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Miniso has hired JPMorgan and UBS to prepare a Hong Kong IPO for its collectible toy brand Top Toy, sources said. The company is also seeking investme…

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<a href="/company/miniso">Miniso</a> has hired JPMorgan and UBS to prepare a Hong Kong IPO for its collectible toy brand Top Toy, sources said. The company is also seeking investment from sovereign funds ahead of the listing. Top Toy operates 280 stores and is expanding overseas, following rival <a href="/company/pop-mart">Pop Mart’s</a> surge.

Thailand has warned Neta Auto it may need to repay more than THB 2 billion in subsidies if it fails to meet local <a href="/industry/ev">EV</a> production targets under a national incentive program. With only 4,000 of the required 19,000 vehicles produced this year, authorities are tightening oversight and proposing stricter reporting requirements.

Chinese <a href="/industry/ev">EV</a> brand Luxeed, backed by <a href="/company/huawei">Huawei</a> and operated by <a href="/company/chery">Chery</a>, is launching a promotion from June 27, offering RMB 20,000 off all models and up to RMB 60,000 in total incentives. The campaign highlights Huawei’s assisted driving system, the Turing chassis for improved ride stability, and enhanced interior comfort as key selling points.

Meta has hired <a href="/company/openai">OpenAI</a> researchers Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai from its Zurich lab to join its superintelligence team, part of Mark Zuckerberg’s push to reset the company’s <a href="/industry/ai">AI</a> strategy. The trio previously worked at Google DeepMind.

Wang Puzhong, head of <a href="/company/meituan">Meituan’s</a> core local commerce unit, said China’s service retail sector reached RMB 7 trillion in 2024, but only 9% is online. He pledged to help merchants digitalize with <a href="/industry/ai">AI</a>, targeting 25% online penetration and at least 300 brands with 1,000 stores by 2030.

Southeast Asia’s <a href="/industry/e-commerce">e-commerce</a> market grew 12% to USD 145.2 billion in 2024, including USD 16.8 billion in non-platform sales. <a href="/company/shopee">Shopee</a> led platform-based GMV with a 52% share, followed by <a href="/company/tiktok-shop">TikTok Shop</a> and <a href="/company/lazada">Lazada</a>. Together, the three platforms accounted for 84% of the market. Thailand and Malaysia posted the fastest growth.

Unitree Robotics founder Wang Xingxing said the firm’s annual revenue has surpassed RMB 1 billion and that it has remained profitable since 2020. The company employs about 1,000 people and currently leads global shipments of quadruped and humanoid robots.

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A US judge ruled that Meta’s use of books to train its Llama <a href="/industry/ai">AI</a> model qualifies as “fair use” under copyright law, dismissing a lawsuit from 13 authors including Sarah Silverman. The court found the plaintiffs failed to show market harm but stressed the ruling is limited to this case and does not validate broader AI training practices. A similar decision was recently issued in a <a href="https://kr-asia.com/pulses/155031">case involving Anthropic</a>.

MegaRobo Technologies, a life sciences automation and robotics company, has filed for a potential listing on the Hong Kong Stock Exchange, appointing Morgan Stanley, Huatai Financial, Deutsche Bank, and CCB International as overall coordinators. No public offering is currently underway, and the listing remains subject to regulatory approval.

Casbot, a Chinese startup focused on <a href="/industry/robotics">humanoid robots</a>, has raised nearly RMB 100 million in an angel plus funding round. Backers include Lens Technology, Tianjin Jiayi, and existing investors SDIC Unity Capital and Henan Asset Management. The funds will support mass production and R&amp;D as Casbot expands in industrial and mining applications.

FWD Group, backed by billionaire Richard Li, is seeking HKD 3.5 billion in a Hong Kong IPO by offering 91.3 million shares at HKD 38 each. Trading is set to begin on July 7, marking a long-awaited debut after a scrapped US listing in 2021 and multiple postponements. The deal is backed by Morgan Stanley and Goldman Sachs.

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From underground mining to quality inspection, Casbot’s machines target environments where traditional automation falls short.

China’s Casbot bags funding to build humanoid bots for tough industrial work

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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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Koitake, the IP-driven toy unit under Alibaba’s Hujing business, has been phased out as the tech giant shifts its attention to higher-margin verticals.

Top Toy gears up for Hong Kong IPO

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