Cathay Pacific began direct flights between Urumqi and Hong Kong on April 28, operating four weekly ...

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Cathay Pacific began direct flights between Urumqi and Hong Kong on April 28, operating four weekly Airbus A330-300 services. The new route connects Xinjiang to nearly 100 global destinations and supports Cathay’s cargo and tourism ambitions, positioning Urumqi as a Belt and Road gateway and Hong Kong as a transit hub for East, Southeast, and Central Asia.

<a href="/company/catl">CATL</a> may price its upcoming USD 5 billion HK share sale at a discount of less than 10% to its Shenzhen stock. The deal, expected to open for book building next week, could be the city's largest in four years, with cornerstone and anchor investors likely to take half the allocation.

<a href="/company/nvidia">Nvidia</a> CEO Jensen Huang warned that stricter US export controls could cost access to a USD 50 billion AI chip market in China, arguing the move risks US jobs and competitiveness. His comments follow a USD 5.5 billion writedown linked to new licensing hurdles for Nvidia’s China-focused H20 chip.

Tongwei posted a Q1 2025 net loss of RMB 2.6 billion and rising debt burdens, with short-term borrowings up nearly 18-fold YoY. As losses stretch into a sixth straight quarter, its debt ratio climbed to 72.25%, the highest on record, reflecting strain from low polysilicon prices and its capital-heavy integrated model.

<a href="/company/tiktok">TikTok</a> will invest EUR 1 billion to build a new data center in Kouvola, Finland, as part of its EUR 12 billion “Project Clover” to strengthen data protection in Europe. The facility will support local data storage, stricter privacy safeguards, and regional digital infrastructure, with oversight from cybersecurity firm NCC Group.

Singapore-based Arysun has raised USD 575,000 in a pre-seed funding round led by Wavemaker Impact, with participation from First Move Fund. The climate tech startup aims to bring affordable rooftop solar solutions to Southeast Asia, starting with pilot projects and a digital platform in Indonesia.

Chinese outdoor brand Pelliot is preparing a Hong Kong IPO after scrapping plans for a Shenzhen listing. Backed by Tencent and others, the company saw revenue jump from RMB 380 million to RMB 1.76 billion between 2022–2024, driven by its technical jackets. The brand now aims to expand offline and move upmarket to sustain growth.

US treasury secretary Scott Bessent and Chinese vice premier He Lifeng will meet in Switzerland from May 9–12 for high-level discussions on economic and trade issues. The meeting precedes He’s visit to France, where he will co-chair the latest round of China–France economic and financial dialogue.

DoorDash will acquire Deliveroo for GBP 2.9 billion in cash, ending the latter's volatile public run. The deal broadens DoorDash’s geographic footprint with limited overlap and follows its USD 1.2 billion purchase of SevenRooms to deepen its restaurant services push.

Guangzhou Sunhongs, a data center service provider backed by <a href="/company/xiaomi">Xiaomi</a> founder Lei Jun, is pursuing a listing on the Beijing Stock Exchange after pulling its Shenzhen IPO bid in 2023. The firm is shifting to self-built infrastructure to raise margins, despite modest growth and a market share of just 0.6%.

Uber users in a key Middle East market will be able to book and ride robotaxis later this year through a new partnership with <a href="/company/pony-ai">Pony.ai</a>. Safety drivers will be onboard during initial trials. The deal combines Uber’s global reach with Pony.ai’s autonomous tech, with plans to expand robotaxi services to more international markets.

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Once mistaken for a foreign brand, Pelliot is now bound for an IPO as one of China’s top outdoor apparel labels.

Budget brand no more? Pelliot readies Hong Kong IPO after profit surge

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36Kr is China's most influential business and technology network, delivering high-quality content focused on China’s innovation and new economy trends since 2010. With its extensive traffic and network, 36Kr has built a comprehensive database and strong data analytics capabilities to provide insights into China’s technology landscape.

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Photo of an outdoor setup showcasing Asmoke’s smart electric grill.

Asmoke is reengineering barbecue with sensors and startup swagger, betting that pitmasters are ready for a tech upgrade.

Can a smart grill from China earn a place in American backyards?

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Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Deals in brief: DailyCo acquires Waku to grow in Indonesia, Neufast raises pre-Series A funding, latest China investments, and more

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Cathay launches direct Urumqi-Hong Kong flights

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Budget brand no more? Pelliot readies Hong Kong IPO after profit surge

Can a smart grill from China earn a place in American backyards?

Deals in brief: DailyCo acquires Waku to grow in Indonesia, Neufast raises pre-Series A funding, latest China investments, and more