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DeepSeek reportedly plans to raise about USD 7 billion in its first funding round at a valuation of up to USD 59 billion. Tencent and CATL are expecte…

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Raising about HKD 6.8 billion in a heavily subscribed offering, the company is pitching its world model as the foundation for physical AI applications.

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KrASIA tracks China’s tech and business stories, alongside key developments across the broader Asia Pacific region.

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<a href="/company/deepseek">DeepSeek</a> reportedly plans to raise about USD 7 billion in its first funding round at a valuation of up to USD 59 billion. <a href="/company/tencent">Tencent</a> and <a href="/company/catl">CATL</a> are expected to be the largest external investors, with <a href="/company/netease">NetEase</a> and <a href="/company/jd">JD.com</a> also expected to participate.

AutoNavi launched a location code feature on July 21 that converts precise coordinates into six-digit numbers. The tool lets users share locations by phone, text, or social media without relying on landmarks or addresses. Codes are valid for 15 minutes by default and can be extended to 24 hours.

Shenzhen-based storage chip designer XTX Technology has filed for a Hong Kong IPO. The company reported Q1 2026 net profit of RMB 75.89 million, nearly three times its full-year 2025 profit, driven by rising flash memory prices. This is its second listing attempt after an earlier Shenzhen Stock Exchange filing was withdrawn.

Aulton has filed for a Hong Kong IPO, marking its second attempt to list. The battery swapping company reported net losses of about RMB 1.47 billion from 2023 through the first four months of 2026, while revenue fell 41.4% from 2023 to 2025. The firm has not secured new funding since early 2022.

Broad-Ocean Motor announced on July 20 that it has terminated its plan to list on the Hong Kong Stock Exchange after about a year of preparation. The decision follows a divorce lawsuit involving actual controllers Lu Chuping and Peng Hui, which analysts cited as a potential constraint on the listing. The company said operations remain stable.

Synyi AI has filed for a Hong Kong IPO as it seeks to address liquidity pressure. The medical <a href="/industry/ai">AI</a> company reported cumulative losses of nearly RMB 800 million from 2023 to 2025 and has cut R&amp;D spending and related pay by about half. It faces a 2026 listing deadline that could trigger major share repurchase obligations if missed.

<a href="/company/xiaomi">Xiaomi</a> has raised its 2026 smartphone shipment target from about 90 million units to 110 million units. Most of the increase is expected to come from low-end models, as the company anticipates a possible recovery in memory chip supply conditions.

Zhipu has reportedly completed a 1 GW <a href="/industry/ai">AI</a> data center that uses only Chinese-made chips. The facility has begun partial operations and supports development of Zhipu’s GLM platform, with multiple computing clusters equipped with more than 10,000 chips each.

The Hungarian government has launched an investigation into a foreign investment deal with <a href="/company/byd">BYD</a> after former foreign minister Peter Szijjarto resigned from parliament to take an executive role at the Chinese automaker. The inquiry follows criticism over his role in securing government support for BYD while in office.

The European Union (EU) fined <a href="/company/alibaba">Alibaba</a>-owned AliExpress USD 629 million on July 20 for failing to curb the sale of illegal, unsafe, and counterfeit goods. Regulators said the platform’s risk controls were insufficient. AliExpress must propose remedial measures by October 20 or risk further sanctions.

China’s smartphone shipments fell 2% YoY in Q2 2026 as manufacturers prioritized profitability over volume amid rising memory costs, according to Counterpoint Research. Huawei and Apple bucked the trend, with shipments rising 24% and 23%, respectively. Many Android OEMs reduced low-end production and shifted toward higher-margin devices.

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The Kickstarter-backed device marks an effort to move beyond specialized tennis equipment and build a software-driven sports ecosystem.

Pongbot’s Aura raises nearly USD 4 million for multisport coaching robot

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The deal follows regulatory approval for seven on-device AI services.

ModelBest’s on-device AI model is coming to Samsung smartphones

Alibaba, China’s e-commerce giant, operates online retail marketplaces, cloud computing services, and digital payment networks across Asia and beyond.

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Deals in brief: Ant International raises Series A funding, Granite-Integral backs Berlin-based Omio, 13 China investments, and more

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DeepSeek seeks USD 7 billion funding

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Pongbot’s Aura raises nearly USD 4 million for multisport coaching robot

ModelBest’s on-device AI model is coming to Samsung smartphones

Deals in brief: Ant International raises Series A funding, Granite-Integral backs Berlin-based Omio, 13 China investments, and more