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Amazon is shutting down its Shanghai AI lab, citing strategic adjustments amid US-China tensions. The move reflects a broader retreat by US tech firms…

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Amazon is shutting down its Shanghai <a href="/industry/ai">AI</a> lab, citing strategic adjustments amid US-China tensions. The move reflects a broader retreat by US tech firms from China-based AI R&amp;D as export controls tighten and scrutiny over cross-border collaboration grows. Launched by AWS in 2018, the lab contributed to Amazon's open-source tools and nearly USD 1 billion in sales.

<a href="/company/openai">OpenAI</a> is preparing to launch GPT-5 as early as August, CEO Sam Altman confirmed. The model will come in full, mini, and nano versions, integrating o-series reasoning, and will be available via API and ChatGPT. A separate open-weight model is expected first, OpenAI’s first such release since GPT-2 in 2019.

<a href="/company/geely">Geely</a>-backed Aerofugia has unveiled a smart luxury cabin for its AE200 <a href="/industry/evtol">eVTOL</a> aircraft, aiming to bring car-like comfort to low-altitude flight. The cabin features adaptive seating and automotive-grade interfaces, built to aviation safety standards. The AE200 is entering final test phases, with certification and ride-hailing rollout targeted for 2026.

<a href="/company/nvidia">Nvidia</a> said on July 24 that data centers built with smuggled chips are a "losing proposition,” following reports that USD 1 billion worth of its chips entered China despite US export restrictions. The company added it does not support unauthorized hardware and reaffirmed that proper licensing is required.

Stellantis-backed <a href="/company/leapmotor">Leapmotor</a> has launched the B01 electric sedan, priced from RMB 89,800, to challenge <a href="/company/tesla">Tesla’s</a> Model 3. The <a href="/industry/ev">EV</a> features LiDAR, fast charging, and up to 650 kilometers of range, targeting global markets as the company pursues growth abroad amid intensifying price pressures at home. Deliveries in China begin this month, with overseas plans yet to be announced.

US commerce secretary Howard Lutnick said on July 24 that TikTok will be banned in the US unless China allows American ownership and control of the app. ByteDance has until September 17 to divest TikTok’s US operations. Deal talks remain unresolved as political pressure mounts.

Shanghai police have arrested seven suspects, including former Ele.me CEO and logistics head Han Liu, in a commercial bribery case involving more than RMB 40 million. Han allegedly accepted bribes from suppliers in exchange for favorable delivery zone access. Authorities suspect Han and three others took bribes 30 times over two years, storing cash and gifts in multiple rented homes.

<a href="/company/dji">DJI</a> has released a teaser for its first robot vacuum, the Romo, with a launch set for August 6. The model reportedly features a transparent dock, automatic emptying, and advanced navigation. While mopping capabilities remain unclear, the device is expected to highlight DJI’s strength in object detection.

<a href="/company/jd">JD.com</a> is in advanced talks to acquire German electronics retailer Ceconomy for EUR 4.6 per share, valuing the company at about EUR 2.2 billion. The offer represents a 23% premium, but no binding deal has been signed. While the deal could give JD an entry point into Europe, reluctance from major shareholders poses a potential hurdle.

<a href="/company/tencent">Tencent</a> has begun beta testing CodeBuddy, an <a href="/industry/ai">AI</a>-driven IDE that reportedly lets users build applications using natural language, without writing code. More than 50,000 developers joined the 24-hour trial. CodeBuddy is expected to support both global and domestic AI models, with deployment via Tencent’s CloudStudio.

Chinese investment banks are charging as little as USD 100 to underwrite bond deals, as state-owned issuers dominate a tepid credit market. One RMB 35 billion issue saw six banks split a 0.0002% fee. Regulators are probing lowball tactics, but enforcement remains limited as firms race to secure mandates and boost league table rankings.

What shapes modern healthcare and agriculture? Examine biotech startups, gene editing, and drug discovery unlocking biological potential.

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New capital, maturing pipelines, and a more global R&D mindset are pushing valuations higher, even as competition tightens.

Hong Kong biotech enters its second act with a licensing supercycle

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With AI-powered systems and energy-efficient infrastructure, the site reflects Midea’s smart building ambitions.

Midea opens new Shanghai campus to anchor its global innovation push

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Amazon shutters Shanghai AI lab

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Hong Kong biotech enters its second act with a licensing supercycle

Midea opens new Shanghai campus to anchor its global innovation push

Deals in brief: Respiree raises Series A funding, HeyMax expands with Krip acquisition, latest China deals, and more