers and anti-China sentiment, cited by 73% and 67% respectively, companies are turning to localization and third-market pivots. Further expansion depends on US political stability, the report says.

Neta Auto faces bankruptcy review

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CarNewsChina.com
Neta Auto and Toyota have both denied rumors of a takeover, even as court filings show a creditor has initiated a bankruptcy review of Neta’s parent company, Hozon. Despite a proposed RMB 4.5 billion funding round and a debt-to-equity deal with suppliers, key financing has yet to materialize, deepening the EV maker’s financial crisis.

Alibaba debuts all-in-one AI model

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Alibaba
Alibaba has released Wan2.1-VACE under its Tongyi Wanxiang model family, providing an all-in-one model for text-to-video, image-based video synthesis, and localized editing. The open-source release includes both lightweight and large-scale versions, enabling use across industries such as film, marketing, and short-form content production.

China, EU expand financial cooperation

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Global Times
China and the EU concluded two days of financial talks in Brussels, pledging deeper cooperation on market access, cross-border payments, data flows, and sustainable finance. Officials agreed to formalize regular dialogue and build on the working group's momentum since 2024, as both sides seek greater financial stability and innovation amid global uncertainty.
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