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Leaders from ASEAN, the GCC, and China met in Kuala Lumpur for a first-of-its-kind summit aimed at strengthening economic cooperation to hedge against…

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Leaders from ASEAN, the GCC, and China met in Kuala Lumpur for a first-of-its-kind summit aimed at strengthening economic cooperation to hedge against US trade policies. While no major deals were signed, the trilateral talks signaled plans to deepen collaboration in trade, digital infrastructure and green tech, despite competing interests and pressure to maintain US ties.

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<a href="/company/bytedance">ByteDance</a> is laying off several hundred staff across TikTok Shop and Tokopedia in Indonesia, cutting its local e-commerce workforce to about 2,500. The move follows its USD 1.5 billion merger with Tokopedia, as the company navigates fierce competition and antitrust scrutiny over its growing market share.

<p data-start="880" data-end="1213"><a href="/company/huawei">Huawei</a> and Thailand’s Ministry of Digital Economy and Society co-hosted a summit in Bangkok on May 30 to promote <a href="/industry/ai">AI</a> adoption and digital growth. With over 2,000 attendees, the event unveiled partnerships with Chulalongkorn University and plans to train 20,000 AI developers by 2025, reinforcing Thailand’s bid to become ASEAN’s digital and AI hub.</p>

<a href="/company/pop-mart">Pop Mart</a> has suspended UK sales of its <a href="https://kr-asia.com/pop-marts-labubu-breaks-records-in-thailand-can-the-trend-go-global">Labubu figurines</a> after a brawl broke out at a London store. The collectible has become a global fashion item, backed by celebrities like Rihanna and Dua Lipa, with resale prices surging. Amid soaring demand, the company now faces rising pressure to balance hype with supply.

Huadian New Energy, the renewable energy arm of China Huadian, has secured regulatory approval for an IPO in Shanghai, targeting RMB 18 billion in proceeds to fund wind and solar projects. Despite high debt and curtailment rates, the company is buoyed by revenue growth and national climate targets.

Insta360 launched its IPO today at RMB 47.27 per share, valuing the firm at RMB 17 billion, 20 times its price-to-earnings ratio. From 2022–2024, its revenue rose at a 65.25% CAGR to RMB 5.57 billion, while net profit more than doubled to RMB 995 million.

On May 30, a US appeals court reinstated President Donald Trump’s sweeping tariffs by pausing a <a href="https://kr-asia.com/pulses/154091">trade court ruling</a> that found he had exceeded his authority. The move preserves duties of up to 15% on most imports, including from Canada, Mexico and China, as legal and economic uncertainty continues to weigh on trade partners and markets.

<a href="/company/netease">NetEase</a> shares are nearing a four-year high, climbing about 45% this year in Hong Kong on strong demand for both legacy and new titles. Analysts cite youth-driven consumption, easing rivalry with <a href="/company/tencent">Tencent</a>, supportive regulation, and low valuations as key drivers of China’s <a href="/industry/gaming">gaming</a> stock rally.

<a href="/company/openai">OpenAI</a> COO Brad Lightcap said the company aims to build an “ambient computer layer” that moves <a href="/industry/ai">AI</a> beyond screens. Speaking on May 30, he said he’s unawre of details around Sam Altman and Jony Ive’s secretive hardware project, but confirmed OpenAI now serves three million enterprise clients, up 50% since February.

Hozon Auto, which manufactures <a href="/industry/ev">EVs</a> under the Neta brand, has seen its bid to swap RMB 3 billion in supplier debt for equity falter after converting only two-thirds of the target, sources said. The company still owes around RMB 6 billion and now faces investor calls to remove CEO Fang Yunzhu, whose shares were frozen by a May 13 court order.

China’s carbon emissions fell 1% in the year to March, according to Finnish think tank CREA, as surging solar and wind output offset coal use. With factories still running, the decline points to structural shifts in energy consumption, though weather risks, grid limits, and policy changes could challenge the durability of the trend.

The prospect of US tariffs has added to the industry's deep-rooted challenges.

Indonesia seeks to stitch competing interests to boost textile sector

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Filings frame the Osmo 360 as a blend of DJI’s gimbal roots with a form factor suited for motion-heavy creators.

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The new unit will oversee rights management, partnerships, and distribution for short drama productions across Douyin and Hongguo.

ASEAN, GCC, and China meet amid US tariffs

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Indonesia seeks to stitch competing interests to boost textile sector

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