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MiniMax’s ARR tops USD 150 million as it pivots toward an AI platform model

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Pulses

Wuliangye chair faces probe

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36Kr
Wuliangye said its chairman, Zeng Congqin, has been placed under investigation and subject to retention measures by Yibin authorities, according to a February 28 announcement. The spirits producer said other directors and senior executives remain in their roles, daily management is overseen by the executive team, and production and operations are proceeding normally.

Lynk & Co updates Z20 after crash

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21st Century Business Herald
Lynk & Co has rolled out an over-the-air update for the Z20 EV after a driver reportedly turned off the headlights via voice command while driving at night on a highway and crashed. The company said it has optimized the system and now restricts headlight shutdown to manual control when the vehicle is in motion.

Xpeng to build humanoid robot base

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Guancha
Xpeng’s planned base for humanoid robot mass production has been filed as a key project in Guangzhou’s Tianhe district, where construction is set to begin. The facility will be located within a local industrial park. The company aims to start mass production of its Iron robot by the end of this year.

Nio, Bosch sign tech pact

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Nio
Nio signed a cooperation agreement with Bosch in Beijing on February 25, covering its Nio, Onvo, and Firefly brands. The partnership focuses on smart EV core systems, including chassis-by-wire, battery management, braking, steering, drive systems, body electronics, and perception modules.

Dongchedi eyes Hong Kong IPO

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Bloomberg
Dongchedi is weighing a Hong Kong IPO as soon as this year that could raise USD 1.0–1.5 billion, according to people familiar with the matter. The automotive platform was spun off from ByteDance in 2023 and raised about USD 600 million in 2024 at a valuation of nearly USD 3 billion.

DHL backs JD cross-border plan

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DHL
DHL and JD.com have agreed to jointly develop cross-border logistics and e-commerce solutions linking Europe and China. DHL will introduce German brands to JD, allowing direct sales to China’s consumers without a local entity, backed by integrated end-to-end fulfillment and B2C import tax incentives, while JD expands reach in Europe via Joybuy.

ByteDance rejects Doubao flaw claims

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ByteDance
ByteDance said it has received no formal vulnerability report or regulatory notice regarding alleged flaws in its Doubao mobile app, after online posts circulated a demo attack video. It said the exploit requires users to instruct the AI to access malicious emails or texts, and that it has upgraded security measures while reserving legal rights.

CATL, BMW expand decarbonization pact

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CATL
CATL and BMW have signed an MoU to advance battery passport pilots, cross-border data transfer, and carbon footprint accounting across the power battery supply chain. The collaboration will use the Catena-X data ecosystem to align technical standards and support decarbonization, expanding a partnership that began in 2012.

CIMB, Ant ink blockchain MoU

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Ant International
CIMB Group and Ant International have signed an MoU to develop blockchain-based cross-border payments and treasury solutions for businesses in Malaysia. The partnership will integrate Ant’s Alipay+, Antom, and Bettr platforms to enhance capital efficiency, transparency, and liquidity management, subject to regulatory approvals.

Huawei steps up Europe device push

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Nikkei Asia
Huawei has unveiled the Mate 80 Pro, FreeBuds Pro 5, and GT Runner 2 smartwatch in Madrid ahead of MWC, expanding its Europe push. The smartphone runs on its Kirin 9030 Pro chip. Huawei held 4% of global smartphone shipments in 2025, while smartwatch share reached about 17%, with over 30% YoY growth.

Nio’s chip unit raises RMB 2.2 billion

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The Paper
Nio's chip subsidiary Shenji has raised over RMB 2.2 billion in its inaugural funding round, reaching a post-money valuation near RMB 10 billion. The unit's automotive-grade NX9031 chip has reportedly shipped more than 150,000 units and is installed across Nio vehicles, with next-generation chips in development.

Doubao leads Lunar New Year surge

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Nikkei Asia
ByteDance’s Doubao recorded the strongest user growth over Lunar New Year, ahead of Tencent’s Yuanbao, as tech firms spent over RMB 8 billion on "red envelope" incentives. China's top four chatbots now account for more than 70% of the country's market, while platforms reported record interactions and user milestones during the holiday.

Meituan files “Pinhaofang” trademark

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IT Zhijia
Meituan has applied to register three "Pinhaofang" trademarks across categories including financial property management and lodging, with filings dated February 2 and pending review. The move follows Meituan’s 2024 expansion into rental services and its rider apartment program offering subsidized housing.

Trip.com co-founders exit board

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Trip.com
Trip.com Group co-founder Min Fan has resigned as director and president, while co-founder Qi Ji has stepped down as director. The company has appointed May Yihong Wu and Iris Yang Xiao as independent directors, refreshing its board as it oversees strategy and future risks.

StepFun weighs Hong Kong IPO

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Bloomberg
StepFun is considering a Hong Kong IPO that could raise about USD 500 million, according to people familiar with the matter. The Shanghai-based LLM developer has held talks with prospective advisers and could list as soon as this year. The company recently raised over RMB 5 billion. Listing details remain under deliberation and are subject to change.

MiniMax rolls out Expert 2.0, MaxClaw

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MiniMax
MiniMax has upgraded its Expert feature to version 2.0, enabling users to create specialized AI agents through natural language while automating SOP design and tool configuration. The company also launched MaxClaw, a cloud-based OpenClaw assistant with built-in tools, IM integrations, and plans for creator pricing and revenue sharing.

Baidu faces pressure over AI returns

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Bloomberg
Baidu’s shares have slid nearly 20% over the past month, erasing about USD 11 billion in market value, as investors await earnings and seek clearer returns from its AI investments. Analysts expect December-quarter revenue and profit to fall YoY amid advertising weakness, while options traders are pricing in a post-results swing of about 5.7%.

Thai EV prices rise as subsidies end

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Nikkei Asia
Chinese EV makers including BYD and SAIC’s MG have raised prices in Thailand after subsidies of up to THB 150,000 per vehicle were phased out. BYD’s Dolphin now starts at THB 599,900, up 33% from its 2025 low, as automakers adjust pricing in Southeast Asia’s largest EV market following incentive-driven growth.

General Atlantic sells ByteDance stake

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SCMP
General Atlantic is selling part of its stake in ByteDance in a deal valuing the TikTok owner at USD 550 billion, according to two unnamed sources. The transaction, expected to close in March, follows private market valuations of USD 500 billion in December and USD 400 billion in the second quarter of 2025.

MiniMax, Moonshot lead AI usage

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SCMP
MiniMax’s M2.5 and Moonshot AI's Kimi K2.5 ranked first and second by token usage on OpenRouter this February, ending a year of US-led dominance on the platform. Developers used 4.55 trillion tokens on M2.5 and 4.02 trillion on Kimi K2.5, with Chinese models accounting for nearly two-thirds of the top five, according to OpenRouter data.
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