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Xiaomi taps FAW veteran to steer its next phase in assisted driving

4 mins read

Pulses

TikTok Shop sees slow start in Germany

just now
Ebrun
34% of Germans surveyed are aware of TikTok Shop, but only about 4% have made a purchase since its March 31 launch, according to a study by OMD. Awareness is highest among those aged 18–29 at 47%, indicating strong early reach despite limited adoption.

Xiaomi taps FAW veteran for driving team

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KrASIA
Xiaomi has appointed Chen Guang, former CTO of FAW’s Nanjing research institute, to lead perception development for its assisted driving unit, replacing Rui Cai. The hire boosts Xiaomi’s efforts to advance end-to-end and VLA models amid safety scrutiny and intensifying competition.

Global automakers warn of rare earth crunch

just now
Reuters
Alarm is growing over China’s decision to restrict exports of rare earth magnets and alloys, as global automakers warn of looming production delays. The curbs, seen as trade leverage, affect critical components for cars, aerial vehicles, and military equipment. Shipments are stalled at ports as nations seek talks with Beijing for a breakthrough.

Nvidia CEO touts chip in Nintendo Switch 2

just now
CNBC
Nvidia CEO Jensen Huang praised Nintendo’s upcoming Switch 2, calling its custom chip “unlike anything we’ve built before,” with breakthroughs in mobile ray tracing, HDR, and AI-driven gameplay. Priced at USD 449.99, the console launches June 5 as Nintendo’s first in eight years and supports backward compatibility.

Tiger Brokers to double HK headcount

just now
Reuters
Tiger Brokers plans to double its workforce in Hong Kong over the next two to three years to capture growing demand from offshore Chinese investors. The firm’s assets under custody in Hong Kong quadrupled YoY in Q1 2025, fueled by rising capital inflows, IPO activity, and interest from individual and corporate clients.

Nio forecasts rebound after soft Q1

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Nio
Nio reported Q1 2025 revenue of RMB 12 billion, up 21.5% YoY, as deliveries rose 40% from a year earlier but fell from Q4 levels. Vehicle margin improved to 10.2%, though net loss widened 30.2% YoY to RMB 6.75 billion. The Chinese EV maker expects Q2 deliveries of 72,000–75,000 units, driven by new models including the ET9 and Firefly.

Huawei to unveil Pura 80 on June 11

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SCMP
Huawei will launch its Pura 80 smartphone series in China on June 11, with expected camera upgrades and a possible new in-house chip. The devices will run HarmonyOS Next, Huawei’s latest Android-free platform. The release signals the company’s push to reclaim share in China’s premium smartphone market amid ongoing US tech restrictions.

Xiaomi sees EV unit turning profit soon

just now
Bloomberg
Xiaomi founder Lei Jun expects the company’s EV business to turn profitable in the second half of 2025, driven by strong SU7 sedan sales and narrowing losses. The outlook comes as China's EV price war heats up, with BYD announcing cuts and state media warning of risks to supply chains and China’s manufacturing image. Xiaomi plans to launch its first SUV in July.

China’s property slump nears its end

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The Economist
China’s housing slump is easing in top cities like Shanghai, where inventory turnaround saw levels fall from 20 to 12.5 months over the six months ending January 2025. S&P forecasts prices of new homes will remain flat this year and rise 1% in 2026 in first-tier cities, while prices in smaller cities may continue to decline. Recovery remains uneven and depends on sustained government support.

Naixue opens in Chiang Mai mall

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Dao Insights
Chinese tea chain Naixue has opened its first store in Chiang Mai, inside Central Festival mall, marking its eighth location in Southeast Asia. Featuring staples and new drinks tailored to Thai tastes, the outlet recorded nearly THB 3.5 million in first-month revenue, with daily sales topping 2,000 cups. A New York store is now in the pipeline as it eyes the US market.

US, China leaders expected to hold trade call

just now
Reuters
US President Donald Trump and Chinese President Xi Jinping are expected to speak this week to address trade tensions, including tariffs and mineral export restrictions, according to the White House. The call follows a 90-day truce agreed in Geneva but comes amid slow progress, ongoing legal challenges, and unresolved structural issues.

Neuralink closes Series E funding round

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Neuralink
Neuralink has confirmed the closure of its Series E funding round at USD 650 million, with backing from Ark Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners, Vy Capital, and others. The funding will expand its clinical trials in the US, Canada, and UAE, and advance brain-computer interface applications for vision and speech restoration.

Wada FoodTech raises USD 5 million

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Wada FoodTech
Wada FoodTech has raised USD 5 million in a pre-Series A3 funding round co-led by MindWorks ETEC Fund and Golden Resources, bringing its total backing to over USD 10 million. The company will use the funds to scale its hot-chain bento vending platform across Japan, the UK, EU, and Australia through franchising and AI-powered logistics.

BYD targets Japan’s kei car market

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Financial Times
BYD plans to launch a low-cost electric kei car in Japan by 2026, targeting the USD 18 billion minicar segment that accounts for roughly 40% of local automotive sales. The EV will be tailored to Japan’s unique minicar specs and tax incentives, marking one of BYD’s first models designed specifically for export.

Truely raises funding to grow eSIM service

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Truely
Truely has raised an additional USD 2 million from DG Daiwa Ventures, Goodwater Capital, Disrupt.com, and existing investor Beenext, bringing its total funding to USD 5.5 million. The travel tech firm offers eSIM data access without requiring SIM swaps and is expanding globally through consumer growth and B2B2C partnerships across travel and fintech sectors.

GCash parent approves stock split ahead of IPO

just now
Bloomberg
Globe Fintech Innovations, the company behind GCash, has approved a stock split to increase its authorized shares from 2.15 billion to 71.7 billion ahead of a potential IPO. The move maintains a PHP 2.15 billion capital base and is pending regulatory clearance, shareholder Ayala Corporation said.

Nvidia plans compliant AI chip for China

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The Information
Nvidia is developing a China-specific AI chip, the B30, that reportedly enables multi-unit clustering and complies with US export rules. Expected in July and based on the Blackwell platform, the chip is key to Nvidia’s efforts to retain market share amid H20 restrictions and mounting competition from Huawei.

Temu gains ground in UK after two years

just now
Ebrun
Nearly two years after launching in the UK, e-commerce platform Temu is winning over local consumers, with 80% calling it good value and citing 25% average savings in the past year, according to Ipsos. Price remains the top reason for continued use among 60% of users, while 74% would recommend the platform and 40% plan to spend more in 2025.

Amber Premium’s revenue jumps post-merger

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Amber International
Amber Premium posted Q1 2025 revenue of USD 14.9 million, rebounding to profitability after merging with iClick. Wealth management solutions led with USD 9.9 million, while client assets rose 11% to nearly USD 1.3 billion. Adjusted EBITDA reached USD 1.6 million, driven by product expansion and platform scale.

Touch-sensitive robots get funding boost

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KrASIA
Lumos Robotics has secured nearly RMB 200 million across three angel funding rounds to scale its visuotactile robotics platform. Its LUX series modules, designed for touch sensitivity, integrate haptic and visual input for fine control. The funds will support commercialization and deployment of its tech in logistics, manufacturing, and service robots.
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