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As its first RMB fund nears expiration, Borchid Capital sold its remaining 0.89% stake in Pop Mart for HKD 2.27 billion across three block trades. The…

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As its first RMB fund nears expiration, Borchid Capital sold its remaining 0.89% stake in <a href="/company/pop-mart">Pop Mart</a> for HKD 2.27 billion across three block trades. The firm had backed the company since 2010 and joined multiple funding rounds ahead of its 2020 IPO.

US President Donald Trump said he may cut tariffs on Chinese goods from 145% to 80% ahead of weekend talks in Geneva with top Chinese officials. The shift comes amid growing market concerns over inflation and supply disruptions. Treasury chief Scott Bessent and trade representative Jamieson Greer will lead the US delegation.

The US may cut tariffs on Chinese goods during weekend talks in Geneva, as both sides aim to ease economic strain from a trade war that pushed duties as high as 145%. Sources said China could reciprocate if Washington moves first. The US is also seeking concessions on rare earths and fentanyl, though analysts warn any deal would mark only the start of a long process.

Hong Kong has updated a pilot licence to expand autonomous vehicle testing in North Lantau, increasing the fleet to ten and extending approved routes. The operator is likely <a href="/company/baidu">Baidu’s</a> Apollo Go, which has reportedly logged over 14,000 kilometers locally and is also deploying driverless vehicles in Dubai and Abu Dhabi as part of a broader rollout.

A new joint lab by <a href="/company/geely">Geely</a> and DP Technology will use AI molecular simulation to develop EV batteries with greater stability and safety. Geely also became one of the first firms to pass China’s new national battery safety standard, completing 36 tests, including 12 beyond the mandate.

<a href="/company/tsmc">TSMC</a> reported TWD 349.6 billion in April 2025 revenue, a 48% YoY surge driven by a rush to secure chips ahead of global tariffs. Demand from clients like <a href="/company/apple">Apple</a> and <a href="/company/nvidia">Nvidia</a> remained strong, particularly for AI chips. Analysts now expect Q2 revenue to exceed forecasts, though TSMC warned that currency strength could weigh on margins.

<p data-start="1245" data-end="1558">China's civil aviation authority has accepted <a href="/company/xpeng">Xpeng</a> AeroHT’s application for a production certificate for its X3-F flying car. This follows earlier type certification progress and puts the firm on track for 2026 delivery, with a factory 70% complete.</p>

<a href="/company/alibaba">Alibaba's</a> Cainiao has rolled out a one-stop logistics solution for exporting automotive parts, covering domestic pickup, trunk transport, overseas warehousing, and last-mile delivery. With dedicated warehouses in Madrid and Rotterdam, the network supports over 5,000 SKUs and serves both e-commerce buyers and 4S dealerships across more than 20 European countries.

<a href="/company/nvidia">Nvidia</a> plans to launch a downgraded version of its H20 AI chip in China by July, sources said, after US officials required export licences for the original model. The revision, which includes reduced memory capacity, is aimed at preserving access to a key market that had seen strong demand from firms like <a href="/company/alibaba">Alibaba</a>, <a href="/company/tencent">Tencent</a>, and <a href="/company/bytedance">ByteDance</a>.

<a href="/company/tencent">Tencent</a> has launched and open-sourced Hunyuan Custom, a multimodal video generation model that supports text, image, audio, and video prompts. Built on Hunyuan Video, the model is said to outperform tools like Pika and VACE in human- and object-centric video generation across multiple benchmarks.

China’s total trade reached RMB 14.1 trillion in the first four months of 2025, up 2.4% YoY. Exports rose 7.5% while imports fell 4.2%. April alone saw a 5.6% increase, led by export growth of 9.3%.

A new model of state capital is taking root in China—one that’s redefining how venture capital works, from funding mechanics to policy alignment.

Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

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Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

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