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Pop Mart pricks Labubu’s resale bubble in bid to outlast the hype

4 mins read

Pulses

China retail sales slump adds to stimulus calls

just now
Reuters
China’s factory output rose 5.2% YoY in August, the weakest in a year, while retail sales grew 3.4%, a nine-month low, both missing forecasts. The slowdown highlights persistent drag from the property slump and weak demand, adding pressure on Beijing to roll out further stimulus.

Midea denies overwork and wage arrears claims

just now
Jiemian News
Midea denied claims that an employee at its Hefei Hualing subsidiary worked 14-hour days without pay, saying the worker resigned voluntarily and later received wages after a bank transfer issue. Police reportedly said the worker’s daughter admitted her social media post was inaccurate, deleted it, and apologized.

JD.com eyes Argos deal with Sainsbury’s

just now
Nikkei Asia
JD.com is reportedly in talks with Sainsbury’s about acquiring Argos, the UK’s second largest general merchandise retailer, which Sainsbury’s bought for GBP 1.1 billion in 2016. The Chinese e-commerce group said a deal could accelerate Argos’ growth, though no agreement has been reached and a deal is not certain.

China unveils two-year plan for car market

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Xinhua
China has issued a two-year plan to stabilize its automotive sector, targeting 2025 sales of 32.3 million vehicles, up 3% YoY, and 15.5 million NEVs, up 20% YoY. The plan, backed by eight ministries, details over 60 measures to boost demand, strengthen supply chains, and support overseas expansion.

China launches probes into US chip sector

just now
Bloomberg
China’s Ministry of Commerce has launched anti-dumping and anti-discrimination investigations into the US semiconductor sector, focusing on analog chips from firms such as Texas Instruments and Analog Devices. The probes precede trade talks in Madrid between US treasury secretary Scott Bessent and Chinese vice premier He Lifeng.

Geely’s Lynk & Co expands via Volvo network

just now
Nikkei Asia
Geely-owned Lynk & Co is shifting from its rental and club model to a retail strategy in Europe, leveraging Volvo’s dealer and service network. CEO Nicolas Lopez Appelgren said the company plans to grow German dealerships from nine to 25 by year's end as it seeks greater traction in Europe’s EV market.

Disney credits Chinese partners for global push

just now
36Kr
Disney said its Asia-Pacific cross-border consumer products business grew about 45% YoY, led by China, one of its strongest markets. Lin Jiawen, newly promoted to senior vice president for the region, credited Chinese partners including Miniso and Pop Mart with taking Disney products global.

OpenAI researcher Yao Shunyu joins Tencent

just now
Bloomberg
Tencent has hired Yao Shunyu, a researcher who recently left OpenAI, to help integrate AI into its services, according to people familiar with the matter. Yao specializes in agentic AI and previously worked at Google. OpenAI confirmed his departure but declined to say his next destination.

BYD disputes Stellantis chief on Leapmotor sales

just now
BYD
BYD has issued a statement disputing Stellantis CEO Antonio Filosa’s claim that Leapmotor outsold it in Germany, citing 8,610 registrations from January to August 2025, more than double Leapmotor’s 3,536. BYD also said it led in BEV and PHEV sales, overtook Alfa Romeo, and narrowed its sales gap with Jeep.

Steering flaw triggers Xpeng P7+ recall

just now
Bloomberg
Xpeng is recalling 47,490 P7+ sedans in China after regulators flagged a wiring flaw that could cause steering failure. The recall affects over two-thirds of buyers of the model, which launched late last year. Xpeng said it will replace the faulty parts at no cost to customers.

Huawei names new chairman at HiSilicon

just now
SCMP
Huawei has promoted Jeffery Gao, head of HiSilicon's Shanghai division, to chairman of the chip design unit, replacing deputy chairman Eric Xu. Gao, who joined Huawei in 2012, takes charge as China’s semiconductor sector consolidates to boost domestic production amid rising US trade tensions.

OpenAI plans shift to benefit corporation

just now
SCMP
OpenAI plans to convert into a public benefit corporation overseen by its nonprofit arm, which will hold equity worth at least USD 100 billion. Microsoft has agreed in principle to the restructuring, but the plan is under regulatory review and faces pushback from co-founder Elon Musk.

Meituan debuts agentic AI app for food delivery

just now
Bloomberg
Meituan has launched Xiaomei, an agentic AI app powered by its LongCat model, to strengthen its food delivery and local services. Xiaomei lets users place meal orders by voice and book restaurants. Shares rose in Hong Kong after the rollout, which comes as Alibaba and JD.com escalate competition in China’s delivery market.

Popokii secures funding to expand in Japan

just now
ZVC
Popokii, a South Korean brand distributor on Line Gift in Japan, has secured an investment from Z Venture Capital amid a surge in South Korean consumer goods exports to Japan. The amount raised was not disclosed.

Chinese EV brands expand Singapore reach

just now
CNA
Chinese EV sales in Singapore hit 7,796 units by July, surpassing 2024’s total and lifting market share to 65.7%. BYD remains the leader, but its share slipped to 70.9% as 15 other Chinese brands, including MG, Dongfeng, and Zeekr, gained ground with new models, expansion plans, and rising consumer trust in Chinese-made cars.

UBTech secures “world’s largest” robot order

just now
Nikkei Asia
UBTech Robotics has won a RMB 250 million contract for its Walker S2 humanoid robots, which it described as the "world’s largest order" of its kind. Deliveries will begin this year, and the deal includes operational support services. The Hong Kong-listed firm did not name the client.

Alibaba, Baidu reduce reliance on Nvidia

just now
The Information
Alibaba and Baidu have reportedly begun using self-designed chips to train AI models, partly replacing Nvidia hardware. Alibaba has applied its chips to smaller models, while Baidu is testing its Kunlun P800 for Ernie. The shift reflects US export curbs and Beijing’s push for tech self-sufficiency, though both firms still rely on Nvidia for top-tier models.

Alibaba to raise USD 3.2 billion via bond sale

just now
Reuters
Alibaba aims to raise USD 3.2 billion through a zero-coupon convertible bond, the largest such deal this year, Dealogic data showed. About 80% of the proceeds will go toward expanding data centers and cloud services, with the remainder for e-commerce growth. The bond, due in 2032, carries a 27.5–32.5% conversion premium over Alibaba’s US-listed stock.

Chinese drug makers downplay US threat

just now
SCMP
Chinese pharmaceutical executives sought to reassure investors after a report said the US may restrict licensing deals for China-developed drugs. Shares of Hong Kong-listed firms fell, but at BioHK 2025, leaders from Grand Pharma, China Resources Pharma, CureGene, and Yunnan Baiyao said risks could be managed through diversification, regionalization, and overseas clinical trials.

Anta targets 1,000 stores in Southeast Asia

just now
Jiemian News
Anta Group has announced plans to open 1,000 stores in Southeast Asia within three years, after nearly doubling regional revenue in H1 2025. The company has set up its Southeast Asia headquarters in Singapore and intends to expand further into South Asia, Australia, and New Zealand.
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