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StepFun plans to file for a Hong Kong IPO by the end of June. The AI firm recently completed a Series B+ round of more than RMB 5 billion, bringing it…

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StepFun plans to file for a Hong Kong IPO by the end of June. The AI firm recently completed a Series B+ round of more than RMB 5 billion, bringing its total funding to nearly USD 2.5 billion. It aims to become China’s third publicly traded large language model developer, following recent pivots toward agent-based models and partnerships with companies including Geely and Oppo.

Midea will pause major acquisitions for the next three years, with management pledging to return net profits to shareholders. Chairman Fang Hongbo said the company is focusing on internal efficiency and new growth drivers as it moves away from aggressive capital expansion.

<a href="/company/xiaomi">Xiaomi</a> launched MiMo-V2.5-Pro-UltraSpeed mode on June 8. The update optimizes the model inference system to reach speeds of 1,000 tokens per second using standard GPUs, without requiring custom chips or sacrificing model performance.

<a href="/company/baidu">Baidu</a> said it will take all available measures to be removed from a US list of companies allegedly supporting China’s military. The US Department of Defense updated the list on June 8 to include Baidu, <a href="/company/alibaba">Alibaba</a>, <a href="/company/byd">BYD</a>, and others. While the designation does not trigger immediate sanctions, it restricts US military procurement from listed firms.

<a href="/company/catl">CATL</a> and Solarpro have connected a 601 MWh energy storage project in Bulgaria to the grid. The project reportedly increases Bulgaria’s total energy storage capacity by about 15%, supporting the integration of wind and solar power. The companies plan to expand their collaboration over the next two years.

<a href="/company/deepseek">DeepSeek</a> has trained its DeepSeek-V4-Pro model using <a href="/company/huawei">Huawei’s</a> Ascend 910C <a href="/industry/ai">AI</a> computing cluster. The project, conducted by a research team in Shenzhen, is being positioned as evidence that Chinese-made hardware can support large model training.

CaoCao Mobility plans to establish an independent AI division as it seeks to become an AI-native company. The ride-hailing platform has posted a job opening for a chief AI officer to lead its strategy, technical roadmap, and companywide AI integration. The move follows a strong 2025, when CaoCao reported RMB 20.2 billion in revenue.

The US has added Alibaba, Baidu, and BYD to a list of companies it identifies as aiding China's military development. The update replaces an early 2025 list and includes major technology firms deemed critical to military and industrial development.

Moonshot AI's Kimi has launched Kimi Work, a desktop application that lets users deploy clusters of AI agents to automate complex workflows. The tool uses an “agent swarm” model for tasks including file organization, browser automation, and financial data analysis, allowing users to coordinate multiple AI agents for professional research and document production.

Chery said on June 8 that it has no plans for direct investment or technology transfers in India. The company said its partnership with Tata Group is limited to supplying vehicle components, denying media reports about platform licensing or technology exports.

CATL has unveiled a new EV battery said to charge from 10% to 98% in under 6.5 minutes. The technology is aimed at supporting global sales growth for Chinese EV manufacturers.

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Tencent, a Chinese tech conglomerate, invests in gaming, social media, and cloud services, supporting entertainment and connectivity worldwide.

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Tencent is allowing smartphone makers to connect through controlled integrations rather than screen-reading agents.

StepFun plans Hong Kong IPO

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Deals in brief: Handshake Finance, Clear Robotics raise funding; VoidZero joins Cloudflare; GIC invests in Supabase and Ramp; and more

Xpeng loses product lead before Iron robot enters critical phase

WeChat opens the door to phone-based AI agents, on its own terms