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Pollon Life, a Chinese biotech company backed by Jack Ma’s Yunfeng Capital, has confidentially filed for a Hong Kong IPO that could raise about USD 30…

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Pollon Life, a Chinese <a href="/industry/biotech">biotech</a> company backed by Jack Ma’s Yunfeng Capital, has confidentially filed for a Hong Kong IPO that could raise about USD 300 million. The firm, maker of China’s first approved stem cell drug, is working with CCB International, CICC, and UBS on the deal.

<a href="/company/openai">OpenAI</a> is preparing for an IPO that could value the ChatGPT maker at up to USD 1 trillion, according to people familiar with the plans. Plans are underway following a restructuring that reduces its reliance on Microsoft, and a filing could come as early as late 2026 as the company seeks new capital to fund its expansive <a href="/industry/ai">AI</a> infrastructure goals.

Ant International has invested in Latin American <a href="/industry/fintech">fintech</a> firm R2 to expand credit access for SMEs across the LATAM region, where the credit gap is said to exceed USD 1 trillion. The partnership combines Ant’s <a href="/industry/ai">AI</a>-powered risk management solutions with R2’s embedded lending infrastructure to to deliver affordable financing and and drive inclusive economic growth.

<a href="/company/tiktok">TikTok</a> has reportedly surpassed 460 million users in Southeast Asia and signed an MoU with Vietnam’s Ministry of Culture, Sports and Tourism to promote digital innovation and growth. The partnership aims to support local businesses and foster cultural exchange as TikTok deepens its role in the region’s digital economy.

<a href="/company/nvidia">Nvidia</a> has become the world’s first company to reach a USD 5 trillion valuation, underscoring its dominance in the <a href="/industry/ai">AI</a>-driven market boom. The chipmaker’s swift rise from USD 2 trillion last year reflects its key role in powering global data centers and next-generation AI systems through partnerships with firms such as <a href="/company/openai">OpenAI</a> and Oracle.

China has opened a state-level automotive chip testing platform in Shenzhen, backed by China Reform Holdings and the China Automotive Technology and Research Center. The new facility, part of Beijing’s drive for tech self-reliance, comes as the Nexperia dispute threatens car chip supply chains.

Uber plans to invest in the Hong Kong IPOs of Chinese robotaxi developers <a href="/company/pony-ai">Pony.ai</a> and WeRide, sources said. The company may put about USD 100 million into Pony.ai's share sale, extending its collaborations with both firms after earlier investments and joint ventures as they pursue commercialization of Level 4 autonomous driving.

BabyBus, a Chinese children’s content developer, apologized after users reported that its nursery rhyme app displayed vulgar third-party ads. The company said the ads came from external partners and have since been removed, with stricter review processes and new safeguards introduced to prevent recurrence. BabyBus was previously cited for app compliance issues in 2023.

Chinese <a href="/industry/e-commerce">e-commerce</a> platform <a href="/company/taobao">Taobao</a> has launched its first global Singles’ Day sale across 20 countries and regions in five languages. More than one million merchants are participating, rolling out 2.1 million new products, including hundreds of global exclusives, with over 400 million items offering free shipping.

<a href="/company/openai">OpenAI</a> and Microsoft have restructured their partnership, turning the ChatGPT maker into a public benefit corporation and clearing a path to an IPO. The deal boosts CEO Sam Altman’s control and fundraising ability for USD 1.4 trillion in data center projects, while Microsoft retains a 27% stake valued at about USD 135 billion.

Wavemaker Impact has spun off from venture builder and investor Wavemaker Partners to form 100x100 Group, a Singapore-based platform that builds climate ventures across the Asia Pacific. The team, which has applied for a venture fund licence, aims to scale startups capable of cutting 100 million tons of carbon emissions and generating USD 100 million in annual revenue.

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For Wancheng and Busy Ming, Mixue’s success is both a blueprint and a cautionary tale

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Despite its record scale, the deal’s co-co model highlights both rising ambition and lingering skepticism in a cooling market.

Pollon Life files for Hong Kong IPO

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