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Pony.ai, which raised USD 413 million in a US IPO, is now planning a Hong Kong listing to fuel further expansion. The company operates 250 robotaxis a…

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Pony.ai, which raised USD 413 million in a US IPO, is now planning a Hong Kong listing to fuel further expansion. The company operates 250 robotaxis and is developing mass production models with Toyota, GAC, and BAIC. Revenue hit USD 75 million in 2024, but it remains unprofitable.

<a href="/company/starbucks">Starbucks</a> has contacted investors to explore options for its China operations, which generate around USD 740 million in quarterly revenue, compared to <a href="/company/luckin-coffee">Luckin Coffee’s</a> USD 1.2 billion. Amid rising local competition, the US chain is weighing a potential stake sale but maintains that it remains committed to long-term growth in China, its second largest market.

<a href="/company/geely">Geely’s</a> Q1 2025 net profit surged 264% YoY to RMB 5.67 billion, driven by cost controls, stable margins, and subsidiary contributions including Zeekr and Lynk &amp; Co. Revenue rose 24.5% to RMB 72.5 billion, while pre-tax profit increased 323%, highlighting gains from consolidated operations and improved gross profit at Zeekr.

Vietnam’s Alterno has raised an undisclosed sum of funding from UntroD Capital Asia’s second global fund, with participation from ADB Ventures. The company will use the capital to scale its clean heat platform, support international pilot deployments, and expand across Asian markets.

Singapore-based VFlowTech has raised USD 20.5 million in a funding round led by Granite Asia. The round includes participation from EDBI, MOL Plus, PSA Ventures, and existing backers such as Antares Ventures, Inci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, Seeds Capital, and Entrepreneurs First.

<a href="/company/shein">Shein</a> reversed course and cut US prices by 13% this week after the Trump administration temporarily reduced tariffs on various Chinese imports to 30%. The company issued alerts assuring shoppers of no added fees, following traffic and sales drops of over 15% since late April. Rival <a href="/company/temu">Temu</a> also saw declines, while Amazon and Walmart posted gains in the same period.

Singapore’s Anext Bank, a digital wholesale lender backed by Ant International, reported SGD 44.9 million in revenue for 2024, up 83.5% YoY, as total assets more than doubled to SGD 1.6 billion. Loans rose over 280% to SGD 847 million and deposits jumped 207% to SGD 906 million, driven by demand from small businesses. Despite a wider net loss of SGD 37.2 million, the cost-to-income ratio improved to 116.1%.

<a href="/industry/biotech">Biotech</a> firm BeiGene reported RMB 8.05 billion in revenue for Q1 2025, a 50.2% YoY increase, while narrowing its net loss to RMB 94.5 million. Gross margin improved by 2.74 percentage points to 85.86%, and operating expenses declined as a share of revenue. Analysts forecast full-year profit of RMB 298 million.

Tmall’s 618 sales event kicked off on May 13 with Chinese influencer Li Jiaqi’s live stream, which featured nearly 500 products across multiple categories and recorded a 10% YoY GMV boost in the first hour. Chinese brands, including beauty labels like Kefumei and Proya, collectively accounted for over 40% of total sales, with more than 600,000 units sold.

Chinese firms in the US cite US-China tensions as their top business risk, with 90% reporting material impact, a recent survey shows. Amid rising regulatory barriers and anti-China sentiment, cited by 73% and 67% respectively, companies are turning to localization and third-market pivots. Further expansion depends on US political stability, the report says.

Neta Auto and Toyota have both denied rumors of a takeover, even as court filings show a creditor has initiated a bankruptcy review of Neta’s parent company, Hozon. Despite a proposed RMB 4.5 billion funding round and a debt-to-equity deal with suppliers, key financing has yet to materialize, deepening the EV maker’s financial crisis.

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Trump's China tariffs spark shipping disruptions comparable to Covid-19

Trump&#8217;s China tariffs spark shipping disruptions comparable to Covid-19

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Pony.ai files confidentially for HK listing

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