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Luckin Coffee tests the waters in the US with two New York stores

6 mins read

Pulses

Temu adds fines for data reporting errors

just now
Ebrun
Temu has updated its quality inspection rules to fine sellers who misreport product weight or volume by more than 50 grams or 10%. A base fine of RMB 10 per order applies, increasing by RMB 10 for every additional 50 grams. Return orders are also subject to penalties. Sellers are advised to review data to avoid fines or reduced platform visibility.

Pangdonglai lifts 2025 profit forecast

just now
Ebrun
Pangdonglai reported RMB 11.7 billion in revenue for H1 2025, with supermarket sales accounting for over half. The group’s net profit estimate has risen to RMB 1.5 billion as of mid-June, well above the RMB 1 billion target set earlier this year.

Grammarly closes deal to buy Superhuman

just now
Reuters
Grammarly is acquiring startup Superhuman to expand its AI-powered workplace tools. Superhuman, last valued at USD 825 million with USD 35 million in revenue, will retain its brand and CEO Rahul Vohra. Grammarly plans to integrate AI agents into email workflows and expand into calendars, tasks, and collaboration.

Anta to open first US store in Beverly Hills

just now
Jing Daily
Chinese sportswear brand Anta will open its first US store in Beverly Hills, expanding beyond third-party retailers and e-commerce. The announcement came in a teaser featuring chief creative officer Kyrie Irving, who joined the brand in 2023 and launched the Kai 1 signature shoe in March.

DeepSeek adoption grows amid Western concerns

just now
WSJ
Chinese AI firm DeepSeek is expanding globally, with HSBC, Standard Chartered, and Saudi Aramco among those reportedly testing or deploying its models. The trend has drawn warnings from OpenAI and US officials, who say China’s growing AI presence could erode Western influence and global standards.

Binance keeps Singapore staff despite curbs

just now
Bloomberg
Binance plans to keep its Singapore-based remote workforce despite new rules requiring offshore crypto firms to be licensed by June 30. The exchange, which lacks a local license, says most staff are in non-client roles such as compliance and tech, insulating them from regulatory impact.

Figma files for IPO after scrapped Adobe deal

just now
CNBC
Figma has filed to go public on the NYSE, following the collapse of its USD 20 billion sale to Adobe and a USD 1 billion breakup fee. The company reported USD 228 million in Q1 2025 revenue, USD 44.9 million in net income, and roughly 450,000 customers as of March 31.

Surge AI seeks USD 1 billion in first funding

just now
Reuters
Surge AI is seeking up to USD 1 billion in its first funding round, targeting a valuation above USD 15 billion, according to sources. The profitable, bootstrapped firm generated over USD 1 billion in revenue in 2024 and is adding clients amid Scale AI’s customer losses following its partnership with Meta.

China rolls out virtual IDs for internet use

just now
The Economist
China will launch virtual IDs for internet use on July 15, shifting user verification from tech firms to state-run systems. Citizens can voluntarily submit facial scans and personal data to access online services. Analysts say the move could reshape China’s AI development and digital economy.

Nio’s Q2 deliveries up 71.2% from Q1

just now
Nio
Nio delivered 24,925 vehicles in June 2025, up 17.5% YoY, contributing to 72,056 units in Q2, a 71.2% increase from Q1. H1 2025 deliveries rose 30.6% YoY to 114,150. Cumulative sales reached 785,714, including 725,248 from Nio, 52,623 from Onvo, and 7,843 from Firefly.

Huawei open-sources Pangu AI models

just now
CNBC
Huawei has open-sourced two Pangu AI models and related inference tools to expand its Ascend chip ecosystem and global reach. Analysts say the move reflects a hardware-first strategy similar to Google’s and could drive adoption in cost-sensitive markets despite ongoing US chip restrictions.

Li Auto marks ten years with Q2 growth

just now
Li Auto
Li Auto delivered 36,279 vehicles in June 2025, with Q2 deliveries reaching 111,074 and total cumulative deliveries topping 1.3 million. Celebrating its tenth anniversary, the company retained its lead in China’s high-end EV market and will expand its lineup with two new battery-powered electric SUVs launching by September.

Luckin Coffee opens first US stores

just now
CBS News
Luckin Coffee opened its first US stores in New York on June 30, unveiling app-based, cashier-free locations in Greenwich Village and Chelsea. The Chinese coffee chain, which overtook Starbucks in China in 2023, is testing its tech-driven model in the US, though launch prices largely match its rival’s.

Xpeng hits new record with Q2 deliveries

just now
Xpeng
Xpeng Motors delivered 34,611 vehicles in June 2025, a 224% YoY increase and its eighth consecutive month above 30,000 units. Q2 deliveries reached a record 103,181, bringing H1 totals to 197,189, surpassing all of 2024. The company also launched its X9 model in Indonesia, with local production set to begin in July.

OpenAI says no plans to use Google TPUs

just now
Reuters
OpenAI said it has no plans to use Google’s AI chips at scale, two days after reports suggested it was turning to its rival’s TPUs to meet rising demand. A spokesperson said only early testing is underway. OpenAI continues to rely on Nvidia and AMD chips and is developing its own, expected to reach tapeout this year. It also uses Google Cloud and CoreWeave to meet compute needs.

TikTok US bid revived by same backers

just now
Bloomberg
TikTok’s prospective buyer, as alluded to by US President Donald Trump, is reportedly the same group co-led by Oracle, Blackstone, and Andreessen Horowitz that backed a previous bid, which stalled earlier this year amid US-China tensions. The revived deal, which would lower ByteDance’s stake below 20%, now hinges on Chinese government approval ahead of a September deadline.

Meta forms Superintelligence Labs

just now
WSJ
Meta has announced Meta Superintelligence Labs, a new division uniting its AI research and product teams under former Scale CEO Alexandr Wang. CEO Mark Zuckerberg said the effort marks the company’s push toward “superintelligence,” supported by hires from OpenAI, DeepMind, and Anthropic, as Meta works to regain ground in the AI race.

Baidu open-sources Ernie 4.5 models

just now
SCMP
Baidu has open-sourced ten variants of its Ernie 4.5 AI models on Hugging Face, marking a shift from its earlier proprietary stance. Ranging up to 424 billion parameters, the models were released under an Apache 2.0 license. Baidu said its 300-billion-parameter model outperformed rivals like DeepSeek’s V3, joining a broader trend among Chinese tech firms embracing open AI.

HK’s New World secures refinancing lifeline

just now
Reuters
New World Development has secured HKD 88.2 billion in loan refinancing, easing pressure on one of Hong Kong’s most indebted developers. The package follows months of negotiations and the departure of former CEO Adrian Cheng. CEO Echo Huang said the deal enhances operational flexibility as the firm focuses on debt reduction and cash flow.

Sophgo chip passes DeepSeek AI test

just now
SCMP
Chinese chipmaker Sophgo has adapted its FP300 compute card to run DeepSeek’s R1 model, passing verification by state lab CTTL. The milestone underscores growing collaboration between Chinese chip and AI firms as they work to replace foreign tech amid tightening export controls.
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