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Z.ai (Zhipu AI) reached a market capitalization of HKD 1.07 trillion on June 22, becoming the first Chinese AI company to exceed the HKD 1 trillion th…

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Z.ai (Zhipu AI) reached a market capitalization of HKD 1.07 trillion on June 22, becoming the first Chinese <a href="/industry/ai">AI</a> company to exceed the HKD 1 trillion threshold. The company, which reported 2025 revenue of RMB 724 million, saw its valuation surge as local government funds and institutional investors increased their stakes.

<a href="/company/alibaba">Alibaba</a> is reportedly seeking to sell its gaming division, Lingxi Games, for RMB 7–9 billion. The company has approached potential buyers including 37 Interactive Entertainment, China Ruyi, Century Huatong, Giant Network, and two private equity firms, as it shifts focus toward <a href="/industry/ai">AI</a> and cloud computing.

Anker Innovations has launched its Hong Kong IPO, aiming to raise up to HKD 4.63 billion. The company plans to list on the Hong Kong Stock Exchange on July 2, offering 46.63 million shares at a maximum price of HKD 99.32 per share.

<a href="/industry/autonomous-vehicles">Autonomous driving</a> company Momenta has cleared its Hong Kong IPO hearing. The firm, which reported revenue growth from RMB 743 million in 2023 to RMB 2.41 billion in 2025, plans to raise about USD 1 billion. It holds more than RMB 10 billion in cash reserves to support global expansion in world-model R&amp;D, autonomous mobility, and autonomous logistics.

Kingly Gear has filed for an IPO on the Beijing Stock Exchange. The micro-transmission manufacturer reported 2025 revenue of RMB 796 million and net profit of RMB 76 million. The company faces scrutiny over pre-IPO dividends totaling RMB 32 million and high customer concentration, with more than 53% of revenue coming from five major clients.

CITIC Securities projects the global PCIe switch market will reach RMB 30 billion by 2028, driven by AI-related demand for channel expansion. The firm estimates the domestic market for computing chip support will reach RMB 7 billion, more than double the 2026 level, as domestic substitution remains in its early stages.

At least four Chinese <a href="/industry/ev">EV</a> manufacturers are exploring manufacturing partnerships in Canada, according to industry minister Melanie Joly. After meetings with <a href="/company/byd">BYD</a>, <a href="/company/chery">Chery</a>, <a href="/company/geely">Geely</a>, and Longchuang, Joly said any joint ventures must be Canadian-controlled and use local supply chains.

<a href="/company/jd">JD.com</a> founder Richard Liu said robots will eventually replace 700,000 delivery workers in China, according to the Financial Times. The company is testing experimental versions of the automated delivery model.

Taobao Shangou has launched Jiayan, a high-end delivery service featuring Michelin-starred restaurants in Chengdu and Shenzhen. The service offers curated banquet-style meals with specialized packaging and dedicated delivery protocols. Taobao plans to expand the project to Beijing, Shanghai, and Hangzhou by August.

HKEX plans to launch five-year China government bond futures on August 3, subject to regulatory approval and market readiness. The new product is intended to give offshore investors a tool to manage RMB interest rate risk, expanding the exchange’s RMB product ecosystem and strengthening Hong Kong’s role as an offshore RMB hub.

Seesaw Coffee’s operator has entered bankruptcy proceedings after creditors filed a liquidation application. The chain, once valued at RMB 1 billion, struggled with high operating costs and failed to sustain its premium model amid competition from lower-priced coffee brands.

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OBSBot found its footing with webcams, then used that cash flow to invest in a broader smart imaging ecosystem.

Flanked by DJI and Insta360, this company has grown 50% a year for five straight years

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Hong Kong pushes Beijing&#8217;s bay area dream as it advances first five-year plan

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Z.ai market value tops HKD 1 trillion

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Robotics will not get its “GPT moment” by following LLMs, Agibot chief scientist says

Flanked by DJI and Insta360, this company has grown 50% a year for five straight years

Hong Kong pushes Beijing’s bay area dream as it advances first five-year plan