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SAIC Motor plans first EU car plant

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SCMP
SAIC Motor plans to build its first EU car factory in Galicia, Spain. The regional government has designated the project a strategic priority, with an initial investment of USD 232 million. The planned facility, which includes a logistics hub, remains subject to approval from Spain’s central government.

Zhipu seeks Star Market listing

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IT Zhijia
Zhipu plans to issue A-shares and list on the Shanghai Stock Exchange’s Star Market. The company intends to issue 9.1–38.8 million new shares, representing 2–8% of its total share capital. Proceeds will be used to fund its foundation model development, a MaaS platform, and working capital.

Dreame opens pre-IPO round

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DoNews
Dreame has opened a pre-IPO funding round at a pre-money valuation of RMB 70 billion. The company is offering 5–10% of its shares, with a minimum investment threshold of RMB 350 million per investor. The round, which includes new share issuance and the sale of existing shares held by founder Yu Hao, is expected to close in early July.

Leapmotor sets May delivery record

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DoNews
Leapmotor delivered 81,569 vehicles in May, up 81% YoY and marking a new monthly record for the brand. CEO Zhu Jiangming said the A10 model contributed more than 20,000 units to the total. The company also said cumulative global sales of its C-series vehicles have surpassed 800,000 units.

MiniMax launches M3 model

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DoNews
MiniMax has launched M3, a flagship AI model with a one-million-token context window and native multimodal capabilities. The model uses the company’s proprietary sparse attention architecture to support long-range coding and agentic tasks. MiniMax said M3 scored 83.5 on the BrowseComp agent evaluation, outperforming Opus 4.7.

Chagee Q1 revenue reaches RMB 3.55 billion

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DoNews
Chagee reported Q1 2026 revenue of RMB 3.55 billion, up 4.5% YoY, and adjusted net profit of RMB 507 million. The tea chain expanded to 7,531 stores globally, while gross merchandise value from overseas markets rose 139% YoY to RMB 426 million.

EU fines Temu, probes JD.com deal

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Semafor
The EU has fined Temu EUR 200 million and opened an investigation into JD.com’s acquisition of a German electronics retailer. The actions, announced on May 29, came ahead of a meeting of EU commissioners focused on alleged unfair trading practices by China, though member states remain divided over the appropriate policy response.

BYD launches Xuanji A3 chip

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IT Home
BYD has launched Xuanji A3, which it described as China’s first self-developed 4-nm driving chip. The chip supports Level 3 and Level 4 autonomous driving and has entered mass production. BYD said the chip delivers more than 2,100 TOPS of total computing power across three units and improves computing efficiency through its proprietary algorithms.

Douyu returns to profit in Q1 2026

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DoNews
Douyu posted a net profit of RMB 27.4 million for Q1 2026, reversing a net loss of RMB 79.6 million in the same period last year. Revenue fell 13% YoY to RMB 822 million, as the company reduced costs by 16.9% to RMB 692 million.

Xpeng Q1 gross margin reaches 20.6%

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Xpeng
Xpeng reported Q1 2026 revenue of RMB 13.03 billion and gross margin of 20.6%. The company plans to accelerate production and commercialization of physical AI systems, and is targeting sustained monthly overseas deliveries of more than 10,000 units in the fourth quarter. Overseas markets are expected to contribute more than 20% of its Q2 revenue.

Innovent, Pfizer sign oncology deal

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Pfizer
Innovent Biologics and Pfizer have entered a global partnership to develop 12 early-stage oncology programs. The deal includes a USD 650 million upfront payment to Innovent and up to USD 9.85 billion in milestone payments. The companies will co-develop and co-commercialize select programs in the US and Europe, while Innovent retains rights in Greater China.

China claims 90% of humanoid robot shipments

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TMTPost
Chinese manufacturers produced 90% of the 13,000–16,000 humanoid robots shipped globally in 2025, according to a Morgan Stanley report. The figures point to China’s shift from prototype development to mass production, supported by supply chain advantages built through its EV sector.

Nvidia’s Huang says “Tau” law does not threaten TSMC

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IT Zhijia
Nvidia CEO Jensen Huang said Huawei’s "Tau scaling law" is a breakthrough for the company but does not threaten TSMC. Speaking on May 28, Huang said TSMC has used similar chip stacking and 3D packaging technologies for a decade. Huawei’s approach aims to increase transistor density without shrinking process line widths, targeting the equivalent of 1.4-nm levels by 2031.

Gowin begins IPO counseling

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36Kr
Gowin Semiconductor filed for IPO counseling with the Guangdong bureau of the CSRC on May 28. The company appointed Haitong Securities as its counseling institution for the planned IPO.

Li Auto posts Q1 net loss

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Guandian
Li Auto reported a Q1 2026 net loss of RMB 2.3 billion, compared with a net profit of RMB 646.6 million in the same period last year. Total revenue fell 11.4% YoY to RMB 23 billion, while vehicle deliveries rose 2.5% to 95,142 units. The company expects Q2 deliveries of 95,000–100,000 vehicles.

BYD to invest in smart vehicle R&D

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Guandian
BYD will invest more than RMB 100 billion in smart vehicle R&D over the next three years, chairman Wang Chuanfu said on May 28. The company plans to make high-level driving assistance technology standard in vehicles priced from RMB 70,000 by the end of 2026, offering the feature at no extra charge.

Meituan launches Qianniuhua Claw

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36Kr
Meituan launched Qianniuhua Claw on May 27, an AI-driven solution for quick commerce merchant operations. The package combines AI services and systems to help merchants, brands, and supply chain partners manage multiple stores, optimize operations, and improve business strategies.

ByteDance develops custom CPU chips

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CNA
ByteDance is designing custom CPUs to support its AI infrastructure and reduce reliance on external suppliers, according to sources. The TikTok parent is developing two chip designs based on Arm and RISC-V architectures. The push follows reported 10–35% price hikes for server chips from Intel and AMD.

CXMT passes IPO review

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Global Times
CXMT has received approval from the Shanghai Stock Exchange listing committee for its IPO. The Chinese memory chipmaker plans to raise RMB 29.5 billion, which could make it the second largest offering in the history of the Star Market after SMIC.

Chery to launch Emta in Japan

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DoNews
Chery and its partners will launch the Emta EV brand in Japan, with the first car model scheduled for release in spring 2027. The joint venture, which includes Autobacs Seven, plans to introduce four models by 2029 and establish up to 100 service and sales locations across the country.
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