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Mainland China’s cloud infrastructure services market grew 24% YoY to USD 13.4 billion in Q3 2025, marking a second consecutive quarter of growth above 20% as <a href="/industry/ai">AI</a> adoption lifted demand for compute, storage, and database services. Alibaba Cloud led the market with a 36% share, followed by Huawei Cloud at 16% and Tencent Cloud at 9%.

<a href="/company/xpeng">Xpeng</a> launched in-app <a href="/industry/ev">EV</a> charging payments in Hong Kong on February 9 through Ant International’s Antom, its first global payment partner for vehicle charging. Drivers can start, stop, and pay for charging in the Xpeng app using AlipayHK, with cards and regional wallets to be added as the rollout expands across Southeast Asia and other markets in 2026.

<a href="/company/byd">BYD</a> is expanding its Japan lineup with plug-in hybrid vehicles after revised clean energy subsidies eroded its price competitiveness for pure <a href="/industry/ev">EVs</a>. The move reflects the automaker’s effort to adapt its strategy as it seeks growth outside China.

Shares of Chinese chip designer Montage Technology surged more than 60% after its Hong Kong debut on February 9, following a USD 902 million IPO priced at the top of the range.

Carro has been appointed an authorized dealer for Dongfeng Motor, opening exclusive showrooms in Singapore and Malaysia. The partnership expands Carro’s retail strategy for new cars and brings Dongfeng <a href="/industry/ev">EV</a> models to customers with integrated sales, financing, and after-sales support.

<a href="/company/pony-ai">Pony.ai</a> said the first bZ4X robotaxi it co-developed with Toyota has rolled off the production line, marking a step toward mass commercial deployment. The companies plan to produce more than 1,000 vehicles in 2026 as Pony.ai expands robotaxi services across China’s major cities.

<a href="/company/luckin-coffee">Luckin Coffee</a> has opened its 30,000th store in Shenzhen, debuting its first “origin flagship” focused on global sourcing and premium coffee. The milestone highlights the chain’s expanding scale and ambitions, while the new format reflects a shift beyond rapid expansion toward higher-end offerings.

Innovent Biologics said it has reached an agreement with Eli Lilly to co-develop new oncology and immunology medicines. The deal includes USD 350 million upfront and up to USD 8.5 billion in milestone payments, with Innovent leading early development in China and Eli Lilly holding global rights outside Greater China.

Aito has signed a partnership agreement with Performance Plus Motors, a subsidiary of Abu Dhabi Motors, to sell its high-end vehicles in the UAE. The deal covers sales, delivery, and after-sales service, supporting Aito’s entry into the Middle East as its models complete local certification and begin test drives.

<a href="/company/xiaohongshu">Xiaohongshu</a> is testing OpenStoryline, its first <a href="/industry/ai">AI</a>-driven video editing platform. The agent-based tool lets users upload images and edit videos through conversation, with results said to be comparable to Dreamina’s Xiaoyunque and <a href="/company/sensetime">SenseTime’s</a> Seko 2.0.

China’s digital services trade surplus more than doubled to a record USD 33 billion in 2025, data from the State Administration of Foreign Exchange showed, as companies including <a href="/company/alibaba">Alibaba</a>, <a href="/company/tencent">Tencent</a>, and <a href="/company/bytedance">ByteDance</a> accelerated overseas expansion in cloud computing, <a href="/industry/e-commerce">e-commerce</a>, and <a href="/industry/ai">AI</a>.

Sohu, a Chinese internet company, offers diverse services including news aggregation, online gaming, and video streaming.

Sohu

A one-time tax reversal at its gaming unit drove headline earnings, not an improvement in fundamentals.

Sohu’s Q4 profit swing masks operating losses and volatile revenue base

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The Chinese company is seeking funds to expand into integrated home security solutions.

Baidu-backed smart lock maker Lockin applies for Hong Kong IPO

IPO Zaozhidao is a Chinese media outlet that provides timely coverage of IPO developments and related market signals.

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China cloud market tops USD 13 billion

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Sohu’s Q4 profit swing masks operating losses and volatile revenue base

Deals in brief: Sleek EV and Polybee raise funding, Sea Limited backs Noematrix, eight other China investments, and more

Baidu-backed smart lock maker Lockin applies for Hong Kong IPO