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Airwallex raises USD 300 million, eyes IPO readiness and AI-led finance

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Pulses

Xpeng enters Baltic EV market via Modus Group

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Xpeng
Xpeng has named Modus Group its exclusive partner for Estonia, Latvia, and Lithuania, marking its entry into the Baltic market. Sales will begin in Q3 2025 with the G6 and G9 SUVs. The move expands Xpeng's European footprint as it targets presence in over 60 countries by year-end, supported by local showrooms and after-sales networks.

Alibaba Cloud details AI investment strategy

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Wallstreet CN
At a May 22 event, Alibaba CEO Eddie Wu clarified that Alibaba Cloud’s planned RMB 380 billion investment over three years will include partnerships with firms such as Midea, GAC, and China Eastern Airlines. The initiative aims to build unified global AI and cloud infrastructure, expand deployment of products like Qwen, and support Chinese firms going global with stronger compliance and services.

Dimon says JPMorgan won’t retreat from China

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Bloomberg
JPMorgan CEO Jamie Dimon said the bank remains committed to long-term growth in China despite rising political pressure. Speaking in Shanghai, Dimon defended its role in CATL’s listing, citing thorough due diligence and client demand. JPMorgan continues to invest in the market, where it holds full control of key operations and sees renewed momentum in cross-border business.

Hong Kong stakes claim as hub for “patient capital”

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SCMP
At the inaugural HKIC forum, Financial Secretary Paul Chan said Hong Kong is well-positioned to become a global hub for “patient capital,” citing its legal system, market openness, and innovation strengths. The event drew 400 delegates managing over USD 20 trillion. State-owned HKIC has co-invested in more than 100 projects and plans deeper engagement in AI and deep tech.

Meinian, Damo team up on cancer screening AI

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Damo Academy
Meinian OneHealth and Alibaba’s Damo Academy have partnered to bring AI screening to health exams, targeting early detection of cancer and chronic diseases. The CT-based model, recently designated a breakthrough device by the FDA, has reportedly shown high accuracy in identifying pancreatic and gastrointestinal cancers and will now be piloted in routine checkups.

Ant taps HSBC for blockchain treasury tool

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Ant Group
Ant International and HSBC have launched a blockchain-based tokenized deposit service in Hong Kong, enabling round-the-clock HKD and USD transfers between corporate wallets. Ant is reportedly the first client to complete an instant intra-group transaction using its Whale platform, part of a broader push to digitize treasury operations with AI, encryption, and cross-chain tools.

AliExpress opens cross-border park in Dalian

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Science and Technology Daily
Alibaba announced its first AliExpress cross-border e-commerce industrial park in Northeast China on May 19, located in Dalian’s Hi-tech Zone. The 10,000-square-meter site is set to open in July and will serve as a logistics and export hub, offering full-cycle services to help local firms access global markets through Alibaba’s international network.

Meituan launches Keemart in Saudi Arabia

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Star Market Daily
Meituan has reportedly launched Keemart, the overseas brand of Xiaoxiang Supermarket, in Riyadh, marking its first retail venture abroad. Former senior executive Liu Wei is leading the rollout. While Meituan has yet to confirm the move, hiring is underway for procurement, operations, and business roles.

Qatar’s wealth fund eyes China, balances US ties

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Bloomberg
Qatar Investment Authority is actively exploring China investments while seeking to avoid friction with the US, a senior executive said at the Qatar Economic Forum. The comments follow scrutiny of recent AI-related Gulf deals and come as the USD 524 billion sovereign fund plans to double US outlays, pledging USD 500 billion over the next decade amid rising geopolitical tensions.

Lenovo posts record AI-led growth in FY25

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Lenovo
Lenovo reported FY25 revenue of USD 69.1 billion, up 21% YoY, with net income rising 36% to USD 1.4 billion. Growth was driven by AI PCs, smartphones, infrastructure, and enterprise solutions. The company now leads the Windows AI PC category and introduced new AI “super agents” under its hybrid AI strategy, achieving double-digit growth across all regions.

Xpeng to roll out AI chip, robot by 2026

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Wallstreet CN
Xpeng expects Q2 2025 deliveries of up to 108,000 units, a 257.5% YoY increase, and aims to turn profitable by Q4. The EV maker will roll out its self-developed Turing chip in Q3 and debut a humanoid robot in 2026. These are part of Xpeng's broader strategy to build a full-stack AI platform spanning autonomous driving, intelligent cockpits, and robotics.

China’s Shouguang to build UAE agri hub

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SCMP
Shouguang, China’s “vegetable capital,” will co-invest USD 33 million with UAE firm Silal to build a 100,000-square-meter smart agriculture center in Abu Dhabi. Tied to the Belt and Road Initiative, the project will deploy AI, robotics, and solar greenhouses to grow crops like tomatoes and melons in desert conditions, expanding China’s agritech footprint in the Middle East.

CATL rewards low-emission battery suppliers

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Bloomberg
EV battery giant CATL is incentivizing suppliers to cut emissions as it targets carbon neutrality in core operations this year and across its supply chain by 2035. Scope 3 emissions made up 95% of CATL’s 2024 carbon footprint, driven by raw materials and energy-intensive production. The firm is offering technical support and prioritizing ESG-compliant partners.

OpenAI buys Jony Ive’s startup for USD 6.5 billion

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Bloomberg
OpenAI will acquire io, an AI hardware startup co-founded by Apple veteran Jony Ive, in a USD 6.5 billion all-stock deal. The move brings in a team of Apple alumni and positions OpenAI to launch AI-native consumer devices starting in 2026. Ive’s design firm LoveFrom will lead hardware and software design as OpenAI expands beyond apps.

Airwallex raises USD 300 million in Series F funding

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Airwallex
Airwallex has raised USD 300 million in Series F funding at a USD 6.2 billion valuation to fuel global expansion and reach USD 1 billion in annualized revenue this year. Investors include Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, Visa Ventures, and Australian pension funds. USD 150 million came from secondary share transfers.

US slaps steep duties on Chinese graphite

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KrASIA
The US Department of Commerce plans to impose up to 721% in tariffs on Chinese graphite used in lithium-ion battery anodes, citing unfair subsidies. The move follows a trade case led by US producers and aims to boost domestic supply chains. Final rulings, including potential anti-dumping duties, are expected by December and could escalate trade tensions.

EHang eyes flying taxis in China by 2030

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SCMP
EHang expects to launch flying taxi services in Guangzhou and Hefei this year and sees China enabling fixed-route air shuttles by 2030. Certified by China’s aviation regulator for autonomous eVTOL aircraft, the firm is running city trials, scaling production, and plans to unveil upgraded aircraft and new battery technology later this year amid rising global interest.

Nvidia CEO warns US losing ground in AI race

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CNBC
Nvidia CEO Jensen Huang warned that US chip export controls are a “failure” that undermine national tech competitiveness. He said the restrictions have halved Nvidia’s China market share and spurred Beijing to accelerate AI chip development. Speaking at Computex, Huang said the curbs may hurt US firms more than China and risk ceding leadership in the AI race.

TikTok signals US e-commerce layoffs

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Bloomberg
TikTok warned US e-commerce staff of imminent job cuts in a memo from new division head Mu Qing, who cited plans to streamline operations. Employees were told to work from home and expect personnel changes starting May 23. The move comes amid mounting political pressure, leadership shifts, and uncertainty over TikTok’s future in the US market.

Tech and e-commerce drive LexinFintech’s Q1 gains

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LexinFintech
LexinFintech reported Q1 2025 net income of RMB 430 million, up 113% YoY. Revenue fell 4% to RMB 3.1 billion, as loan services declined, but income from tech and e-commerce solutions rose sharply. The company said it cut costs, improved asset quality, and has raised its dividend payout ratio to 30% starting in H2 2025.
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