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Baidu veteran Shen Pengfei joins Lee Kai-Fu at 01.AI as co-founder

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Pulses

Douyin drops couriers over fake tracking

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Jiemian News
Douyin E-commerce announced that it will remove four logistics firms on October 29 after uncovering fake tracking schemes used to falsify delivery records. The platform said the violations misled consumers and disrupted operations, and it urged merchants to switch to compliant logistics providers.

Xiaomi’s Wuhan plant begins operations

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36Kr
Xiaomi’s smart appliance factory in Wuhan has completed its first phase and begun production after 11 months of construction. Built with an investment of more than RMB 2.5 billion, the plant will have an annual capacity of seven million units and an output value of RMB 14 billion, with mass air conditioner production set to begin in 2026.

Pony.ai seeks dual listing in Hong Kong

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Pony.ai
Pony.ai has launched its Hong Kong IPO, offering 41.96 million Class A shares priced up to HKD 180 each. The company will list on the Hong Kong Stock Exchange on November 6 while keeping its Nasdaq listing. Proceeds will fund commercialization and R&D of its Level 4 autonomous driving technology.

MiniMax launches M2 for coding, agentic AI

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MiniMax
MiniMax has launched and open-sourced its M2 model, designed for coding and agentic workflows. Claimed to run twice as fast as Claude 3.5 Sonnet at 8% of the price, M2 supports advanced tool use and reasoning. The model is available for free testing through November 7, with full weights released on Hugging Face.

DJI leads with 66% of action camera sales

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36Kr
DJI led the global action camera market in Q3 2025 with a 66% revenue share, according to data from Meritco. Its Osmo 360, launched on July 31, quickly captured 49% of China’s e-commerce market and 43% globally, underscoring DJI’s ascent in both action and 360-degree camera segments.

Romoss faces new equity freeze in China

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Jiemian News
Romoss, the Chinese power bank maker embroiled in a safety controversy, has reportedly had RMB 38.86 million in equity frozen by a Hunan court for three years, adding to more than RMB 25 million already frozen. The company has recalled 167,000 units since June after universities banned its chargers over fire risks, with several product certificates later revoked.

WeRide launches Hong Kong share sale

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36Kr
WeRide has launched its Hong Kong IPO, offering 88.25 million shares (5% in Hong Kong and 95% internationally) through November 3, targeting proceeds of over USD 400 million. The autonomous driving company is set to list on November 6.

Amazon to trim 10% of office workforce

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Reuters
Amazon will cut up to 30,000 corporate jobs (about 10% of its office workforce) starting October 28, marking its largest reduction since 2022. The move reflects CEO Andy Jassy’s push to streamline operations and tap AI-driven productivity gains, with divisions including human resources, operations, and Amazon Web Services expected to be affected.

BYD to roll out EV chargers in South Africa

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TechCentral
BYD plans to build 200–300 EV charging stations across South Africa by the end of 2026, starting at its dealerships before expanding to highways and city hubs. The network will combine grid and solar power to deliver up to 400 kilometers of range in five minutes, marking BYD’s largest push yet into the African market.

Nexperia cuts output amid supply clash

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SCMP
Nexperia has reduced production at its Dongguan plant, idling one-third of machines after wafer supplies from Europe tightened. The slowdown follows the Dutch government’s seizure of the Chinese chipmaker and Beijing’s retaliatory export curbs, heightening risks to global automotive chip supply chains.

Tencent reports 20% R&D boost with AI

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Wallstreet CN
Tencent said in its latest report that AI has become central to its development engine, with over 90% of engineers using AI-driven coding tools that generate half of all new code and lift R&D efficiency by 20%. Supported by WeDev and AnyDev platforms that enhance automation, Tencent added it has accelerated software delivery and improved quality across its core businesses.

Neolix’s Series D round tops USD 600 million

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Neolix
Neolix, an autonomous driving tech company, has raised over USD 600 million in a Series D funding round led by UAE-based Stone Venture, with participation from a slate of other key investors. The company said it will use the funds to support algorithm upgrades, product innovation, commercialization, and international expansion.

Meituan plans USD, RMB bond sales

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Meituan
Meituan plans to issue USD- and RMB-denominated senior notes to professional investors, with pricing to be determined through bookbuilding led by Goldman Sachs, Merrill Lynch, and CLSA. The proceeds will be used mainly to refinance offshore debt and for general corporate purposes.

Meituan unveils LongCat-Video model

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36Kr
Meituan has released LongCat-Video, an open-source video generation model that reportedly achieves state-of-the-art results in text-to-video and image-to-video tasks. Trained on native video continuation, it enables coherent minute-long generation and marks Meituan’s first step toward a “world model” for embodied AI and autonomous driving.

Nio hits 90 million battery swaps in China

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36Kr
Nio has completed more than 90 million cumulative battery swaps as of October 26, backed by over RMB 18 billion in investments in charging and swapping infrastructure. The company now operates 8,307 stations across China.

Seres files Hong Kong share offer

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Seres
Seres Group plans to raise up to HKD 13.2 billion in a Hong Kong IPO, offering 100.2 million shares at a maximum price of HKD 131.5 each. Backed by Huawei, the EV maker said it will use the funds for technology R&D, manufacturing upgrades, and overseas expansion ahead of its November 5 listing.

Alibaba veteran Peng Chao launches startup

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36Kr
Former Alibaba vice president and Tmall Genie president Peng Chao has founded a startup to develop a sports-focused wearable device powered by agentic AI. The company aims to integrate hardware with adaptive intelligence to create self-evolving and personalized user experiences.

Faraday Future forms finance arm

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Faraday Future
Faraday Future has launched Faraday Finance after completing its automotive finance license filing in California to support sales of its FF and FX models. The company said this new unit will offer customized financing and leasing options, improve vehicle affordability, and establish a foundation for an integrated financial ecosystem.

Honor of Kings sets new records

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36Kr
Tencent’s Honor of Kings reached 139 million daily active users and more than 260 million monthly active users worldwide as of October 26. The milestone surpasses its 2024 record of 100 million DAUs and sets a new global benchmark for MAUs in gaming.

US, China reach early trade consensus

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The Straits Times
US President Donald Trump said he is confident of reaching a deal with Chinese leader Xi Jinping after officials from both sides reached a preliminary consensus during October 26 trade talks. The two leaders are expected to meet to discuss tariffs, rare earth export controls, and a possible trade truce extension.
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The 45th edition of GITEX Global and its sister event, Expand North Star, drew tens of thousands of participants to Dubai.

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