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SpaceX is investing USD 2 billion in xAI as part of the latter’s USD 5 billion equity funding round. It marks SpaceX’s first known stake in the Grok c…

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36Kr is China's most influential business and technology network, delivering high-quality content focused on China’s innovation and new economy trends since 2010. With its extensive traffic and network, 36Kr has built a comprehensive database and strong data analytics capabilities to provide insights into China’s technology landscape.

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Deals in brief: East Ventures invests in Sxored, Shieldbase and Transcelestial raise funding, HeySara enters Hong Kong with ILS acquisition, and more

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SpaceX is investing USD 2 billion in xAI as part of the latter’s USD 5 billion equity funding round. It marks SpaceX’s first known stake in the Grok chatbot maker and reflects Elon Musk’s broader strategy of using his business empire to support ventures under his control, including <a href="/company/tesla">Tesla</a>, X, and The Boring Company.

<a href="/company/catl">CATL</a> and <a href="/company/byd">BYD’s</a> FinDreams Battery have signed agreements with BHP to co-develop battery systems, electrify mining fleets, and enhance recycling technologies. As <a href="/industry/ev">EV</a> demand softens and overcapacity mounts, China’s battery makers are pivoting toward mining decarbonization and broader industrial applications.

China’s trade surplus reached USD 114.7 billion in June, as exports rose 5.8% YoY on pre-deadline orders ahead of a potential US tariff snapback. Shipments to ASEAN surged 16.8%, while US-bound exports rose 32.4% MoM. Analysts warn momentum may slow as frontloading wanes and tariff risks return.

<a href="/company/nio">Nio</a> shares jumped in Hong Kong on July 14 after its Onvo L90 SUV beat pricing forecasts. Buoyed by strong demand and analyst optimism, the model is expected to support Nio’s Q4 2025 profit goal. With deliveries starting in August, the L90 targets leadership in the premium three-row electric SUV segment.

NTT DC REIT rose 3% on its USD 773 million debut, the largest IPO in Singapore since 2016. GIC joined as a rare local cornerstone investor. With the public tranche nearly ten times subscribed and regional peers watching, SGX officials hope the deal signals a turning point for the country's stalled IPO market.

<a href="https://kr-asia.com/too-cold-to-shovel-this-startup-built-a-snow-robot-that-actually-works">Yarbo</a>, a Chinese maker of snow-clearing robots, has raised over RMB 100 million in Series B+ funding from investors including CAS Investment, CICC Capital, and Joyoung’s venture arm. The funds will support R&amp;D, supply chain upgrades, and global expansion, with Yarbo already operating a US base in New York.

<a href="/company/ele-me">Ele.me</a> will retire its legacy tiered membership system by July 31, shifting users to a new program launched during the 618 shopping festival. Aimed at high-frequency users, the updated scheme introduces stricter eligibility thresholds based on three-month order volume and total spending.

Perplexity AI CEO Aravind Srinivas said the firm will use Moonshot AI’s Kimi K2 model for post-training, citing its strong benchmark performance. Released on July 11, the open-source model ranks among the top globally and follows Perplexity’s <a href="https://kr-asia.com/a-new-ai-disruptor-businesses-rush-to-integrate-deepseek-r1">earlier use of DeepSeek’s R1</a>.

<a href="/company/meituan">Meituan</a> hit 1.5 billion daily orders on July 12 as China’s top delivery platforms escalated subsidy campaigns with “zero yuan” deals and steep discounts. While demand surged, analysts warned of profit pressure, declining share prices, and growing risks to market stability as the price war deepens.

Five key executives from Chinese power bank brand Romoss have reportedly fled to Malaysia after the company <a href="https://kr-asia.com/chinas-power-bank-crisis-romoss-collapse-exposes-industry-fault-lines">suspended operations following a large-scale product recall</a>. Insiders claim profits were siphoned off, leaving little cash to manage the fallout. The shutdown affects all but recall-related staff for six months.

Moonshot AI has released Kimi K2, a trillion-parameter open-source model built on a MoE framework and designed for math, coding, and agentic tasks. Offered in base and instruct versions, the <a href="/company/alibaba">Alibaba</a>-backed firm joins <a href="/company/deepseek">DeepSeek</a> and Zhipu AI in advancing China’s global open-source <a href="/industry/ai">AI</a> push.

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Haagen-Dazs must reinvent itself in China or weigh an exit as it contends with fierce competition, narrow margins, and cautious consumer spending.

Once a luxury indulgence, Haagen-Dazs faces an identity crisis in China

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Recalls, probes, and product launches mark a volatile phase for China’s electronics firms.

China Recap | Device makers juggle innovation amid scrutiny

Vicky is a senior reporter based in Hangzhou, covering news about Chinese companies expanding their footprints abroad.

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How does automation advance industry? Analyze robotic arms, drones, and AI-driven tools reshaping manufacturing and services.

Ten years after launching in a basement, the B2B robotics company is expanding across the logistics value chain.

Musk channels SpaceX funds into xAI

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Once a luxury indulgence, Haagen-Dazs faces an identity crisis in China

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