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Thinking Machines Lab, the AI startup founded by former OpenAI executive Mira Murati, has raised nearly USD 2 billion in seed funding at a USD 10 bill…

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Thinking Machines Lab, the <a href="/industry/ai">AI</a> startup founded by former <a href="/company/openai">OpenAI</a> executive Mira Murati, has raised nearly USD 2 billion in seed funding at a USD 10 billion pre-money valuation. The round was led by Andreessen Horowitz, with participation from Accel, Conviction Partners, and other unnamed investors, according to sources.

Algebraist Coffee, a Chinese specialty coffee brand, has raised an eight-figure RMB sum in a round led by SND Financial Holdings, bringing its total funding to over RMB 200 million. The company turned a monthly profit in Q3 2024 and plans to use the capital for product and brand development. Algebraist now operates over 150 stores, adding eight to ten per month under a new franchise-driven model.

<a href="/company/shopee">Shopee</a> will begin charging local sellers in Malaysia a MYR 0.50 platform support fee per completed order starting July 16. The fee, which includes 8% SST and is deducted before payout, will fund upgrades such as new seller tools. Cancelled orders will not be charged.

Mainland Chinese investors have steadily reduced their exposure to <a href="/company/tencent">Tencent</a>, with ownership dropping to just under 11% from a peak of 12% in late April, according to Kaiyuan Securities. The pullback reflects concerns over Tencent’s <a href="/industry/ai">AI</a> monetization and modest stock gains compared to peers like <a href="/company/pop-mart">Pop Mart</a>.

Starbucks has denied media reports that it is considering a full sale of its China business, stating it remains committed to the market and sees long-term growth potential. Shares briefly rose on the report before paring gains in extended trading. Starbucks faces rising competition and weak consumer demand in China, with sales recently stagnating.

Pangdonglai founder Yu Donglai said the company will gradually close several stores, including well-performing ones, citing aging facilities and declining quality. He made the remarks during a live stream. Staff at one affected store confirmed the plans but said it remains open pending official notice.

<a href="/company/bytedance">ByteDance</a> founder Zhang Yiming has stepped up his involvement in the company’s <a href="/industry/ai">AI</a> initiatives, regularly meeting with researchers in Beijing since mid-2024. Based in Singapore, Zhang is focused on advancing AGI, according to Chinese media. ByteDance has not responded to requests for comment on his role.

<a href="/company/xiaomi">Xiaomi</a> CEO Lei Jun announced on Weibo that the company will launch its YU7 electric SUV on June 26, when it will reveal pricing and begin taking orders. The YU7 is Xiaomi’s second <a href="/industry/ev">EV</a> model, with specifications released in May.

Private equity firm KKR is reportedly in talks to acquire an 85% stake in Dayao, a fast-growing Chinese soda brand that had previously considered an IPO. The company’s 2024 revenue is expected to reach nine figures in RMB, per sources. The deal would contrast with recent listing trends and may signal that global investors are warming again to China’s consumer sector.

<a href="/company/catl">CATL</a>, <a href="/company/ant-group">Ant Group</a>, and HelloRide have formed a joint venture to co-develop Level 4 autonomous driving systems. The new entity is backed by RMB 1.288 billion in capital and a joint RMB 3 billion investment, with a focus on improving safety and reliability, accelerating commercialization, and supporting broader ecosystem growth.

<a href="/company/tencent">Tencent</a> received approval from Guangdong regulators on June 23 to put its digital therapy app into clinical use for treating mild cognitive impairment. The gamified software targets six cognitive domains and will be prescribed by doctors as a non-drug intervention focused on memory, attention, and executive function.

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With over 150 stores and renewed profitability, boutique coffee chain Algebraist Coffee is staying selective and staying in the game.

Profit over pace: Algebraist Coffee finds footing after China’s coffee shakeout

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A price reset and a hard push on Douyin and Pinduoduo fueled Three Squirrels’ turnaround, driving sales back to their 2019 highs.

From slump to RMB 10 billion comeback: How a Chinese snack brand found new life in social commerce

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Thinking Machines raises nearly USD 2 billion

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Profit over pace: Algebraist Coffee finds footing after China’s coffee shakeout

From slump to RMB 10 billion comeback: How a Chinese snack brand found new life in social commerce

FinVolution launches tenth global data science competition with a focus on deepfake image detection