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<a href="/company/tesla">Tesla</a> said Chinese buyers now enjoy the world’s lowest Model 3 and Y prices, enabled by 95% local sourcing at its Shanghai gigafactory. In a Weibo post, VP Grace Tao credited the company’s collaboration with over 400 Chinese suppliers, more than 60 of which have joined Tesla’s global procurement network.

Semiconductor foundry SMIC posted Q1 2025 revenue of USD 2.25 billion, up 28.4% YoY. Net income attributable to the company rose 74.8% to USD 188 million, though it missed analyst expectations. Capacity utilization hit 89.6% and operating expenses fell 31% from the prior quarter.

Lenovo introduced new AI optimization tools and server designs at its tech conference on May 7, unveiling enhancements in fault prediction, cooling, and inference speed. Its infrastructure platform and AI stack received full-spectrum upgrades, powered by next-gen Intel processors.

<a href="/company/alibaba">Alibaba</a> researchers have introduced ZeroSearch, a framework that trains LLMs to search using simulations rather than real search engines. The method reportedly matches or exceeds Google’s performance at significantly lower cost. Code and models are open-sourced on GitHub and Hugging Face.

<a href="/company/huawei">Huawei</a> announced its first PCs using HarmonyOS will launch on May 19, after five years of R&amp;D. Designed for cross-device syncing and enhanced security, this marks China's first homegrown OS for mass market computers, challenging global incumbents like Microsoft and Apple.

<a href="/company/baidu">Baidu’s</a> Apollo unit and Car Inc will roll out autonomous car rentals starting in Q2 2025, beginning in cultural tourism zones. The service will iterate based on user feedback and expand over the next 3–5 years as part of a broader smart mobility push.

Autohome reported RMB 1.45 billion in Q1 2025 revenue, down 10% YoY, as ICE automakers cut back on ad spending. Net income declined to RMB 357 million, while adjusted net income reached RMB 421 million. Growth in user engagement and NEV-related demand helped cushion weaker legacy segments.

<a href="/company/alibaba">Alibaba's</a> Quark app has launched a "deep search" feature that interprets complex queries through reasoning, agent coordination, and web-wide content synthesis. Built on its in-house model, the update aims to reduce user decision costs across scenarios like health, travel, and learning. Image editing tools were also upgraded.

<a href="/company/kuaishou">Kuaishou’s</a> short video GMV rose over 50% in 2024, while the number of buyers shopping across live streams, short videos, and shelf-based channels grew nearly 20%. In Q4 alone, shelf-based product card GMV jumped more than 68% YoY. High-spending buyers and active creators also rose in April, building momentum ahead of its 618 campaign.

Svolt Energy Technology's overseas battery shipments reached 0.77 GWh in April, up 72% YoY and its highest monthly total to date. Cumulative shipments from January to April rose 126% YoY to 2.76 GWh, powering 63,115 vehicles.

Yili Group saw FY2024 revenue reach RMB 115.8 billion as overseas sales of infant formula and ice cream jumped 68% and 13%. The company returned 100.4% of profits to shareholders, marking a new high in dividends and buybacks.

A new model of state capital is taking root in China—one that’s redefining how venture capital works, from funding mechanics to policy alignment.

Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

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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Tesla says China sourcing cuts domestic costs

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Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

Deals in brief: Wavemaker Impact leads Arysun’s pre-seed round, Nuevocor raises USD 45 million, latest funding deals in China, and more

Southeast Asian VCs move to set startup governance standards