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

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Pulses

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.

Didi rolls out EV fleet in Mexico

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36Kr Chuhai
Didi has launched a fleet of 500 EVs in Mexico, marking its first standardized premium ride-hailing service in Latin America. Featuring Chinese brands GAC Aion and JAC, the initiative supports Didi’s goal to deploy 100,000 EVs in Mexico by 2030 and reduce carbon emissions by more than 500,000 tons.

Sany targets HKD 12.36 billion in second listing

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Reuters
Sany Heavy Industry plans to raise HKD 12.36 billion from its Hong Kong second listing after pricing shares at HKD 21.3 each, the top of its range. The construction equipment maker’s stock is set to debut on October 28, adding to Hong Kong’s rebound in major equity offerings this year.

EU finds Meta, TikTok in breach

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Bloomberg
The European Commission has found Meta’s Facebook and Instagram, along with ByteDance’s TikTok, in breach of the EU’s "Digital Services Act" for limiting researcher access to platform data. Meta also faces charges over ineffective content moderation tools. Both companies could face fines of up to 6% of global revenue.

Gotion scraps Michigan factory plan

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Nikkei Asia
Gotion High-tech has reportedly abandoned plans for a USD 2.4 billion EV battery materials plant in Michigan following political and local opposition over its Chinese ownership. State officials said no grant funds were disbursed and will seek repayment of USD 23.6 million spent on the site, though Gotion denies fully withdrawing from the project.

Hubble secures Series B funding

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Vertex Ventures
Hubble, a legal tech startup based in Japan, has raised an additional JPY 800 million from Vertex Ventures Southeast Asia & India and DNX Ventures, bringing its total Series B funding to JPY 2.3 billion. The company plans to use the funds to advance AI-driven feature development for its contract management platform, enhance customer support, and prepare for global expansion.

Meituan plans “dim sum” bond sale

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Meituan
Meituan plans to raise RMB 9–10 billion in its debut "dim sum" bond offering, comprising five- and ten-year notes, according to people familiar with the matter. The sale adds to a wave of offshore RMB bond deals by Chinese tech firms such as Tencent and Baidu amid intensifying price competition at home.

Chery reveals “transformable” SUV concept

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Chery
Chery has unveiled a seven-seat “transformable multi-SUV” concept featuring six reconfigurable layouts for varied family uses, including pickup and camper modes. Developed through global user collaboration, the model reflects Chery’s shift toward scenario-based design and is slated for market launch in 2026.

Alibaba launches AI glasses, chatbot

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CNBC
Alibaba has priced its Quark AI glasses at RMB 4,699, with presales beginning October 24 and discounts lowering the cost to RMB 3,999. Shipments will start in December. The company also introduced a new chatbot powered by its Qwen 3 models, expanding its push into consumer-focused AI products.

Noetix unveils humanoid robot Bumi

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Jiemian News
Noetix Robotics has opened preorders for Bumi, described as the world’s first humanoid robot priced below RMB 10,000. The 94-centimeter-tall model features 21 degrees of freedom and can reportedly walk, run, and dance. Built with lightweight composites and in-house components, it drew more than 300 preorders within 20 hours of launch.

China doubles down on tech self-reliance

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Bloomberg
China has pledged to boost technological self-reliance and expand its domestic market under its next five-year plan, aiming to shield the economy from foreign pressures. The communique emphasized innovation in semiconductors, AI, and advanced manufacturing, alongside efforts to raise consumption and sustain growth.
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