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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.

China’s internet regulator has ordered major tech firms, including <a href="/company/alibaba">Alibaba</a> and <a href="/company/bytedance">ByteDance</a>, to halt testing and purchases of <a href="/company/nvidia">Nvidia’s</a> RTX Pro 6000D, according to people familiar with the matter. Regulators concluded domestic <a href="/industry/ai">AI</a> processors now match Nvidia’s China-only models, underscoring Beijing’s drive to reduce reliance on US chips and accelerate local semiconductor adoption.

<a href="/company/bytedance">ByteDance</a>-owned Doubao remained China’s top <a href="/industry/ai">AI</a> app in August with 157 million MAUs, up 6.6% from July, according to QuestMobile. <a href="/company/deepseek">DeepSeek’s</a> chatbot slipped 4% to 143 million users, with many switching to Doubao, which has added features such as real-time video calls. <a href="/company/tencent">Tencent’s</a> Yuanbao and <a href="/company/ant-group">Ant Group’s</a> AQ health app both gained traction to join the top ten ranking.

Carro, an online automotive marketplace, has raised USD 60 million in a round led by Cool Japan Fund with participation from new investors. The company plans to use the funds to grow demand for Japanese vehicles across seven markets, where it says it handles more than 100,000 car transactions annually. Founded in 2013, Carro also offers financing, insurance, and after-sales services.

<a href="/company/alibaba">Alibaba</a> has secured China Unicom as a customer for its Pingtouge <a href="/industry/ai">AI</a> accelerators, which will be deployed at a new Qinghai data center, according to CCTV. The deal signals traction for Alibaba’s semiconductor unit as it invests RMB 380 billion over three years in AI infrastructure. Unicom said the chips outperform <a href="/company/huawei">Huawei’s</a> Ascend 910B in some areas, though Huawei is moving forward with its newer 910C model.

<a href="/company/chery">Chery</a>, China’s second largest carmaker by volume, plans to raise up to HKD 9.14 billion through a Hong Kong IPO. The offering covers 297.4 million shares priced at HKD 27.75–30.75, with trading set for September 25. Proceeds will fund R&amp;D, overseas expansion, and facility upgrades, with cornerstone investors including JSC International Investment Fund and Hillhouse Group.

Dat Bike, a Vietnamese electric motorbike manufacturer, has raised USD 22 million in a Series B round led by Japan’s FCC and Rebright Partners, with participation from Jungle Ventures, Cathay Venture, and AiViet Venture. The company will use the funds to scale production, advance R&amp;D, and strengthen partnerships with ride-hailing and financing providers.

<a href="/company/tencent">Tencent</a> has launched a cross-border payment gateway to expand Weixin Pay’s support for international travellers in China. Through TenPay Global, wallets including PayPal, Venmo, GrabPay, and ShopeePay are now connected, enabling users to scan Weixin Pay QR codes or present their own wallet QR codes at millions of mainland merchants.

<a href="/company/li-auto">Li Auto</a> will debut the i6 five-seat SUV on September 26, featuring a "shark-like" design, two-tone body, and compact frame. The model provides over 3.3 meters of interior space and combines low-drag aerodynamics with a low center of gravity to improve efficiency, range, and handling.

Terra Oleo, a Singapore-based biotech startup, has exited stealth with USD 3.1 million in seed funding and selection to Breakthrough Energy’s Fellows program. Investors include ADB Ventures, The Radical Fund, Elev8.vc, Better Bite Ventures, and an undisclosed palm oil player. The company uses microbial fermentation to produce palm oil and cocoa butter alternatives from agro-industrial waste and is moving to scale lab technologies with testing agreements in place with global consumer goods firms.

<a href="/company/meituan">Meituan’s</a> international food delivery brand Keeta launched in Kuwait on September 15, its third Gulf hub after Saudi Arabia and Qatar. The company said it will replicate its ecosystem model by providing services for consumers, merchants, and riders, while continuing to explore new overseas markets.

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