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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 …

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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.

WeRide has begun trial operations of fully driverless robotaxis in Abu Dhabi. The pilot expands coverage to Al Maryah and Al Reem Islands, building on existing routes serving Yas Island and Zayed International Airport. It also follows WeRide’s receipt of a UAE self-driving vehicle license in 2023 and its partnership with Uber since 2024.

<a href="/company/nvidia">Nvidia</a> is planning a new R&amp;D center in Shanghai to adapt AI chip development to US export restrictions and support local market needs. CEO Jensen Huang discussed the project with Shanghai’s mayor last month and has warned that exiting China could cede ground to domestic rivals like <a href="/company/huawei">Huawei</a>.

<a href="/company/geely">Geely</a> plans to launch 3–4 new car models this year and expand exports, with 1–2 models slated for Q4 2025 and a six-seat Galaxy SUV set to debut in Milan. The rollout builds on a strong Q1, which saw NEV sales reach 339,000 units and Galaxy sales, led by the E8, more than triple YoY.

<a href="/company/xiaomi">Xiaomi</a> founder Lei Jun announced on <a href="https://weibo.com/1749127163/PrYfduSL4?pagetype=profilefeed">Weibo</a> that the company will launch its XringO1 mobile chip in late May. Designed in-house using Arm architecture and manufactured by TSMC on a 3-nanometer process, the chip is intended for premium phones and tablets as Xiaomi ramps up competition with Apple and Huawei’s custom silicon.

Fast fashion giant <a href="/company/shein">Shein</a> has leased nearly 15 hectares of warehouse space near Ho Chi Minh City, its first such facility in Vietnam, sources said. The move aims to position goods closer to global shipping routes and reduce exposure to US-China trade tensions. Shein remains heavily reliant on China-based suppliers and vulnerable to shifts in tariff policy.

TikTok owner <a href="/company/bytedance">ByteDance</a> is targeting 2025 revenue of USD 186 billion, a 20% increase from 2024, putting it just shy of Meta’s projected USD 187 billion. The company now reports over 4 billion monthly active users across its apps, despite slowing ad demand on Douyin and ongoing US pressure to divest TikTok.

China said on May 15 the US is misusing export controls after US authorities <a href="https://kr-asia.com/pulses/153489">warned of legal risks</a> tied to <a href="/company/huawei">Huawei’s</a> Ascend AI chips. A commerce ministry spokesperson said the move threatens supply chain stability and vowed to safeguard Chinese companies' interests. Huawei’s chips compete with <a href="/company/nvidia">Nvidia’s</a> in China.

Synyi AI, a <a href="/company/tencent">Tencent</a>-backed Chinese startup, launched a trial clinic in Saudi Arabia in April to test AI-led diagnoses and prescriptions under human doctor oversight. Backed by Almoosa Health Group, the pilot covers 30 respiratory conditions and is generating regulatory data. The company aims to enter commercial use within 18 months.

China's NEV exports rose 44.2% YoY in April to 189,000 units, accounting for 44.6% of total passenger car exports, up 14 percentage points from a year earlier. Total automotive production and sales each exceeded 10 million in the first four months of 2025, according to the China Association of Automobile Manufacturers (CAAM).

China and Latin American nations set a three-year cooperation roadmap at the latest China-CELAC Forum, announcing over 100 joint projects. The agenda also shifts focus beyond trade to AI, green energy, and industrial tech. Starting June 1, China will offer visa-free entry to travelers from Brazil, Argentina, Chile, Peru, and Uruguay.

By rethinking overlooked tools, Cocinare is bringing specialty brewing into homes—and onto Amazon’s bestseller lists.

What if your coffee gear had algorithms? Cocinare is brewing that future now

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Alibaba, China’s e-commerce giant, operates online retail marketplaces, cloud computing services, and digital payment networks across Asia and beyond.

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Lazada, an e-commerce marketplace in Southeast Asia, links shoppers to a wide range of products, deals, and cross-border brands.

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Taobao, Alibaba’s consumer-to-consumer marketplace, connects Chinese shoppers with diverse products, from fashion and electronics to everyday essentials.

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Steady performance in commerce and strong growth in AI-driven cloud services lifted Alibaba’s profit, though an EPS shortfall tempered investor sentiment.

Cloud and AI gains boost Alibaba’s profit, but EPS misses

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Asia reached 646 unicorns in 2024

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