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Top Toy, Miniso’s trendy toy brand, has filed its prospectus with the Hong Kong Stock Exchange, moving closer to a spinoff listing. The company raised…

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Top Toy, <a href="/company/miniso">Miniso’s</a> trendy toy brand, has filed its prospectus with the Hong Kong Stock Exchange, moving closer to a spinoff listing. The company raised USD 59.4 million in Series A financing led by Temasek in July at a USD 1.3 billion valuation. It reported RMB 1.9 billion in revenue and RMB 294 million in profit for 2024, followed by RMB 1.36 billion in revenue and RMB 180 million in net profit in H1 2025.

<a href="/company/miniso">Miniso</a> has signed nine artists and launched an in-house IP incubation plan to expand its proprietary portfolio, including the overseas rollout of its Yoyo character. The announcement follows record sales at the “Miniso Land” flagship in Shanghai, where IP products accounted for more than 80% of revenue. Miniso plans to accelerate the format’s expansion in China and overseas.

<a href="/company/xpeng">Xpeng</a> delivered a record 41,581 vehicles in September, up 95% YoY, pushing Q3 deliveries to 116,007, a 149% increase. Cumulative deliveries for the first nine months of 2025 reached 313,196, up 218% from the same period in 2024.

<a href="/company/li-auto">Li Auto</a> delivered 33,951 vehicles in September, bringing Q3 2025 deliveries to 93,211. Cumulative deliveries reached 1.43 million as of September 30.

<a href="/company/leapmotor">Leapmotor</a> delivered 66,657 vehicles in September, up more than 97% YoY and setting a company record. Monthly sales also surpassed 60,000 units for the first time, according to its official WeChat account.

China has reportedly introduced a new “K visa” to attract foreign science and technology professionals, removing the need for employer sponsorship. While eligibility details remain limited, the program highlights Beijing’s effort to bolster its tech workforce as the US tightens immigration rules.

Biomap, a <a href="/industry/biotech">biotech</a> startup co-founded by <a href="/company/baidu">Baidu’s</a> Robin Li and backed by Hong Kong’s government, said it has surpassed AlphaFold in commercializing <a href="/industry/ai">AI</a> models for drug discovery. CEO Wei Liu cited rising pharma adoption as Biomap expands through BioGend Science, a Hong Kong-based venture aiming to bring drugs to clinical trials within two years.

<a href="/company/alibaba">Alibaba</a>-owned Amap has partnered with the China Academy of Safety Science and Technology to launch an AI system that analyzes multi-source data to detect road emergencies and alert drivers. Integrated nationwide into Amap’s app, the feature debuts ahead of the National Day holiday, when 1.87 billion car trips are expected.

Meitu has integrated its design studio app into <a href="/company/alibaba">Alibaba’s</a> Qianniu merchant backend, introducing <a href="/industry/ai">AI</a>-generated product images as the first feature for Taobao and Tmall sellers. The service also provides editing, redesign, and poster design tools, expanding visual content options for <a href="/industry/e-commerce">e-commerce</a> merchants.

Z.ai, formerly Zhipu AI, has released GLM-4.6, an open-source large model with enhanced agentic coding and expanded deployment options. The release marks the first FP8 and Int4 quantization integration on Cambricon chips and also runs with native FP8 precision on Moore Threads GPUs via the vLLM inference framework.

Unitree Robotics has prevailed in a patent infringement case in Hangzhou after a chemical company alleged its robots violated a patent. The court ruled on September 26 that no infringement occurred and dismissed all claims. The ruling comes as Unitree prepares to file for a stock market listing in 2025.

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Miniso’s Top Toy files for Hong Kong IPO

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