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Hong Kong’s stablecoin regime takes shape as China eyes alternatives to dollar-based payments

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DeepSeek eyes overseas AI talent

just now
Bloomberg
Chinese AI firm DeepSeek has resumed hiring on LinkedIn after months of inactivity, posting ten job listings for positions in Hangzhou and Beijing. The move may indicate a bid to attract overseas talent as global competition for AI engineers intensifies.

BYD narrows gap with Honda, Mitsubishi

just now
Nikkei Asia
BYD is closing in on Honda and Mitsubishi in Southeast Asia, selling over 11,000 vehicles in April across Indonesia, Malaysia, Thailand, and the Philippines. Backed by price competitiveness, local infrastructure growth, and new factories, the Chinese EV maker has also surpassed Mazda and Nissan in regional sales.

Xiaomi rules out EV exports before 2027

just now
Reuters
Xiaomi won’t consider exporting its EVs before 2027, CEO Lei Jun said in a live stream, citing strong demand for the SU7 and YU7 in China. The YU7 SUV triggered long wait times just days after launch, prompting backlash from buyers as the company works to scale production.

Shopee, TikTok Shop face new Indonesia tax

just now
Ebrun
Indonesia plans to impose a 0.5% sales tax on e-commerce sellers with annual revenue between IDR 500 million and IDR 4.8 billion to balance competition with offline merchants. Shopee, TikTok Shop, and the local e-commerce association have called for a gradual rollout and urged the government to provide support to ease the transition.

TikTok Shop cuts US staff for third time

just now
Bloomberg
TikTok has initiated a third round of layoffs at the US unit of TikTok Shop as it restructures following missed sales targets. The company is also shifting management roles to ByteDance-linked staff in China while facing a looming US divestment deadline.

WeRide lands second test permit for Robovan W5

just now
WeRide
WeRide has secured a permit to test its autonomous Robovan W5 in Huangpu, Guangzhou, marking its second approval in the city and making it the first company authorized for such trials in the district. The Level 4 delivery vehicle is designed for urban logistics, featuring modular cargo space and full-sensor safety systems.

Honor debuts Magic V5 to rival Samsung

just now
Bloomberg
Honor has launched the Magic V5, a foldable phone measuring 8.8 millimeters when folded, making it one of the slimmest models to date. Debuting just ahead of Samsung’s Z Fold 7, the device features a 7.95-inch display, Snapdragon 8 Elite chip, and up to one terabyte of storage, with sales starting in China at RMB 8,999.

Skyworth to take over Funai’s TV unit

just now
Nikkei Asia
China’s Skyworth Group will acquire part of Funai Electric’s TV business, including its North American operations under the Philips brand, as Funai undergoes bankruptcy proceedings. Skyworth also plans to absorb Funai’s repair staff in Japan to support local expansion.

JD Logistics unveils autonomous delivery van

just now
JD Logistics
JD Logistics has unveiled an autonomous electric van it says is designed to support Level 4 self-driving and offers 24 cubic meters of cargo space. Introduced at a transport expo on July 2, the new vehicle, along with expanded robot and drone fleets, marks JD’s latest push to scale smart logistics across China.

Labubu resale hype prompts probe, crackdown

just now
Jiemian News
Pop Mart’s Labubu IP has sparked resale hype in China, with reports of prices reaching RMB 7,800. A media probe found actual secondhand prices to be far lower. As demand surges, regulators in Hebei and Yiwu are cracking down on counterfeits, underscoring the risks of IP-driven retail.

UAE ship begins car export route from China

just now
CNR
A UAE-operated RORO vessel departed Ningbo Zhoushan Port on July 3 with nearly 4,000 vehicles, marking the maiden voyage of the first dedicated China-Egypt car export route via the Middle East and Africa. The ship will call at several regional ports before arriving at Egypt’s Damietta Port.

China car dealers push back on price war

just now
Reuters
Car dealers in China’s Yangtze River Delta are urging automakers to ease pricing and inventory pressures, citing risks from high stock levels, cash flow strain, and below-cost sales. The appeal underscores the ongoing fallout from China’s prolonged automotive price war, despite regulatory efforts to rein in the market.

Moore Threads, MetaX file China IPOs

just now
Reuters
Chinese GPU makers Moore Threads and MetaX have filed for IPOs on Shanghai’s STAR Market, seeking to raise RMB 8 billion and RMB 3.9 billion, respectively. The firms aim to tap growing demand for domestic chips as US export curbs push Chinese buyers toward local suppliers, despite continued losses from R&D spending and stiff competition from Nvidia and others.

US lifts EDA software curbs on China

just now
Bloomberg
The Trump administration has lifted export license requirements for EDA software sales to China, allowing firms like Synopsys, Cadence, and Siemens to resume business. The move is part of a broader trade deal tied to rare earths access and signals a shift in how export controls factor into US-China talks.

Miniso hits RMB 100 million at Shanghai flagship

just now
Sina
Miniso’s flagship "Miniso Land" store in Shanghai surpassed RMB 100 million in sales just nine months after opening, with IP-themed products accounting for nearly 80% of revenue. The immersive retail model is now deployed in ten stores across China, reflecting Miniso’s focus on interest-driven shopping.

AliExpress hits nine million users in South Korea

just now
The Korea Times
AliExpress reached a record high of more than nine million monthly users in South Korea in June, according to WiseApp Retail. The company credited seasonal promotions, expanded travel offerings, round-the-clock customer support, and localized features for driving continued growth.

Alibaba Cloud expands Southeast Asia presence

just now
Alibaba Cloud
Marking ten years in Southeast Asia, Alibaba Cloud is launching new data centers in Malaysia and the Philippines and a global AI center in Singapore. The expansion aims to meet rising regional demand for advanced cloud infrastructure and AI capabilities.

BYD rolls out first car at Brazil site

just now
Sina
BYD has produced its first passenger car at a new factory in Camacari, Brazil, 15 months after breaking ground. The plant will build electric and hybrid vehicles, with annual capacity planned at 150,000 units. BYD said the project will support 20,000 jobs and reinforce its LATAM supply chain.

Robots face off in Beijing soccer match

just now
AP News
In a first for China, AI-powered humanoid robots played fully autonomous three-on-three football in Beijing, navigating the field, coordinating plays, and recovering from falls without human input. Four university teams their own algorithms on shared Booster Robotics hardware.

Temu adds fines for data reporting errors

just now
Ebrun
Temu has updated its quality inspection rules to fine sellers who misreport product weight or volume by more than 50 grams or 10%. A base fine of RMB 10 per order applies, increasing by RMB 10 for every additional 50 grams. Return orders are also subject to penalties. Sellers are advised to review data to avoid fines or reduced platform visibility.
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