SAIC-backed robotaxi firm eyes IPO

Alibaba has released the embedding series of its Qwen 3 model to developers, aiming to improve text and code understanding across more than 100 languages. Trained using a three-stage process, the models reportedly top Hugging Face’s benchmark and support advanced retrieval and reranking tasks.

Manus has launched an AI-powered tool that turns user prompts into tailored, ready-to-edit slide decks. Designed for use cases from keynotes to classrooms, the tool supports real-time editing and seamless export to Google Slides or PowerPoint with full formatting intact.

China Renaissance disclosed it invested in Circle in 2018 through its Huaxing New Economy Fund, as shares in the USDC issuer surged 168% on their New York debut. The stake, likely under 5%, reflects the firm’s confidence in digital assets. China Renaissance shares also rose amid growing policy momentum for stablecoins in Hong Kong.

Meituan has launched an AI tool for hotel merchants, billed as the first of its kind, to optimize operations and boost efficiency. The move supports growing demand for personalized, bundled travel services as Meituan advances digital upgrades to better integrate lodging with lifestyle consumption across China’s hospitality sector.

Chengxin Lithium said its Murong mine in Sichuan, containing 989,600 tons of lithium oxide at a 1.62% grade, is under development and expected to deliver low-cost output. Its Sabi Star mine in Zimbabwe resumed operations in April with a new power plant, while its Indonesian lithium salt facility nears commercial supply. The firm is also expanding metal lithium production and R&D in solid-state battery materials.

Shanghai-based Jin Jiang Hotels plans to issue H-shares and list on the Hong Kong Stock Exchange to support its global expansion strategy. Proceeds will fund overseas growth, loan repayments, and working capital. The firm aims to complete the listing within 24 months of shareholder approval and has appointed KPMG as auditor.

Meituan plans to launch two to three new drone delivery routes in Dubai in H2 2025, expanding its overseas footprint after debuting the service there in December 2024. The new routes are expected to operate along the Dubai Marina. Meituan is also adding routes in Hong Kong and Shanghai under its Keeta brand, anticipating that 10–15% of global instant deliveries will eventually go by air.

The Switch 2, Nintendo's follow-up to its hit console, went on sale globally on June 5. Early demand outpaced supply in Japan and China, with US retailers reporting sellouts. Priced at USD 449, it is Nintendo’s most expensive console yet. The company expects to sell 15 million units this fiscal year, though analysts say that may be conservative amid US tariff uncertainty.        

Kuaishou’s Kling AI surpassed a USD 100 million annualized run rate in March 2025, just ten months after launch. Monthly subscription bookings topped RMB 100 million in both April and May. The latest Kling AI 2.1 model features enhanced visuals, improved semantic precision, and 1080p support, and now serves over 10,000 global clients.

Chinese energy financing in Africa has dropped 85% since 2015, steering the continent toward private capital and clean energy, according to the IEA. Public and DFI funding fell to USD 20 billion in 2024, while private clean energy investment more than doubled to USD 40 billion, led by solar power and EVs.