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In Hong Kong, Ant Group finds an anchor for its global fintech ambitions

4 mins read

Pulses

Tencent-backed Uzum targets 2026 raise

just now
SCMP
Uzum, Uzbekistan’s first tech unicorn, is planning a final pre-IPO funding round in Hong Kong next year after Tencent’s USD 70 million investment boosted its valuation to USD 1.5 billion. The e-commerce and fintech firm, registered in Abu Dhabi, is targeting a 2027 listing and sees growing Chinese investor interest in Central Asia’s digital market.

Beijing urges Hong Kong to deepen ties

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Nikkei Asia
China’s vice premier He Lifeng has urged Hong Kong to align with the country’s next five-year plan and deepen cooperation with the mainland’s economy and financial markets, underscoring Beijing’s push for closer integration. Regulators also unveiled new measures to expand cross-border access and strengthen Hong Kong’s role as a bridge to global capital.

Blogger loses Mihoyo appeal case

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DoNews
A Chinese court has upheld Mihoyo’s defamation win against blogger Peng Moumou, ruling that Peng’s repeated videos targeting Mihoyo and players of Genshin Impact and Zenless Zone Zero went beyond fair criticism. The court ordered all offending content removed, a public apology, and RMB 110,000 in damages.

Ele.me becomes Taobao Shangou

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SCMP
Alibaba is rebranding its Ele.me delivery platform as Taobao Shangou, integrating its courier network into Taobao’s quick commerce model, which offers one-hour delivery for groceries and electronics. The move is aimed at strengthening Alibaba’s ecosystem amid intensifying competition with Meituan.

Amap joins robotaxi race with Xpeng

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Guandian
Amap will reportedly announce its robotaxi partnership with Xpeng Motors on November 5, unveiling their first mass produced model at Xpeng’s “AI Day” event. Combining Xpeng’s autonomous technology with Amap’s dispatch platform, the vehicle is expected to feature an exterior sun visor display and is intended for global deployment.

Baidu’s Apollo Go hits 17 million rides

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Baidu
Baidu’s Apollo Go said it has provided more than 17 million rides globally and logged 240 million kilometers in autonomous driving, including 140 million fully driverless. Operating in 22 cities, the service handles about 250,000 weekly rides and has reported no major injuries since launch.

Z.ai users surge tenfold overseas

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SCMP
Z.ai (formerly Zhipu AI) saw its overseas paid users rise tenfold in two months to 100,000 after launching its GLM-4.6 model, which powers coding tools. The Beijing-based startup, valued at RMB 40 billion, is expanding globally as domestic growth slows and it prepares for a 2026 stock listing.

WeRide prices Hong Kong listing

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Bloomberg
WeRide expects to raise about HKD 2.39 billion from its Hong Kong listing, pricing shares at HKD 27.1 each, about 4% below its Nasdaq close. The Guangzhou-based autonomous driving firm will list on November 6 alongside Pony.ai, using proceeds to fund robotaxi expansion, tech R&D, and overseas growth.

Starbucks forms China JV with Boyu

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Jiemian News
Starbucks will form a USD 4 billion joint venture with Boyu Capital to operate its China retail business, with Boyu taking up to 60% and Starbucks retaining 40% and brand ownership. Based in Shanghai, the venture will manage 8,000 stores and aims to expand to 20,000. Starbucks expects its China retail business to exceed USD 13 billion in total value, including future royalties.

Grab lifts 2025 revenue outlook

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Grab
Grab’s Q3 2025 revenue rose 22% YoY to USD 873 million, driven by growth in its on-demand and financial services segments. Operating profit reached USD 27 million, while adjusted EBITDA climbed 51% to USD 136 million. The company raised its full-year guidance, projecting revenue of up to USD 3.4 billion and adjusted EBITDA of up to USD 500 million.

Renault, Chery in partnership talks

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Reuters
Renault is in talks with China’s Chery and other automakers to form joint production ventures. The discussions follow its sale of a 26.4% stake in its Brazilian unit to Geely, under which the partners will share facilities and vehicle platforms to increase capacity at Renault’s Sao Jose dos Pinhais plant.

Geely invests in Renault’s Brazil unit

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Bloomberg
Geely is acquiring a 26.4% stake in Renault’s Brazilian unit, gaining access to its factory, engineering center, and sales network. The partnership gives Renault use of Geely’s hybrid and EV platforms to expand in South America, with plans to raise production in Brazil from 180,000 to 400,000 vehicles a year.

Agibot, Longcheer test adaptive robots

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Agibot
Agibot said it has deployed its reinforcement learning system on a pilot production line with Longcheer Technology, marking the first industrial use of reinforcement learning in robotics. The system reportedly enables robots to learn new tasks within minutes, enhancing flexibility and bridging advanced AI with large-scale manufacturing.

China eases rare earth curbs in deal

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Bloomberg
China will suspend new export curbs on rare earth metals and drop investigations into US chipmakers under a trade pact with Washington, the White House said. The deal grants general export licenses for key materials and pauses planned US tariffs, easing tensions though only as a short-term truce.

Xiaomi confirms Li Chuangqi exit

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Jiemian News
Xiaomi has reportedly confirmed that Li Chuangqi, head of its wearable innovation unit and key figure behind its AI glasses project, has resigned. Li joined Xiaomi in 2011 and helped launch several of its bestselling devices, including projectors, earphones, and children’s smartwatches.

Nvidia chief hopes to sell to China

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Bloomberg
Nvidia CEO Jensen Huang said he hopes to eventually sell the company’s Blackwell chips in China, though no plans are in place. His remarks came after US President Donald Trump confirmed the topic wasn’t discussed with Chinese leader Xi Jinping, as Washington weighs tighter export controls on advanced semiconductors.

Meituan unveils rider protection feature

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Sina
Meituan has introduced a rider protection feature that allows delivery workers to block up to two customers for a year in cases of verbal abuse or unreasonable demands. The update follows rider feedback highlighting concerns over fairness and respect during company consultation sessions.

CXMT starts mass output of LPDDR5X

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SCMP
ChangXin Memory Technologies has begun mass production of LPDDR5X DRAM chips, an upgraded version of its 2023 lineup. The move highlights China’s progress in advanced chipmaking as the firm prepares for a Shanghai listing that could value it at RMB 300 billion.

Beijing signals openness on TikTok

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Bloomberg
China has pledged to work with the US to resolve the fate of TikTok’s American business, without confirming a deal proposed by President Donald Trump to spin it off under US control. The plan would cut ByteDance’s stake to below 20%, potentially easing a key flashpoint in US-China tensions over technology and data.

Judydoll opens abroad in Singapore

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Dao Insights
Chinese cosmetics brand Judydoll reached a double milestone in October, opening its 100th boutique in Guangzhou and making its international debut at Singapore’s Bugis+ mall. Known for its accessible, color-driven cosmetics, the brand is also accelerating its global expansion with new outlets in Indonesia and partnerships in the UK.
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Events

GITEX Global 2025 wraps in Dubai with strong turnout and new editions on the horizon

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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