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Chinese agentic AI startup Manus, developed by Butterfly Effect, confirmed on July 8 it is adjusting business teams to improve operational efficiency,…

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Chinese agentic <a href="/industry/ai">AI</a> startup Manus, developed by Butterfly Effect, confirmed on July 8 it is adjusting business teams to improve operational efficiency, following reports of layoffs and staff relocation to its Singapore headquarters. The move follows its May funding round and HQ shift as the company refocuses on core operations.

Forever 21 is making a fourth attempt to reenter the Chinese market, this time through a partnership with a firm partly owned by <a href="/industry/e-commerce">e-commerce</a> platform Vipshop. Supported by new marketing and online storefronts, the brand is seeking to regain relevance in a crowded fast fashion landscape but faces hurdles in brand cohesion and offline growth.

Mexico has raised import taxes on small <a href="/industry/e-commerce">e-commerce</a> purchases from countries without trade agreements, increasing the rate to 33.5%. The change affects goods from China, impacting retailers like <a href="/company/shein">Shein</a> and <a href="/company/temu">Temu</a>. The move is seen as part of Mexico’s strategy to ease US trade tensions while boosting revenue and protecting local industry.

<a href="/company/xiaomi">Xiaomi</a> has reportedly sold 50,000 units of its <a href="https://kr-asia.com/xiaomi-steps-into-smart-eyewear-with-voice-enabled-glasses-built-for-everyday-use">new AI glasses</a> since their June launch and could reach annual sales of over five million pairs within three years, according to a company executive. Priced at RMB 1,999, the glasses feature video capture, translation, and integration with Xiaomi’s smart ecosystem.

The dispute between battery makers <a href="/company/catl">CATL</a> and Hithium has escalated after a former Hithium executive was detained in Ningde over alleged trade secret violations. CATL filed the complaint and submitted evidence to police. The case is separate from a pending unfair competition lawsuit and comes as Hithium faces scrutiny ahead of its Hong Kong IPO hearing.

Groq is set to raise about USD 600 million in a new round led by VC firm Disruptive, valuing the AI chip startup at roughly USD 6 billion. The deal will double Groq’s valuation and bring its total funding to over USD 2 billion, even as it revises its 2025 revenue outlook.

A potential extension of the US-China tariff pause won’t be finalized without President Donald Trump’s approval, officials said after the latest round of talks in Stockholm on July 29. The current truce is set to expire August 12, after which tariffs could snap back to earlier levels.

China’s solar installations fell from nearly 100 GW in May to under 15 GW in June as developers lost access to fixed-rate subsidies. Authorities are also tightening price controls on solar products to curb bankruptcies and stabilize a market strained by overcapacity and fierce competition.

Anthropic is in advanced talks to raise up to USD 5 billion in a new funding round led by Iconiq Capital, potentially valuing the startup at USD 170 billion. The company has reached USD 5 billion in annual recurring revenue and aims to hit USD 9 billion by year's end. Amazon, GIC, and the Qatar Investment Authority are among those in talks to join.

<a href="/company/li-auto">Li Auto</a> has launched the Li i8, a six-seat electric SUV with dual-motor all-wheel drive, up to 720 kilometers of range, and 5C fast charging. The model features a proprietary drive system, LiDAR-based assisted driving, and a smart assistant powered by Mind GPT. Deliveries are set to begin August 20.

<a href="/company/alibaba">Alibaba</a> has launched Wan 2.2, a suite of open-source video generation models built on MoE architecture. The models enable high-quality cinematic video generation from text or images and promise significant improvements in motion control, visual detail, and computational efficiency.

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