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Joyin races to rewire homes with emotionally aware robots

6 mins read

Pulses

Alibaba expands open-source AI lineup

just now
SCMP
Alibaba has released the embedding series of its Qwen 3 model to developers, aiming to improve text and code understanding across more than 100 languages. Trained using a three-stage process, the models reportedly top Hugging Face’s benchmark and support advanced retrieval and reranking tasks.

Manus launches slide creation tool

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Manus
Manus has launched an AI-powered tool that turns user prompts into tailored, ready-to-edit slide decks. Designed for use cases from keynotes to classrooms, the tool supports real-time editing and seamless export to Google Slides or PowerPoint with full formatting intact.

China Renaissance gains on Circle’s IPO

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SCMP
China Renaissance disclosed it invested in Circle in 2018 through its Huaxing New Economy Fund, as shares in the USDC issuer surged 168% on their New York debut. The stake, likely under 5%, reflects the firm’s confidence in digital assets. China Renaissance shares also rose amid growing policy momentum for stablecoins in Hong Kong.

Meituan unveils AI tools for hotel partners

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Sina
Meituan has launched an AI tool for hotel merchants, billed as the first of its kind, to optimize operations and boost efficiency. The move supports growing demand for personalized, bundled travel services as Meituan advances digital upgrades to better integrate lodging with lifestyle consumption across China’s hospitality sector.

Chengxin Lithium updates on mine projects

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Chengxin Lithium
Chengxin Lithium said its Murong mine in Sichuan, containing 989,600 tons of lithium oxide at a 1.62% grade, is under development and expected to deliver low-cost output. Its Sabi Star mine in Zimbabwe resumed operations in April with a new power plant, while its Indonesian lithium salt facility nears commercial supply. The firm is also expanding metal lithium production and R&D in solid-state battery materials.

Jin Jiang Hotels plans HK listing

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China Securities Journal
Shanghai-based Jin Jiang Hotels plans to issue H-shares and list on the Hong Kong Stock Exchange to support its global expansion strategy. Proceeds will fund overseas growth, loan repayments, and working capital. The firm aims to complete the listing within 24 months of shareholder approval and has appointed KPMG as auditor.

Meituan expands drone delivery in Dubai

just now
Bloomberg
Meituan plans to launch two to three new drone delivery routes in Dubai in H2 2025, expanding its overseas footprint after debuting the service there in December 2024. The new routes are expected to operate along the Dubai Marina. Meituan is also adding routes in Hong Kong and Shanghai under its Keeta brand, anticipating that 10–15% of global instant deliveries will eventually go by air.

Nintendo sees shortages as Switch 2 debuts

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CNBC
The Switch 2, Nintendo's follow-up to its hit console, went on sale globally on June 5. Early demand outpaced supply in Japan and China, with US retailers reporting sellouts. Priced at USD 449, it is Nintendo’s most expensive console yet. The company expects to sell 15 million units this fiscal year, though analysts say that may be conservative amid US tariff uncertainty.        

Kling AI tops USD 100 million in ARR

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Kuaishou
Kuaishou’s Kling AI surpassed a USD 100 million annualized run rate in March 2025, just ten months after launch. Monthly subscription bookings topped RMB 100 million in both April and May. The latest Kling AI 2.1 model features enhanced visuals, improved semantic precision, and 1080p support, and now serves over 10,000 global clients.

China scales back, Africa’s grid shifts

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Semafor
Chinese energy financing in Africa has dropped 85% since 2015, steering the continent toward private capital and clean energy, according to the IEA. Public and DFI funding fell to USD 20 billion in 2024, while private clean energy investment more than doubled to USD 40 billion, led by solar power and EVs.

Builder.ai files for bankruptcy in US

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Bloomberg
Builder.ai filed for Chapter 7 bankruptcy in Delaware after creditors seized most of its cash. Once valued at USD 1.5 billion, the Microsoft-backed firm had overstated 2024 sales by 300% and was linked to alleged fictitious deals with VerSe. Despite a board shakeup and audit, the startup collapsed after raising USD 450 million. Its founder stepped down in February.

US, China to resume high-level talks

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CGTN
Chinese President Xi Jinping and US President Donald Trump spoke by phone on June 5 and reaffirmed their commitment to the Geneva trade agreement. Xi called for steady leadership and urged the US to lift punitive measures, while Trump voiced support for deeper engagement. Both sides agreed to hold another round of talks soon.

Coinbase CEO eyes embryo gene editing

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MIT Technology Review
Coinbase CEO Brian Armstrong plans to fund a startup focused on gene editing in human embryos, a first for the private sector in a field long shaped by the CRISPR controversy. He is recruiting scientists to apply base editing, a DNA-altering method considered more precise than earlier tools, to target genetic disease. The effort may test legal and ethical limits in the US.

FountainVest to cut Amer Sports stake

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Ebrun
FountainVest Partners plans to sell half its stake in Amer Sports for about USD 1.3 billion, reducing its holdings to 6.2%. The Chinese firm joined Anta, Tencent, and Chip Wilson in the 2018 acquisition. In Q1 2025, Amer’s revenue rose 23% YoY to USD 1.47 billion. Arc'teryx was a key driver, generating over USD 2 billion in 2024 sales.

Dianping tests curated food delivery

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Ebrun
Meituan’s Dianping app has launched a “premium delivery” feature in cities like Guangzhou and Shenzhen, showcasing top-rated, licensed vendors across six categories. Orders are completed in-app, with daily vouchers offered to boost usage. The update leverages Dianping’s review data to build a closed content-commerce loop.

“Cold core” tech may boost cylindrical EV batteries

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KrASIA
Talent New Energy has unveiled its "cold core" battery technology to improve fast charging and thermal management in cylindrical EV cells. Its 4695 and 50190 series support 6C charging, reaching 80% charge in nine minutes, and operate across extreme temperatures, addressing limitations of the cylindrical format.

Didi logs Q1 lift on rising transactions

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Didi
Didi posted a Q1 2025 profit of RMB 2.4 billion, nearly tripling YoY, driven by operating efficiency gains and a 22.5% rise in platform sales. Adjusted EBITDA more than doubled to RMB 3.1 billion. Transactions grew 13.4% to 4.25 billion, led by record daily rides in China, while international losses narrowed amid Latin America growth.

China tests dual-target weight drug

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Sixth Tone
China is preparing to approve mazdutide, its first domestically developed dual-target obesity drug, after Phase 3 trials showed nearly half of higher-dose patients lost at least 15% body weight. Created by Innovent Biologics, the drug activates both GLP-1 and GCGR receptors, enhancing metabolism and reducing liver fat. A launch is expected later this year.

Tesla deliveries slide amid rising EV rivalry

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SCMP
Tesla's Shanghai factory delivered 61,662 cars in May, down 15% YoY, marking an eighth straight monthly drop. With Chinese rivals like Xiaomi and BYD rolling out more affordable EV models, Tesla's market share is under strain despite incentives and the Model Y's top SUV status.

Shein faces EU complaint over “dark patterns”

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Reuters
Consumer group BEUC has filed a complaint with the European Commission accusing Shein of using “dark patterns” to drive excessive consumption. The fast fashion company allegedly deploys countdown timers, pop-ups, daily notifications, and gamified features to pressure users. Shein said it is cooperating with regulators but was denied a meeting with BEUC.
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