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China’s online literature market grew 6.8% in 2024, reaching 575 million users. A new report from the Chinese Academy of Social Sciences highlights ri…

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China’s online literature market grew 6.8% in 2024, reaching 575 million users. A new report from the Chinese Academy of Social Sciences highlights rising output in realism and traditional culture genres, alongside a nearly RMB 3 trillion IP adaptation economy spanning short dramas and games. AI tools are also accelerating content creation and expanding global reach.

The US and China agreed to cut tariffs for 90 days in a surprise deal aimed at easing trade tensions. US duties on Chinese imports will drop to 30% from 145%, while China will lower its tariffs on US goods to 10% from 125%. The move follows high-level talks in Geneva and lifted global markets.

Huawei and UBTech entered a strategic partnership to accelerate humanoid robot development. By combining Huawei's AI technology with UBTech's robotics expertise, the companies aim to bring smart robots to factories and homes, with plans for a dedicated innovation center.

Hangzhou-based Metis Pharmaceuticals is considering a Hong Kong IPO to raise up to USD 200 million, according to sources. The AI-driven drug discovery firm has raised USD 300 million to date and counts CICC Capital and HongShan among its key investors.

<p data-start="1176" data-end="1488">Unitree CEO Wang Xingxing said demand for <a href="/industry/robotics">humanoid robots</a> surged in 2024, with some firms’ orders “exploding” amid strong policy backing and <a href="/industry/ai">AI</a> momentum. Speaking at a Shanghai forum, he identified hardware as the sector’s main bottleneck and predicted that the top robotics firms will also lead in AI.</p>

Xpeng Motors shares surged over 7% to HKD 80.6 after its flying car subsidiary, Xpeng AeroHT, achieved a major milestone. Its "Land Carrier" flying vehicle (X3-F) Production Certificate (PC) application was officially accepted by the Civil Aviation Administration of Central and Southern China, paving the way for regulatory assessment of its mass production. Xpeng AeroHT's factory is 70% complete, with full construction expected by Q4 2025.

Hong Kong and US stock exchanges are seeing a surge in IPOs by Chinese consumer brands, including Xiao Noodles, Green Tea Group, and <a href="https://kr-asia.com/mingming-henmang-files-for-ipo-as-chinas-snack-wars-enter-next-phase">Mingming Henmang</a>. They follow recent debuts by <a href="https://kr-asia.com/deals-in-brief-mixue-bingcheng-and-goodme-apply-for-hong-kong-ipo-unifahs-and-silicon-box-secure-funding-11-china-deals-and-more">Mixue Bingcheng and GoodMe</a>, as VC exit pressure and global expansion goals continue to drive momentum.

Bear Electric’s 2024 overseas revenue rose 81% YoY to RMB 668 million, accounting for 14% of total sales. While full-year profit fell 35%, foreign gross margins improved, and Q1 2025 showed signs of recovery. Exports are emerging as a growth driver as the company expands cross-border e-commerce, localizes products, and scales its self-owned brand globally.

NEVs made up 51.5% of China's April 2025 retail sales, the first time the segment has overtaken combustion models. Exports rose 44.2% YoY, led by <a href="/company/byd">BYD</a>, <a href="/company/tesla">Tesla</a>, and <a href="/company/chery">Chery</a>. With 67.7% of global NEV share in Q1, <a href="/collections/china-automobile">Chinese automakers</a> extended their lead as discounting eased, signaling a cooling price war.

Mongolia’s Egune AI has raised USD 3.5 million from Golomt Bank, bringing its valuation to USD 38.5 million. The funding will support the expansion of AI tools developed in the Mongolian language and shaped by local knowledge. Egune is reported to power more than 70% of the country’s AI market.

Chinese firms are expanding into the Middle East to hedge against trade tensions and tap new markets. Hong Kong startup Nexx Global, backed by CK Asset, will partner with Qatari logistics firm Milaha and Kerry Logistics, while Tojoy is exploring platform growth across the region. Both aim to use the Gulf as a global springboard.

Beijing's flagship investment fair brought together industry leaders to explore bilateral growth across key markets, including the Middle East and ASEAN.

Global investors converge at BIIT 2025 to explore bilateral trade opportunities

CHENG Zi is based in China, covering technology and business-related events. She works with her colleagues at 36Kr Global to provide coverage in both English and Chinese.

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Ecovacs' 59% profit surge shows what works in the home robot race

Ecovacs&#8217; 59% profit surge shows what works in the home robot race

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With new products, leaner ops, and policy tailwinds, the dairy brand is aiming to bounce back from steep losses.

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