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With USD 80 million in funding, Syfe sets sights on APAC’s “mass affluent”

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Pulses

Didi logs Q1 lift on rising transactions

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Didi
Didi posted a Q1 2025 profit of RMB 2.4 billion, nearly tripling YoY, driven by operating efficiency gains and a 22.5% rise in platform sales. Adjusted EBITDA more than doubled to RMB 3.1 billion. Transactions grew 13.4% to 4.25 billion, led by record daily rides in China, while international losses narrowed amid Latin America growth.

China tests dual-target weight drug

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Sixth Tone
China is preparing to approve mazdutide, its first domestically developed dual-target obesity drug, after Phase 3 trials showed nearly half of higher-dose patients lost at least 15% body weight. Created by Innovent Biologics, the drug activates both GLP-1 and GCGR receptors, enhancing metabolism and reducing liver fat. A launch is expected later this year.

Tesla deliveries slide amid rising EV rivalry

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SCMP
Tesla's Shanghai factory delivered 61,662 cars in May, down 15% YoY, marking an eighth straight monthly drop. With Chinese rivals like Xiaomi and BYD rolling out more affordable EV models, Tesla's market share is under strain despite incentives and the Model Y's top SUV status.

Shein faces EU complaint over “dark patterns”

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Reuters
Consumer group BEUC has filed a complaint with the European Commission accusing Shein of using “dark patterns” to drive excessive consumption. The fast fashion company allegedly deploys countdown timers, pop-ups, daily notifications, and gamified features to pressure users. Shein said it is cooperating with regulators but was denied a meeting with BEUC.

GrabCab to launch 40 taxis in July

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CNA
GrabCab will debut a 40-car taxi fleet in Singapore this July, offering perks to attract new and inactive vocational license holders. Perks include a "safe driving bonus," quota-based incentives, fuel discounts, and medical benefits. About 700–800 drivers have expressed interest. The firm joins five other licensed operators and has a three-year grace period to scale up.

China’s industrial hubs see cheaper power

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Bloomberg
Power prices in China’s industrial provinces have fallen to regulatory floors as coal costs plunge and renewable energy floods the grid. Jiangsu’s rate dropped 24% YoY while Guangdong saw an 8.3% cut, offering relief to export-heavy industries amid US trade pressure.

Temasek shifts strategy on startup risks

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Financial Times
Singapore’s Temasek is cutting exposure to early-stage startups, with 2024 commitments dropping to USD 509 million from USD 4.4 billion in 2021. The pullback follows rising interest rates and reputational hits from failed bets like FTX and eFishery, as the fund pivots to larger, later-stage deals with clearer IPO prospects.

Marubeni signs deal with China’s Envision Energy

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Nikkei Asia
Marubeni has signed its first long-term deal to purchase green ammonia from China’s Envision Energy, sourcing from an Inner Mongolia plant set to start commercial output in late 2025. The Japanese firm aims to supply clients across Northeast Asia as it scales low-carbon fuel offerings.

ChatGPT adds connectors and record mode

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OpenAI
OpenAI has launched new workplace tools for ChatGPT, including connectors to third-party apps and a record mode for meetings. Connectors provide instant access to company data from platforms like Dropbox, Google Drive, and Sharepoint, while record mode transcribes sessions and generates AI-powered notes, citations, and suggestions.

See-Mode exits to US firm RadNet

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Cocoon Capital
Nasdaq-listed RadNet has acquired See-Mode Technologies, a Singapore-based startup using AI to improve radiology workflows. The firm began with a focus on stroke prevention and now supports imaging providers in the US, Canada, and Australia. Cocoon Capital, an early backer from 2018, marks a notable exit.

Botree raises funding for battery recycling

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KrASIA
Botree Recycling Technologies has raised additional Series B funding from the Taiping Science and Technology Innovation Fund to support global expansion and R&D. Building on an earlier RMB 100 million investment, the Suzhou-based firm is scaling localized battery recycling projects, including a joint venture in Spain, and advancing tech for efficient metal recovery from EV and storage batteries.

Shopee tightens delivery time rules

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Ebrun
Shopee will require sellers to ship non-long-tail orders within one working day starting July 21. Sellers will receive a two-month grace period to ease the transition, during which cancellation rules will be relaxed. Orders without shipping codes or pickup arrangements submitted on time will be voided, as the platform moves to improve fulfillment efficiency.

xAI secures anchor investor in debt round

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Bloomberg
TPG Angelo Gordon is backing a loan in a new debt package for Elon Musk’s AI firm xAI. Marketed by Morgan Stanley, the financing includes senior notes and floating-rate loans, with commitments due June 17. Proceeds may support the firm’s Memphis data center project.

ByteDance grows Douyin base in Hong Kong

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SCMP
Douyin has surpassed three million monthly users in Hong Kong, or 40% of the population, marking a 150% increase since 2022. The growth comes as ByteDance prepares to expand the app’s e-commerce tools locally, nearly five years after pulling TikTok from the city over national security concerns.

Xiaohongshu hits USD 26 billion valuation

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Bloomberg
Xiaohongshu, known internationally as RedNote, hit a USD 26 billion valuation in Q1 2025 secondary trades, up from USD 20 billion, per GSR Ventures filings. The lifestyle-focused social networking app has gained traction as a TikTok alternative and is expected to double profits this year amid IPO speculation and easing tech oversight in China.

Blackwell chips slash AI training time

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Reuters
Nvidia’s Blackwell chips trained Meta’s Llama 3.1 405B model in 27 minutes using just 2,496 units, per MLCommons benchmarks, more than halving the chip count versus the previous generation. The results reinforce Nvidia’s lead in training massive AI systems amid rising competition from rivals like AMD and China’s DeepSeek.

Syfe expands APAC push with new funding

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KrASIA
Singapore-based digital wealth firm Syfe has raised USD 80 million in Series C funding, comprising USD 53 million in new equity (Series C2) and USD 27 million secured in August 2024 (Series C1). The round, which follows its acquisition of Australian platform Selfwealth, includes backing from UK family offices and existing investors to support its APAC expansion.

Bolttech closes Series C round

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KrASIA
Bolttech, a Singapore-headquartered insurtech firm, has closed its Series C round at USD 147 million, adding Sumitomo Corporation and Iberis Capital to its investor base while reaffirming a USD 2.1 billion valuation. Sumitomo will also launch an embedded insurance joint venture with Bolttech in Asia as the company expands globally.

CATL updates on A-share buyback plan

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CATL
CATL repurchased 6.64 million A-shares for RMB 1.55 billion by May 31 under a buyback plan of up to RMB 80 billion. The shares were acquired via centralized bidding on the Shenzhen exchange, priced between RMB 231.50–237.38 per share. The plan aims to support equity incentives and runs through April 2026.

Xunlei finalizes Hupu acquisition

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Xunlei
Chinese cloud tech firm Xunlei has completed its RMB 500 million acquisition of Kuanghui, the operator of Hupu. The deal includes an upfront payment of RMB 400 million, with the remainder to be paid in two equal installments over the next two years. The acquisition brings one of China’s top sports media platforms under Xunlei’s umbrella, strengthening its digital entertainment portfolio.
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