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Starbucks will form a USD 4 billion joint venture with Boyu Capital to operate its China retail business, with Boyu taking up to 60% and Starbucks ret…

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Starbucks will form a USD 4 billion joint venture with Boyu Capital to operate its China retail business, with Boyu taking up to 60% and Starbucks retaining 40% and brand ownership. Based in Shanghai, the venture will manage 8,000 stores and aims to expand to 20,000. Starbucks expects its China retail business to exceed USD 13 billion in total value, including future royalties.

<a href="/company/alibaba">Alibaba</a> is rebranding its Ele.me delivery platform as Taobao Shangou, integrating its courier network into Taobao’s quick commerce model, which offers one-hour delivery for groceries and electronics. The move is aimed at strengthening Alibaba’s ecosystem amid intensifying competition with <a href="/company/meituan">Meituan</a>.

Amap will reportedly announce its robotaxi partnership with <a href="/company/xpeng">Xpeng Motors</a> on November 5, unveiling their first mass produced model at Xpeng’s “AI Day” event. Combining Xpeng’s autonomous technology with Amap’s dispatch platform, the vehicle is expected to feature an exterior sun visor display and is intended for global deployment.

<a href="/company/baidu">Baidu’s</a> Apollo Go said it has provided more than 17 million rides globally and logged 240 million kilometers in autonomous driving, including 140 million fully driverless. Operating in 22 cities, the service handles about 250,000 weekly rides and has reported no major injuries since launch.

Z.ai (formerly Zhipu AI) saw its overseas paid users rise tenfold in two months to 100,000 after launching its GLM-4.6 model, which powers coding tools. The Beijing-based startup, valued at RMB 40 billion, is expanding globally as domestic growth slows and it prepares for a 2026 stock listing.

WeRide expects to raise about HKD 2.39 billion from its Hong Kong listing, pricing shares at HKD 27.1 each, about 4% below its Nasdaq close. The Guangzhou-based autonomous driving firm will list on November 6 alongside <a href="/company/pony-ai">Pony.ai</a>, using proceeds to fund robotaxi expansion, tech R&amp;D, and overseas growth.

<a href="/company/grab">Grab’s</a> Q3 2025 revenue rose 22% YoY to USD 873 million, driven by growth in its on-demand and financial services segments. Operating profit reached USD 27 million, while adjusted EBITDA climbed 51% to USD 136 million. The company raised its full-year guidance, projecting revenue of up to USD 3.4 billion and adjusted EBITDA of up to USD 500 million.

Renault is in talks with China’s <a href="/company/chery">Chery</a> and other automakers to form joint production ventures. The discussions follow its sale of a 26.4% stake in its Brazilian unit to <a href="/company/geely">Geely</a>, under which the partners will share facilities and vehicle platforms to increase capacity at Renault’s Sao Jose dos Pinhais plant.

<a href="/company/geely">Geely</a> is acquiring a 26.4% stake in Renault’s Brazilian unit, gaining access to its factory, engineering center, and sales network. The partnership gives Renault use of Geely’s hybrid and <a href="/industry/ev">EV</a> platforms to expand in South America, with plans to raise production in Brazil from 180,000 to 400,000 vehicles a year.

Agibot said it has deployed its reinforcement learning system on a pilot production line with Longcheer Technology, marking the first industrial use of reinforcement learning in <a href="/industry/robotics">robotics</a>. The system reportedly enables robots to learn new tasks within minutes, enhancing flexibility and bridging advanced <a href="/industry/ai">AI</a> with large-scale manufacturing.

China will suspend new export curbs on rare earth metals and drop investigations into US chipmakers under a trade pact with Washington, the White House said. The deal grants general export licenses for key materials and pauses planned US tariffs, easing tensions though only as a short-term truce.

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Ant Group, a fintech powerhouse, offers digital payments, wealth management tools, and micro loans, enabling borderless, mobile-first financial services.

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Ant Group is expanding its cross-border business from Hong Kong as the city rolls out initiatives to help Chinese enterprises expand overseas.

In Hong Kong, Ant Group finds an anchor for its global fintech ambitions

CHENG Zi is based in China, covering technology and business-related events. She works with her colleagues at 36Kr Global to provide coverage in both English and Chinese.

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Starbucks forms China JV with Boyu

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