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Alipay, a fintech platform by Ant Group, offers mobile payments, financial services, and e-commerce integrations, supporting transactions globally.

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Beijing Hyundai, the joint venture between BAIC and Hyundai, has unveiled the Elexio, its first all-electric SUV built on the E-GMP platform. Featuring a 700-kilometer range, Haomo.AI driver assistance, and LLM-based voice control, the model targets China’s mainstream EV segment and is scheduled to launch in Q3 2025.

Chinese <a href="/industry/robotics">robotics</a> firm Unitree said it disabled a remote access tunnel after security bloggers revealed it enabled unauthorized control of its Go1 quadruped robot. The vulnerability was reportedly linked to Zhexi Cloud and affected institutions worldwide.

Chinese premier Li Qiang is expected in Kuala Lumpur on May 27 for the Asean-GCC-China summit, sources said. The visit follows Xi Jinping’s April trip and reflects Beijing’s effort to align with Southeast Asian and Gulf states amid rising US trade pressure.

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.

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

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Beijing Hyundai launches Elexio SUV

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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