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Dreame has opened a pre-IPO funding round at a pre-money valuation of RMB 70 billion. The company is offering 5–10% of its shares, with a minimum inve…

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<a href="/company/dreame">Dreame</a> has opened a pre-IPO funding round at a pre-money valuation of RMB 70 billion. The company is offering 5–10% of its shares, with a minimum investment threshold of RMB 350 million per investor. The round, which includes new share issuance and the sale of existing shares held by founder Yu Hao, is expected to close in early July.

SAIC Motor plans to build its first EU car factory in Galicia, Spain. The regional government has designated the project a strategic priority, with an initial investment of USD 232 million. The planned facility, which includes a logistics hub, remains subject to approval from Spain’s central government.

Zhipu plans to issue A-shares and list on the Shanghai Stock Exchange’s Star Market. The company intends to issue 9.1–38.8 million new shares, representing 2–8% of its total share capital. Proceeds will be used to fund its foundation model development, a MaaS platform, and working capital.

Leapmotor delivered 81,569 vehicles in May, up 81% YoY and marking a new monthly record for the brand. CEO Zhu Jiangming said the A10 model contributed more than 20,000 units to the total. The company also said cumulative global sales of its C-series vehicles have surpassed 800,000 units.

MiniMax has launched M3, a flagship AI model with a one-million-token context window and native multimodal capabilities. The model uses the company’s proprietary sparse attention architecture to support long-range coding and agentic tasks. MiniMax said M3 scored 83.5 on the BrowseComp agent evaluation, outperforming Opus 4.7.

Chagee reported Q1 2026 revenue of RMB 3.55 billion, up 4.5% YoY, and adjusted net profit of RMB 507 million. The tea chain expanded to 7,531 stores globally, while gross merchandise value from overseas markets rose 139% YoY to RMB 426 million.

The EU has fined Temu EUR 200 million and opened an investigation into <a href="/company/jd">JD.com</a>’s acquisition of a German electronics retailer. The actions, announced on May 29, came ahead of a meeting of EU commissioners focused on alleged unfair trading practices by China, though member states remain divided over the appropriate policy response.

<a href="/company/byd">BYD</a> has launched Xuanji A3, which it described as China’s first self-developed 4-nm driving chip. The chip supports Level 3 and Level 4 <a href="/industry/autonomous-vehicles">autonomous driving</a> and has entered mass production. BYD said the chip delivers more than 2,100 TOPS of total computing power across three units and improves computing efficiency through its proprietary algorithms.

Douyu posted a net profit of RMB 27.4 million for Q1 2026, reversing a net loss of RMB 79.6 million in the same period last year. Revenue fell 13% YoY to RMB 822 million, as the company reduced costs by 16.9% to RMB 692 million.

<a href="/company/xpeng">Xpeng</a> reported Q1 2026 revenue of RMB 13.03 billion and gross margin of 20.6%. The company plans to accelerate production and commercialization of physical <a href="/industry/ai">AI</a> systems, and is targeting sustained monthly overseas deliveries of more than 10,000 units in the fourth quarter. Overseas markets are expected to contribute more than 20% of its Q2 revenue.

Innovent Biologics and Pfizer have entered a global partnership to develop 12 early-stage oncology programs. The deal includes a USD 650 million upfront payment to Innovent and up to USD 9.85 billion in milestone payments. The companies will co-develop and co-commercialize select programs in the US and Europe, while Innovent retains rights in Greater China.

Photo shows MiniMax’s Hong Kong listing ceremony on January 9, 2026.

MiniMax, a Chinese company, develops large models and generative AI tools. It is known for the Talkie chatbot and Hailuo AI, a multimodal AI platform.

MiniMax

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The company has hired advisors and signed a guidance agreement, but said any RMB share issuance remains preliminary.

MiniMax explores Star Market listing after Hong Kong debut

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Deals in brief: SG Enviro completes Series A round, Return Helper raises USD 4 million, 14 new China investments, and more

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The Chinese company said its new chipmaking approach could help it match TSMC and Intel by 2031.

Huawei says new Kirin chip for phones overcomes US clampdown

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Dreame opens pre-IPO round

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MiniMax explores Star Market listing after Hong Kong debut

Deals in brief: SG Enviro completes Series A round, Return Helper raises USD 4 million, 14 new China investments, and more

Huawei says new Kirin chip for phones overcomes US clampdown