WeLab Bank reported a profit in Q1 2025 after reaching breakeven in 2024, ahead of the typical five-...

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WeLab Bank reported a profit in Q1 2025 after reaching breakeven in 2024, ahead of the typical five- to seven-year timeline for digital banks. It said revenue grew 30%, AUM rose 300%, and loan-to-deposit efficiency remained stable, with gains driven by wealth services and growth in mainland visitor accounts.

Zeekr appointed Lynk &amp; Co veteran Lin Jie to lead domestic marketing as the EV brand falls behind its 2025 sales target. He is supported by vice president Lin Jinwen, who now oversees service, network, and digital operations. The move follows an April sales decline and aligns with <a href="https://kr-asia.com/geely-brings-battery-operations-under-jiyao-tongxing-to-streamline-and-scale">Geely's broader restructuring</a>, including Jiyao Tongxing’s “golden battery” debut at Auto Shanghai.

<a href="/company/shein">Shein</a> and <a href="/company/temu">Temu</a> ramped up digital ad spending in Europe in April, with double-digit gains in France and the UK, as looming US tariffs undercut growth in their core market. Both fast fashion platforms cut US ad budgets and are also investing in Brazil, where Temu recently entered and Shein expanded local manufacturing.

Uber and Momenta have signed a deal to launch autonomous vehicles outside the US and China, starting in Europe in 2026 with safety drivers onboard. The partnership aims to combine Uber’s global reach with Momenta’s technology to scale robotaxi services in international markets.

DailyCo has acquired Waku, an institutional catering firm serving clients in 20 cities across Indonesia, to expand its footprint in the country’s B2B food services market. Waku CEO Anthony Gunawan will join DailyCo as chief human resources officer, with Waku continuing to operate as a wholly owned subsidiary.

<a href="/company/openai">OpenAI</a> will convert its for-profit arm into a <a href="https://www.britannica.com/money/what-is-a-public-benefit-corporation">public benefit corporation</a> (PBC), while remaining under nonprofit control. The shift follows discussions with state regulators and is aimed at better support its mission of "ensuring AGI benefits all of humanity." The nonprofit will retain oversight and become a major shareholder in the new entity.

Ecovacs and Roborock posted record 2024 revenues of RMB 16.54 billion and RMB 11.95 billion, respectively, but rising costs eroded profits. Both firms are expanding overseas through new categories and offline channels, yet face pressure from saturated markets, high logistics costs, and trade-related risks.

<a href="/company/openai">OpenAI</a> has agreed to acquire Windsurf, an AI coding startup formerly known as Codeium, in a deal valued at about USD 3 billion, according to people familiar with the matter. The deal has not yet closed and would be OpenAI’s largest acquisition to date amid rising competition in AI-powered coding tools.

CATL has passed its listing hearing with the Hong Kong Stock Exchange. In 2024, it held 37.9% of the global EV battery market and 36.5% of the storage battery market, with major clients including BMW, Tesla, Nio, and energy firms such as NextEra and China Huaneng Group. It operates 13 factories worldwide, including two in Europe.

WeRide and Uber will extend their robotaxi partnership to 15 new cities over the next five years, following deployments in Abu Dhabi and Dubai. The expansion targets markets beyond China and the US, with Uber handling operations and riders booking through its app.

<a href="/company/xiaomi">Xiaomi</a> has opened an automotive R&amp;D center in Munich, with a compact team focused on high-performance EVs like the Nurburgring edition of the Xiaomi SU7 Ultra. While no formal sales network exists in Europe, a new task force is studying market entry in Germany, France, and Spain—marking early steps toward an international EV push.

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Xiaomi says there’s no formal sales network in place, but the new facility appears to be part of a long-term Europe strategy.

WeLab Bank posts first profit in Q1 2025

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