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Cao Cao Mobility began trading on the Hong Kong Stock Exchange on June 25, becoming the city’s largest listed ride-hailing platform. Shares fell 14.7%…

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Cao Cao Mobility began trading on the Hong Kong Stock Exchange on June 25, becoming the city’s largest listed ride-hailing platform. Shares fell 14.7% below the IPO price at open, valuing the <a href="/company/geely">Geely</a>-backed firm at HKD 19.45 billion and marking founder Li Shufu’s tenth IPO.

<a href="/company/pony-ai">Pony.ai</a> is in early talks to sell its US subsidiary to Travis Kalanick, who may lead the unit while remaining at CloudKitchens if a deal is reached. Uber is reportedly considering funding support. The Delaware-based entity currently has no revenue but holds testing permits and an R&amp;D presence.

Meta is in advanced talks to acquire PlayAI, a startup specializing in AI-driven voice replication, to enhance its assistant and hardware offerings. The deal would add talent and technology to Meta’s “superintelligence” push, as it races rivals like Google and <a href="/company/openai">OpenAI</a> in the <a href="/industry/ai">AI</a> arms race.

ASML has launched a lithography-themed science contest in China to identify local engineering talent, offering job interviews to top scorers. The initiative reinforces the Dutch chipmaker’s ties to the market, even as export controls tighten. China was ASML’s largest market in 2024, contributing 36.1% of total sales.

Hong Kong has released an updated digital asset policy under the LEAP framework, outlining legal reforms, stablecoin support, and plans to regularly issue tokenized versions of government bonds. The move aims to better integrate digital finance with the real economy and reinforce the city’s innovation role ahead of new legislation taking effect in August.

<a href="/company/alibaba">Alibaba</a> cut nine members from its partnership in fiscal 2025, shrinking the group to 17 amid a broader leadership reshuffle. Founders Peng Lei and Dai Shan were among those who retired. The remaining partners now consist mainly of core business heads and tech leads, signaling a shift toward operational focus.

<a href="/company/xpeng">Xpeng Motors</a> has launched its X9 MPV in Indonesia at a starting price of IDR 990 million, with local production slated to begin in July. The plant marks Xpeng’s first overseas manufacturing base as it targets Southeast Asia’s largest automotive market.

Anjoy Foods, China’s leading frozen hotpot supplier, plans to raise up to HKD 2.64 billion in a Hong Kong listing on July 4. The proceeds will fund expansion in Southeast Asia and Europe, where demand for Chinese cuisine is growing. The company reportedly holds a 6.2% share of the mainland market and reported RMB 15.1 billion in revenue last year.

<a href="/company/ant-group">Ant Group</a> has launched AQ, an <a href="/industry/ai">AI-powered</a> healthcare app designed to help users manage medical needs with tools for diagnosis, doctor matching, and hospital services. Backed by a proprietary healthcare large model and years of digital health experience, Ant said AQ connects to 5,000 hospitals and one million doctors across China.

<a href="/company/xiaomi">Xiaomi</a> has entered the smart eyewear race with its first <a href="/industry/ai">AI</a> glasses, launched on June 26. The 40-gram device features voice controls, real-time translation, multimedia capture, and app integration. Powered by a Snapdragon AR1 chip, it supports smart home functions, with QR payments to be added. Prices range from RMB 1,999–2,999 across three variants.

<a href="/company/cotti-coffee">Cotti Coffee</a> has expanded to over 15,000 stores, but rising costs and quality concerns are prompting a shift in strategy. With 90% of outlets reportedly profitable in May, the chain plans to deploy 1,100 regional managers to tighten oversight as subsidy-driven growth begins to strain operations.

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Xiaomi crafts affordable smartphones, wearables, and IoT devices, appealing to users who seek innovation, quality, and budget-friendly tech.

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Xiaomi’s first smart glasses focus on day-to-day utility while staying comfortably wearable.

Xiaomi steps into smart eyewear with voice-enabled glasses built for everyday use

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T. K. Lin

Cotti Coffee, founded by Luckin Coffee's original team, is a coffee chain known for its aggressive expansion, affordable pricing, and global ambitions.

Cotti Coffee

The Chinese coffee chain plans to deploy 1,100 regional managers as it works to shore up its low-cost, franchise-driven model.

After racing to 15,000 stores, Cotti Coffee gets serious about quality control

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Cao Cao Mobility debuts on Hong Kong bourse

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Xiaomi steps into smart eyewear with voice-enabled glasses built for everyday use

After racing to 15,000 stores, Cotti Coffee gets serious about quality control

Deals in brief: Shiok Burger and 3cat raise funding, Timah Partners gets USD 50 million to tackle SME succession, latest China deals and more