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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.

Qoros Auto is facing a bankruptcy review after a supplier filed suit over unpaid debts. Court filings show 31 equity freezes totaling over RMB 35 billion and dozens of enforcement actions against the automaker, once seen as a rising Chinese brand but now struggling with liquidity and production halts.

Z.ai has launched GLM-4.7, the latest version of its flagship model, featuring major upgrades in coding, reasoning, and agent execution. The model introduces a “think before acting” mechanism, achieves state-of-the-art results on several open-source benchmarks, and reportedly outperforms GPT-5.1 in reasoning tasks.

<a href="/company/kuaishou">Kuaishou</a> said its live streaming function was hit by a cyberattack around 10 p.m. on December 22, but has since resumed normal operations after emergency repairs. Other app services were unaffected. The company reported the incident to police and vowed legal action to safeguard user and shareholder interests.

<a href="/company/bytedance">ByteDance</a> plans to boost its 2026 <a href="/industry/ai">AI</a> investment to RMB 160 billion, allocating over half to chip purchases, including <a href="/company/nvidia">Nvidia’s</a> H200 processors if approvals allow. The TikTok owner is also expanding its overseas data center footprint as usage of its Doubao chatbot surges in China despite US export restrictions.

<a href="/company/geely">Geely</a> has completed the privatization of Zeekr after meeting all merger conditions on December 22. The move makes Zeekr a wholly owned Geely subsidiary and removes it from the New York Stock Exchange, with its financial results to be fully consolidated into the group’s accounts.

China Vanke has sold its remaining 10% stake in a Shanghai real estate venture with Singapore’s GIC, according to corporate records. The move comes as the developer faces a crucial bondholder vote on extending repayment of a RMB 2 billion bond that matured last week, a test of confidence in China’s property market.

<a href="/company/alibaba">Alibaba</a> has unveiled Qwen-Image-Layered, an image generation model built on a layered architecture. The company said the model decomposes images into multiple independently editable layers, allowing more precise adjustments and greater creative control in <a href="/industry/ai">AI</a>-driven visual design.

In a post on Weibo, <a href="/company/huawei">Huawei</a> said more than 32 million devices now run HarmonyOS 5 and HarmonyOS 6, underscoring rapid adoption of its self-developed operating system.

<a href="/company/xiaomi">Xiaomi</a> president Lu Weibing has confirmed that the new Xiaomi 17 Ultra will be priced higher, citing soaring memory costs driven by rapid <a href="/industry/ai">AI</a> and high-performance computing growth. He said the company faces major pricing pressure as memory supply remains tight, with new capacity not expected until the end of 2027.

Hong Kong Exchanges and Clearing (HKEX) recorded a milestone year in 2025, leading the world in IPO fundraising with HKD 274.6 billion raised. Average daily turnover for the first 11 months rose 43% YoY. The exchange also launched new technology and biotech indices, advanced market reforms, and expanded into the Middle East, reinforcing Hong Kong’s position as a leading international financial hub.

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