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Alipay said payments by international travelers using its "Tap!" service rose 500% during China’s Golden Week holiday from October 1–5. Launched in Ju…

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Alipay said payments by international travelers using its "Tap!" service rose 500% during China’s Golden Week holiday from October 1–5. Launched in June 2024, the QR code-based contactless payment feature allows visitors to pay by scanning or tapping with linked overseas cards, underscoring rising cashless adoption among tourists in China.

China has broadened its export controls on rare earths, imposing new licensing rules on technologies and extending restrictions to overseas firms using Chinese materials or know-how. Effective immediately, the measures tighten oversight of the semiconductor and <a href="/industry/ai">AI</a> sectors ahead of a planned US–China leaders’ summit, further straining trade relations over critical minerals.

The US has reportedly approved several billion USD in <a href="/company/nvidia">Nvidia</a> chip exports to the UAE under a new bilateral deal linking UAE investment in the US to technology shipments. The first such permits since 2017 support a 5 GW Abu Dhabi data center anchored by <a href="/company/openai">OpenAI</a> and G42, underscoring Washington’s push to strengthen <a href="/industry/ai">AI</a> ties with the Gulf.

NBA China and <a href="/company/alibaba">Alibaba Cloud</a> have launched a multiyear collaboration to enhance fan engagement through <a href="/industry/ai">AI</a> and cloud technologies. Alibaba Cloud will develop a Qwen-based proprietary model based to deliver real-time highlights, player insights, and interactive experiences across the NBA’s digital platforms in China.

HSBC Asia Pacific has offered HKD 106 billion to take Hang Seng Bank private at HKD 155 per share, a 30% premium to its last close. The deal would make Hang Seng a wholly owned subsidiary while preserving its brand and banking license. Hang Seng shares rose sharply, while HSBC’s fell following the announcement.

VeriSilicon reported record Q3 revenue of RMB 1.28 billion, nearly doubling from the prior quarter as <a href="/industry/ai">AI</a>-driven demand and China’s semiconductor self-sufficiency push boosted sales. The Shanghai-based chip designer said about 65% of new orders were tied to AI-related computing and that losses are expected to narrow significantly.

<a href="/company/alibaba">Alibaba Group</a> has set up a <a href="/industry/robotics">robotics</a> and <a href="/industry/embodied-intelligence">embodied intelligence</a> team within Qwen, its unit for foundational <a href="/industry/ai">AI</a> models, as it expands into physical AI applications. Executive Justin Lin said the team aims to extend multimodal research into real-world use. The move aligns with CEO Eddie Wu’s outlook on rising global AI investment and the broader robotics push by firms like <a href="/company/nvidia">Nvidia</a> and SoftBank.

Yao Shunyu, a Chinese <a href="/industry/ai">AI</a> researcher, has left Anthropic to join Google DeepMind, citing the former's “anti-China statements.” Yao, a Stanford-trained physicist and Tsinghua University graduate, said Anthropic’s decision to bar Chinese-affiliated companies and label China an “adversarial nation” made it untenable for him to remain.

China’s new "K visa," introduced on October 1, aims to attract foreign science and technology professionals with flexible entry and extended stays. Critics on social media warned it could reduce opportunities for local graduates in an already tight job market, while officials said it promotes international research and innovation exchange.

SoftBank Group will acquire ABB’s industrial <a href="/industry/robotics">robotics</a> unit for about USD 5.4 billion, strengthening its <a href="/industry/ai">AI</a> and automation strategy. The unit, employing over 7,000 and supplying BMW and others, expands SoftBank’s robotics portfolio under its new Robo HD holding. ABB plans to focus on electrification and M&amp;A after the sale, due to close in 2026.

Valtor Solutions, a construction sourcing startup based in the Philippines, has raised USD 700,000 in a pre-seed funding round led by Wavemaker Impact. The company integrates supplier vetting, logistics, and design services to help developers source sustainable materials faster and at lower cost. Valtor plans to launch its <a href="/industry/ai">AI</a>-powered BOQ (bill of quantities) platform in October to expand across Southeast Asia.

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ASEAN's power grid dream gathers pace after decades of inertia

ASEAN&#8217;s power grid dream gathers pace after decades of inertia

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The new Match Attax series marks Fanatics’ China debut and Kayou’s entry into sports IPs, bridging two major collectibles markets.

Kayou partners with Fanatics to launch China’s first official NBA trading cards

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Alipay's "Tap!" gains traction among tourists

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Deals in brief: Valtor secures Wavemaker backing, Qapita raises Series B funding, Accel and Peak XV invest in Supabase, and more

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