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China’s coffee and tea chains saw sales gains last week from store expansion and autumn drink launches. Chagee’s seasonal sales jumped 200%, CoCo sold 4.1 million cups in a day, and Naixue’s delivery orders surged 500%, as brands rolled out osmanthus-, peach-, and guava-themed menus nationwide.

Perplexity has offered USD 34.5 billion to acquire Google’s Chrome browser in a move aimed at supporting antitrust remedies under review by a US judge. The <a href="/industry/ai">AI</a> startup pledged to maintain Chromium and retain Google as Chrome’s default search engine. Google has not commented on the proposal.

<a href="/company/openai">OpenAI</a> CEO Sam Altman is co-founding Merge Labs, a brain-computer interface startup positioned to rival Elon Musk’s Neuralink. OpenAI is backing the venture through a USD 250 million fundraise at an USD 850 million valuation. The company aims to build high-bandwidth brain interfaces. Altman will not hold an operational role.

China Evergrande will be delisted from the Hong Kong Stock Exchange on August 25 after 18 months of suspended trading. The liquidation-bound developer faces USD 45 billion in debt claims, while liquidators have recovered just USD 255 million in assets. The company is not appealing the decision.

China’s <a href="/industry/semiconductors">semiconductor</a> investment reached RMB 455 billion in H1 2025, down 9.8% YoY, with wafer production accounting for 51% of total spending. While chip design and testing declined sharply, equipment investment rose 53%. The period also saw growing interest in high-performance alternatives to traditional silicon-based materials.

<a href="/company/tsmc">TSMC</a> said it will phase out six-inch wafer production over the next two years and consolidate eight-inch capacity to improve operational efficiency. The move, approved by its board as part of a long-term strategy, will not affect previously disclosed financial targets. TSMC said it will ensure a smooth transition for customers.

Romoss has resumed hiring despite a <a href="https://kr-asia.com/chinas-power-bank-crisis-romoss-collapse-exposes-industry-fault-lines">six-month production halt</a> announced in July following a mass recall of nearly 500,000 power banks over fire risks. New job postings appeared days after its equity stake in a materials subsidiary was frozen. Regulatory probes, store closures, and leadership reshuffles continue.

Tencent Music reported Q2 2025 revenue of RMB 8.44 billion, up 17.9% YoY, with net profit rising 43.2% to RMB 2.41 billion. Music subscription revenue grew 17.1%, while ARPPU rose to RMB 11.7. Paid memberships surpassed 15 million, driven by exclusive albums, early ticket access, and enhanced perks. The company also expanded concerts and artist collaborations.

<a href="/company/pony-ai">Pony.ai</a> has produced over 200 Gen-7 robotaxis since June, expanding across China’s upper-tier cities with round-the-clock service in select areas. It began fully driverless rides in Shanghai and advanced operations in Dubai, South Korea, and Luxembourg, staying on track to meet its 1,000-vehicle target by year's end.

<a href="/company/pony-ai">Pony.ai</a> posted Q2 2025 revenue of USD 21.5 million, up 76% YoY, as robotaxi fare revenue tripled and licensing income surged. Gross margin rose to 16.1%, but net loss widened to USD 53.3 million due to higher R&amp;D and post-IPO compensation expenses linked to commercialization efforts.

<a href="/company/leapmotor">Leapmotor</a> led Chinese <a href="/industry/ev">EV</a> startups in export volume from January to July 2025 with 24,980 units and topped domestic deliveries for five straight months, reaching 50,129 in July. A ship carrying over 2,500 vehicles has departed Shanghai for Europe as Leapmotor expands into over 30 markets ahead of its B10 model launch in September.

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Spirit AI is playing to win in China’s embodied AI race.

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With fans showing up in all weather and at any price, the concert economy is taking center stage in China.

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Store growth, autumn drinks lift China cafes

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Entrepreneurship is like “playing a game,” says Spirit AI co-founder Gao Yang

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