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After crossing 10,000 stores, Nowwa Coffee faces the hard part

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YMTC announces IPO plans

just now
TMTPost
Yangtze Memory Technologies (YMTC) has announced plans for an IPO. The Wuhan-based chipmaker holds about 14% of the global NAND flash market and is expanding production, with a third factory expected to begin operations by the end of 2026.

Luckin expands into alcohol in China

just now
TMTPost
Luckin Coffee has launched a line of alcoholic beverages in China, following Starbucks in a push to use off-peak store hours. Luckin is relying on its 33,500-store network to drive frequent, lower-cost sales.

Duan Yongping sells Alibaba stake

just now
Jiemian News
Investor Duan Yongping liquidated his Alibaba stake and initiated a position in Tesla during the first quarter of 2026, according to an SEC filing. His firm, H&H International Investment, increased its Nvidia holdings by 91.3% and its Pinduoduo stake by 71%. The portfolio was valued at USD 20.04 billion as of March 31, up 14.4% from the end of 2025.

Tencent launches Marvis AI assistant

just now
IT Zhijia
Tencent launched Marvis, an OS-level AI assistant, on May 21. The tool, available on Windows, Mac, and Android, integrates with system architecture to manage files, control desktop applications, and process images. Mavis uses a routing mechanism to distribute tasks between local and cloud models, enabling some offline functions.

Bilibili to shut down mobile live app

just now
IT Zhijia
Bilibili will shut down its mobile live streaming app on June 17. The company said all core services on the app will cease that day. Users are encouraged to switch to the main Bilibili app, which now includes integrated live streaming features and upgraded beauty filters.

IDG Capital targets USD 2 billion fund

just now
Bloomberg
IDG Capital is seeking to raise USD 2 billion for a new growth fund focused on consumer technology and other consumer-oriented companies in China. The Hong Kong-based firm, which has backed Tencent and Coinbase, began fundraising two months ago and is targeting a first close by the end of 2026.

Stellantis, Dongfeng form EV venture

just now
Semafor
Stellantis and Chinese automaker Dongfeng Motor have unveiled a joint venture to explore manufacturing Dongfeng EVs in France. The partnership is intended to help Dongfeng meet European production regulations as global demand for electric and plug-in hybrid vehicles continues to rise.

T-Head unveils Zhenwu M890 chip

just now
36Kr
T-Head unveiled its new Zhenwu M890 AI chip on May 20. The chip features 144 GB of memory and 800 GB per second of interconnect bandwidth, and the company said it delivers three times the performance of the previous 810E model. It supports data precision from FP32 to FP4 and integrates with the company’s ICN Switch 1.0 interconnect chip to support large-scale computing clusters.

T-Head ships 540,000 chips

just now
Jiemian News
Alibaba's T-Head Semiconductor unit had shipped more than 540,000 Zhenwu AI chips as of April. The company announced the milestone at its May 20 summit, saying the chips now serve more than 400 customers across 20 industries.

Fangchengbao hits 400,000 sales

just now
IT Zhijia
BYD’s Fangchengbao brand announced on May 20 that it has reached 400,000 total vehicle sales, with the Bao 7 model accounting for 150,000 units.

Hesai Q1 revenue rises 29.6%

just now
TMTPost
Hesai reported first-quarter 2026 revenue of RMB 680 million, up 29.6% YoY, as total shipments reached 477,000 units. Despite the volume growth, the company’s gross margin fell to 39.1%, which it attributed to aggressive pricing and increased market competition.

DJI ships 125,000 Avata 360 drones

just now
DoNews
DJI has shipped more than 125,000 units of its Avata 360 panoramic drone globally since its March 26 launch. The product has reportedly generated more than RMB 500 million in sales and captured a 98% share of the panoramic drone category within two months.

Uisee completes Hong Kong IPO

just now
DoNews
Uisee Technology listed on the Hong Kong Stock Exchange on May 20, reaching a market capitalization of HKD 9 billion. The autonomous driving company issued 14.46 million H-shares, raising more than HKD 870 million. Its public offering was oversubscribed by 6,777 times.

Dreame expands to 955 companies

just now
TMTPost
Dreame has expanded to 955 member companies, using a four-tier structure to manage business lines including automotives, robotics, and chips. Company founder Yu Hao is said to maintain control through a system of government-backed industrial funds to support expansion and supply chain development.

Li L9 orders top 6,500 in three days

just now
36Kr
Li Auto’s new Li L9 SUV secured more than 6,500 locked orders in its first 72 hours, driven largely by existing customers. The model, which includes chassis and battery upgrades, is priced from RMB 459,800.

ZTO Express Q1 volume rises 13.2%

just now
ZTO Express
ZTO Express reported Q1 2026 parcel volume of 9.67 billion, up 13.2% YoY and ahead of the industry’s 5.8% growth rate. Revenue rose 22% to RMB 13.3 billion, while adjusted net income increased 5.2% to RMB 2.4 billion. The company gained 1.4 percentage points of market share, citing improved pricing discipline and a shift toward higher-value parcel categories.

ByteDance to launch Seedance 2.1

just now
IT Zhijia
ByteDance is preparing to release its Seedance 2.1 video generation model, which reportedly improves generation quality by 20% from the previous version. The update aims to enhance temporal consistency and physical simulation. ByteDance plans to integrate the model into its content creation tools, including CapCut.

CALB confirms Xiaomi supply deal

just now
DoNews
CALB confirmed it has joined the supply chain for Xiaomi’s upcoming vehicle model. The company verified its role as a battery supplier but declined to disclose specific supply volumes or rankings, citing client confidentiality. Xiaomi’s automotive unit did not comment on the report.

Hesai partners with Mercedes-Benz

just now
Hesai Technology
Hesai has secured a partnership to become a LiDAR supplier for Mercedes-Benz. The company will provide LiDAR technology for Level 3 autonomous driving capabilities in future Mercedes-Benz vehicle models.

Linkerbot lines up banks for IPO

just now
Bloomberg
Linkerbot is weighing a Hong Kong IPO and has hired China Merchants Bank International, CITIC Securities, and HSBC to arrange a potential share sale as soon as this year, people said. The Beijing-based robotic hand maker could raise a nine-figure USD sum. Plans remain under discussion.
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