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One year after Miniso’s takeover, where does Yonghui Superstores stand?

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Pulses

BabyBus app hit by ad controversy

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Jiemian News
BabyBus, a Chinese children’s content developer, apologized after users reported that its nursery rhyme app displayed vulgar third-party ads. The company said the ads came from external partners and have since been removed, with stricter review processes and new safeguards introduced to prevent recurrence. BabyBus was previously cited for app compliance issues in 2023.

Taobao expands Singles’ Day sales globally

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36Kr
Chinese e-commerce platform Taobao has launched its first global Singles’ Day sale across 20 countries and regions in five languages. More than one million merchants are participating, rolling out 2.1 million new products, including hundreds of global exclusives, with over 400 million items offering free shipping.

Microsoft, OpenAI revamp partnership

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Reuters
OpenAI and Microsoft have restructured their partnership, turning the ChatGPT maker into a public benefit corporation and clearing a path to an IPO. The deal boosts CEO Sam Altman’s control and fundraising ability for USD 1.4 trillion in data center projects, while Microsoft retains a 27% stake valued at about USD 135 billion.

Wavemaker launches 100×100 Group

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100x100 Group
Wavemaker Impact has spun off from venture builder and investor Wavemaker Partners to form 100x100 Group, a Singapore-based platform that builds climate ventures across the Asia Pacific. The team, which has applied for a venture fund licence, aims to scale startups capable of cutting 100 million tons of carbon emissions and generating USD 100 million in annual revenue.

Miniso Land launches in Bangkok, Thailand

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Miniso
Miniso has opened its first Miniso Land in Thailand at Bangkok’s Siam Square, featuring more than 8,300 products and over 80 beloved characters from Disney, Sanrio, and others. The three-story flagship store also marks the overseas debut of the new Zootopia-themed collection, designed to offer a fun, interactive shopping experience.

China nears parity in science leadership

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Bloomberg
Chinese scientists led 45% of joint studies with US researchers in 2023, up from 30% in 2010, according to a PNAS study. Using AI to analyze authorship data, the study projects that China could match US scientific leadership by 2027, fueled by investment in advanced technologies and deeper ties with Belt and Road nations.

RoboTechnik files for Hong Kong IPO

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RoboTechnik
RoboTechnik Intelligent Technology has filed a draft prospectus for a Hong Kong listing. The company makes intelligent manufacturing systems for silicon photonics and solar cells, positioning itself where AI infrastructure meets renewable energy technology.

Nvidia CEO to unveil South Korea chip deals

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Bloomberg
Nvidia CEO Jensen Huang plans to announce new AI chip supply deals with South Korean companies including Samsung, Hyundai Motor, and SK Group during his upcoming visit. The partnerships aim to bolster Nvidia’s foothold in a key market amid China restrictions and support South Korea’s drive to expand its AI infrastructure.

Nvidia invests USD 1 billion in Nokia

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Nokia
Nvidia and Nokia announced a partnership to develop AI-native RAN solutions for next-generation networks, with Nvidia investing USD 1 billion in Nokia at USD 6.01 per share. The collaboration will integrate Nvidia’s ARC-Pro platform into Nokia’s RAN systems to boost efficiency, scalability, and network readiness.

Boyu leads bid for Starbucks China stake

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Sina
Boyu Capital has reportedly emerged as the frontrunner to acquire a controlling stake in Starbucks’ China business, which could be valued at more than USD 4 billion, according to people familiar with the matter. Talks to finalize the deal may take months, with other investors likely to join as limited partners.

Wondershare posts steady Q3 growth

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36Kr
Wondershare Technology reported revenue of RMB 1.142 billion for the first three quarters, up 8.5% YoY, with Q3 revenue increasing 9.99% to RMB 382 million. The company said AI server calls surpassed 800 million, reflecting growing adoption of its AI-driven platforms.

Amazon confirms 14,000 job cuts

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CNBC
Amazon has confirmed it will cut about 14,000 corporate positions, the largest in its history, as it streamlines operations and ramps up investment in AI. The layoffs will span multiple divisions, including its cloud and devices units.

Douyin drops couriers over fake tracking

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Jiemian News
Douyin E-commerce announced that it will remove four logistics firms on October 29 after uncovering fake tracking schemes used to falsify delivery records. The platform said the violations misled consumers and disrupted operations, and it urged merchants to switch to compliant logistics providers.

Xiaomi’s Wuhan plant begins operations

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36Kr
Xiaomi’s smart appliance factory in Wuhan has completed its first phase and begun production after 11 months of construction. Built with an investment of more than RMB 2.5 billion, the plant will have an annual capacity of seven million units and an output value of RMB 14 billion, with mass air conditioner production set to begin in 2026.

Pony.ai seeks dual listing in Hong Kong

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Pony.ai
Pony.ai has launched its Hong Kong IPO, offering 41.96 million Class A shares priced up to HKD 180 each. The company will list on the Hong Kong Stock Exchange on November 6 while keeping its Nasdaq listing. Proceeds will fund commercialization and R&D of its Level 4 autonomous driving technology.

MiniMax launches M2 for coding, agentic AI

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MiniMax
MiniMax has launched and open-sourced its M2 model, designed for coding and agentic workflows. Claimed to run twice as fast as Claude 3.5 Sonnet at 8% of the price, M2 supports advanced tool use and reasoning. The model is available for free testing through November 7, with full weights released on Hugging Face.

DJI leads with 66% of action camera sales

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36Kr
DJI led the global action camera market in Q3 2025 with a 66% revenue share, according to data from Meritco. Its Osmo 360, launched on July 31, quickly captured 49% of China’s e-commerce market and 43% globally, underscoring DJI’s ascent in both action and 360-degree camera segments.

Romoss faces new equity freeze in China

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Jiemian News
Romoss, the Chinese power bank maker embroiled in a safety controversy, has reportedly had RMB 38.86 million in equity frozen by a Hunan court for three years, adding to more than RMB 25 million already frozen. The company has recalled 167,000 units since June after universities banned its chargers over fire risks, with several product certificates later revoked.

WeRide launches Hong Kong share sale

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36Kr
WeRide has launched its Hong Kong IPO, offering 88.25 million shares (5% in Hong Kong and 95% internationally) through November 3, targeting proceeds of over USD 400 million. The autonomous driving company is set to list on November 6.

Amazon to trim 10% of office workforce

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Reuters
Amazon will cut up to 30,000 corporate jobs (about 10% of its office workforce) starting October 28, marking its largest reduction since 2022. The move reflects CEO Andy Jassy’s push to streamline operations and tap AI-driven productivity gains, with divisions including human resources, operations, and Amazon Web Services expected to be affected.
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