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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, PS…

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JD.com is entering China’s food delivery market, turning its logistics muscle into a platform for hot meals, groceries, and more.

JD.com sees financial surge in Q1, eyes food delivery as next big bet

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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/tiktok-shop">TikTok Shop</a> has announced its 2025 summer campaign will span six markets: the US, UK, France, Germany, Italy, and Spain. Platform-wide promotions will debut in France, Germany, Italy, and Spain. The campaign will run in two waves: Europe from June 23 to July 1, and the US from July 7 to 19, focused on clearing inventory and testing seasonal products.

Asia had 646 unicorns by end-2024, with a combined valuation of USD 2.4 trillion, according to a recent report. China led with 454 firms, followed by India. Most unicorns are in software, transport, and deep tech, and 96% are valued under USD 10 billion. The average time to reach unicorn status is five years. ByteDance topped the list with a USD 300 billion valuation.

<a href="/company/ant-group">Ant Group’s</a> quarterly profit fell about 31% to an estimated RMB 5.3 billion as the firm ramped up investment in AI and overseas expansion. It contributed RMB 1.76 billion to <a href="/company/alibaba">Alibaba’s</a> earnings. Ant is applying AI across services, using domestic chips to cut training costs, and continues to prepare its tech units for potential spinoffs while exploring a Hong Kong IPO.

<a href="/company/alibaba">Alibaba</a> reported a 93% YoY increase in operating income for the March 2025 quarter, driven by strong cloud revenue and sustained triple-digit growth in AI products. Total revenue rose 7% to RMB 236.5 billion, while net income reached RMB 11.97 billion. The company declared USD 4.6 billion in dividends for the fiscal year.

<a href="/company/catl">CATL</a> has established a new subsidiary in Suizhou, Hubei, focused on energy tech R&amp;D, battery swapping, and EV sales. The firm, registered with RMB 5 million in capital, is wholly owned by CATL’s regional green energy unit.

<a href="/company/jd">JD Logistics</a> has begun operating its first overseas warehouse in Mexico City, targeting one-day delivery for a global fashion e-commerce firm. The 40,000-square-meter warehouse also supports local businesses and partners, offering large-item delivery and installation services across Mexico.

Chinese regulators have summoned <a href="/company/jd">JD.com</a>, <a href="/company/meituan">Meituan</a>, and <a href="/company/ele-me">Ele.me</a> over concerns of unfair competition and labor practices in the food delivery industry, citing aggressive subsidy tactics and alleged restrictions on riders. The move follows JD's recent entry into the market with fee waivers and social insurance pledges.

Trust in <a href="/collections/china-automobile">Chinese automakers</a> rises 30% after purchase, compared to just 6% for European brands, a new report shows. Buyers frequently cite high satisfaction with technology, design, and value—especially in emerging markets. While pre-purchase doubts around safety and reliability remain, the findings suggest unfamiliarity, not product flaws, is the main driver of skepticism.

<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.

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Granite Asia leads investment in VFlowTech

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JD.com sees financial surge in Q1, eyes food delivery as next big bet

Deals in brief: Granite Asia leads investment in VFlowTech, Alterno and BrioHR raise funding, latest China deals, and more

How radar sensors—and a son’s worry—sparked a smarter eldercare system