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BYD price bombshell raises specter of wider China EV consolidation

4 mins read

Pulses

Lenskart converts to public firm ahead of IPO

just now
YourStory
Lenskart has converted to a public limited company as of May 30, paving the way for its planned IPO at a USD 10 billion valuation. The eyewear firm is expanding across the UAE, Singapore, and the US, and raised USD 200 million in secondary funding from Temasek and Fidelity in 2024.

ByteDance tightens grip on US TikTok unit

just now
Bloomberg
ByteDance has overhauled TikTok Shop’s US team near Seattle, replacing local staff with China-based managers after missing a USD 17.5 billion sales target. Internal meetings now reportedly favor Mandarin Chinese, as the firm navigates e-commerce struggles and a looming US divestiture deadline.

Cursor maker Anysphere raises USD 900 million

just now
Bloomberg
Anysphere, maker of the AI coding assistant Cursor, has raised USD 900 million at a USD 9.9 billion valuation. Thrive Capital led the round, joined by a16z, Accel, DST Global, and others. The company reported USD 500 million in annualized revenue and plans to use the funds to expand R&D, hire more staff, and boost enterprise adoption.

China’s eyewear hub expands focus to offset tariffs

just now
CGTN
Danyang, China’s top eyewear manufacturing hub, is countering US tariffs with tech innovation and export shifts to RCEP markets. The city, which reportedly produces half the world’s optical lenses, logged RMB 2.5 billion in H1 2025 trade and is expanding into smart glasses and lithography-based lenses to sustain global demand.

SMIC sells stake in Ningbo chipmaker affiliate

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SCMP
SMIC has sold its 14.83% stake in Ningbo Semiconductor International (NSI) to Goke Microelectronics, which aims to raise its shareholding to 94.37%. The move supports SMIC’s core business focus and reflects continued consolidation in China’s semiconductor sector. NSI reported a RMB 813 million loss in 2024.

xAI eyes USD 13 billion earnings by 2029

just now
Bloomberg
Elon Musk’s AI startup xAI lost USD 341 million on USD 52 million in Q1 2025 revenue but projects USD 13.1 billion in EBITDA by 2029, according to investor materials. The firm plans USD 18 billion in data center investments and is seeking USD 5 billion in debt financing, now clouded by political fallout from Musk’s public feud with US President Donald Trump.

TikTok blocks #SkinnyTok amid EU pressure

just now
NYTimes
TikTok has blocked search results for #SkinnyTok after pressure from European regulators, citing links to harmful weight loss content. The move follows an EU investigation launched in April amid broader scrutiny over the app’s impact on youth body image. Critics warn users may still bypass filters using coded language and misspellings.

Bygen secures funding for global expansion

just now
Investible
Climate tech startup Bygen has raised AUD 3.5 million in a round led by Breakthrough Victoria, with backing from Investible’s Climate Tech Fund, FMG Circular Invest, Alberts, and the University of Adelaide. The funds will support global expansion of its low-emission activated carbon production, with new plants targeting 2,000 tons annually for purification and decarbonization.

Allay Therapeutics raises USD 57.5 million

just now
ClavystBio
Biotech firm Allay Therapeutics has raised USD 57.5 million in a Series D funding round co-led by Lightstone Ventures and ClavystBio, with participation from NEA, Arboretum Ventures, Vertex Growth, Vertex Ventures HC, Brandon Capital, IPD Capital, EDBI, and SGInnovate. HSBC Innovation Banking also provided venture debt as part of the deal.

Meituan debuts first drone route in HK

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Meituan
Meituan launched its first permanent drone route in Hong Kong on June 6, flying across Tolo Harbour from Science Park to Ma On Shan. Approved under the city’s low-altitude sandbox, the five-minute flight replaces a 40-minute bike trip. Merchants include McDonald’s and Pizza Hut, with plans to expand to residential delivery lockers.

EV rollout lags in key areas, says BYD chief

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Wallstreet CN
BYD said overseas sales hit 89,000 in May, a new high, at its latest annual meeting. Chairman Wang Chuanfu pledged a multiyear rollout of assisted driving features focused on safety and admitted EVs still lag in fast charging and cold weather performance. He acknowledged marketing gaps but pointed to rising exports and strong prospects abroad.

ByteDance debuts SeedEdit 3.0 image model

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ByteDance
ByteDance has launched SeedEdit 3.0, a high-resolution image editing model built on Seedream 3.0. Designed to better follow prompts while preserving unedited regions, the tool is said to excel in tasks like face edits, lighting changes, and text replacement. Benchmarks show improved usability and detail retention over prior versions. It's now live on Dreamina, with Doubao app support coming soon.

China Eastern, Cainiao build smart hangar

just now
Sina
China Eastern Airlines and Cainiao have launched what they call the world’s first smart hangar system, using AI to detect aircraft damage and predict faults. Now active at two Shanghai sites, the project integrates digital twin tech, AR and VR training, and automated logistics to enhance maintenance efficiency and coordination.

Alibaba expands open-source AI lineup

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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

just now
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.
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